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Company No: 06532766 (England and Wales)

MALMESBURY ESTATES LIMITED

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

MALMESBURY ESTATES LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

MALMESBURY ESTATES LIMITED

BALANCE SHEET

As at 31 March 2024
MALMESBURY ESTATES LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 48 330
Investment property 4 2,500,000 2,500,000
2,500,048 2,500,330
Current assets
Debtors 5 398,136 454,418
Cash at bank and in hand 138,729 51,069
536,865 505,487
Creditors: amounts falling due within one year 6 ( 500,757) ( 410,261)
Net current assets 36,108 95,226
Total assets less current liabilities 2,536,156 2,595,556
Creditors: amounts falling due after more than one year 7 ( 780,695) ( 880,999)
Provision for liabilities ( 202,337) ( 153,775)
Net assets 1,553,124 1,560,782
Capital and reserves
Called-up share capital 42 43
Share premium account 39,960 39,960
Capital redemption reserve 1 0
Undistributable reserve 607,009 655,570
Profit and loss account 906,112 865,209
Total shareholders' funds 1,553,124 1,560,782

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.

Director's responsibilities:

The financial statements of Malmesbury Estates Limited (registered number: 06532766) were approved and authorised for issue by the Director on 04 November 2024. They were signed on its behalf by:

George Michael Thornton
Director
MALMESBURY ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
MALMESBURY ESTATES 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

Malmesbury Estates 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 Towngate House, 2-8 Parkstone Road, Poole, BH15 2PW, 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 £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.
Revenue from services is recognised as they are delivered.

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 Balance Sheet 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 tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

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 basis over its expected useful life, as follows:

Plant and machinery etc. 3 years straight line

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 lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread 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 Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

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

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 April 2023 1,966 1,966
At 31 March 2024 1,966 1,966
Accumulated depreciation
At 01 April 2023 1,636 1,636
Charge for the financial year 282 282
At 31 March 2024 1,918 1,918
Net book value
At 31 March 2024 48 48
At 31 March 2023 330 330

4. Investment property

Investment property
£
Valuation
As at 01 April 2023 2,500,000
As at 31 March 2024 2,500,000

5. Debtors

2024 2023
£ £
Amounts owed by related parties 397,371 454,171
Other debtors 765 247
398,136 454,418

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured) 63,000 70,059
Trade creditors 3,351 2,911
Corporation tax 14,170 27,876
Other taxation and social security 0 3,875
Other creditors 420,236 305,540
500,757 410,261

Bank loans are secured on the properties to which they relate.

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

2024 2023
£ £
Bank loans (secured) 780,695 880,999

Bank loans are secured on the properties to which they relate.