0 false false false false false false false false false false true false false false false false false No description of principal activity 2022-09-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP SC670742 2022-09-01 2023-08-31 SC670742 2023-08-31 SC670742 2022-08-31 SC670742 2021-09-01 2022-08-31 SC670742 2022-08-31 SC670742 2021-08-31 SC670742 core:FurnitureFittings 2022-09-01 2023-08-31 SC670742 bus:LeadAgentIfApplicable 2022-09-01 2023-08-31 SC670742 bus:Director1 2022-09-01 2023-08-31 SC670742 core:FurnitureFittings 2022-08-31 SC670742 core:FurnitureFittings 2023-08-31 SC670742 core:WithinOneYear 2023-08-31 SC670742 core:WithinOneYear 2022-08-31 SC670742 core:ShareCapital 2023-08-31 SC670742 core:ShareCapital 2022-08-31 SC670742 core:RetainedEarningsAccumulatedLosses 2023-08-31 SC670742 core:RetainedEarningsAccumulatedLosses 2022-08-31 SC670742 core:FurnitureFittings 2022-08-31 SC670742 bus:SmallEntities 2022-09-01 2023-08-31 SC670742 bus:AuditExemptWithAccountantsReport 2022-09-01 2023-08-31 SC670742 bus:SmallCompaniesRegimeForAccounts 2022-09-01 2023-08-31 SC670742 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 SC670742 bus:FullAccounts 2022-09-01 2023-08-31 SC670742 core:LeaseholdImprovements 2022-09-01 2023-08-31 SC670742 core:LeaseholdImprovements 2023-08-31 SC670742 core:LeaseholdImprovements 2022-08-31
COMPANY REGISTRATION NUMBER: SC670742
Malma Ltd
Filleted Unaudited Financial Statements
31 August 2023
Malma Ltd
Financial Statements
Year ended 31 August 2023
Contents
Page
Chartered accountants report to the director on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
3
Malma Ltd
Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Malma Ltd
Year ended 31 August 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Malma Ltd for the year ended 31 August 2023, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the director of Malma Ltd in accordance with the terms of our engagement letter dated 13 August 2020. Our work has been undertaken solely to prepare for your approval the financial statements of Malma Ltd and state those matters that we have agreed to state to you in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Malma Ltd and its director for our work or for this report.
It is your duty to ensure that Malma Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Malma Ltd. You consider that Malma Ltd is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Malma Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
GILLILAND & COMPANY Chartered Accountants
216 West George Street Glasgow G2 2PQ
11 January 2024
Malma Ltd
Statement of Financial Position
31 August 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
4
1,246
1,870
Current assets
Cash at bank and in hand
22,036
24,019
Creditors: amounts falling due within one year
5
2,453
8,492
--------
--------
Net current assets
19,583
15,527
--------
--------
Total assets less current liabilities
20,829
17,397
--------
--------
Net assets
20,829
17,397
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
20,729
17,297
--------
--------
Shareholders funds
20,829
17,397
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 11 January 2024 , and are signed on behalf of the board by:
Ms A Zoma
Director
Company registration number: SC670742
Malma Ltd
Notes to the Financial Statements
Year ended 31 August 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 11-13 Carbeth Road, Milngavie, Glasgow, G62 7PR, Scotland.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
20% straight line
Property Improvements
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units .
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Tangible assets
Fixtures and fittings
Property Improvements
Total
£
£
£
Cost
At 1 September 2022 and 31 August 2023
2,326
790
3,116
-------
----
-------
Depreciation
At 1 September 2022
930
316
1,246
Charge for the year
466
158
624
-------
----
-------
At 31 August 2023
1,396
474
1,870
-------
----
-------
Carrying amount
At 31 August 2023
930
316
1,246
-------
----
-------
At 31 August 2022
1,396
474
1,870
-------
----
-------
5. Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
1,499
2,538
Other creditors
954
5,954
-------
-------
2,453
8,492
-------
-------
6. Director's advances, credits and guarantees
As at the 31st August 2023 the company owed the director NIL (2022: £5,000).