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Registered number: 03693092









MALISA LIGHTING LIMITED








FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2022

 
MALISA LIGHTING LIMITED
REGISTERED NUMBER: 03693092

BALANCE SHEET
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 4 
62,836
49,191

Current assets
  

Debtors: amounts falling due within one year
 5 
139,573
59,447

Cash at bank and in hand
 6 
238,499
419,961

  
378,072
479,408

Creditors: amounts falling due within one year
 7 
(34,972)
(51,485)

Net current assets
  
 
 
343,100
 
 
427,923

Provisions for liabilities
  

Deferred tax
 8 
(1,011)
(1,171)

Net assets
  
404,925
475,943


Capital and reserves
  

Called up share capital 
 9 
2,000
2,000

Profit and loss account
  
402,925
473,943

  
404,925
475,943


Page 1

 
MALISA LIGHTING LIMITED
REGISTERED NUMBER: 03693092
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2022

The directors consider 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 directors acknowledge their 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 10 October 2023.




L C Mabey
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
MALISA LIGHTING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Malisa Lighting Limited is a company limited by shares, incorported in England, United Kingdom. The address of the registered office is Suite D, The Business Centre, Faringdon Avenue, Romford, Essex, RM3 8EN. The company's principal activity is that of electrical lighting contractors. 

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. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.4

Interest income

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

 
2.5

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

 
MALISA LIGHTING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.6

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.

 
2.7

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Improvement to building
-
Nil
Motor vehicles
-
25%
Furniture, fittings and equipment
-
15%

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

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 4

 
MALISA LIGHTING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.9

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.

 
2.10

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.

 
2.11

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.

 
2.12

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's Balance sheet when the company becomes party to the contractual provisions of the instrument.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2021 -2).

Page 5

 
MALISA LIGHTING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

4.


Tangible fixed assets





Improvement to building
Motor vehicles
Furniture, fittings and equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2022
42,726
19,800
16,338
78,864


Additions
14,543
-
499
15,042



At 31 December 2022

57,269
19,800
16,837
93,906



Depreciation


At 1 January 2022
-
16,277
13,396
29,673


Charge for the year on owned assets
-
881
516
1,397



At 31 December 2022

-
17,158
13,912
31,070



Net book value



At 31 December 2022
57,269
2,642
2,925
62,836



At 31 December 2021
42,726
3,523
2,942
49,191


5.


Debtors

2022
2021
£
£


Trade debtors
32,172
21,087

Other debtors
107,311
38,096

Prepayments and accrued income
90
264

139,573
59,447



6.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
238,499
419,961


Page 6

 
MALISA LIGHTING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

7.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
20,254
35,025

Corporation tax
10,453
9,754

Other taxation and social security
315
206

Accruals and deferred income
3,950
6,500

34,972
51,485



8.


Deferred taxation




2022
2021


£

£






At beginning of year
(1,171)
-


Released/(charged) to profit or loss
160
(1,171)



At end of year
(1,011)
(1,171)

The provision for deferred taxation is made up as follows:

2022
2021
£
£


Accelerated capital allowances
(1,011)
(1,171)

Page 7

 
MALISA LIGHTING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

9.


Share capital

2022
2021
£
£
Allotted, called up and fully paid



600 (2021 -600) Ordinary shares of £1.00 each
600
600
1,400 (2021 -1,400) Ordinary A shares of £1.00 each
1,400
1,400

2,000

2,000


Each ordinary share is entitled to one vote in any circumstance and has equal rights to dividends. Each ordinary share is entitled to participate in a distribution arising from a winding up of the company. Ordinary A shares have independent dividend rights from ordinary shares.



10.


Transactions with directors

Included within other debtors is the following loan to the director:
L C Mabey £110,260
 (2021 - £33,887). The loan has been repaid post year end.
 

 
Page 8