Malet Street Management Ltd 06126745 false 2023-03-01 2024-02-29 2024-02-29 The principal activity of the company is The principal activity of the company in the year under review was that of legal services. Digita Accounts Production Advanced 6.30.9574.0 true 06126745 2023-03-01 2024-02-29 06126745 2024-02-29 06126745 core:CurrentFinancialInstruments 2024-02-29 06126745 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 06126745 core:CurrentFinancialInstruments core:Secured 2024-02-29 06126745 core:Non-currentFinancialInstruments 2024-02-29 06126745 core:Non-currentFinancialInstruments core:AfterOneYear 2024-02-29 06126745 core:Goodwill 2024-02-29 06126745 core:ConstructionInProgressAssetsUnderConstruction 2024-02-29 06126745 core:FurnitureFittings 2024-02-29 06126745 core:OfficeEquipment 2024-02-29 06126745 core:PlantMachinery 2024-02-29 06126745 bus:SmallEntities 2023-03-01 2024-02-29 06126745 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 06126745 bus:FullAccounts 2023-03-01 2024-02-29 06126745 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 06126745 bus:RegisteredOffice 2023-03-01 2024-02-29 06126745 bus:Director4 2023-03-01 2024-02-29 06126745 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 06126745 core:Goodwill 2023-03-01 2024-02-29 06126745 core:NetGoodwill 2023-03-01 2024-02-29 06126745 core:ComputerEquipment 2023-03-01 2024-02-29 06126745 core:ConstructionInProgressAssetsUnderConstruction 2023-03-01 2024-02-29 06126745 core:FurnitureFittings 2023-03-01 2024-02-29 06126745 core:LeaseholdImprovements 2023-03-01 2024-02-29 06126745 core:OfficeEquipment 2023-03-01 2024-02-29 06126745 core:PlantMachinery 2023-03-01 2024-02-29 06126745 countries:EnglandWales 2023-03-01 2024-02-29 06126745 2023-02-28 06126745 core:Goodwill 2023-02-28 06126745 core:ConstructionInProgressAssetsUnderConstruction 2023-02-28 06126745 core:FurnitureFittings 2023-02-28 06126745 core:OfficeEquipment 2023-02-28 06126745 core:PlantMachinery 2023-02-28 06126745 2022-03-01 2023-02-28 06126745 2023-02-28 06126745 core:CurrentFinancialInstruments 2023-02-28 06126745 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 06126745 core:CurrentFinancialInstruments core:Secured 2023-02-28 06126745 core:Non-currentFinancialInstruments 2023-02-28 06126745 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 06126745 core:Goodwill 2023-02-28 06126745 core:ConstructionInProgressAssetsUnderConstruction 2023-02-28 06126745 core:FurnitureFittings 2023-02-28 06126745 core:OfficeEquipment 2023-02-28 06126745 core:PlantMachinery 2023-02-28 iso4217:GBP xbrli:pure

Registration number: 06126745

Malet Street Management Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 29 February 2024

 

Malet Street Management Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 10

 

Malet Street Management Ltd

Company Information

Director

Mr R Southall

Registered office

21 Navigation Business Village
Navigation Way
Ashton-on-Ribble
Preston
PR2 2YP

Accountants

Rotherham Taylor Limited
Chartered Accountants
21 Navigation Business Village
Navigation Way
Ashton-on-Ribble
Preston
PR2 2YP

 

Malet Street Management Ltd

(Registration number: 06126745)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

50,650

59,050

Tangible assets

5

3,642

8,683

 

54,292

67,733

Current assets

 

Debtors

6

519,066

613,170

Cash at bank and in hand

 

25,580

5,143

 

544,646

618,313

Creditors: Amounts falling due within one year

7

(240,844)

(395,304)

Net current assets

 

303,802

223,009

Total assets less current liabilities

 

358,094

290,742

Creditors: Amounts falling due after more than one year

7

(49,868)

(49,683)

Provisions for liabilities

(911)

(1,652)

Net assets

 

307,315

239,407

Capital and reserves

 

Called up share capital

2

2

Retained earnings

307,313

239,405

Shareholders' funds

 

307,315

239,407

For the financial year ending 29 February 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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Malet Street Management Ltd

(Registration number: 06126745)
Balance Sheet as at 29 February 2024

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 28 November 2024
 

.........................................
Mr R Southall
Director

   
     
 

Malet Street Management Ltd

Notes to the Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
21 Navigation Business Village
Navigation Way
Ashton-on-Ribble
Preston
PR2 2YP

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Malet Street Management Ltd

Notes to the Financial Statements for the Year Ended 29 February 2024


Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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 assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Improvements to property

10% on cost

Fixtures and fittings

15% on cost

Plant and machinery

15% reducing balance

Computer equipment

33% on cost

Goodwill

Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Malet Street Management Ltd

Notes to the Financial Statements for the Year Ended 29 February 2024

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 

Malet Street Management Ltd

Notes to the Financial Statements for the Year Ended 29 February 2024

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 March 2023

168,000

168,000

At 29 February 2024

168,000

168,000

Amortisation

At 1 March 2023

108,950

108,950

Amortisation charge

8,400

8,400

At 29 February 2024

117,350

117,350

Carrying amount

At 29 February 2024

50,650

50,650

At 28 February 2023

59,050

59,050

 

Malet Street Management Ltd

Notes to the Financial Statements for the Year Ended 29 February 2024

5

Tangible assets

Improvements to property
£

Fixtures and fittings
£

Plant and machinery
£

Computer equipment
£

Total
£

Cost or valuation

At 1 March 2023

2,653

29,129

480

7,542

39,804

At 29 February 2024

2,653

29,129

480

7,542

39,804

Depreciation

At 1 March 2023

2,653

21,849

390

6,229

31,121

Charge for the year

-

4,369

14

658

5,041

At 29 February 2024

2,653

26,218

404

6,887

36,162

Carrying amount

At 29 February 2024

-

2,911

76

655

3,642

At 28 February 2023

-

7,280

90

1,313

8,683

 

Malet Street Management Ltd

Notes to the Financial Statements for the Year Ended 29 February 2024

6

debtors

Note

2024
£

2023
£

Amounts owed by related parties

488,861

599,727

Prepayments

 

205

13,443

Other debtors

 

30,000

-

   

519,066

613,170

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and other borrowings

8

45,627

195,795

Trade creditors

 

14,522

18,511

Taxation and social security

 

30,978

9,926

Other creditors

 

149,717

171,072

 

240,844

395,304

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

49,868

49,683

 

Malet Street Management Ltd

Notes to the Financial Statements for the Year Ended 29 February 2024

8

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

36,938

49,683

Bank overdrafts

12,930

-

49,868

49,683

2024
£

2023
£

Current loans and borrowings

Bank borrowings

32,671

34,474

Bank overdrafts

12,930

7,127

Other loans

-

154,000

Director's loan account

26

194

45,627

195,795

The director's loan account is non-interest bearing and repayable on demand.