MALLAMS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 APRIL 2024
Company Registration Number: 03484202
MALLAMS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
CONTENTS PAGES
Company information 1
Balance sheet 2 to 3
Notes to the financial statements 4 to 10
MALLAMS LIMITED
COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024
DIRECTORS
B J Lloyd
D R Fisher
S Chislett
R A Fogden
H S Cooke
S J Daws
SECRETARY
B J Lloyd
REGISTERED OFFICE
C9 Glyme Court
Oxford Office Village
Langford Lane
Kidlington
Oxford
OX5 1LQ
COMPANY REGISTRATION NUMBER
03484202 England and Wales
MALLAMS LIMITED
BALANCE SHEET
AS AT 30 APRIL 2024
Notes 2024 2023
£ £
FIXED ASSETS
Intangible assets 5 2,076 3,782
Tangible assets 6 61,104 66,127
63,180 69,909
CURRENT ASSETS
Debtors 7 567,888 564,539
Cash at bank and in hand 93,377 133,992
661,265 698,531
CREDITORS: Amounts falling due within one year 8 443,351 459,939
NET CURRENT ASSETS 217,914 238,592
TOTAL ASSETS LESS CURRENT LIABILITIES 281,094 308,501
CREDITORS: Amounts falling due after more than one year 9 1,340 17,495
Provisions for liabilities and charges 10,217 10,990
NET ASSETS 269,537 280,016
CAPITAL AND RESERVES
Called up share capital 1,155 1,155
Share premium account 34,904 34,904
Distributable profit and loss account 233,453 243,932
Capital redemption reserve 25 25
SHAREHOLDERS' FUNDS 269,537 280,016
MALLAMS LIMITED
BALANCE SHEET
AS AT 30 APRIL 2024
These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
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.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board of directors
S Chislett D R Fisher
Director Director
Date approved by the board: 28 January 2025
MALLAMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
1 GENERAL INFORMATION
Mallams Limited is a private company limited by shares and incorporated in England and Wales. Its registered office and principal place of business are:
Registered office Principal place of business
C9 Glyme Court Bocardo House
Oxford Office Village St. Michaels Street
Langford Lane Oxford
Kidlington OX1 2EB
Oxford
OX5 1LQ
The financial statements are presented in Sterling, which is the functional currency of the company.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation of financial statements
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
Revenue recognition
Turnover is measured at the fair value of consideration received or receivable. It is recognised in respect of auction commission and ancilliary services as soon as there is a right to consideration and is determined by reference to the value of the work performed. Turnover is stated net of trade discounts and value added tax.
The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.
Intangible fixed assets
Intangible fixed assets, other than goodwill, are stated at cost less accumulated amortisation and any accumulated impairment losses. It is amortised on a straight-line basis over its useful economic life of 5 years.
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new expectations.
MALLAMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Tangible fixed assets
Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.
Depreciation has been provided at the following rate so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives.
Office and computer equipment 10%-20% straight line basis per annum
Motor vehicles 25% reducing balance basis per annum
Leasehold improvements 10% straight line basis per annum
On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses.
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 accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
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 amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account.
If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account.
MALLAMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Debtors
Short term debtors are measured at transaction price, less any impairment.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
Leases
Leases are classified as finance leases when they transfer substantially all the risks and rewards of ownership of the leased assets to the company. Other leases that do not transfer substantially all the risks and rewards of ownership of the leased assets to the company are classified as operating leases.
Assets held under finance leases are recognised in accordance with the company's policy for tangible fixed assets. The corresponding obligations to lessors under finance leases are treated in the balance sheet as a liability. The assets and liabilities under finance leases are recognised at amounts equal to the fair value of the assets, or if lower, the present value of minimum lease payments, determined at the inception of the lease.
Minimum lease payments are apportioned between finance charges and the reduction in the outstanding liabilities using the effective interest method. The finance charge is allocated to each period during the lease so as to produce a constant rate of interest on the remaining balance of the liabilities. Finance charges are recognised in the profit and loss account.
Payments applicable to operating leases are charged against profit on a straight line basis over the lease term.
Taxation
Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. 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 taxable profits.
Deferred tax is measured using 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.
Current and deferred tax assets and liabilities are not discounted.
MALLAMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Pensions
The company operates a defined contribution pension scheme. The amount charged to the profit and loss account in respect of pension costs and other post-retirement benefits is the amount payable in the year. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments in the balance sheet.
3 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
No significant accounting estimates and judgements have had to be made by the directors in preparing these financial statements.
4 EMPLOYEES
The average number of persons employed by the company (including directors) during the year was:
2024 2023
Average number of employees 32 31
5 INTANGIBLE FIXED ASSETS
Website
£
Cost
At 1 May 2023 18,279
At 30 April 2024 18,279
Accumulated amortisation and impairments
At 1 May 2023 14,497
Charge for year 1,706
At 30 April 2024 16,203
Net book value
At 1 May 2023 3,782
At 30 April 2024 2,076
MALLAMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
6 TANGIBLE ASSETS
Office and computer equipment Motor vehicles Leasehold improvements Total
£ £ £ £
Cost
At 1 May 2023 212,731 25,906 108,053 346,690
Additions 13,177 - - 13,177
At 30 April 2024 225,908 25,906 108,053 359,867
Accumulated depreciation and impairments
At 1 May 2023 177,602 19,234 83,727 280,563
Charge for year 12,743 1,668 3,789 18,200
At 30 April 2024 190,345 20,902 87,516 298,763
Net book value
At 1 May 2023 35,129 6,672 24,326 66,127
At 30 April 2024 35,563 5,004 20,537 61,104
7 DEBTORS
2024 2023
£ £
Trade debtors 463,880 465,332
Prepayments and accrued income 82,448 82,056
Other debtors 21,560 17,151
567,888 564,539
8 CREDITORS: Amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 16,795 15,443
Trade creditors 177,405 171,406
Taxation and social security 142,534 146,268
Other creditors 106,617 126,822
443,351 459,939
MALLAMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
9 CREDITORS: Amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 1,340 17,495
10 SECURED DEBTS
The company has an overdraft with HSBC Bank PLC which is secured by way of a fixed and floating charge over the undertaking and all property and assets present and future, of the company.
The hire purchase contracts and finance leases are secured on the assets concerned.
11 CONTINGENCIES AND COMMITMENTS
Other Commitments
Amounts falling due under operating leases: 2024 2023
£ £
In less than one year 129,716 129,255
In more than one but less than five years 293,917 376,917
In more than five years - 18,000
423,633 524,172
12 DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
The following director's advances, credits and guarantees took place during the year
Balance at 1 May 2023 Amounts advanced Amounts repaid Amounts written off or waived Balance at 30 April 2024
£ £ £ £ £
D R Fisher 1,651 34,717 30,308 - 6,060
Interest has been charged on this advance at the Beneficial Loan Arrangement Official Rate as prescribed by HM Revenue and Customs. The advance is repayable on demand.
MALLAMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
13 RELATED PARTY TRANSACTIONS
During the year, the following transactions with related parties took place:
Directors and shareholders
2024 2023
£ £
B J Lloyd The director has made advances to the company which are repayable on demand. No interest has been charged on these advances. At the year end, the company owed the director the following amount: 10,679 27,467
S Chislett The director has made advances to the company which are repayable on demand. No interest has been charged on these advances. At the year end, the company owed the director the following amount: 84,932 85,378
Mallams Limited 03484202 false 2023-05-01 2024-04-30 2024-04-30 VT Final Accounts (tagged by user) April 2024 true No description of principal activity 03484202 2022-05-01 2023-04-30 03484202 core:WithinOneYear 2023-04-30 03484202 core:AfterOneYear 2023-04-30 03484202 core:ShareCapital 2023-04-30 03484202 core:SharePremium 2023-04-30 03484202 core:RetainedEarningsAccumulatedLosses 2023-04-30 03484202 core:CapitalRedemptionReserve 2023-04-30 03484202 core:CurrentFinancialInstruments 2023-04-30 03484202 core:Non-currentFinancialInstruments 2023-04-30 03484202 core:WithinOneYear core:PlantEquipmentOtherAssetsUnderOperatingLeases 2023-04-30 03484202 core:BetweenOneFiveYears core:PlantEquipmentOtherAssetsUnderOperatingLeases 2023-04-30 03484202 core:MoreThanFiveYears core:PlantEquipmentOtherAssetsUnderOperatingLeases 2023-04-30 03484202 core:KeyManagementIndividualGroup1 2023-04-30 03484202 core:KeyManagementIndividualGroup2 2023-04-30 03484202 2023-05-01 2024-04-30 03484202 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 03484202 bus:AuditExempt-NoAccountantsReport 2023-05-01 2024-04-30 03484202 bus:Director1 2023-05-01 2024-04-30 03484202 bus:Director2 2023-05-01 2024-04-30 03484202 bus:Director3 2023-05-01 2024-04-30 03484202 bus:Director4 2023-05-01 2024-04-30 03484202 bus:Director5 2023-05-01 2024-04-30 03484202 bus:Director6 2023-05-01 2024-04-30 03484202 bus:CompanySecretary1 2023-05-01 2024-04-30 03484202 bus:RegisteredOffice 2023-05-01 2024-04-30 03484202 core:OfficeEquipment 2023-05-01 2024-04-30 03484202 core:MotorVehicles 2023-05-01 2024-04-30 03484202 core:LeaseholdImprovements 2023-05-01 2024-04-30 03484202 core:ComputerSoftware 2023-05-01 2024-04-30 03484202 1 2023-05-01 2024-04-30 03484202 core:KeyManagementIndividualGroup1 2023-05-01 2024-04-30 03484202 core:KeyManagementIndividualGroup2 2023-05-01 2024-04-30 03484202 bus:FRS102 2023-05-01 2024-04-30 03484202 bus:FilletedAccounts 2023-05-01 2024-04-30 03484202 2024-04-30 03484202 core:WithinOneYear 2024-04-30 03484202 core:AfterOneYear 2024-04-30 03484202 core:ShareCapital 2024-04-30 03484202 core:SharePremium 2024-04-30 03484202 core:RetainedEarningsAccumulatedLosses 2024-04-30 03484202 core:CapitalRedemptionReserve 2024-04-30 03484202 core:ComputerSoftware 2024-04-30 03484202 core:OfficeEquipment 2024-04-30 03484202 core:MotorVehicles 2024-04-30 03484202 core:LeaseholdImprovements 2024-04-30 03484202 core:CurrentFinancialInstruments 2024-04-30 03484202 core:Non-currentFinancialInstruments 2024-04-30 03484202 core:WithinOneYear core:PlantEquipmentOtherAssetsUnderOperatingLeases 2024-04-30 03484202 core:BetweenOneFiveYears core:PlantEquipmentOtherAssetsUnderOperatingLeases 2024-04-30 03484202 core:MoreThanFiveYears core:PlantEquipmentOtherAssetsUnderOperatingLeases 2024-04-30 03484202 bus:Director2 2024-04-30 03484202 core:KeyManagementIndividualGroup1 2024-04-30 03484202 core:KeyManagementIndividualGroup2 2024-04-30 03484202 2023-04-30 03484202 core:ComputerSoftware 2023-04-30 03484202 core:OfficeEquipment 2023-04-30 03484202 core:MotorVehicles 2023-04-30 03484202 core:LeaseholdImprovements 2023-04-30 03484202 bus:Director2 2023-04-30 iso4217:GBP xbrli:pure