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Company No: 00974152 (England and Wales)

MALVAIR PROPERTIES LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

MALVAIR PROPERTIES LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

MALVAIR PROPERTIES LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
MALVAIR PROPERTIES LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 54,321 10,528
Investment property 4 6,296,710 6,692,086
Investments 5 799 799
6,351,830 6,703,413
Current assets
Debtors 6 392,426 35,293
Cash at bank and in hand 4,391 0
396,817 35,293
Creditors: amounts falling due within one year 7 ( 457,617) ( 723,206)
Net current liabilities (60,800) (687,913)
Total assets less current liabilities 6,291,030 6,015,500
Creditors: amounts falling due after more than one year 8 ( 1,465,006) ( 1,597,313)
Provision for liabilities ( 252,332) ( 214,138)
Net assets 4,573,692 4,204,049
Capital and reserves
Called-up share capital 9 50,000 50,000
Fair value reserve 1,022,353 1,022,353
Profit and loss account 3,501,339 3,131,696
Total shareholder's funds 4,573,692 4,204,049

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Malvair Properties Limited (registered number: 00974152) were approved and authorised for issue by the Board of Directors on 17 October 2024. They were signed on its behalf by:

R Allsop
Director
MALVAIR PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
MALVAIR PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Malvair Properties Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Barn Office, Hope End, Ledbury, HR8 1JQ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line/reducing balance basis over its expected useful life.

Plant and machinery 5 years straight line
Vehicles 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases


The Company as lessor
Amounts due from lessees under finance leases are recognised as receivables at the amount of the company’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the company’s net investment outstanding in respect of leases.

Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Plant and machinery Vehicles Total
£ £ £
Cost
At 01 April 2023 94,363 9,832 104,195
Additions 0 51,868 51,868
Disposals 0 ( 9,832) ( 9,832)
At 31 March 2024 94,363 51,868 146,231
Accumulated depreciation
At 01 April 2023 83,835 9,832 93,667
Charge for the financial year 2,708 5,367 8,075
Disposals 0 ( 9,832) ( 9,832)
At 31 March 2024 86,543 5,367 91,910
Net book value
At 31 March 2024 7,820 46,501 54,321
At 31 March 2023 10,528 0 10,528

4. Investment property

Investment property
£
Valuation
As at 01 April 2023 6,692,086
Additions (2,500)
Disposals (392,876)
As at 31 March 2024 6,296,710

Assumptions

Based on the knowledge known of such properties, the directors have confirmed that the property valuations are appropriate and represent the fair value.

5. Fixed asset investments

Listed investments Total
£ £
Cost or valuation before impairment
At 01 April 2023 799 799
At 31 March 2024 799 799
Carrying value at 31 March 2024 799 799
Carrying value at 31 March 2023 799 799

6. Debtors

2024 2023
£ £
Amounts owed by Parent undertakings 1,725 1,125
Amounts owed by directors 383,159 22,554
Prepayments and accrued income 7,542 11,614
392,426 35,293

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts (secured) 140,001 427,110
Trade creditors 1,524 3,921
Amounts owed to associates 180,393 159,446
Accruals and deferred income 7,055 55,467
Taxation and social security 128,644 77,262
457,617 723,206

The bank loans are secured by way of fixed and floating charges over the undertaking and all property and assets present and future, including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant and machinery.

Amounts owed to associates are repayable on demand and do not bear interest.

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 1,465,006 1,597,313

The bank loans are secured by way of fixed and floating charges over the undertaking and all property and assets present and future, including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant and machinery.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Bank loans (secured / repayable by instalments) 817,912 575,007

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
50,000 Ordinary shares of £ 1.00 each 50,000 50,000

10. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amounts owed by directors 383,159 22,554

Advances were made to the directors during the year totalling £434,900 and credits of £82,554. The amount outstanding and due from the director at the year end was £383,159. Interest has been calculated and applied at 2.25% totalling £8,258.