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REGISTERED NUMBER: 02260334 (England and Wales)















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 30 September 2023

for

Malvern Estates PLC

Malvern Estates PLC (Registered number: 02260334)






Contents of the Financial Statements
for the Year Ended 30 September 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Statement of Income and Retained Earnings 8

Balance Sheet 9

Cash Flow Statement 10

Notes to the Cash Flow Statement 11

Notes to the Financial Statements 12


Malvern Estates PLC

Company Information
for the Year Ended 30 September 2023







DIRECTORS: Ms E V Rahal
D Rahal





SECRETARY: Ms E V Rahal





REGISTERED OFFICE: Rowans
Streetly Wood
Sutton Coldfield
West Midlands
B74 3DQ





REGISTERED NUMBER: 02260334 (England and Wales)





AUDITORS: Haines Watts Wolverhampton Limited
Statutory Auditors
Keepers Lane
The Wergs
Wolverhampton
West Midlands
WV6 8UA

Malvern Estates PLC (Registered number: 02260334)

Strategic Report
for the Year Ended 30 September 2023

The directors present their strategic report for the year ended 30 September 2023.

REVIEW OF BUSINESS AND FUTURE DEVELOPMENTS
The company has traded profitably during the accounting period with a successful development in Maidenhead. Trading continues positively with future development opportunities which are already contractually secured or under consideration and which are likely to be profitable during the next accounting period.

FINANCIAL RISK MANAGEMENT
The company's operations limit exposure to financial risks due to the nature of its activity.

Price risk
The company is not exposed to commodity price or exchange rate risk as a result of its operations. The company has no exposure to equity securities price risk, as it holds no listed or other equity investments.

Credit risk
the company has implemented policies that require appropriate credit checks on potential customers before sales are made.

Liquidity risk
The company has access to a mixture of long-term and short-term debt finance that is designed to ensure that the company has sufficient available funds for operations and development opportunities that may arise.

Borrowings for site purchases and working capital are negotiated to include loan interest costs in advance so that cashflow for construction is not compromised.

ON BEHALF OF THE BOARD:





D Rahal - Director


27 August 2024

Malvern Estates PLC (Registered number: 02260334)

Report of the Directors
for the Year Ended 30 September 2023

The directors present their report with the financial statements of the company for the year ended 30 September 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of Development of building projects

DIVIDENDS
No interim dividend was paid during the year. The directors recommend a final dividend of £2 per share.

The total distribution of dividends for the year ended 30 September 2023 will be £ 100,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 October 2022 to the date of this report.

Ms E V Rahal
D Rahal

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Haines Watts Wolverhampton Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





D Rahal - Director


27 August 2024

Report of the Independent Auditors to the Members of
Malvern Estates PLC

Opinion
We have audited the financial statements of Malvern Estates PLC (the 'company') for the year ended 30 September 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 September 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Malvern Estates PLC


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Malvern Estates PLC


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

In identifying and assessing risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

- Identifying and obtaining an understanding of the legal and regulatory framework applicable to the Company and the industry in which it operates, and made enquiry of the Company's management to understand the Company's compliance with that framework;

- Obtaining an understanding of the internal controls established to mitigate risks relating to fraud or other error which could affect the financial reporting process;

- Making enquiries of management to determine whether they have knowledge of any actual or suspected fraud;

- Reviewing assumptions and judgements made by the management in its significant accounting estimates;

- In addition to transaction-based testing, on a sample basis, of sales, purchases and payroll costs, we have undertaken a review of accounting journals and non-routine payments and receipts;

We did not identify any key audit matters relating to irregularities, including fraud.

Because of the inherent limitations of an audit, there is a risk that we will not detect irregularities, including those leading to material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occuring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or mispresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Malvern Estates PLC


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Matthew Baker FCA (Senior Statutory Auditor)
for and on behalf of Haines Watts Wolverhampton Limited
Statutory Auditors
Keepers Lane
The Wergs
Wolverhampton
West Midlands
WV6 8UA

27 August 2024

Malvern Estates PLC (Registered number: 02260334)

Statement of Income and Retained Earnings
for the Year Ended 30 September 2023

2023 2022
Notes £    £   

TURNOVER 1,001,000 1,766,154

Cost of sales 907,638 1,567,092
GROSS PROFIT 93,362 199,062

Administrative expenses 36,545 48,744
OPERATING PROFIT and
PROFIT BEFORE TAXATION 56,817 150,318

Tax on profit 5 11,359 27,986
PROFIT FOR THE FINANCIAL YEAR 45,458 122,332

Retained earnings at beginning of year 387,708 305,376

Dividends 6 (100,000 ) (40,000 )

RETAINED EARNINGS AT END OF
YEAR

333,166

387,708

Malvern Estates PLC (Registered number: 02260334)

Balance Sheet
30 September 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 7 2,164 3,493
Investments 8 2 2
2,166 3,495

CURRENT ASSETS
Stocks 9 - 706,620
Debtors 10 644,354 342,684
Cash at bank 1,091 209,264
645,445 1,258,568
CREDITORS
Amounts falling due within one year 11 247,033 797,118
NET CURRENT ASSETS 398,412 461,450
TOTAL ASSETS LESS CURRENT
LIABILITIES

400,578

464,945

CREDITORS
Amounts falling due after more than one
year

12

17,412

27,237
NET ASSETS 383,166 437,708

CAPITAL AND RESERVES
Called up share capital 14 50,000 50,000
Retained earnings 15 333,166 387,708
SHAREHOLDERS' FUNDS 383,166 437,708

The financial statements were approved by the Board of Directors and authorised for issue on 27 August 2024 and were signed on its behalf by:





D Rahal - Director


Malvern Estates PLC (Registered number: 02260334)

Cash Flow Statement
for the Year Ended 30 September 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,066,226 23,619
Tax paid (1,999 ) (28,161 )
Net cash from operating activities 1,064,227 (4,542 )

Cash flows from investing activities
Purchase of tangible fixed assets - (3,346 )
Net cash from investing activities - (3,346 )

Cash flows from financing activities
Loan repayments in year (9,825 ) (9,585 )
Amount introduced by directors 770,440 45,691
Amount withdrawn by directors (1,627,227 ) -
Amounts owed by associated company (305,788 ) -
Equity dividends paid (100,000 ) (40,000 )
Net cash from financing activities (1,272,400 ) (3,894 )

Decrease in cash and cash equivalents (208,173 ) (11,782 )
Cash and cash equivalents at
beginning of year

2

209,264

221,046

Cash and cash equivalents at end of
year

2

1,091

209,264

Malvern Estates PLC (Registered number: 02260334)

Notes to the Cash Flow Statement
for the Year Ended 30 September 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 56,817 150,318
Depreciation charges 1,329 1,329
58,146 151,647
Decrease in stocks 706,620 685,538
Decrease/(increase) in trade and other debtors 339,397 (120,869 )
Decrease in trade and other creditors (37,937 ) (692,697 )
Cash generated from operations 1,066,226 23,619

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 September 2023
30.9.23 1.10.22
£    £   
Cash and cash equivalents 1,091 209,264
Year ended 30 September 2022
30.9.22 1.10.21
£    £   
Cash and cash equivalents 209,264 221,046


3. ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

At 1.10.22 Cash flow At 30.9.23
£    £    £   
Net cash
Cash at bank 209,264 (208,173 ) 1,091
209,264 (208,173 ) 1,091
Debt
Debts falling due within 1 year (10,000 ) - (10,000 )
Debts falling due after 1 year (27,237 ) 9,825 (17,412 )
(37,237 ) 9,825 (27,412 )
Total 172,027 (198,348 ) (26,321 )

Malvern Estates PLC (Registered number: 02260334)

Notes to the Financial Statements
for the Year Ended 30 September 2023

1. STATUTORY INFORMATION

Malvern Estates PLC is a private company , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The financial statements contain information about Malvern Estates PLC as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Equipment - 33% on cost

Investments in subsidiaries
Fixed asset investements are intially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Stocks
Work in progress is measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Malvern Estates PLC (Registered number: 02260334)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

3. EMPLOYEES AND DIRECTORS

There were no staff costs for the year ended 30 September 2023 nor for the year ended 30 September 2022.

The average number of employees during the year was NIL (2022 - NIL).

2023 2022
£    £   
Directors' remuneration - -

4. OPERATING PROFIT

The operating profit is stated after charging:

2023 2022
£    £   
Depreciation - owned assets 1,329 1,329
Auditors remuneration - audit services 3,675 3,500
Auditors remuneration - non-audit services 2,360 2,250

5. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 11,359 27,986
Tax on profit 11,359 27,986

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 56,817 150,318
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2022 - 19%)

14,204

28,560

Effects of:
Capital allowances in excess of depreciation - (574 )
Marginal relief (2,845 ) -
Total tax charge 11,359 27,986

6. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £1 each
Final 100,000 40,000

Malvern Estates PLC (Registered number: 02260334)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

7. TANGIBLE FIXED ASSETS
Equipment
£   
COST
At 1 October 2022
and 30 September 2023 5,756
DEPRECIATION
At 1 October 2022 2,263
Charge for year 1,329
At 30 September 2023 3,592
NET BOOK VALUE
At 30 September 2023 2,164
At 30 September 2022 3,493

8. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 October 2022
and 30 September 2023 2
NET BOOK VALUE
At 30 September 2023 2
At 30 September 2022 2

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Collingbourne Homes Limited
Registered office: Newick Edge, 1 Newick Avenue, Sutton Coldfield, England, B74 3DA
Nature of business: Dormant
%
Class of shares: holding
Ordinary A 100.00
30.11.23 30.11.22
£    £   
Aggregate capital and reserves 2 2

9. STOCKS
2023 2022
£    £   
Work-in-progress - 706,620

Malvern Estates PLC (Registered number: 02260334)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed by associates 374,572 -
Other debtors 500 342,684
Directors' loan accounts 255,777 -
Tax 10,718 -
VAT 2,787 -
644,354 342,684

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 13) 10,000 10,000
Trade creditors - 35,919
Amounts owed to associates 68,784 -
Tax 67,041 46,963
Other creditors 21,958 93,976
Directors' loan accounts - 601,010
Accruals and deferred income 79,250 9,250
247,033 797,118

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans (see note 13) 17,412 27,237

13. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 10,000 10,000

Amounts falling due between two and five years:
Bank loans - 2-5 years 17,412 27,237

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
50,000 Ordinary £1 50,000 50,000

Malvern Estates PLC (Registered number: 02260334)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

15. RESERVES
Retained
earnings
£   

At 1 October 2022 387,708
Profit for the year 45,458
Dividends (100,000 )
At 30 September 2023 333,166

16. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 September 2023 and 30 September 2022:

2023 2022
£    £   
D Rahal
Balance outstanding at start of year (601,010 ) (555,319 )
Amounts advanced 1,627,227 334,885
Amounts repaid (770,440 ) (380,576 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 255,777 (601,010 )

17. RELATED PARTY DISCLOSURES

The company is controlled by D Rahal who owns 100% of the issued share capital.

Payments were made during the year on behalf of Malvern Homes Limited, a company in which one of the directors has a 33% shareholding. The balance due from this company at the end of the year was £374,572 (2022 - £337,648).

The balance due to Malvern Estates (New Homes) Limited, a company in which the directors have a controlling interest, at the year end of the year was £68,784 (2022 - £69,924).