Registered number
07067613
Maltwish Limited
Filleted Accounts
30 November 2023
Maltwish Limited
Registered number: 07067613
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 974,899 828,231
Current assets
Cash at bank and in hand 43,381 79,206
Creditors: amounts falling due within one year 3 (422,408) (15,657)
Net current (liabilities)/assets (379,027) 63,549
Total assets less current liabilities 595,872 891,780
Creditors: amounts falling due after more than one year 4 (593,458) (891,592)
Net assets 2,414 188
Capital and reserves
Called up share capital 2 2
Profit and loss account 2,412 186
Shareholders' funds 2,414 188
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
I BALDRUY
Director
Approved by the board on 30 August 2024
Maltwish Limited
Notes to the Accounts
for the year ended 30 November 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings Not depreciated
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts - 13
Other creditors 421,886 15,644
422,408 15,657
4 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 543,458 543,458
Amounts owed to connected company 50,000 348,134
593,458 891,592
5 Loans 2023 2022
£ £
Creditors include:
Instalments falling due for payment after more than five years 543,458 543,458
Secured bank loans 561,350 561,350
The loans are secured by a legal charge in favour of Paragon Bank Plc dated 31 March 2021 and 25 June 2021.
6 Related party transactions
During the year under review the company borrowed £271,989 from I's Pies Limited, a company in which the director has a controlling interest.
7 Other information
Maltwish Limited is a private company limited by shares and incorporated in England. Its registered office is:
44 Argyle Road
Brighton
East Sussex
BN1 4QB
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