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Registered number: 03894230










MALSA CONSULTANTS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2022

 
MALSA CONSULTANTS LIMITED
REGISTERED NUMBER: 03894230

BALANCE SHEET
AS AT 31 DECEMBER 2022

2022
2021
Note

Fixed assets
  

Tangible assets
 5 
6,293,878
6,268,230

Investments
 6 
6,619,283
5,700,514

  
12,913,161
11,968,744

Current assets
  

Debtors: amounts falling due within one year
 7 
29,146
14,705

Cash at bank and in hand
 8 
772,785
672,040

  
801,931
686,745

Creditors: amounts falling due within one year
 9 
(12,695,440)
(12,710,600)

Net current liabilities
  
 
 
(11,893,509)
 
 
(12,023,855)

Total assets less current liabilities
  
1,019,652
(55,111)

Provisions for liabilities
  

Deferred tax
  
(859,649)
(629,957)

  
 
 
(859,649)
 
 
(629,957)

Net assets/(liabilities)
  
160,003
(685,068)


Capital and reserves
  

Called up share capital 
  
3,254
3,254

Revaluation reserve
 11 
4,206,893
3,517,816

Profit and loss account
 11 
(4,050,144)
(4,206,138)

  
160,003
(685,068)


Page 1

 
MALSA CONSULTANTS LIMITED
REGISTERED NUMBER: 03894230
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2022

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 October 2023.




C Caussin
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
MALSA CONSULTANTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

The Company is a private company limited by shares, and is incorporated in the UK and registered in England and Wales. The address of its registered office is 14th Floor, 33 Cavendish Square, London, W1G 0PW

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
MALSA CONSULTANTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.6

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 Amortisation is provided on the following bases:

Computer software
-
%
50% - 66.67%

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
MALSA CONSULTANTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2.63% - 100%
Long-term leasehold property
-
4% - 100%
Plant and machinery
-
50%
Fixtures and fittings
-
20% - 100%
Office equipment
-
25% - 100%
Other fixed assets
-
50% - 100%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 5

 
MALSA CONSULTANTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

 
2.14

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors, loans from banks and other
third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans
and other accounts receivable and payable, are initially measured at present value of the future cash
flows and subsequently at amortised cost using the effective interest method. Debt instruments that
are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each
reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference
between an asset's carrying amount and the present value of estimated cash flows discounted at the
asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the
contract.

Page 6

 
MALSA CONSULTANTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.14
Financial instruments (continued)

For financial assets measured at cost less impairment, the impairment loss is measured as the
difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when
there is an enforceable right to set off the recognised amounts and there is an intention to settle on a
net basis or to realise the asset and settle the liability simultaneously.



3.


Employees

The average monthly number of employees, including directors, during the year was 7 (2021 - 7).


4.


Intangible assets




Computer software




Cost


At 1 January 2022
9,400



At 31 December 2022

9,400



Amortisation


At 1 January 2022
9,400



At 31 December 2022

9,400



Net book value



At 31 December 2022
-



At 31 December 2021
-



Page 7

 


 
MALSA CONSULTANTS LIMITED


 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022


5.


Tangible fixed assets






Freehold property
Long-term leasehold property
Plant and machinery
Fixtures and fittings
Office equipment




Cost or valuation


At 1 January 2022
6,139,994
222,860
322
11,886
1,404


Additions
-
76,070
-
1,706
-


Disposals
(10,051)
-
-
-
-



At 31 December 2022

6,129,943
298,930
322
13,592
1,404



Depreciation


At 1 January 2022
47,542
54,770
322
7,492
1,000


Charge for the year on owned assets
10,793
28,888
-
2,751
226



At 31 December 2022

58,335
83,658
322
10,243
1,226



Net book value



At 31 December 2022
6,071,608
215,272
-
3,349
178



At 31 December 2021
6,092,452
168,090
-
4,394
404
Page 8

 
MALSA CONSULTANTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

           5.Tangible fixed assets (continued)


Other fixed assets
Total




Cost or valuation


At 1 January 2022
6,942
6,383,408


Additions
1,610
79,386


Disposals
-
(10,051)



At 31 December 2022

8,552
6,452,743



Depreciation


At 1 January 2022
4,052
115,178


Charge for the year on owned assets
1,029
43,687



At 31 December 2022

5,081
158,865



Net book value



At 31 December 2022
3,471
6,293,878



At 31 December 2021
2,890
6,268,230

Page 9

 
MALSA CONSULTANTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

6.


Fixed asset investments





Listed investments




Valuation


At 1 January 2022
5,700,514


Revaluations
918,769



At 31 December 2022
6,619,283





7.


Debtors

2022
2021


Trade debtors
2,999
11,510

Other debtors
26,147
3,195

29,146
14,705



8.


Cash and cash equivalents

2022
2021

Cash at bank and in hand
772,785
672,040



9.


Creditors: Amounts falling due within one year

2022
2021

Trade creditors
12,601
27,408

Amounts owed to group undertakings
12,627,307
12,627,307

Other taxation and social security
24,945
25,208

Other creditors
17,625
18,501

Accruals and deferred income
12,962
12,176

12,695,440
12,710,600


Page 10

 
MALSA CONSULTANTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

10.


Deferred taxation




2022








At beginning of year
(629,957)


Charged to profit or loss
(229,692)



At end of year
(859,649)

The provision for deferred taxation is made up as follows:

2022
2021


Unrealised gains on listed investments
859,649
629,957


11.


Reserves

Revaluation reserve

The other reserve represents revaluations relating to investments, net of associated deferred tax.

Profit and loss account

The profit and loss account comprises the balance of profit/(loss) accumulated over the life of the company.

 
Page 11