Year Ended
Registration number:
Mallory International Limited
Contents
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Company Information |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Statement of Income and Retained Earnings |
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Balance Sheet |
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Notes to the Financial Statements |
Mallory International Limited
Company Information
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Directors |
Mr J Hardinge Mrs S Hardinge-Walsh Mrs S Rees Mrs R Jiménez Dickson Miss M Savoye |
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Company secretary |
Mrs S Rees |
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Registered office |
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Auditors |
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Mallory International Limited
Directors' Report for the Year Ended 31 December 2025
The directors present their report and the financial statements for the year ended 31 December 2025.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is that of exporting books, journals and educational materials.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
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Mallory International Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Mallory International Limited
Independent Auditor's Report to the Members of Mallory International Limited
Opinion
We have audited the financial statements of Mallory International Limited (the 'company') for the year ended 31 December 2025, which comprise the Statement of Income and Retained Earnings, Balance Sheet, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice) incorporating the requirements of Section 1A.
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its loss for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Mallory International Limited
Independent Auditor's Report to the Members of Mallory International Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Directors' Report has been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit; or |
• | the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Mallory International Limited
Independent Auditor's Report to the Members of Mallory International Limited
As part of our audit planning, we obtained an understanding of the legal and regulatory framework that is applicable to the company. We gained an understanding of the company and the industry in which the company operates as part of this assessment to identify the key laws and regulations affecting the company. The key laws and regulations we identified related to The Bribery Act 2010. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as The Companies Act 2006 and relevant tax legislation.
We discussed with management how the compliance with these laws and regulations is monitored and obtained copies of the key policies and procedures in place. We also identified the individuals who have responsibility for ensuring that the company complies with laws and regulations and deals with reporting any issues if they arise. As part of our planning procedures, we assessed the risk of any non-compliance with laws and regulations on the company’s ability to continue trading and the risk of material misstatement to the accounts.
We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements, including management bias in accounting estimates. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
Based on this understanding we designed our audit procedures to identify irregularities. Our procedures involved the following:
• Enquires to those charged with governance, regarding their knowledge of any non-compliance or potential non-compliance with laws and regulations that could affect the financial statements;
• Review of minutes of meetings of those charged with governance;
• Review of the company's anti-bribery policy and of the procedures in place in relation to the Bribery Act 2010;
• Challenging assumptions and judgements made by management in its significant accounting estimates;
• Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business;
• Testing the recognition of revenue and costs, in particular around the year end date;
• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; and
• Reviewing draft tax computations and involving the use of our specialists.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate omissions, collusion, forgery, misrepresentations, or the override of internal controls. We are also less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements.
Mallory International Limited
Independent Auditor's Report to the Members of Mallory International Limited
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
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Centenary House
Peninsula Park
Rydon Lane
EX2 7XE
Mallory International Limited
Statement of Income and Retained Earnings
Year Ended 31 December 2025
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2025 |
2024 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Other operating income |
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Operating (loss)/profit |
( |
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Other interest receivable and similar income |
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Interest payable and similar charges |
( |
( |
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(4,199) |
(8,983) |
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(Loss)/profit before tax |
( |
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Taxation |
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( |
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(Loss)/profit for the financial year |
( |
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Retained earnings brought forward |
1,960,815 |
1,964,605 |
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Dividends paid |
- |
( |
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Retained earnings carried forward |
1,865,116 |
1,960,815 |
Mallory International Limited
Balance Sheet
31 December 2025
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Note |
2025 |
2024 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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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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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Shareholders' funds |
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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.
Approved and authorised by the
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Company Registration Number: 02991148
Mallory International Limited
Notes to the Financial Statements
Year Ended 31 December 2025
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General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
The principal place of business is:
Aylesbeare Common Business Park
Exmouth Road
Aylesbeare
Devon
EX5 2DG
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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 2025
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 £435,808. New provisions of £58,417 have been made in the year resulting in a bad debt provision at year end of £494,225.
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:
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Asset class |
Depreciation method and rate |
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Leasehold improvements |
25% straight line |
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Plant & Machinery |
33% straight line |
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Fixtures & Fittings |
25% straight line |
Mallory International Limited
Notes to the Financial Statements
Year Ended 31 December 2025
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:
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Asset class |
Amortisation method and rate |
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Goodwill |
33% straight line |
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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 2025
Financial instruments
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.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Mallory International Limited
Notes to the Financial Statements
Year Ended 31 December 2025
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Intangible assets |
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Goodwill |
Software |
Total |
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Cost or valuation |
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At 1 January 2025 |
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Additions acquired separately |
- |
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At 31 December 2025 |
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Amortisation |
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At 1 January 2025 |
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Amortisation charge |
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At 31 December 2025 |
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Carrying amount |
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At 31 December 2025 |
- |
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At 31 December 2024 |
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Tangible assets |
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Leasehold improvements |
Fixtures and fittings |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 January 2025 |
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Additions |
- |
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At 31 December 2025 |
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Depreciation |
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At 1 January 2025 |
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Charge for the year |
- |
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At 31 December 2025 |
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Carrying amount |
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At 31 December 2025 |
- |
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At 31 December 2024 |
- |
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Stocks |
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2025 |
2024 |
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Finished goods for resale |
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Mallory International Limited
Notes to the Financial Statements
Year Ended 31 December 2025
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Debtors |
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2025 |
2024 |
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Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Prepayments |
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Creditors |
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Note |
2025 |
2024 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts due to group undertakings |
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- |
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Corporation tax |
- |
18,000 |
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PAYE and social security |
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Other creditors |
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Accrued expenses |
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Payments on account |
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Due after one year |
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Loans and borrowings |
- |
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Mallory International Limited
Notes to the Financial Statements
Year Ended 31 December 2025
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Loans and borrowings |
Non-current loans and borrowings
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2025 |
2024 |
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Bank borrowings |
- |
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Current loans and borrowings
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2025 |
2024 |
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Bank borrowings |
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Bank overdrafts |
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- |
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Bank borrowings
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The company has a bank overdraft with a balance of £283,673 (2024: £nil).
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.
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Share capital |
Allotted, called up and fully paid shares
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2025 |
2024 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
Mallory International Limited
Notes to the Financial Statements
Year Ended 31 December 2025
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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 £
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Related party transactions |
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Transactions with directors |
During the year, certain directors advanced £50,000 further funding to the company in the form of interest-bearing loans. At 31 December 2025 amounts outstanding were £101,015 (2024: £119,015). The balances carry an interest rate of 6% and have a fixed repayment date. Amounts are included within other creditors.
Summary of transactions with all entities with joint control or significant interest
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Parent and ultimate parent undertaking |
The parent of the smallest group in which these financial statements are consolidated is
The address of Mallory International MIE Designated Activity Company is:
Harold's Cross Road
Dublin 6w
Ireland