Company registration number 10799520 (England and Wales)
MALIN HOLDINGS LTD (FORMERLY PILLARS HOLDINGS LIMITED)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
MALIN HOLDINGS LTD (FORMERLY PILLARS HOLDINGS LIMITED)
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
MALIN HOLDINGS LTD (FORMERLY PILLARS HOLDINGS LIMITED)
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
3
480
650
Current assets
Debtors
4
26,411,295
21,209,923
Creditors: amounts falling due within one year
5
(11,858,093)
(23,067,127)
Net current assets/(liabilities)
14,553,202
(1,857,204)
Net assets/(liabilities)
14,553,682
(1,856,554)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
14,553,681
(1,856,555)
Total equity
14,553,682
(1,856,554)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 22 August 2024 and are signed on its behalf by:
Mr M Moosa
Director
Company registration number 10799520 (England and Wales)
MALIN HOLDINGS LTD (FORMERLY PILLARS HOLDINGS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -
1
Accounting policies
Company information
Malin Holdings Ltd (formerly Pillars Holdings Limited) is a private company limited by shares incorporated in England and Wales. The registered office is Business First, Davyfield Road, Blackburn, BB1 2QY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.3
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
MALIN HOLDINGS LTD (FORMERLY PILLARS HOLDINGS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 3 -
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
1.4
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.5
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
3
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
480
650
Fixed asset investments not carried at market value
Investments in group equity instruments are measured at fair valuation less impairment.
The investments noted above relate entirely to investments in subsidiary undertakings.
MALIN HOLDINGS LTD (FORMERLY PILLARS HOLDINGS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
3
Fixed asset investments
(Continued)
- 4 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 July 2022
650
Additions
120
Disposals
(290)
At 30 June 2023
480
Carrying amount
At 30 June 2023
480
At 30 June 2022
650
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
2,676,286
21,102,881
Other debtors
23,735,009
107,042
26,411,295
21,209,923
5
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
11,858,093
23,067,127
6
Charge on the company
Stdf Mount LTD holds a fixed charge and negative pledge, over the company.
7
Change of company name
On 10 January 2024 the company changed its name from Pillars Holdings Limited to Malin Holding Limited.