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Mallory International Limited

Annual Report and Financial Statements
Year Ended 31 December 2024

Registration number: 02991148

 

Mallory International Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 9

 

Mallory International Limited

Balance Sheet

31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

77,068

75,613

Tangible assets

5

15,875

21,313

 

92,943

96,926

Current assets

 

Stocks

6

230,158

289,524

Debtors

7

3,113,280

3,076,540

Cash at bank and in hand

 

293,638

175,142

 

3,637,076

3,541,206

Creditors: Amounts falling due within one year

8

(1,728,677)

(1,592,646)

Net current assets

 

1,908,399

1,948,560

Total assets less current liabilities

 

2,001,342

2,045,486

Creditors: Amounts falling due after more than one year

8

(22,727)

(68,181)

Provisions for liabilities

(17,700)

(12,600)

Net assets

 

1,960,915

1,964,705

Capital and reserves

 

Called up share capital

10

100

100

Profit and loss account

1,960,815

1,964,605

Shareholders' funds

 

1,960,915

1,964,705

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 Board on 23 June 2025 and signed on its behalf by:
 

.........................................
Mr J Hardinge
Director

.........................................
Mrs S Rees
Director

 
     

Company Registration Number: 02991148

 

Mallory International Limited

Notes to the Financial Statements

Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Centenary House
Peninsula Park
Rydon Lane
Exeter
EX2 7XE

The principal place of business is:
Aylesbeare Common Business Park
Exmouth Road
Aylesbeare
Devon
EX5 2DG

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.

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

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 34 (2023 - 32).

 

Mallory International Limited

Notes to the Financial Statements

Year Ended 31 December 2024

4

Intangible assets

Goodwill
 £

Software
 £

Total
£

Cost or valuation

At 1 January 2024

83,229

40,638

123,867

Additions acquired separately

-

43,284

43,284

At 31 December 2024

83,229

83,922

167,151

Amortisation

At 1 January 2024

39,679

8,575

48,254

Amortisation charge

21,450

20,379

41,829

At 31 December 2024

61,129

28,954

90,083

Carrying amount

At 31 December 2024

22,100

54,968

77,068

At 31 December 2023

43,550

32,063

75,613

5

Tangible assets

Leasehold improvements
£

Fixtures and fittings
 £

Plant and machinery
 £

Total
£

Cost or valuation

At 1 January 2024

114,725

154,935

274,669

544,329

Additions

-

-

9,046

9,046

Disposals

-

-

(172)

(172)

At 31 December 2024

114,725

154,935

283,543

553,203

Depreciation

At 1 January 2024

114,725

145,120

263,171

523,016

Charge for the year

-

6,120

8,197

14,317

Eliminated on disposal

-

-

(5)

(5)

At 31 December 2024

114,725

151,240

271,363

537,328

Carrying amount

At 31 December 2024

-

3,695

12,180

15,875

At 31 December 2023

-

9,815

11,498

21,313

 

Mallory International Limited

Notes to the Financial Statements

Year Ended 31 December 2024

6

Stocks

2024
£

2023
£

Finished goods for resale

230,158

289,524

7

Debtors

2024
£

2023
£

Trade debtors

2,830,021

2,507,596

Amounts owed by group undertakings

20,453

347,466

Other debtors

189,204

140,929

Prepayments

73,602

80,549

3,113,280

3,076,540

8

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

45,455

132,512

Trade creditors

 

1,221,343

914,513

Corporation tax

 

18,000

15,824

Taxation and social security

 

36,572

30,150

Other creditors

 

315,254

397,988

Accruals and deferred income

 

92,053

101,659

 

1,728,677

1,592,646

 

Mallory International Limited

Notes to the Financial Statements

Year Ended 31 December 2024

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

22,727

68,181

Current loans and borrowings

2024
£

2023
£

Bank borrowings

45,455

132,512

Bank borrowings

Coronavirus Business Interruption Loan is denominated in sterling with a nominal interest rate of 3.1%, and the final instalment is due on 18 June 2026. The carrying amount at year end is £68,182 (2023 - £113,636).

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.

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       
 

Mallory International Limited

Notes to the Financial Statements

Year Ended 31 December 2024

11

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 £284,712 (2023 - £344,877). These commitments relate to non-cancellable operating leases.

12

Related party transactions

Summary of transactions with all entities with joint control or significant interest

The company provides financial support to an entity under joint control. This financial support is in the form of interest free loans that are repayable on demand. The balance owed to the company at the balance sheet date was £145,495 (2023: £145,495). There is a provision of £72,500 (2023: £72,500) against this balance.

13

Parent and ultimate parent undertaking

The parent of the smallest group in which these financial statements are consolidated is Mallory International MIE Designated Activity Company, incorporated in Republic of Ireland.

The address of Mallory International MIE Designated Activity Company is:
Century House
Harold's Cross Road
Dublin 6w
Ireland

14

Audit report

The Independent Auditors' Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report was Robert Deare, who signed for and on behalf of PKF Francis Clark on 25 June 2025.