Maltacourt Limited - Limited company accounts 20.1

REGISTERED NUMBER: 01566007 (England and Wales)

Report of the Directors and

Unaudited Financial Statements for the Year Ended 31 December 2020

for

Maltacourt Limited

Page

Company Information

1

Report of the Directors

2

Income Statement

3

Balance Sheet

4

Statement of Changes in Equity

6

Notes to the Financial Statements

7

DIRECTORS:

Mr M P Beech

Mr A Williams

Mr B J Beech

Mr D B Willmer

REGISTERED OFFICE:

Room 501

The Heath Business & Technical Park

Runcorn

Cheshire

WA7 4QX

REGISTERED NUMBER:

01566007 (England and Wales)

ACCOUNTANTS:

Harts Limited

Westminster House

10 Westminster Road

Macclesfield

Cheshire

SK10 1BX

The directors present their report with the financial statements of the company for the year ended 31 December 2020.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of international freight forwarding, supply chain management and logistics.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2020 to the date of this report.

Mr M P Beech

Mr A Williams

Mr B J Beech

Mr D B Willmer

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

Mr A Williams - Director

19 May 2021

TURNOVER

10,724,174

12,236,307

Cost of sales

(9,205,694

)

(10,544,985

)

GROSS PROFIT

1,518,480

1,691,322

Administrative expenses

(1,572,363

)

(1,769,147

)

(53,883

)

(77,825

)

Other operating income

223,760

317,105

OPERATING PROFIT

4

169,877

239,280

Income from shares in group undertakings

321,595

-

Interest receivable and similar income

5,841

658

497,313

239,938

Amounts written off investments

(325,625

)

-

171,688

239,938

Interest payable and similar expenses

(36,686

)

(47,591

)

PROFIT BEFORE TAXATION

135,002

192,347

Tax on profit

5

(24,196

)

(47,529

)

PROFIT FOR THE FINANCIAL YEAR

110,806

144,818

FIXED ASSETS

Intangible assets

6

-

-

Tangible assets

7

34,076

49,645

Investments

8

1,580,759

1,906,384

1,614,835

1,956,029

CURRENT ASSETS

Debtors

9

1,507,507

1,575,424

Cash at bank

761,929

800,478

2,269,436

2,375,902

CREDITORS

Amounts falling due within one year

10

(3,253,882

)

(3,995,004

)

NET CURRENT LIABILITIES

(984,446

)

(1,619,102

)

TOTAL ASSETS LESS CURRENT LIABILITIES

630,389

336,927

CREDITORS

Amounts falling due after more than one year

11

(189,815

)

-

PROVISIONS FOR LIABILITIES

(4,607

)

(11,766

)

NET ASSETS

435,967

325,161

CAPITAL AND RESERVES

Called up share capital

200

200

Share premium

31,631

31,631

Retained earnings

404,136

293,330

SHAREHOLDERS' FUNDS

435,967

325,161

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 19 May 2021 and were signed on its behalf by:

Mr A Williams - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 January 2019

200

513,512

31,631

545,343

Changes in equity

Dividends

-

(365,000

)

-

(365,000

)

Total comprehensive income

-

144,818

-

144,818

Balance at 31 December 2019

200

293,330

31,631

325,161

Changes in equity

Total comprehensive income

-

110,806

-

110,806

Balance at 31 December 2020

200

404,136

31,631

435,967

1.	STATUTORY INFORMATION

Maltacourt Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is recognised when the company obtains the right to consideration.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2018, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2019 - 17 ) .

4.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.12.20

31.12.19

£

£

Depreciation - owned assets

14,686

15,600

Goodwill amortisation

-

(5,018

)

5.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

31.12.20

31.12.19

£

£

Current tax:

UK corporation tax

29,931

47,529

Under/over tax provision

1,424

-

Total current tax

31,355

47,529

Deferred tax

(7,159

)

-

Tax on profit

24,196

47,529

6.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2020

and 31 December 2020

605,621

AMORTISATION

At 1 January 2020

and 31 December 2020

605,621

NET BOOK VALUE

At 31 December 2020

-

At 31 December 2019

-

7.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

At 1 January 2020

22,985

392,842

415,827

Additions

-

9,324

9,324

Disposals

-

(130,697

)

(130,697

)

At 31 December 2020

22,985

271,469

294,454

DEPRECIATION

At 1 January 2020

19,575

346,607

366,182

Charge for year

849

13,837

14,686

Eliminated on disposal

-

(120,490

)

(120,490

)

At 31 December 2020

20,424

239,954

260,378

NET BOOK VALUE

At 31 December 2020

2,561

31,515

34,076

At 31 December 2019

3,410

46,235

49,645

8.	FIXED ASSET INVESTMENTS

Interest

Shares in

in other

group

participating

undertakings

interests

Totals

£

£

£

COST

At 1 January 2020

1,580,109

326,275

1,906,384

Impairments

-

(325,625

)

(325,625

)

At 31 December 2020

1,580,109

650

1,580,759

NET BOOK VALUE

At 31 December 2020

1,580,109

650

1,580,759

At 31 December 2019

1,580,109

326,275

1,906,384

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Trade debtors

1,060,575

1,396,611

Other debtors

446,932

178,813

1,507,507

1,575,424

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Bank loans and overdrafts (see note 12)

55,556

60,185

Trade creditors

2,162,288

1,903,974

Amounts owed to group undertakings

219,899

336,187

Taxation and social security

60,645

74,055

Other creditors

755,494

1,620,603

3,253,882

3,995,004

11.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.20

31.12.19

£

£

Bank loans (see note 12)

189,815

-

12.

LOANS

An analysis of the maturity of loans is given below:

31.12.20

31.12.19

£

£

Amounts falling due within one year or on demand:

Bank loans

55,556

60,185

Amounts falling due between one and two years:

Bank loans - 1-2 years

55,556

-

Amounts falling due between two and five years:

Bank loans - 2-5 years

134,259

-

13.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.20

31.12.19

£

£

Bank loans

245,371

60,185

The bank loan is secured by way of a debenture in favour of the Royal Bank of Scotland.

14.	ULTIMATE CONTROLLING PARTY

The controlling party is Mr M P Beech.