| REGISTERED NUMBER: |
| MALTHOUSE PRODUCTS LIMITED |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 DECEMBER 2024 |
| REGISTERED NUMBER: |
| MALTHOUSE PRODUCTS LIMITED |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 DECEMBER 2024 |
| MALTHOUSE PRODUCTS LIMITED (REGISTERED NUMBER: 02838417) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 DECEMBER 2024 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 4 |
| MALTHOUSE PRODUCTS LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 30 DECEMBER 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Building 1063 |
| Cornforth Drive |
| Kent Science Park |
| Sittingbourne |
| Kent |
| ME9 8PX |
| MALTHOUSE PRODUCTS LIMITED (REGISTERED NUMBER: 02838417) |
| STATEMENT OF FINANCIAL POSITION |
| 30 DECEMBER 2024 |
| 30.12.24 | 30.12.23 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 5 |
| Tangible assets | 6 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 7 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) |
| NET ASSETS |
| MALTHOUSE PRODUCTS LIMITED (REGISTERED NUMBER: 02838417) |
| STATEMENT OF FINANCIAL POSITION - continued |
| 30 DECEMBER 2024 |
| 30.12.24 | 30.12.23 |
| Notes | £ | £ | £ | £ |
| CAPITAL AND RESERVES |
| Called up share capital | 11 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| MALTHOUSE PRODUCTS LIMITED (REGISTERED NUMBER: 02838417) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 DECEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| Malthouse Products Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Significant judgements and estimates |
| In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period to which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are the depreciation charges that are calculated with reference to the useful economic life of fixed assets. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Tangible fixed assets |
| Improvements to property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Office equipment | - |
| Government grants |
| During the year the company received the following revenue based grants. |
| Employment allowance to contribute towards the Employers National Insurance costs of employing staff. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| MALTHOUSE PRODUCTS LIMITED (REGISTERED NUMBER: 02838417) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 DECEMBER 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| The company enters into basic financial instruments 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 and loans to related parties. |
| a) Trade and other debtors |
| Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts. |
| b) Cash and cash equivalents |
| Cash and cash equivalents comprise of cash at bank and in hand. |
| c) Impairment of financial assets |
| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. |
| For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. |
| For financial assets measured at cost less impairment, the impairment loss 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. |
| d) Trade and other creditors |
| Debt instruments like loans and other accounts payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable within one year, typically trade payables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
| Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
| MALTHOUSE PRODUCTS LIMITED (REGISTERED NUMBER: 02838417) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 DECEMBER 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| 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. |
| Research and development |
| Expenditure on research is written off in the year in which it is incurred. Development costs are capitalised due to the future economic benefit they provide to the company. Development costs are amortised over their estimated useful life of 3 years on a basis consistent with the estimated economic benefit they provide. The development costs are assessed for impairment at each reporting date and any impairment losses or reversals of impairments losses are recognised immediately in the profit or loss account. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 5. | INTANGIBLE FIXED ASSETS |
| Other |
| intangible |
| assets |
| £ |
| COST |
| At 31 December 2023 |
| and 30 December 2024 |
| AMORTISATION |
| At 31 December 2023 |
| and 30 December 2024 |
| NET BOOK VALUE |
| At 30 December 2024 |
| At 30 December 2023 |
| MALTHOUSE PRODUCTS LIMITED (REGISTERED NUMBER: 02838417) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 DECEMBER 2024 |
| 6. | TANGIBLE FIXED ASSETS |
| Improvements | Fixtures |
| to | Plant and | and |
| property | machinery | fittings |
| £ | £ | £ |
| COST |
| At 31 December 2023 |
| Additions |
| At 30 December 2024 |
| DEPRECIATION |
| At 31 December 2023 |
| Charge for year |
| At 30 December 2024 |
| NET BOOK VALUE |
| At 30 December 2024 |
| At 30 December 2023 |
| Motor | Office |
| vehicles | equipment | Totals |
| £ | £ | £ |
| COST |
| At 31 December 2023 |
| Additions |
| At 30 December 2024 |
| DEPRECIATION |
| At 31 December 2023 |
| Charge for year |
| At 30 December 2024 |
| NET BOOK VALUE |
| At 30 December 2024 |
| At 30 December 2023 |
| MALTHOUSE PRODUCTS LIMITED (REGISTERED NUMBER: 02838417) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 DECEMBER 2024 |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.12.24 | 30.12.23 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Directors' Current Accounts | - | 99,436 |
| Deferred tax asset |
| Prepayments |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.12.24 | 30.12.23 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Other taxes and PAYE taxes |
| VAT | 37,811 | 16,152 |
| Other creditors |
| Directors' Current Accounts | 25,322 | 1,508 |
| Accruals and deferred income |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 30.12.24 | 30.12.23 |
| £ | £ |
| Bank loans - 1-2 years |
| Bank loans - 2-5 years |
| 10. | SECURED DEBTS |
| National Westminster Bank PLC has a fixed charge over the land vested in or charged to the company, all fixtures and fittings attached to that land, all plant and machinery, all the goodwill of the business and any uncalled capital. There is also a floating charge on all other property, assets and rights of the company owned now or in the future which are not subject to an effective fixed charge under the deed or under any other security held by the Bank. |
| The Co-Operative Bank P.L.C. holds a debenture over all property, a fixed charge over all other property and fixed assets. There is also a floating charge on all property and assets, whatever and wherever, both present and future. |
| MALTHOUSE PRODUCTS LIMITED (REGISTERED NUMBER: 02838417) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 DECEMBER 2024 |
| 11. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 30.12.24 | 30.12.23 |
| value: | £ | £ |
| Ordinary | £1 | 1,000 | 1,000 |
| 12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to directors subsisted during the years ended 30 December 2024 and 30 December 2023: |
| 30.12.24 | 30.12.23 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| The loan from the company to Mr & Mrs Stockley are unsecured, interest free and repayable upon demand. |