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Company No: 00974152 (England and Wales)

# MALVAIR PROPERTIES LIMITED

### Unaudited Financial Statements
For the financial year ended 31 March 2025
Pages for filing with the registrar

MALVAIR PROPERTIES LIMITED

## Unaudited Financial Statements

For the financial year ended 31 March 2025

Contents

MALVAIR PROPERTIES LIMITED

## STATEMENT OF FINANCIAL POSITION

As at 31 March 2025
MALVAIR PROPERTIES LIMITED

## STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2025

| Note | 2025 |  | 2024
|  | £ |  | £
Fixed assets |  |  |  |
Tangible assets | 3 | 40,070 |  | 54,321
Investment property | 4 | 6,681,710 |  | 6,296,710
Investments | 5 | 799 |  | 799
|  | 6,722,579 |  | 6,351,830
Current assets |  |  |  |
Debtors | 6 | 13,377 |  | 392,426
Cash at bank and in hand |  | 47,062 |  | 4,391
|  | 60,439 |  | 396,817
Creditors: amounts falling due within one year | 7 | ( 581,553) |  | ( 457,617)
Net current liabilities |  | (521,114) |  | (60,800)
Total assets less current liabilities |  | 6,201,465 |  | 6,291,030
Creditors: amounts falling due after more than one year | 8 | ( 1,097,769) |  | ( 1,465,006)
Provision for liabilities |  | ( 255,315) |  | ( 252,332)
Net assets |  | 4,848,381 |  | 4,573,692
Capital and reserves |  |  |  |
Called-up share capital | 9 | 50,000 |  | 50,000
Fair value reserve |  | 0 |  | 1,022,353
Profit and loss account | 11 | 4,798,381 |  | 3,501,339
Total shareholder's funds |  | 4,848,381 |  | 4,573,692

For the financial year ending 31 March 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The member has 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 Profit and Loss Account has not been delivered.

The financial statements of Malvair Properties Limited (registered number: 00974152) were approved and authorised for issue by the Board of Directors on 12 November 2025. They were signed on its behalf by:

R Allsop Director |

MALVAIR PROPERTIES LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2025
MALVAIR PROPERTIES LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2025

##### 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

Malvair Properties 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 The Barn Office, Hope End, Ledbury, HR8 1JQ, 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 £.

##### Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

##### 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.

##### Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

##### Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

##### 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 Statement of Financial Position date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

##### Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line/reducing balance basis over its expected useful life, as follows:

Plant and machinery | 5 years straight line
Vehicles | 25 % reducing balance

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.

##### Leases

The Company as lessor
Amounts due from lessees under finance leases are recognised as receivables at the amount of the company’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the company’s net investment outstanding in respect of leases.
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

##### Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

##### Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
The fair value is determined annually by the directors, on an open market value for existing use basis.

##### Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

##### 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.

##### Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

##### 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.

##### Ordinary share capital

The ordinary share capital of the Company is presented as equity.

#### 2. Employees

| 2025 |  | 2024
| Number |  | Number
Monthly average number of persons employed by the Company during the year, including directors | 2 |  | 2

#### 3. Tangible assets

| Plant and machinery |  | Vehicles |  | Total
| £ |  | £ |  | £
Cost |  |  |  |  |
At 01 April 2024 | 94,363 |  | 51,868 |  | 146,231
Additions | 62 |  | 0 |  | 62
At 31 March 2025 | 94,425 |  | 51,868 |  | 146,293
Accumulated depreciation |  |  |  |  |
At 01 April 2024 | 86,543 |  | 5,367 |  | 91,910
Charge for the financial year | 2,688 |  | 11,625 |  | 14,313
At 31 March 2025 | 89,231 |  | 16,992 |  | 106,223
Net book value |  |  |  |  |
At 31 March 2025 | 5,194 |  | 34,876 |  | 40,070
At 31 March 2024 | 7,820 |  | 46,501 |  | 54,321

#### 4. Investment property

| Investment property
| £
Valuation |
As at 01 April 2024 | 6,296,710
Additions | 385,000
As at 31 March 2025 | 6,681,710

Assumptions

Based on the knowledge known of such properties, the directors have confirmed that the property valuations are appropriate and represent the fair value.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

| 2025 |  | 2024
| £ |  | £
Historic cost | 5,426,811 |  | 5,381,811

#### 5. Fixed asset investments

| Listed investments |  | Total
| £ |  | £
Cost or valuation before impairment |  |  |
At 01 April 2024 | 799 |  | 799
At 31 March 2025 | 799 |  | 799
Carrying value at 31 March 2025 | 799 |  | 799
Carrying value at 31 March 2024 | 799 |  | 799

#### 6. Debtors

| 2025 |  | 2024
| £ |  | £
Amounts owed by Parent undertakings | 2,565 |  | 1,725
Amounts owed by directors | 6,099 |  | 383,159
Accrued income | 4,713 |  | 7,542
| 13,377 |  | 392,426

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

| 2025 |  | 2024
| £ |  | £
Bank loans (secured) | 156,670 |  | 140,001
Trade creditors | 1,888 |  | 1,524
Amounts owed to associates | 251,455 |  | 180,393
Accruals and deferred income | 51,978 |  | 7,055
Taxation and social security | 119,562 |  | 128,644
| 581,553 |  | 457,617

The bank loans are secured by way of fixed and floating charges over the undertaking and all property and assets present and future, including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant and machinery.
Amounts owed to associates undertakings are repayable on demand and do not bear interest.

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

| 2025 |  | 2024
| £ |  | £
Bank loans (secured) | 1,097,769 |  | 1,465,006

The bank loans are secured by way of fixed and floating charges over the undertaking and all property and assets present and future, including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant and machinery.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

| 2025 |  | 2024
| £ |  | £
Bank loans (secured / repayable by instalments) | 731,090 |  | 817,912

#### 9. Called-up share capital

| 2025 |  | 2024
| £ |  | £
Allotted, called-up and fully-paid |  |  |
50,000 Ordinary shares of £ 1.00 each | 50,000 |  | 50,000

#### 10. Related party transactions

Transactions with the entity's directors

| 2025 |  | 2024
| £ |  | £
Amounts owed by directors | 6,099 |  | 383,159

Advances were made to the directors during the year totalling £519,840 and credits of £905,000. Interest has been charged at a rate of 2.25% totalling £8,100.

#### 11. Profit and loss account

| 2025 |  | 2024
| £ |  | £
Profit and loss account - distributable | 3,771,532 |  | 3,501,339
Profit and loss account - non distributable | 1,022,353 |  | 1,022,353
| 4,793,885 |  | 4,523,692

Profit and loss account - distributable

This reserve relates to the aggregate of distributable profits and losses generated to date.

Profit and loss account - non distributable

This reserve relates to the aggregate of fair value adjustments in respect of the investment properties.