Year Ended
Registration number:
Mallory International Limited
Balance Sheet
31 December 2024
|
Note |
2024 |
2023 |
|
|
Fixed assets |
|||
|
Intangible assets |
|
|
|
|
Tangible assets |
|
|
|
|
|
|
||
|
Current assets |
|||
|
Stocks |
|
|
|
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Total assets less current liabilities |
|
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
|
Provisions for liabilities |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
|
|
|
|
Profit and loss account |
|
|
|
|
Shareholders' funds |
|
|
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
|
......................................... |
......................................... |
Company Registration Number: 02991148
Mallory International Limited
Notes to the Financial Statements
Year Ended 31 December 2024
|
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
The principal place of business is:
Aylesbeare Common Business Park
Exmouth Road
Aylesbeare
Devon
EX5 2DG
|
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.
Basis of preparation
The financial statements have been prepared under the historic cost convention and in accordance with Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’, including Section 1A, and the Companies Act 2006. There are no material departures.
The functional currency of Mallory International Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the company operates.
Going concern
The nature of the business can result in seasonal fluctuations in the working capital cycle which are managed through available facilities and through agreement of terms with suppliers. The directors have prepared budgets and cash flow forecasts for the business on a prudent basis which are regularly reviewed and updated.
The directors are satisfied that the company has adequate resources to enable it to continue operating for a period of at least twelve months from the date of approval of these financial statements and therefore continue to adopt the going concern basis in preparing the financial statements.
Mallory International Limited
Notes to the Financial Statements
Year Ended 31 December 2024
Key sources of estimation uncertainty
Bad debt provision
The company's operations are unique. A large number of customers are large institutions in Africa or African governments. Customers may be very slow to obtain the funds to pay for the books even though the funding has been agreed. A substantial proportion of the company's larger sales are covered by letters of credit. The company continues to supply many of these customers with old debts because the directors' vast experience in the industry has shown that balances owing are recoverable despite the lengths of time involved. There is however, a degree of uncertainty regarding the recoverability of older balances which the directors consider carefully and ensure that the provision is adequate to cover any doubtful debts.
The bad debt provision brought forward at the start of the year was £391,968. New provisions of £43,840 have been made in the year resulting in a bad debt provision at year end of £435,808.
Revenue recognition
The turnover shown in the Profit and Loss Account represents the value of goods supplied during the year, exclusive of Value Added Tax. Revenue is recognised when the risks and rewards of the goods are transferred to the customer in line with the agreed Incoterms.
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 corporation 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.
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
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 |
|
Leasehold improvements |
25% straight line |
|
Plant & Machinery |
33% straight line |
|
Fixtures & Fittings |
25% straight line |
Mallory International Limited
Notes to the Financial Statements
Year Ended 31 December 2024
Intangible assets
Goodwill arising on the acquisition of businesses, representing any excess of the fair value of the consideration given over the fair value of the identifiable assets and liabilities acquired, is capitalised and written off on a straight line basis over its useful economic life. Provision is made for any impairment.
Separately acquired trademarks, licenses and software are shown at historic cost.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
|
Asset class |
Amortisation method and rate |
|
Goodwill |
33% straight line |
|
Computer software |
33% straight line |
Stocks
Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Cost represents the purchase price.
Net realisable value is based on the estimated selling price in the ordinary course of business less anticipated costs of completion and selling costs.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Mallory International Limited
Notes to the Financial Statements
Year Ended 31 December 2024
Financial instruments
The company holds the following financial instruments, all of which meet the conditions to be classified as basic instruments:
• Cash and bank balances;
• Short term trade and other debtors and creditors;
• Loans to and from related parties; and
• Bank loans.
Other than bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
|
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Mallory International Limited
Notes to the Financial Statements
Year Ended 31 December 2024
|
Intangible assets |
|
Goodwill |
Software |
Total |
|
|
Cost or valuation |
|||
|
At 1 January 2024 |
|
|
|
|
Additions acquired separately |
- |
|
|
|
At 31 December 2024 |
|
|
|
|
Amortisation |
|||
|
At 1 January 2024 |
|
|
|
|
Amortisation charge |
|
|
|
|
At 31 December 2024 |
|
|
|
|
Carrying amount |
|||
|
At 31 December 2024 |
|
|
|
|
At 31 December 2023 |
|
|
|
|
Tangible assets |
|
Leasehold improvements |
Fixtures and fittings |
Plant and machinery |
Total |
|
|
Cost or valuation |
||||
|
At 1 January 2024 |
|
|
|
|
|
Additions |
- |
- |
|
|
|
Disposals |
- |
- |
( |
( |
|
At 31 December 2024 |
|
|
|
|
|
Depreciation |
||||
|
At 1 January 2024 |
|
|
|
|
|
Charge for the year |
- |
|
|
|
|
Eliminated on disposal |
- |
- |
( |
( |
|
At 31 December 2024 |
|
|
|
|
|
Carrying amount |
||||
|
At 31 December 2024 |
- |
|
|
|
|
At 31 December 2023 |
- |
|
|
|
Mallory International Limited
Notes to the Financial Statements
Year Ended 31 December 2024
|
Stocks |
|
2024 |
2023 |
|
|
Finished goods for resale |
|
|
|
Debtors |
|
2024 |
2023 |
|
|
Trade debtors |
|
|
|
Amounts owed by group undertakings |
|
|
|
Other debtors |
|
|
|
Prepayments |
|
|
|
|
|
|
Creditors |
|
Note |
2024 |
2023 |
|
|
Due within one year |
|||
|
Loans and borrowings |
|
|
|
|
Trade creditors |
|
|
|
|
Corporation tax |
18,000 |
15,824 |
|
|
Taxation and social security |
|
|
|
|
Other creditors |
|
|
|
|
Accruals and deferred income |
|
|
|
|
|
|
Mallory International Limited
Notes to the Financial Statements
Year Ended 31 December 2024
|
Loans and borrowings |
Non-current loans and borrowings
|
2024 |
2023 |
|
|
Bank borrowings |
|
|
Current loans and borrowings
|
2024 |
2023 |
|
|
Bank borrowings |
|
|
Bank borrowings
|
|
The company has a bank overdraft with a balance of £nil (2023: £87,057).
These facilities are secured against credit balance held by the bank and by an £800,000 guarantee given by the company’s parent, Mallory International MIE DAC.
|
Share capital |
Allotted, called up and fully paid shares
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
100 |
|
100 |
Mallory International Limited
Notes to the Financial Statements
Year Ended 31 December 2024
|
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
|
Related party transactions |
Summary of transactions with all entities with joint control or significant interest
|
Parent and ultimate parent undertaking |
The parent of the smallest group in which these financial statements are consolidated is
The address of Mallory International MIE Designated Activity Company is:
Harold's Cross Road
Dublin 6w
Ireland
|
Audit report |