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REGISTERED NUMBER: 07917756 (England and Wales)












AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

MALONE GROUP GB LIMITED

MALONE GROUP GB LIMITED (REGISTERED NUMBER: 07917756)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


MALONE GROUP GB LIMITED

COMPANY INFORMATION
for the year ended 31 December 2023







DIRECTORS: S Malone
S J Mason
P A Clulow





REGISTERED OFFICE: Skyline Court Third Avenue
Centrum One Hundred
Burton-on-Trent
DE14 2BZ





REGISTERED NUMBER: 07917756 (England and Wales)





AUDITORS: Magma Audit LLP
Magma House
16 Davy Court
Castle Mound Way
Rugby
CV23 0UZ

MALONE GROUP GB LIMITED (REGISTERED NUMBER: 07917756)

BALANCE SHEET
31 December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 4 18,196 3,253
Tangible assets 5 159,744 162,000
177,940 165,253

CURRENT ASSETS
Debtors 6 2,376,138 1,573,066
Cash at bank 25,844 220,163
2,401,982 1,793,229
CREDITORS
Amounts falling due within one year 7 (1,787,795 ) (1,394,398 )
NET CURRENT ASSETS 614,187 398,831
TOTAL ASSETS LESS CURRENT
LIABILITIES

792,127

564,084

CREDITORS
Amounts falling due after more than one
year

8

(107,255

)

(137,683

)
NET ASSETS 684,872 426,401

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 684,772 426,301
684,872 426,401

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 August 2024 and were signed on its behalf by:





S Malone - Director


MALONE GROUP GB LIMITED (REGISTERED NUMBER: 07917756)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2023


1. STATUTORY INFORMATION

Malone Group GB Limited is a limited company, registered in England and Wales. Its registered office address is Skyline Court Third Avenue, Centrum One Hundred, Burton-On-Trent, England, DE14 2BZ and the registered number is 07917756.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of 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.

The presentational currency of the financial statements is Sterling (£) and figures are rounded to the nearest £1.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- The amount of revenue can be measured reliably;
- It is probable that the company will receive the consideration due under the contract;
- The stage of completion of the contract at the end of the reporting period can be measured reliably; and
- The costs incurred and the costs to complete the contract can be measured reliably.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at costs less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised over their useful life of 10 years.

Tangible fixed assets
Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated
impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the
location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using either a straight line or reducing balance method, as indicated below.

Depreciation is provided on the following basis:

Fixtures and fittings-20%straight line
Motor vehicles-25%on reducing balance
Computer equipment-33% straight line
Plant and machinery-10-20%on reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are
recognised in profit or loss.

MALONE GROUP GB LIMITED (REGISTERED NUMBER: 07917756)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
(i) Financial assets

Basic financial assets, including trade and other debtors, cash and bank balances are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest rate method.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors 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.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Taxation
The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit and loss account except for when a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:

- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Foreign currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Grants
Innovate UK Grant income is receivable in installments and is recognised in stages once certain criteria have been met.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Operating and finance lease commitments
At inception the company assesses agreements that transfer the right to use assets. The assessment considers whether the arrangement is, or contains, a lease based on the substance of the arrangement.

(i) Finance leased assets
Leases of assets that transfer substantially all the risks and rewards incidental to ownership are classified as finance leases.

Finance leases are capitalised at commencement of the lease as assets at the fair value of the leased asset or, if lower, the present value of the minimum lease payments calculated using the interest rate implicit in the lease. Where the implicit rate cannot be determined the company's incremental borrowing rate is used. Incremental direct costs, incurred in negotiating and arranging the lease, are included in the cost of the asset.

MALONE GROUP GB LIMITED (REGISTERED NUMBER: 07917756)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


2. ACCOUNTING POLICIES - continued

Assets are depreciated over the shorter of the lease term and the estimated useful life of the asset. Assets are assessed for impairment at each reporting date.

The capital element of lease obligations is recorded as a liability on inception of the arrangement. Lease payments are apportioned between capital repayment and finance charge, using the effective interest rate method, to produce a constant rate of charge on the balance of the capital repayments outstanding.

(ii) Operating leased assets
Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.

Invoice discounting
The gross amount of invoice discounted debts are included in trade debtors and a corresponding liability in respect of proceeds received from factors are shown within current liabilities. Factoring charges and interest are recognised in the profit and loss account as they accrue.

Share capital
Ordinary shares are classified as equity.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 49 (2022 - 39 ) .

4. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1 January 2023 5,000
Additions 15,713
At 31 December 2023 20,713
AMORTISATION
At 1 January 2023 1,747
Amortisation for year 770
At 31 December 2023 2,517
NET BOOK VALUE
At 31 December 2023 18,196
At 31 December 2022 3,253

MALONE GROUP GB LIMITED (REGISTERED NUMBER: 07917756)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 64,114 37,484 104,124 40,499 246,221
Additions - - 36,816 20,358 57,174
At 31 December 2023 64,114 37,484 140,940 60,857 303,395
DEPRECIATION
At 1 January 2023 15,569 20,947 33,097 14,608 84,221
Charge for year 9,709 10,105 22,359 17,257 59,430
At 31 December 2023 25,278 31,052 55,456 31,865 143,651
NET BOOK VALUE
At 31 December 2023 38,836 6,432 85,484 28,992 159,744
At 31 December 2022 48,545 16,537 71,027 25,891 162,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,960,728 1,309,450
Amounts owed by group undertakings 232,783 213,581
Other debtors 927 928
Prepayments and accrued income 181,700 49,107
2,376,138 1,573,066

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 40,000 40,000
Hire purchase contracts (see note 9) 213 990
Trade creditors 67,634 121,190
Amounts owed to group undertakings 563,407 666,403
Tax 73,217 15,503
Social security and other taxes 86,569 76,504
VAT 154,067 111,668
Other creditors 691,854 129,262
Accrued expenses 110,834 232,878
1,787,795 1,394,398

Within other creditors is a balance of £671,503 (2022: £110,439) relating to an invoice discounting facility incorporating a charge over book debts in the company, and a balance of £9,475 (2022: £12,481) relating to pensions due.

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 1-2 years 40,000 40,000
Bank loans - 2-5 years 67,255 97,683
107,255 137,683

MALONE GROUP GB LIMITED (REGISTERED NUMBER: 07917756)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 213 990

Non-cancellable operating leases
2023 2022
£    £   
Within one year 57,347 53,299
Between one and five years 50,600 107,947
107,947 161,246

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 147,255 177,683
Hire purchase contracts 213 990
Invoice discounting creditor 671,503 110,439
818,971 289,112

Hire purchase debts are secured on the assets to which they relate.

The bank loan is secured through a first-ranking debenture incorporating a fixed and floating charge over all assets. A guarantee on the full loan balance has been provided by Malone Engineering Group Limited.

The invoice discounting creditor is secured incorporating a a fixed and floating charge.

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Victoria Craig (Senior Statutory Auditor)
for and on behalf of Magma Audit LLP

12. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

13. ULTIMATE CONTROLLING PARTY

S Malone is considered the ultimate controlling party by virtue of his majority shareholding in the ultimate and immediate parent company, Malone Engineering Group Ltd.