Silverfin false 31/03/2023 01/04/2022 31/03/2023 Roger Allsop Yvonne Evelyn Allsop 23 October 2023 The principal activity of the Company during the financial year continued to be that of the management and development of investment properties. 00974152 2023-03-31 00974152 2022-03-31 00974152 core:CurrentFinancialInstruments 2023-03-31 00974152 core:CurrentFinancialInstruments 2022-03-31 00974152 core:Non-currentFinancialInstruments 2023-03-31 00974152 core:Non-currentFinancialInstruments 2022-03-31 00974152 core:ShareCapital 2023-03-31 00974152 core:ShareCapital 2022-03-31 00974152 core:FurtherSpecificReserve1ComponentTotalEquity 2023-03-31 00974152 core:FurtherSpecificReserve1ComponentTotalEquity 2022-03-31 00974152 core:RetainedEarningsAccumulatedLosses 2023-03-31 00974152 core:RetainedEarningsAccumulatedLosses 2022-03-31 00974152 core:PlantMachinery 2022-03-31 00974152 core:Vehicles 2022-03-31 00974152 core:PlantMachinery 2023-03-31 00974152 core:Vehicles 2023-03-31 00974152 core:CostValuation 2022-03-31 00974152 core:CostValuation 2023-03-31 00974152 core:ProvisionsForImpairmentInvestments 2022-03-31 00974152 core:ProvisionsForImpairmentInvestments 2023-03-31 00974152 core:ImmediateParent core:CurrentFinancialInstruments 2023-03-31 00974152 core:ImmediateParent core:CurrentFinancialInstruments 2022-03-31 00974152 core:CurrentFinancialInstruments core:Secured 2023-03-31 00974152 2021-03-31 00974152 bus:OrdinaryShareClass1 2023-03-31 00974152 2022-04-01 2023-03-31 00974152 bus:FullAccounts 2022-04-01 2023-03-31 00974152 bus:SmallEntities 2022-04-01 2023-03-31 00974152 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 00974152 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 00974152 bus:Director1 2022-04-01 2023-03-31 00974152 bus:Director2 2022-04-01 2023-03-31 00974152 core:PlantMachinery 2022-04-01 2023-03-31 00974152 core:Vehicles 2022-04-01 2023-03-31 00974152 2021-04-01 2022-03-31 00974152 core:Non-currentFinancialInstruments 2022-04-01 2023-03-31 00974152 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 00974152 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 00974152 (England and Wales)

MALVAIR PROPERTIES LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

MALVAIR PROPERTIES LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

MALVAIR PROPERTIES LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2023
MALVAIR PROPERTIES LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 10,528 1,546
Investment property 4 6,692,086 6,322,086
Investments 5 799 799
6,703,413 6,324,431
Current assets
Debtors 6 35,293 79,878
35,293 79,878
Creditors: amounts falling due within one year 7 ( 723,206) ( 637,823)
Net current liabilities (687,913) (557,945)
Total assets less current liabilities 6,015,500 5,766,486
Creditors: amounts falling due after more than one year 8 ( 1,597,313) ( 1,635,910)
Provision for liabilities 9 ( 214,138) ( 208,708)
Net assets 4,204,049 3,921,868
Capital and reserves
Called-up share capital 10 50,000 50,000
Fair value reserve 1,022,353 1,022,353
Profit and loss account 3,131,696 2,849,515
Total shareholder's funds 4,204,049 3,921,868

For the financial year ending 31 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Malvair Properties Limited (registered number: 00974152) were approved and authorised for issue by the Director on 23 October 2023. They were signed on its behalf by:

Roger Allsop
Director
MALVAIR PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
MALVAIR PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Malvair Properties Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Barn Office, Hope End, Ledbury, HR8 1JQ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life.

Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases


The Company as lessor
Amounts due from lessees under finance leases are recognised as receivables at the amount of the company’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the company’s net investment outstanding in respect of leases.

Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Plant and machinery Vehicles Total
£ £ £
Cost
At 01 April 2022 82,863 9,832 92,695
Additions 11,500 0 11,500
At 31 March 2023 94,363 9,832 104,195
Accumulated depreciation
At 01 April 2022 81,317 9,832 91,149
Charge for the financial year 2,518 0 2,518
At 31 March 2023 83,835 9,832 93,667
Net book value
At 31 March 2023 10,528 0 10,528
At 31 March 2022 1,546 0 1,546

4. Investment property

Investment property
£
Valuation
As at 01 April 2022 6,322,086
Additions 370,000
As at 31 March 2023 6,692,086

Assumptions

The investment properties are valued at the historical cost.

The assumption was arrived at taking account of information and advice from external property consultants, in-house property experts, publicly available data and judgement. A significant level of uncertainty exists in relation to these assumptions and any changes in these assumptions could have a material impact on the carrying value of Investment Property in the financial statements. The 2023 valuations were made by the directors, on an open market value for existing use basis.

Based on the knowledge known of such properties, the directors have confirmed that the property valuations are consistent to the value at the various time of purchases.

External independent valuations will be obtained on a regular basis to ensure that the valuations shown are in line with external valuations.

5. Fixed asset investments

Listed investments Total
£ £
Carrying value before impairment
At 01 April 2022 799 799
At 31 March 2023 799 799
Provisions for impairment
At 01 April 2022 0 0
At 31 March 2023 0 0
Carrying value at 31 March 2023 799 799
Carrying value at 31 March 2022 799 799

6. Debtors

2023 2022
£ £
Amounts owed by Parent undertakings 1,125 0
Amounts owed by directors 22,554 66,664
Prepayments 11,614 13,214
35,293 79,878

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank overdrafts (secured £ 238,673) 427,110 383,397
Trade creditors 3,921 956
Accruals 55,467 23,195
Taxation and social security 77,262 90,870
Other creditors 159,446 139,405
723,206 637,823

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans (secured) 1,597,313 1,635,910

The bank loans are secured on investment properties of the Company with a carrying value of £6,692,086 (2022: £6,322,086).

9. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 208,708) ( 185,245)
Charged to the Statement of Income and Retained Earnings ( 5,430) ( 23,463)
At the end of financial year ( 214,138) ( 208,708)

10. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
50,000 Ordinary shares of £ 1.00 each 50,000 50,000

11. Related party transactions

Transactions with owners holding a participating interest in the entity

2023 2022
£ £
Amounts owed by the parent company 1,125 0

Transactions with the entity's directors

2023 2022
£ £
Amounts owed by directors 22,554 66,664

Advances were made to the directors during the year totalling £332,798 and credit of £378,650. The amount outstanding due to the director at the year end was £22,554. Interest has been calculated and applied at 2% totalling £1,742.