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Company No: 01416161 (England and Wales)

# MALCOLM WAITE LIMITED

### Unaudited Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

MALCOLM WAITE LIMITED

## Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

MALCOLM WAITE LIMITED

## COMPANY INFORMATION

For the financial year ended 31 December 2024
MALCOLM WAITE LIMITED

## COMPANY INFORMATION (continued)

For the financial year ended 31 December 2024

Directors | M Waite
| C Waite
| N Waite
| S Waite

Secretary | M Waite

Registered office | Harnet House
| Harnet Street
| Sandwich
| Kent
| CT13 9ES
| United Kingdom

Company number | 01416161 (England and Wales)

Accountant | Kreston Reeves LLP
| 37 St Margarets Street
| Canterbury
| Kent
| CT1 2TU

## ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF
THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF MALCOLM WAITE LIMITED

For the financial year ended 31 December 2024

## ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF
THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF MALCOLM WAITE LIMITED (continued)

For the financial year ended 31 December 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Malcolm Waite Limited for the financial year ended 31 December 2024 which comprise the Balance Sheet and the related notes 1 to 11 from the Company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/regulation.
It is your duty to ensure that Malcolm Waite Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Malcolm Waite Limited. You consider that Malcolm Waite Limited is exempt from the statutory audit requirement for the financial year.
We have not been instructed to carry out an audit or a review of the financial statements of Malcolm Waite Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

This report is made solely to the Board of Directors of Malcolm Waite Limited, as a body, in accordance with the terms of our engagement letter dated 20 March 2025. Our work has been undertaken solely to prepare for your approval the financial statements of Malcolm Waite Limited and state those matters that we have agreed to state to the Board of Directors of Malcolm Waite Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Malcolm Waite Limited and its Board of Directors as a body for our work or for this report.

Kreston Reeves LLP
Chartered Accountants

37 St Margarets Street
Canterbury
Kent
CT1 2TU

16 September 2025

MALCOLM WAITE LIMITED

## BALANCE SHEET

As at 31 December 2024
MALCOLM WAITE LIMITED

## BALANCE SHEET (continued)

As at 31 December 2024

| Note | 2024 |  | 2023
|  | £ |  | £
Fixed assets |  |  |  |
Tangible assets | 4 | 770,755 |  | 785,589
|  | 770,755 |  | 785,589
Current assets |  |  |  |
Stocks |  | 1,727,888 |  | 1,954,893
Debtors | 5 | 203,035 |  | 176,560
Cash at bank and in hand |  | 1,630 |  | 1,798
|  | 1,932,553 |  | 2,133,251
Creditors: amounts falling due within one year | 6 | ( 1,987,110) |  | ( 2,206,846)
Net current liabilities |  | (54,557) |  | (73,595)
Total assets less current liabilities |  | 716,198 |  | 711,994
Creditors: amounts falling due after more than one year | 7 | ( 325,632) |  | ( 301,261)
Net assets |  | 390,566 |  | 410,733
Capital and reserves |  |  |  |
Called-up share capital | 8 | 25,002 |  | 25,000
Profit and loss account |  | 365,564 |  | 385,733
Total shareholders' funds |  | 390,566 |  | 410,733

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
- 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; and
- These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Malcolm Waite Limited (registered number: 01416161) were approved and authorised for issue by the Board of Directors on 16 September 2025. They were signed on its behalf by:

M Waite Director |

MALCOLM WAITE LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
MALCOLM WAITE LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024

##### 1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

##### General information and basis of accounting

Malcolm Waite Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Harnet House, Harnet Street, Sandwich, Kent, CT13 9ES, United Kingdom.
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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

##### Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

##### Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

##### Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

##### Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

##### Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings | 50 years straight line
Plant and machinery | 5 years straight line
Office equipment | 5 years straight line
Other property, plant and equipment | 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
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.

##### Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.
All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

##### Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

##### 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.

##### Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

##### Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

##### Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

#### 2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the directors are required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the directors have made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

#### 3. Employees

| 2024 |  | 2023
| Number |  | Number
Monthly average number of persons employed by the Company during the year, including directors | 64 |  | 50

#### 4. Tangible assets

| Land and buildings |  | Plant and machinery |  | Office equipment |  | Other property, plant and equipment |  | Total
| £ |  | £ |  | £ |  | £ |  | £
Cost |  |  |  |  |  |  |  |  |
At 01 January 2024 | 708,396 |  | 178,371 |  | 202,347 |  | 90,583 |  | 1,179,697
Additions | 0 |  | 12,739 |  | 14,983 |  | 3,859 |  | 31,581
At 31 December 2024 | 708,396 |  | 191,110 |  | 217,330 |  | 94,442 |  | 1,211,278
Accumulated depreciation |  |  |  |  |  |  |  |  |
At 01 January 2024 | 37,328 |  | 154,113 |  | 117,542 |  | 85,125 |  | 394,108
Charge for the financial year | 2,765 |  | 12,824 |  | 27,207 |  | 3,619 |  | 46,415
At 31 December 2024 | 40,093 |  | 166,937 |  | 144,749 |  | 88,744 |  | 440,523
Net book value |  |  |  |  |  |  |  |  |
At 31 December 2024 | 668,303 |  | 24,173 |  | 72,581 |  | 5,698 |  | 770,755
At 31 December 2023 | 671,068 |  | 24,258 |  | 84,805 |  | 5,458 |  | 785,589

#### 5. Debtors

| 2024 |  | 2023
| £ |  | £
Trade debtors | 45,519 |  | 92,997
Other debtors | 157,516 |  | 83,563
| 203,035 |  | 176,560

#### 6. Creditors: amounts falling due within one year

| 2024 |  | 2023
| £ |  | £
Bank loans and overdrafts (secured) | 31,619 |  | 133,945
Trade creditors | 366,823 |  | 375,064
Taxation and social security | 87,069 |  | 79,101
Other creditors | 1,501,599 |  | 1,618,736
| 1,987,110 |  | 2,206,846

The bank has a charge over 88 New Street, Sandwich, Kent; 120 Mill Road, Deal, Kent; Market Hall, Moat Sole, Sandwich, Kent and Dover Car Centre, Crabble Hill, Dover, Kent.
Included within other creditors is a stocking loan which is secured against items held within the company's inventory.

#### 7. Creditors: amounts falling due after more than one year

| 2024 |  | 2023
| £ |  | £
Bank loans | 275,632 |  | 301,261
Other creditors | 50,000 |  | 0
| 325,632 |  | 301,261

There are no amounts included above in respect of which any security has been given by the small entity.

#### 8. Called-up share capital

| 2024 |  | 2023
| £ |  | £
Allotted, called-up and fully-paid |  |  |
25,000 Ordinary shares of £ 1.00 each | 25,000 |  | 25,000
2 Ordinary B shares of £ 1.00 each (2023: nil shares) | 2 |  | 0
| 25,002 |  | 25,000

#### 9. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £41,608.77 (2023: £20,305).

| 2024 |  | 2023
| £ |  | £
Unpaid contributions due to the fund (inc. in other creditors) | 3,753 |  | 3,472

#### 10. Related party transactions

All related party transactions during the current and prior periods, including key management personnel, were made under normal market conditions.

#### 11. Ultimate controlling party

M Waite, being the majority shareholder, controls the company.