Maalems Limited
Registered number: 05585458
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 55,030 58,878
Current assets
Debtors 5 39,393 39,632
Cash at bank and in hand 69,634 37,929
109,027 77,561
Creditors: amounts falling due within one year 6 (156,883) (107,441)
Net current liabilities (47,856) (29,880)
Total assets less current liabilities 7,174 28,998
Creditors: amounts falling due after more than one year 7 (29,833) (34,619)
Net assets (22,659) (5,621)
Capital and reserves
Called up share capital 103 103
Profit and loss account (22,762) (5,724)
Shareholders' funds (22,659) (5,621)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
ARA Gibbs
Director
Approved by the board on 20 April 2024
Maalems Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 10 13
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 300,000
At 31 March 2024 300,000
Amortisation
At 1 April 2023 300,000
At 31 March 2024 300,000
Net book value
At 31 March 2024 -
Goodwill is written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 April 2023 92,692 24,179 116,871
Additions - 5,492 5,492
At 31 March 2024 92,692 29,671 122,363
Depreciation
At 1 April 2023 34,492 23,501 57,993
Charge for the year 8,000 1,340 9,340
At 31 March 2024 42,492 24,841 67,333
Net book value
At 31 March 2024 50,200 4,830 55,030
At 31 March 2023 58,200 678 58,878
5 Debtors 2024 2023
£ £
Trade debtors 144 -
Other debtors 39,249 39,632
39,393 39,632
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 5,000 5,000
Corporation tax 94,329 58,425
Other taxes and social security costs 30,703 24,813
Other creditors 26,851 19,203
156,883 107,441
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 29,833 34,619
8 Dividends paid 2024 2023
£ £
Dividends paid in the year 296,804 201,509
9 Controlling party
The ultimate controlling parties are MA Jones and ARA Gibbs.
10 Other information
Maalems Limited is a private company limited by shares and incorporated in England. Its registered office is:
344 Garratt Lane
London
SW18 4EL
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