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Registered number: 05700984
MALARY LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
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MALARY LIMITED
COMPANY INFORMATION
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Brookfield Business Centre
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Chartered Accountants & Statutory Auditors
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MALARY LIMITED
CONTENTS
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Independent auditors' report
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Statement of financial position
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Statement of changes in equity
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Notes to the financial statements
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MALARY LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2020
The directors present the strategic report and business review which include the principle risks and key performance indicators for the year ended 30th June 2020.
The company continues to diversify its activities to produce income from a range of recycling activities and Industrials services rather than predominantly PFO supply
The business is in a strong position for future development of new waste recovery and recycling processes such as SRF and Plastic.
PRINCIPAL RISKS AND UNCERTAINTIES
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The recent COVID 19 pandemic brings great uncertainty and the business has made significant adjustments to operational services and taken up the government furlough scheme and CBIL to support the business during these exceptional times and future uncertainty. The business continues to undertake R & D to develop new waste from fuel for use in the UK by targeting waste materials typically sent for export. The company continues to maintain excellent relationships with its suppliers and customers to maximise commercial outcomes.
FINANCIAL KEY PERFORMANCE INDICATORS
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The company’s main financial KPI’s are sales and contributions from various divisions. These are monitored monthly and overheads are actively monitored and managed.
OTHER KEY PERFORMANCE INDICATORS
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The Company has continued to successfully retain accreditations to ISO9001, ISO14001, UKAS17025, Achilles and Environmental Waste permit. The company continues to develop further accreditations to support health, safety and compliance.
This report was approved by the board and signed on its behalf.
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L A Walker
Director
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MALARY LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 JUNE 2020
The Director presents his report and the financial statements for the year ended 30 June 2020.
Director's responsibilities statement
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The Director is responsible for preparing the Strategic report, the Director's report and the financial statements in accordance with applicable law and regulations.
Company law requires the Director to prepare financial statements for each financial year. Under that law the Director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Director must not approve the financial statements unless he is 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 Director is required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Director is 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 to enable him to ensure that the financial statements comply with the Companies Act 2006. He is 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.
The Director is responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Director's reports may differ from legislation in other jurisdictions.
The loss for the year, after taxation, amounted to £286,830 (2019 - profit £1,250,317).
Dividends for the year, amounted to £188,900 (2019 - £416,900).
The Director who served during the year was:
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MALARY LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
Disclosure of information to auditors
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The Director at the time when this Director's report is approved has confirmed that:
∙so far as is aware, there is no relevant audit information of which the Company's auditors are unaware, and
∙ has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
The auditors, Richard Percy Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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L A Walker
Director
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MALARY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MALARY LIMITED
We have audited the financial statements of Malary Limited (the 'Company') for the year ended 30 June 2020, which comprise the Income statement, the Statement of financial position, the Statement of cash flows, the Statement of changes in equity and the related notes, 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 Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
∙give a true and fair view of the state of the Company's affairs as at 30 June 2020 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.
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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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
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We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
∙the Director's use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
∙the Director has not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
The Director is responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' 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
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MALARY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MALARY LIMITED (CONTINUED)
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.
Opinion on other matters prescribed by the Companies Act 2006
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In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Director's report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
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In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Director's report.
We have nothing to report in respect of the following matters in relation to which 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 Director's remuneration specified by law are not made; or
∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
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As explained more fully in the Director's responsibilities statement on page 2, the Director is 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 Director determines 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 Director is 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 Director either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
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MALARY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MALARY LIMITED (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
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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 Auditors' 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.
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
∙Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
∙Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control.
∙Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Director.
∙Conclude on the appropriateness of the Director's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' report. However, future events or conditions may cause the Company to cease to continue as a going concern.
∙Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
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MALARY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MALARY LIMITED (CONTINUED)
This report is made solely to the Company's members 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 Auditors' 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 for our audit work, for this report, or for the opinions we have formed.
R C Percy FCA (Senior statutory auditor)
for and on behalf of
Richard Percy Limited
Chartered Accountants
Statutory Auditors
Sandhills Farm
Braintree Road
Wethersfield
Essex
CM7 4AG
25 June 2021
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MALARY LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 30 JUNE 2020
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Interest receivable and similar income
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Interest payable and similar expenses
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(LOSS)/PROFIT FOR THE FINANCIAL YEAR
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There were no recognised gains and losses for 2020 or 2019 other than those included in the income statement.
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The notes on pages 14 to 30 form part of these financial statements.
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MALARY LIMITED
REGISTERED NUMBER: 05700984
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2020
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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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PROVISIONS FOR LIABILITIES
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Capital redemption reserve
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The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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L A Walker
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The notes on pages 14 to 30 form part of these financial statements.
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MALARY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2020
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Capital redemption reserve
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COMPREHENSIVE INCOME FOR THE YEAR
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TOTAL COMPREHENSIVE INCOME FOR THE YEAR
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Dividends: Equity capital
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Shares issued during the year
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Shares cancelled during the year
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TOTAL TRANSACTIONS WITH OWNERS
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COMPREHENSIVE INCOME FOR THE YEAR
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TOTAL COMPREHENSIVE INCOME FOR THE YEAR
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Dividends: Equity capital
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TOTAL TRANSACTIONS WITH OWNERS
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The notes on pages 14 to 30 form part of these financial statements.
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MALARY LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2020
CASH FLOWS FROM OPERATING ACTIVITIES
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Profit for the financial year
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Depreciation of tangible assets
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Impairments of fixed assets
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Loss on disposal of tangible assets
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(Decrease)/increase in creditors
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NET CASH GENERATED FROM OPERATING ACTIVITIES
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CASH FLOWS FROM INVESTING ACTIVITIES
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Purchase of tangible fixed assets
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Sale of tangible fixed assets
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Government grants received
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NET CASH FROM INVESTING ACTIVITIES
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CASH FLOWS FROM FINANCING ACTIVITIES
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Purchase of ordinary shares
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Repayment of/new finance leases
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NET CASH USED IN FINANCING ACTIVITIES
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INCREASE IN CASH AND CASH EQUIVALENTS
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Cash and cash equivalents at beginning of year
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CASH AND CASH EQUIVALENTS AT THE END OF YEAR
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MALARY LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
CASH AND CASH EQUIVALENTS AT THE END OF YEAR COMPRISE:
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The notes on pages 14 to 30 form part of these financial statements.
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MALARY LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 JUNE 2020
The notes on pages 14 to 30 form part of these financial statements.
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MALARY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
The principal activity of Malary Limited during the period was the environmental disposals of motor industry waste by-products.
The company is a private company limited by shares and is incorporated in England and Wales.
The Registered Office address is Malary House, Brookfield Business Centre, Twentypence Road, Cottenham, Cambridgeshire, CB24 8PS.
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 costs 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 Companies Act 2006.
The following principal accounting policies have been applied:
After a very successful year at 30 June 2019 the company has net assets of £4.4m and cash in the bank of £1.49m. Despite a number of operational and market challenges in the current year the company remains in a strong position with a balance sheet of over £4m and current net assets of just under £1.4m.
Covid-19 represents a significant challenge for the business, as it does for many others. The directors carefully monitor cash flow and prepare regular forecasts for a number of scenarios. They have considered in detail the impact of Covid-19 on the company’s ability to trade as a going concern and what measures the company needs to take to address the current challenges.
The company has an existing invoice based line of credit with its bank of £1m and has confirmed with its bank they will support the business through the governments CBIL scheme if and when required.
In addition to being able to access credit facilities the company is making operational changes to ensure it can continue to operate, albeit on a reduced activity basis in some areas, and adjusting costs accordingly. Further cost adjustments are available to match future trading developments.
The forecasts prepared show the company has adequate reserves and lines of credit to trade for 12 months from the balance sheet date under a number of scenarios modelled and accordingly believes it is reasonable to prepare these accounts on a going concern basis.
Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and oil duty.
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.
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MALARY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
2.ACCOUNTING POLICIES (CONTINUED)
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TANGIBLE FIXED ASSETS (continued)
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Land is not depreciated. Depreciation on other assets 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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5% on cost (land is not depreciated)
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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.
Investments held as fixed assets are shown at cost less provision for impairment.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis. Work in progress and finished goods include labour and attributable overheads.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
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MALARY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
2.ACCOUNTING POLICIES (CONTINUED)
The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to and from related parties.
(i) Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
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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 LESSEE
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Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Income statement in the same period as the related expenditure.
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MALARY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
2.ACCOUNTING POLICIES (CONTINUED)
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.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
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PROVISIONS FOR LIABILITIES
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Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of financial position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.
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MALARY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
2.ACCOUNTING POLICIES (CONTINUED)
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CURRENT AND DEFERRED TAXATION
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The tax expense for the year comprises current and deferred tax. 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 Statement of financial position 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.
The whole of the turnover is attributable to one principal activity of the company.
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All turnover arose within the United Kingdom.
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Government grants receivable
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MALARY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
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The operating (loss)/profit is stated after charging:
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Depreciation of tangible fixed assets
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Other operating lease rentals
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Impairment of investments
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Defined contribution pension cost
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Fees payable to the Company's auditor for the audit of the Company's annual financial statements totalled £9500 (2019 - 9000).
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Staff costs, including Director's remuneration, were as follows:
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Cost of defined contribution scheme
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The average monthly number of employees, including directors, during the year was 67 (2019 - 63).
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MALARY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
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Other interest receivable
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INTEREST PAYABLE AND SIMILAR EXPENSES
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Mortgage interest payable
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Finance leases and hire purchase contracts
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Current tax on profits for the year
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Origination and reversal of timing differences
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TAXATION ON (LOSS)/PROFIT ON ORDINARY ACTIVITIES
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MALARY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
11.TAXATION (CONTINUED)
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FACTORS AFFECTING TAX CHARGE FOR THE YEAR
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The tax assessed for the year is higher than (2019 - lower than) the standard rate of corporation tax in the UK of 19% (2019 - 19%). The differences are explained below:
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(Loss)/profit on ordinary activities before tax
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(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2019 - 19%)
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Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
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Capital allowances for year in excess of depreciation
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Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge
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Deferred tax not recognised on capital gains
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Changes in tax rates applied
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Deferred tax not recognised
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TOTAL TAX CHARGE FOR THE YEAR
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FACTORS THAT MAY AFFECT FUTURE TAX CHARGES
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There were no factors that may affect future tax charges.
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Charged to profit or loss
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MALARY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
12.DEFERRED TAXATION (CONTINUED)
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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Short term timing differences
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Tax losses carried forward
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
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Charge for the year on owned assets
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MALARY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
13.TANGIBLE FIXED ASSETS (CONTINUED)
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The net book value of land and buildings may be further analysed as follows:
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MALARY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
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Other fixed asset investments
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The impairment charge arose as a result of a fall in the market value of the investments which the directors do not believe will reverse in the forseeable future.
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MALARY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
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Prepayments and accrued income
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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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The following liabilities were secured:
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Finance leases and hire purchase contracts
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Details of security provided:
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The bank borrowings are secured on the company assets. The finance lease and hire purchase creditors are secured on the assets to which they relate.
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MALARY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
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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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The following liabilities were secured:
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Finance leases and hire purchase contracts
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Details of security provided:
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The finance lease and hire purchase creditors are secured on the assets to which they relate.
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MALARY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
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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 1-2 YEARS
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AMOUNTS FALLING DUE 2-5 YEARS
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AMOUNTS FALLING DUE AFTER MORE THAN 5 YEARS
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HIRE PURCHASE AND FINANCE LEASES
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Minimum lease payments under hire purchase fall due as follows:
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MALARY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
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Allotted, called up and fully paid
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585 (2019 - 585) Ordinary A shares of £0.10 each
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295 (2019 - 295) Ordinary B shares of £0.10 each
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100 (2019 - 100) Ordinary C shares of £0.10 each
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10 (2019 - 10) Ordinary E shares of £0.10 each
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512 (2019 - 512) Ordinary F shares of £0.10 each
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All share classes with the exception of the Ordinary A shares carry voting rights. All share classes have rights to dividends and rights to capital on a winding up. No shares are redeemable.
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The company operates a defined contribution pension scheme for management and employees. 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 to the fund and amounted to £39,896 (2019: £31,941). Contributions totalling £6,460 (2019: £9,011) were payable to the fund at the reporting date and are included in other creditors.
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COMMITMENTS UNDER OPERATING LEASES
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At 30 June 2020 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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MALARY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
|
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RELATED PARTY TRANSACTIONS
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Key management personnel
During the year the company paid aggregate remuneration (including salary, dividends, benefits and pension contributions) for the services of key management personnel totalling £288,951 (2019: £285,125).
Director
During the year the company paid aggregate remuneration (including salary, dividends, benefits and pension contributions) for the services of the director totalling £112,000 (2019: £229,235).
The company was charged £17,500 (2019: £17,700) for rent during the period by the director.
At the year end the company owed the director £54,349 (2019: £150,214), this balance was unsecured, interest free and repayable on demand.
Other related parties
During the year, close family members of the directors received aggregate remuneration (including salary, dividends, benefits and pension contributions) for their services totalling £106,181 (2019 £184,784).
The company was charged £31,800 (2019: £31,800) for rent during the period by a related pension scheme.
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The ultimate controlling party is considered to be Lewis Walker.
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