ACCOUNTS - Final Accounts

SHARE CAPITAL

Caseware UK (AP4) 2016.0.181 2016.0.181 2017-06-302017-06-30The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truefalseThe principal activity of Malary Limited during the period was the environmental disposals of motor industry waste by-products.false2016-07-01 05700984 2016-07-01 2017-06-30 05700984 2015-07-01 2016-06-30 05700984 2017-06-30 05700984 2016-06-30 05700984 c:Director2 2016-07-01 2017-06-30 05700984 d:Buildings 2016-07-01 2017-06-30 05700984 d:Buildings 2017-06-30 05700984 d:Buildings 2016-06-30 05700984 d:Buildings d:OwnedOrFreeholdAssets 2016-07-01 2017-06-30 05700984 d:Buildings d:LongLeaseholdAssets 2016-07-01 2017-06-30 05700984 d:LandBuildings 2017-06-30 05700984 d:LandBuildings 2016-06-30 05700984 d:PlantMachinery 2016-07-01 2017-06-30 05700984 d:PlantMachinery 2017-06-30 05700984 d:PlantMachinery 2016-06-30 05700984 d:PlantMachinery d:OwnedOrFreeholdAssets 2016-07-01 2017-06-30 05700984 d:MotorVehicles 2016-07-01 2017-06-30 05700984 d:MotorVehicles 2017-06-30 05700984 d:MotorVehicles 2016-06-30 05700984 d:MotorVehicles d:OwnedOrFreeholdAssets 2016-07-01 2017-06-30 05700984 d:FurnitureFittings 2016-07-01 2017-06-30 05700984 d:FurnitureFittings 2017-06-30 05700984 d:FurnitureFittings 2016-06-30 05700984 d:FurnitureFittings d:OwnedOrFreeholdAssets 2016-07-01 2017-06-30 05700984 d:OfficeEquipment 2016-07-01 2017-06-30 05700984 d:OfficeEquipment 2017-06-30 05700984 d:OfficeEquipment 2016-06-30 05700984 d:OfficeEquipment d:OwnedOrFreeholdAssets 2016-07-01 2017-06-30 05700984 d:ComputerEquipment 2016-07-01 2017-06-30 05700984 d:ComputerEquipment 2017-06-30 05700984 d:ComputerEquipment 2016-06-30 05700984 d:ComputerEquipment d:OwnedOrFreeholdAssets 2016-07-01 2017-06-30 05700984 d:OtherPropertyPlantEquipment 2016-07-01 2017-06-30 05700984 d:OtherPropertyPlantEquipment 2017-06-30 05700984 d:OtherPropertyPlantEquipment 2016-06-30 05700984 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2016-07-01 2017-06-30 05700984 d:OwnedOrFreeholdAssets 2016-07-01 2017-06-30 05700984 d:Non-currentFinancialInstruments 2017-06-30 05700984 d:Non-currentFinancialInstruments 2016-06-30 05700984 d:CurrentFinancialInstruments d:WithinOneYear 2017-06-30 05700984 d:CurrentFinancialInstruments d:WithinOneYear 2016-06-30 05700984 d:Non-currentFinancialInstruments d:AfterOneYear 2017-06-30 05700984 d:Non-currentFinancialInstruments d:AfterOneYear 2016-06-30 05700984 d:ShareCapital 2017-06-30 05700984 d:ShareCapital 2016-06-30 05700984 d:RetainedEarningsAccumulatedLosses 2017-06-30 05700984 d:RetainedEarningsAccumulatedLosses 2016-06-30 05700984 d:AcceleratedTaxDepreciationDeferredTax 2017-06-30 05700984 d:TaxLossesCarry-forwardsDeferredTax 2017-06-30 05700984 d:OtherDeferredTax 2017-06-30 05700984 c:OrdinaryShareClass1 2016-07-01 2017-06-30 05700984 c:OrdinaryShareClass1 2017-06-30 05700984 c:OrdinaryShareClass2 2016-07-01 2017-06-30 05700984 c:OrdinaryShareClass2 2017-06-30 05700984 c:OrdinaryShareClass3 2016-07-01 2017-06-30 05700984 c:OrdinaryShareClass3 2017-06-30 05700984 c:OrdinaryShareClass4 2016-07-01 2017-06-30 05700984 c:OrdinaryShareClass4 2017-06-30 05700984 c:OrdinaryShareClass5 2016-07-01 2017-06-30 05700984 c:OrdinaryShareClass5 2017-06-30 05700984 c:FRS102 2016-07-01 2017-06-30 05700984 c:AuditExempt-NoAccountantsReport 2016-07-01 2017-06-30 05700984 c:FullAccounts 2016-07-01 2017-06-30 05700984 c:PrivateLimitedCompanyLtd 2016-07-01 2017-06-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 05700984

MALARY LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2017

MALARY LIMITED

REGISTERED NUMBER: 05700984

STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2017

		2017		2016
Note		£		£

FIXED ASSETS
Tangible assets	4		3,290,091		2,780,265
Investments	5		250,000		200,000
			3,540,091		2,980,265
CURRENT ASSETS
Stocks	6	192,089		73,203
Debtors		1,607,898		1,448,226
Cash at bank and in hand		290,790		277,513
		2,090,777		1,798,942
Creditors: amounts falling due within one year		(1,682,013)		(1,252,727)
NET CURRENT ASSETS			408,764		546,215
TOTAL ASSETS LESS CURRENT LIABILITIES			3,948,855		3,526,480
Creditors: amounts falling due after more than one year			(499,766)		(351,343)
PROVISIONS FOR LIABILITIES
Deferred tax	7	(108,840)		(100,666)
			(108,840)		(100,666)
NET ASSETS			3,340,249		3,074,471

CAPITAL AND RESERVES
Called up share capital	8	100	100
Profit and loss account		3,340,149	3,074,371
		3,340,249	3,074,471

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

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MALARY LIMITED

REGISTERED NUMBER: 05700984

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 30 JUNE 2017

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................

L A Walker

Director

Date: 6 February 2018

The notes on pages 3 to 10 form part of these financial statements.

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MALARY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2017

1.	GENERAL INFORMATION

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

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The date of transition to FRS 102 Section 1A was 1 July 2015.
The transition to FRS 102 Section 1A has resulted in no material differences to the accounts or accounting policies.

The following principal accounting policies have been applied:

2.2

Revenue

Tunrover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and oil duty.

2.3

Tangible fixed assets

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 2017

2.ACCOUNTING POLICIES (CONTINUED)

2.3

Tangible fixed assets (continued)

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:

Freehold property	-	5% on cost
Freehold land	-	Not depreciated
Plant and machinery	-	10% on cost
Motor vehicles	-	25% on cost
Fixtures and fittings	-	33% on cost, 20% on cost and 10% on cost
Office equipment	-	3 years straight line.
Commercial vehicles	-	20% on cost

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 the Statement of income and retained earnings.

2.4

Valuation of investments

Investments held as fixed assets are shown at cost less provision for impairment.

2.5

Stocks

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.

2.6

Financial instruments

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.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the

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MALARY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2017

2.ACCOUNTING POLICIES (CONTINUED)

2.6

Financial instruments (continued)

asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
(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.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

2.7

Dividends

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. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

2.8

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of income and retained earnings on a straight line basis over the lease term.

2.9

Pensions

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 the Statement of income and retained earnings 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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MALARY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2017

2.ACCOUNTING POLICIES (CONTINUED)

2.10

Borrowing costs

All borrowing costs are recognised in the Statement of income and retained earnings in the year in which they are incurred.

2.11

Provisions for liabilities

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 the Statement of income and retained earnings 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.

2.12

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of income and retained earnings, 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 is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

EMPLOYEES

The average monthly number of employees, including directors, during the year was 59 (2016 - 37).

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		MALARY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017

	4.	TANGIBLE FIXED ASSETS

	Freehold property	Plant and machinery	Motor vehicles	Fixtures and fittings	Office equipment	Computer equipment	Commercial vehicles	Total
	£	£	£	£	£	£	£	£
COST OR VALUATION
At 1 July 2016	1,958,850	1,970,371	330,741	124,614	1,450	48,777	1,208,618	5,643,421
Additions	-	174,423	78,951	711	-	24,401	640,944	919,430
Disposals	-	-	(118,740)	-	-	(16,750)	(243,209)	(378,699)
At 30 June 2017	1,958,850	2,144,794	290,952	125,325	1,450	56,428	1,606,353	6,184,152
DEPRECIATION
At 1 July 2016	485,118	1,008,937	202,164	79,814	1,422	42,911	1,042,789	2,863,155
Charge for the year on owned assets	68,205	185,654	63,032	7,987	28	7,826	65,773	398,505
Disposals	-	-	(118,740)	-	-	(16,750)	(232,109)	(367,599)
At 30 June 2017	553,323	1,194,591	146,456	87,801	1,450	33,987	876,453	2,894,061
NET BOOK VALUE
At 30 June 2017	1,405,527	950,203	144,496	37,524	-	22,441	729,900	3,290,091
At 30 June 2016	1,473,732	961,433	128,577	44,800	28	5,866	165,829	2,780,265

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MALARY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2017

4.TANGIBLE FIXED ASSETS (CONTINUED)

The net book value of land and buildings may be further analysed as follows:
	2017	2016
	£	£

Freehold	1,405,527	1,473,732
	1,405,527	1,473,732

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
	2017	2016
	£	£


Motor vehicles	144,494	124,652
Commercial vehicles	679,954	106,192
	824,448	230,844

5.	FIXED ASSET INVESTMENTS

		Stamps investment
		£
	COST OR VALUATION
	At 1 July 2016	200,000
	Additions	250,000
	Disposals	(200,000)
	At 30 June 2017	250,000

	NET BOOK VALUE
	At 30 June 2017	250,000
	At 30 June 2016	200,000

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MALARY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2017

6.	STOCKS
		2017	2016
		£	£

Raw materials and consumables	108,341	38,847
Finished goods and goods for resale	83,748	34,356
	192,089	73,203

7.	DEFERRED TAXATION

		2017
		£

	At beginning of year	100,666
	Charged to profit or loss	(8,174)
	AT END OF YEAR	108,840

	The provision for deferred taxation is made up as follows:
					2017
					£

	Accelerated capital allowances	124,264
	Tax losses carried forward	(15,064)
	Other short term timing differences	(360)
		108,840

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MALARY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2017

Allotted, called up and fully paid

78 Ordinary A shares of £1 each	78	78
10 Ordinary B shares of £1 each	10	10
10 Ordinary C shares of £1 each	10	10
1 Ordinary D share of £1	1	1
1 Ordinary E share of £1	1	1

	100	100

9.	PENSION COMMITMENTS

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.
Contributions totalling £2,117 (2016: £1,261) were payable to the fund at the Statement of Financial Position date and are included in creditors.

10.	FIRST TIME ADOPTION OF FRS 102 The policies applied under the entity's previous accounting framework are not materially different to FRS 102 and have not impacted on equity or profit or loss.

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