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Malmon Property Company Limited

Registered Number
00670467
(England and Wales)

Unaudited Financial Statements for the Year ended
30 September 2024

Malmon Property Company Limited
Company Information
for the year from 1 October 2023 to 30 September 2024

Directors

Mrs J E Cleland
Mrs R H Johnson
Mrs A M Langridge
Mrs C M Ledger

Company Secretary

Mrs A M Langridge

Registered Address

2 Hobson Court
Penrith 40 Business Park
Penrith
CA11 9GQ

Registered Number

00670467 (England and Wales)
Malmon Property Company Limited
Statement of Financial Position
30 September 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets392272
Investment property4729,000755,000
729,092755,272
Current assets
Debtors5,6206,881254,788
Cash at bank and on hand301,409163,521
508,290418,309
Creditors amounts falling due within one year7(64,516)(46,316)
Net current assets (liabilities)443,774371,993
Total assets less current liabilities1,172,8661,127,265
Provisions for liabilities8(146,172)(138,681)
Net assets1,026,694988,584
Capital and reserves
Called up share capital100100
Revaluation reserve746,076723,605
Profit and loss account280,518264,879
Shareholders' funds101,026,694988,584
The financial statements were approved and authorised for issue by the Board of Directors on 17 December 2024, and are signed on its behalf by:
Mrs A M Langridge
Director
Mrs J E Cleland
Director

Registered Company No. 00670467
Malmon Property Company Limited
Notes to the Financial Statements
for the year ended 30 September 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
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 rendering of services. 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.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
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.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. The assets’ residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement. Depreciation is provided on all tangible fixed assets as follows:
Investment property
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate. These values are adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Income Statement.
Financial instruments
The Company enters into basic financial instrument 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 ordinary shares.
2.Average number of employees

20242023
Average number of employees during the year55
3.Tangible fixed assets

Fixtures & fittings

Total

££
Cost or valuation
At 01 October 232,2432,243
At 30 September 242,2432,243
Depreciation and impairment
At 01 October 231,9711,971
Charge for year180180
At 30 September 242,1512,151
Net book value
At 30 September 249292
At 30 September 23272272
4.Investment property
The investment properties were independently valued by Harris & Birt as of 30 September 2024 on an open market value for an existing use basis.

£
Fair value at 01 October 23755,000
Disposals(55,962)
Fair value adjustments29,962
At 30 September 24729,000
5.Debtors: amounts due within one year

2024

2023

££
Other debtors29,20238,755
Total29,20238,755
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.
6.Debtors: amounts due after one year

2024

2023

££
Other debtors177,679216,033
Total177,679216,033
7.Creditors: amounts due within one year

2024

2023

££
Taxation and social security39,02920,596
Accrued liabilities and deferred income25,48725,720
Total64,51646,316
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.
8.Provisions for liabilities
Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate of the settlement can be made. The provision for deferred tax is in respect of fair value on investment properties.

2024

2023

££
Net deferred tax liability (asset)146,172138,681
Total146,172138,681
9.Directors advances, credits and guarantees
During the year the company continued to loan funds to a director. As of 1 October 2023, the director owed £62,248 to the company. During the year advances of £1,281 and repayments of £8,748 were made. Interest of £1,281 was charged using HMRC's rate for beneficial loan arrangements. At the balance sheet the company was owed £54,781. During the year the company continued to loan funds to a director. As of 1 October 2023, the director owed £71,486 to the company. During the year advances of £1,356 and repayments of £12,842 were made. Interest of £1,356 was charged using HMRC's rate for beneficial loan arrangements. At the balance sheet the company was owed £60,000. During the year the company continued to loan funds to a director. As of 1 October 2023, the director owed £41,200 to the company. During the year advances of £765 and repayments of £8,265 were made. Interest of £765 was charged using HMRC's rate for beneficial loan arrangements. At the balance sheet the company was owed £33,700.
10.Revaluation reserve
The revaluation reserve represents the amount of unrealised surplus created when the investment properties were revalued, less any deferred tax provision. The reserve represents non-distributable funds.

£
Reserve at 01 October 23723,605
Revaluations of plant, property and equipment29,962
Deferred Tax on Revaluations(7,491)
At 30 September 24746,076
11.Related party transactions
The directors and shareholders also manage and control Hudnalls Property Investment Co. Limited. The company owns freehold investment property for which it receives an annual ground rent of £450 (2023 - £450) from Hudnalls Property Investment Co. Limited. The tenants of the investment property pay maintenance costs as a service charge to the company. During the year, the company received £2,838 from Hudnalls Property Investment Co. Limited. As of the balance sheet date, the company was owed £634 (2023 - £320) from Hudnalls Property Investment Co Limited.