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COMPANY REGISTRATION NUMBER: 11212465
Malco Group Limited
Unaudited financial statements
29 February 2024
Malco Group Limited
Statement of financial position
29 February 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
306,362
286,941
Investments
6
100
100
---------
---------
306,462
287,041
Current assets
Debtors
7
135,554
154,708
Cash at bank and in hand
237,129
187,071
---------
---------
372,683
341,779
Creditors: Amounts falling due within one year
8
( 313,359)
( 231,599)
---------
---------
Net current assets
59,324
110,180
---------
---------
Total assets less current liabilities
365,786
397,221
Creditors: Amounts falling due after more than one year
9
( 158,370)
( 158,370)
Provisions
Taxation including deferred tax
( 2,964)
1,891
---------
---------
Net assets
204,452
240,742
---------
---------
Capital and reserves
Called up share capital
100
100
Revaluation reserve
12,320
1,790
Profit and loss account
192,032
238,852
---------
---------
Shareholders funds
204,452
240,742
---------
---------
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 comprehensive income has not been delivered.
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Malco Group Limited
Statement of financial position (continued)
29 February 2024
These financial statements were approved by the board of directors and authorised for issue on 1 May 2024 , and are signed on behalf of the board by:
A Jeffrey
Director
Company registration number: 11212465
Malco Group Limited
Notes to the financial statements
Year ended 29 February 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is First Floor Suite, 2 Hillside Business Park, Bury St Edmunds, Suffolk, IP32 7EA. The trading address of the company is Unit 56, Lancaster Way Business Park, Ely, Cambrigeshire, CB6 3NW.
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.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
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:
Plant and machinery
-
15% reducing balance
Fixtures and fittings
-
20% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
4. Employee numbers
The average number of employees during the year was 3 (2023: 3 ).
5. Tangible assets
Investment property
Plant and machinery
Fixtures and fittings
Total
£
£
£
£
Cost or valuation
At 1 March 2023
250,000
46,000
2,115
298,115
Additions
12,000
12,000
Revaluations
13,000
13,000
---------
-------
------
---------
At 29 February 2024
275,000
46,000
2,115
323,115
---------
-------
------
---------
Depreciation
At 1 March 2023
10,577
597
11,174
Charge for the year
5,313
266
5,579
---------
-------
------
---------
At 29 February 2024
15,890
863
16,753
---------
-------
------
---------
Carrying amount
At 29 February 2024
275,000
30,110
1,252
306,362
---------
-------
------
---------
At 28 February 2023
250,000
35,423
1,518
286,941
---------
-------
------
---------
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Investment property
£
At 29 February 2024
Aggregate cost
259,790
Aggregate depreciation
---------
Carrying value
259,790
---------
At 28 February 2023
Aggregate cost
247,790
Aggregate depreciation
---------
Carrying value
247,790
---------
6. Investments
Shares in group undertakings
£
Cost
At 1 March 2023 and 29 February 2024
100
----
Impairment
At 1 March 2023 and 29 February 2024
----
Carrying amount
At 29 February 2024
100
----
At 28 February 2023
100
----
7. Debtors
2024
2023
£
£
Other debtors
135,554
154,708
---------
---------
8. Creditors: Amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
313,359
231,599
---------
---------
9. Creditors: Amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
158,370
158,370
---------
---------
Included within creditors amounts falling due after one year is an amount of £158,370 (2023 - £158,370) in respect of liabilities repayable by instalments which fall due for payment after more than five years from the reporting date.
The bank loan is secured over assets held by the company. The loan interest is charged at 3.56% and is due to mature on 04/04/2039.
10. Directors' advances, credits and guarantees
Included within debtors at the year end are directors loan accounts totalling £132,175 (2023 - £152,088). The maximum total overdrawn balance during the year was £207,397. Interest of £2,089 was charged at the official rate.