Company registration number 00649821 (England and Wales)
MALCOLMS MANAGEMENT LIMITED
ABRIDGED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
MALCOLMS MANAGEMENT LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
MALCOLMS MANAGEMENT LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
797,998
728,907
Current assets
Debtors
32,036
107,114
Cash at bank and in hand
547,179
380,482
579,215
487,596
Creditors: amounts falling due within one year
(129,292)
(144,250)
Net current assets
449,923
343,346
Net assets
1,247,921
1,072,253
Capital and reserves
Called up share capital
5
197,650
197,650
Profit and loss reserves
1,050,271
874,603
Total equity
1,247,921
1,072,253
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their 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.
MALCOLMS MANAGEMENT LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 16 September 2024 and are signed on its behalf by:
H S Minhas
Director
Company Registration No. 00649821
MALCOLMS MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Malcolms Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is Colinton House, Leicester Road, Bedworth, Warwickshire, CV12 8AB.
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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Tangible fixed assets
Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
see notes to these accounts
Plant and machinery
25% reducing balance basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.3
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets which include cash in hand and deposits held at call with banks,
1.5
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into.
Basic financial liabilities
Basic financial liabilities, including creditors and other payables are recognised at transaction price.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
MALCOLMS MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Taxation
The tax expense represents the sum of the tax currently payable including deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
Year
Year
ended
ended
31 December
31 December
2023
2022
Number
Number
Total
2
2
MALCOLMS MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
4
Tangible fixed assets
Total
£
Cost
At 1 January 2023
1,300,123
Additions
92,122
At 31 December 2023
1,392,245
Depreciation and impairment
At 1 January 2023
571,216
Depreciation charged in the year
23,031
At 31 December 2023
594,247
Carrying amount
At 31 December 2023
797,998
At 31 December 2022
728,907
No depreciation has been charged in the current year on the freehold land and buildings as the directors consider the estimated residual value of the assets exceeds their present carrying values.
5
Called up share capital
Year
Year
Year
Year
ended
ended
ended
ended
31 December
31 December
31 December
31 December
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
450
450
450
450
2023
2022
2023
2022
Preference share capital
Number
Number
£
£
Issued and fully paid
Reedemable preference shares of £1 each
197,200
197,200
197,200
197,200
Preference shares classified as equity
197,200
197,200
Total equity share capital
197,650
197,650
MALCOLMS MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
6
Parent company
The company is associated with Foleshill Metal Finishing Limited, KSM Industrial Services Ltd (Dormant), KSM Holdings Limited and Stanaway Services Ltd (Dormant), all of these companies are registered in England and Wales.
K.S.M. Holdings Limited is the ultimate controlling party and owns the entire issued share capital of Malcolms Management Limited.