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Registered number: 02770231
MALLARD LEASING LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MARCH 2026
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MALLARD LEASING LIMITED
REGISTERED NUMBER: 02770231
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2026
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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MALLARD LEASING LIMITED
REGISTERED NUMBER: 02770231
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2026
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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Edward Stevenson
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The notes on pages 3 to 10 form part of these financial statements.
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MALLARD LEASING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Mallard Leasing Limited is a private company limited by shares and incorporated in England and Wales, registration number 02770231. The registered office is Hophouse, Maltings Park, West Bergholt, Colchester, Essex CO6 3TJ.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the requirements and the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are presented in Sterling (£) and all values are rounded to the nearest £, except where indicated.
The following principal accounting policies have been applied:
Hire purchase receivables are recognised at an amount equal to the gross investment in the hire purchase discounted at its implicit rate. The related assets which are hired out to customers under the hire purchase agreements are not included in fixed assets.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
Interest on hire purchase agreements
Interest and fees on hire purchase agreements and expenses and other direct costs relating to loan origination are recognised in the Income statement using the effective interest rate method. The effective interest rate method applies a rate that discounts estimated future cash receipts relating to a hire purchase agreement to its net carrying amount to reflect a constant periodic rate of return on the net investment in the agreement.
Commissions receivable
Commissions receivable comprises fee income earned from the referral of hire purchase business not fitting the Company's risk profile. Turnover is recognised when it is reasonably certain that the fee income will be received by the Company.
Impairment of hire purchase agreements
The Company assesses at each Statement of financial position date whether there is any objective evidence that a hire purchase receivable is impaired. If there is objective evidence that an impairment loss has been incurred, the Company measures the amount of the loss as the difference between the carrying amount of the asset and the present value of estimated future cash flows discounted at the effective interest rate of the receivable at initial recognition.
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MALLARD LEASING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
The Directors have considered the Company’s position at the time of signing the financial statements, and have produced forecasts for the medium term.
Based on this, the directors have concluded that they have a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future, being at least twelve months from the date of signing these financial statements, they therefore continue to adopt the going concern basis of accounting in preparing these financial statements.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
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Leased assets: the Company as lessor
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Where assets leased to a third party give rights approximating to ownership (finance lease), the lessor recognises as a receivable an amount equal to the net investment in the lease i.e. the minimum lease payments receivable under the lease discounted at the interest rate implicit in the lease. This receivable is reduced as the lessee makes capital payments over the term of the lease.
A finance lease gives rise to two types of income: profit or loss equivalent to the profit or loss resulting from outright sale of the asset being leased, at normal selling prices, reflecting any applicable discounts, and finance income over the lease term.
Research and development expenditure is written off in the year in which it is incurred.
Finance costs are charged to the Income statement over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.
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MALLARD LEASING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
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Current and deferred taxation
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Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income 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 income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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Office equipment & fixtures
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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MALLARD LEASING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The Company only enters into basic financial instrument transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors, loans from banks and other
third parties and loans to and from related parties.
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.
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The average monthly number of employees, including directors, during the year was 24 (2025 - 26).
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MALLARD LEASING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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Charge for the year on owned assets
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MALLARD LEASING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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Gross investment in hire purchase agreement receivables due:
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Between one and five years
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Present value of minimum hire purchase payments
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Due after more than one year
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Present value of minimum hire purchase payments
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Prepayments and accrued income
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Present value of minimum hire purchase payments
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Cash and cash equivalents
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MALLARD LEASING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Obligations under finance lease and hire purchase contracts
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Accruals and deferred income
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Bank borrowings are in sterling in the form of a revolving credit facility carrying interest at commercial rates.
The bank loan is secured on receivables arising from hire purchase contracts and by a debenture over all assets of the Company and its Parent.
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Creditors: Amounts falling due after more than one year
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Net obligations under finance leases and hire purchase contracts
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Bank borrowings are in sterling in the form of a revolving credit facility carrying interest at commercial rates.
The bank loan is secured on receivables arising from hire purchase contracts and by a debenture over all assets of the Company and its Parent.
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 2-5 years
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MALLARD LEASING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
There remains ongoing regulatory scrutiny by the FCA into motor finance commission. A redress scheme was announced in March 2026 for discretionary commission arrangements and high or undisclosed commissions. The scheme has since been subject to legal challenge.
The Company is included in the scheme, but the Directors are not aware of any factors that will lead to redress payments. The Directors do however acknowledge the potential for ongoing and future administrative costs as a result of the scheme.
As the financial impact cannot currently be reliably estimated, no provision has been recognised.
The Company operates a defined contribution pension scheme. 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 and amounted to £11,987 (2025 - £12,772).
The auditors' report on the financial statements for the year ended 31 March 2026 was unqualified.
The audit report was signed on 29 June 2026 by Ian Fitch FCA (Senior statutory auditor) on behalf of Larking Gowen LLP.
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