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Registration number: 12846883

Malyons Construction Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

Malyons Construction Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Malyons Construction Ltd

Company Information

Director

Mr K Burt

Registered office

71-75 Shelton Street
Covent Garden
London
WC2H 9JQ

Accountants

Sterling Grove Accountants Limited
Chartered Certified AccountantsFawley House
2 Regatta Place
Marlow Road
Bourne End
Buckinghamshire
SL8 5TD

 

Malyons Construction Ltd

(Registration number: 12846883)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

25,321

28,271

Current assets

 

Debtors

5

1,208,153

404,746

Cash at bank and in hand

 

21,615

45,576

 

1,229,768

450,322

Creditors: Amounts falling due within one year

6

(1,295,688)

(489,827)

Net current liabilities

 

(65,920)

(39,505)

Total assets less current liabilities

 

(40,599)

(11,234)

Creditors: Amounts falling due after more than one year

6

(12,092)

(19,445)

Net liabilities

 

(52,691)

(30,679)

Capital and reserves

 

Called up share capital

1

1

Retained earnings

(52,692)

(30,680)

Shareholders' deficit

 

(52,691)

(30,679)

For the financial year ending 31 July 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.

These financial statements have been prepared and 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 25 March 2024
 

.........................................
Mr K Burt
Director

 

Malyons Construction Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 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:
71-75 Shelton Street
Covent Garden
London
WC2H 9JQ
United Kingdom

These financial statements were authorised for issue by the director on 25 March 2024.

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.

Going concern

The company made a loss in the financial period and the balance sheet shows an insolvent position. The director of the company has undertaken to provide financial support for a period of at least 12 months from the date of approval of these financial statements and as a result consider it appropriate to prepare the financial statements on a going concern basis.

Revenue recognition

Turnover represents the value of services prrovided net of VAT to the extent that there is a right to consideration and recorded at the value of the consideration due. Where a contract has only been partially completed at the balance sheet date turnover represents the value of service provided to date based on a proportion of the total expected consideration at completion.

Tax

The tax expense for the period comprises current 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.

 

Malyons Construction Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

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

Motor vehicles

10 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.

Trade 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.

Trade 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.

 

Malyons Construction Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 2).

 

Malyons Construction Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

4

Tangible assets

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2023

29,500

29,500

At 31 July 2024

29,500

29,500

Depreciation

At 1 August 2023

1,229

1,229

Charge for the year

2,950

2,950

At 31 July 2024

4,179

4,179

Carrying amount

At 31 July 2024

25,321

25,321

At 31 July 2023

28,271

28,271

5

Debtors

Note

2024
£

2023
£

Amounts owed from related parties

8

288,776

164,510

Prepayments

 

14,062

877

Other debtors

 

905,315

239,359

 

1,208,153

404,746

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

7,353

7,141

Trade creditors

 

488,963

198,284

Amounts owed to related parties

8

581,759

85,595

Taxation and social security

 

185,783

108,807

Accruals and deferred income

 

19,830

-

Other creditors

 

12,000

90,000

 

1,295,688

489,827

 

Malyons Construction Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

12,092

19,445

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

12,092

19,445

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

7,353

7,141

8

Related party transactions

Transactions with the director

2024

At 1 August 2023
£

Advances to director
£

Repayments by director
£

At 31 July 2024
£

Mr K Burt

Advance

149,910

190,620

(66,354)

274,176

2023

At 1 August 2022
£

Advances to director
£

Repayments by director
£

At 31 July 2023
£

Mr K Burt

Advance

53,728

153,492

(57,310)

149,910

 

Malyons Construction Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Loans to related parties

2024

Other related parties
£

Total
£

At start of period

14,600

14,600

At end of period

14,600

14,600

2023

Other related parties
£

Total
£

At start of period

14,885

14,885

Advanced

101,661

101,661

Repaid

(55,148)

(55,148)

Expenses recognised as bad debt

(46,798)

(46,798)

At end of period

14,600

14,600

Terms of loans to related parties

Loan is unsecured, interest free and repaybale on demand.

Loans from related parties

2024

Other related parties
£

Total
£

At start of period

85,595

85,595

Advanced

496,164

496,164

At end of period

581,759

581,759

2023

Other related parties
£

Total
£

At start of period

97,329

97,329

Repaid

(11,734)

(11,734)

At end of period

85,595

85,595

Terms of loans from related parties

Loan is unsecured, interest free and repaybale on demand.