Registered number
05463377
Malhi Distributors Limited
Filleted Accounts
31 July 2024
Malhi Distributors Limited
Registered number: 05463377
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 531,027 543,358
Current assets
Debtors 4 181,929 162,261
Cash at bank and in hand 101,632 74,640
283,561 236,901
Creditors: amounts falling due within one year 5 (360,524) (320,630)
Net current liabilities (76,963) (83,729)
Total assets less current liabilities 454,064 459,629
Creditors: amounts falling due after more than one year 6 (156,536) (225,604)
Provisions for liabilities (31,488) (37,862)
Net assets 266,040 196,163
Capital and reserves
Called up share capital 100 100
Profit and loss account 265,940 196,063
Shareholders' funds 266,040 196,163
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.
Mr A Singh
Director
Approved by the board on 11 April 2025
Malhi Distributors Limited
Notes to the Accounts
for the year ended 31 July 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:
Land and buildings Not provided
Motor vehicles 25% reducing balance
Fixtures, fittings, tools and equipment 20% straight line
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 8 9
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 August 2023 391,909 58,665 540,667 991,241
Additions 13,165 5,571 20,500 39,236
Disposals - - (49,129) (49,129)
At 31 July 2024 405,074 64,236 512,038 981,348
Depreciation
At 1 August 2023 - 49,103 398,780 447,883
Charge for the year - 8,097 39,639 47,736
On disposals - - (45,298) (45,298)
At 31 July 2024 - 57,200 393,121 450,321
Net book value
At 31 July 2024 405,074 7,036 118,917 531,027
At 31 July 2023 391,909 9,562 141,887 543,358
4 Debtors 2024 2023
£ £
Trade debtors 115,500 122,385
Other debtors 66,429 39,876
181,929 162,261
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 53,769 42,656
Obligations under finance lease and hire purchase contracts 25,916 25,346
Trade creditors 70,846 88,057
Taxation and social security costs 100,276 74,503
Other creditors 109,717 90,068
360,524 320,630
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 109,837 152,989
Obligations under finance lease and hire purchase contracts 46,699 72,615
156,536 225,604
7 Loans 2024 2023
£ £
Creditors include:
Instalments falling due for payment after more than five years 65,140 76,841
Secured bank loans 152,966 195,646
Bank loans are secured by fixed and floating charges over the assets of the company.
8 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 72,615 97,961
9 Controlling party
The ultimate control of the company rests with the directors by virtue of their shareholding in the issued share capital of the company.
10 Other information
Malhi Distributors Limited is a private company limited by shares and incorporated in England. Its registered office is:
72 Stokes Drive
Leicester
LE3 9BS
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