Company No: 07099015 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
				Restated - note 2
Fixed assets
Tangible assets	4	1,838,617		1,703,038
		1,838,617		1,703,038
Current assets
Debtors	5	92,056		36,644
Cash at bank and in hand		31,493		129,157
		123,549		165,801
Creditors: amounts falling due within one year	6	( 481,990)		( 433,073)
Net current liabilities		(358,441)		(267,272)
Total assets less current liabilities		1,480,176		1,435,766
Creditors: amounts falling due after more than one year	7	( 591,043)		( 676,602)
Provision for liabilities		( 115,616)		( 125,050)
Net assets		773,517		634,114
Capital and reserves
Called-up share capital	8	100		100
Profit and loss account		773,417		634,014
Total shareholders' funds		773,517		634,114

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 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 Malherbie Developments Ltd (registered number: 07099015) were approved and authorised for issue by the Board of Directors on 29 December 2025. They were signed on its behalf by:

Mr A S Jeanes Director

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

Malherbie Developments Ltd (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 Blackbrook Gate 1, Blackbrook Business Park, Taunton, TA1 2PX, 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 Balance Sheet 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.

Prior year adjustment

During a review of the accounts, it was identified that costs to improve freehold property belonging to another entity had incorrectly been included in the accounts for the year ended 31 March 2024. The property is legally owed by a related party and the capital expenditure was funded by way of an intercompany loan which had also been omitted from the accounts. The prior year amounts owed to related parties and freehold property balances have therefore been restated to reflect the true position. There has been no impact to the reserves of the company.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Revenue from services is recognised as they are delivered.

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.

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 tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

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 over its expected useful life, as follows:

Land and buildings	50 years straight line
Fixtures and fittings	20 % reducing balance

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Prior year adjustment

During a review of the accounts, it was identified that costs to improve freehold property belonging to another entity had incorrectly been included in the accounts for the year ended 31 March 2024. The property is legally owed by a related party and the capital expenditure was funded by way of an intercompany loan which had also been omitted from the accounts. The prior year amounts owed to related parties and freehold property balances have therefore been restated to reflect the true position. There has been no impact to the reserves of the company.

		As previously reported		Adjustment		As restated
Year ended 31 March 2024		£		£		£
Freehold property		1,731,908		(28,870)		1,703,038
Amounts owed by related parties		7,658		28,870		36,528

3. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	3		2

4. Tangible assets

	Land and buildings		Fixtures and fittings		Total
	£		£		£
Cost
At 01 April 2024	1,771,108		40,736		1,811,844
Additions	167,463		11,116		178,579
At 31 March 2025	1,938,571		51,852		1,990,423
Accumulated depreciation
At 01 April 2024	93,088		15,718		108,806
Charge for the financial year	37,869		5,131		43,000
At 31 March 2025	130,957		20,849		151,806
Net book value
At 31 March 2025	1,807,614		31,003		1,838,617
At 31 March 2024	1,678,020		25,018		1,703,038

5. Debtors

	2025		2024
	£		£
Trade debtors	46,283		116
Amounts owed by related parties	42,773		36,528
Other debtors	3,000		0
	92,056		36,644

6. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans	71,841		48,946
Trade creditors	116		33,516
Taxation and social security	41,980		39,501
Other creditors	368,053		311,110
	481,990		433,073

The company has granted a fixed and floating charge on its assets to secure the bank indebtedness.

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

	2025		2024
	£		£
Bank loans	591,043		676,602

The company has granted a fixed and floating charge on its assets to secure the bank indebtedness.

Included within creditors: amounts falling due after more than one year is an amount of £299,703 (2024: £509,396) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

8. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each	100		100

9. Related party transactions

Other related party transactions

Debtors include £42,773 (2024: £36,528) due from a related party. The balance is treated as repayable on demand. No interest is charged to the company.