Company registration number 03189855 (England and Wales)
MALLING MARKWELL LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
MALLING MARKWELL LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
MALLING MARKWELL LTD (REGISTERED NUMBER: 03189855)
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,523,982
1,525,312
Investment property
5
415,263
415,263
1,939,245
1,940,575
Current assets
Debtors
6
1,385
6,680
Investments
7
123,930
88,366
Cash at bank and in hand
188,384
200,690
313,699
295,736
Creditors: amounts falling due within one year
8
(245,027)
(231,011)
Net current assets
68,672
64,725
Net assets
2,007,917
2,005,300
Capital and reserves
Called up share capital
9
1,670
1,670
Revaluation reserve
253,683
253,683
Non-distributable profits reserve
10
264,607
235,462
Distributable profit and loss reserves
1,487,957
1,514,485
Total equity
2,007,917
2,005,300
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
MALLING MARKWELL LTD (REGISTERED NUMBER: 03189855)
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2024
30 September 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 27 May 2025 and are signed on its behalf by:
M A Perry
Director
MALLING MARKWELL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
1
Accounting policies
Company information
Malling Markwell Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 19/21 Swan Street, West Malling, Kent, ME19 6JU.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for marketing and administration services, as well as income from property development.
Turnover for marketing and administration services are recognised once the services have been provided to the customer. Income from property development is recognised on the exchange of contract of the property sale.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
No depreciation provided
Fixtures & fittings
25% on reducing balance
No depreciation has been provided in respect of the freehold property as the property is valued at its residual value in the financial statements.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
MALLING MARKWELL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be 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 in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Valuation of land and buildings
Land and buildings are valued at fair value on the basis of valuations carried out by the directors. Valuations are made on an open market value basis by reference to market evidence of transaction prices for similar properties. The directors do not consider it necessary to obtain a valuation by an independent valuer.
Valuation of investment property
Investment property is valued at fair value on the basis of valuations carried out by the directors. Valuations are made on an open market value basis by reference to market evidence of transaction prices for similar properties. The directors do not consider it necessary to obtain a valuation by an independent valuer.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
5
5
MALLING MARKWELL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
4
Tangible fixed assets
Land and buildings Freehold
Fixtures & fittings
Total
£
£
£
Cost or valuation
At 1 October 2023
1,498,753
131,805
1,630,558
Additions
3,122
3,122
At 30 September 2024
1,498,753
134,927
1,633,680
Depreciation and impairment
At 1 October 2023
105,246
105,246
Depreciation charged in the year
4,452
4,452
At 30 September 2024
109,698
109,698
Carrying amount
At 30 September 2024
1,498,753
25,229
1,523,982
At 30 September 2023
1,498,753
26,559
1,525,312
The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:
Land and buildings Freehold
2024
2023
£
£
Cost
1,245,070
1,245,070
5
Investment property
2024
£
Fair value
At 1 October 2023 and 30 September 2024
415,263
Investment property comprises £415,263. The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors as described in note 2.
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,385
6,680
MALLING MARKWELL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
7
Current asset investments
2024
2023
£
£
Other investments
123,930
88,366
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
17,317
17,985
Taxation and social security
1,077
1,644
Other creditors
226,633
211,382
245,027
231,011
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of 10p each
5,000
5,000
500
500
Ordinary D of 10p each
5,000
5,000
500
500
Ordinary B of 10p each
2,289
2,289
229
229
Ordinary C of 10p each
2,153
2,153
215
215
Ordinary F of 10p each
1,131
1,131
113
113
Ordinary G of 10p each
1,131
1,131
113
113
16,704
16,704
1,670
1,670
10
Non-distributable profits reserve
2024
2023
£
£
At the beginning of the year
235,462
236,089
Non distributable profits in the year
29,145
(627)
At the end of the year
264,607
235,462
The non-distributable profits reserve consists of gains on investment properties and current asset investments.