Malo Yards Ltd Company Accounts

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COMPANY REGISTRATION NUMBER: 09935478

Malo Yards Ltd

Filleted Unaudited Financial Statements

30 September 2017

Malo Yards Ltd

Financial Statements

Year ended 30 September 2017

Contents	Page

Statement of financial position	1

Statement of changes in equity	3

Notes to the financial statements	4

The following pages do not form part of the financial statements

Accountants and business advisers report to the board of directors on the preparation of the unaudited statutory financial statements	8

Malo Yards Ltd

Statement of Financial Position

30 September 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	5		259,040	259,040

Current assets

Cash at bank and in hand	1,511		4,375

Creditors: amounts falling due within one year	6	256,519		261,275
		---------		---------
Net current liabilities			255,008	256,900
			---------	---------
Total assets less current liabilities			4,032	2,140
			-------	-------
Net assets			4,032	2,140
			-------	-------

Malo Yards Ltd

Statement of Financial Position (continued)

30 September 2017

	2017		2016
Note	£	£	£

Capital and reserves

Called up share capital	50	50
Profit and loss account	3,982	2,090
	-------	-------
Shareholders funds	4,032	2,140
	-------	-------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 30 September 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

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

These financial statements were approved by the board of directors and authorised for issue on 1 December 2017 , and are signed on behalf of the board by:

Mr M Foot	Mrs L Foot
Director	Director

Mrs A Stanger
Director

Company registration number: 09935478

Malo Yards Ltd

Statement of Changes in Equity

Year ended 30 September 2017

	Called up share capital	Profit and loss account	Total
	£	£	£
At 5 January 2016	–	–	–

Profit for the year		2,090	2,090
	----	-------	-------
Total comprehensive income for the year	–	2,090	2,090

Issue of shares	50	–	50
	----	-------	-------
Total investments by and distributions to owners	50	–	50

At 30 September 2016	50	2,090	2,140

Profit for the year		1,892	1,892
	----	-------	-------
Total comprehensive income for the year	–	1,892	1,892

	----	-------	-------
At 30 September 2017	50	3,982	4,032
	----	-------	-------

Malo Yards Ltd

Notes to the Financial Statements

Year ended 30 September 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 104b Alum House, Discovery Court Business Centre, 551-553 Wallisdown Road, Bournemouth, BH12 5AG.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2016: 1 ).

5. Tangible assets

	Land and buildings
	£
Cost
At 1 October 2016 and 30 September 2017	259,040
	---------
Depreciation
At 1 October 2016 and 30 September 2017	–
	---------
Carrying amount
At 30 September 2017	259,040
	---------
At 30 September 2016	259,040
	---------

6. Creditors: amounts falling due within one year

	2017	2016
	£	£
Corporation tax	1,055	597
Other creditors	255,464	260,678
	---------	---------
	256,519	261,275
	---------	---------

7. Related party transactions

The company was under the control of Mr M Foot throughout the period. Mr M Foot is the managing director and majority shareholder with his wife. During the period there were transactions in the directors loan account. At the period end, included in other creditors were balances of £1 - creditor for Mr M Foot . During the period there were transactions with Foot & Co Limited a company owned by Mr M Foot and Mrs L Foot . Within other creditors there is an amount owed by the company to Foot & Co Limited totalling £255,000.

Malo Yards Ltd

Management Information

Year ended 30 September 2017

The following pages do not form part of the financial statements.

Malo Yards Ltd

Accountants and Business Advisers Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Malo Yards Ltd

Year ended 30 September 2017

As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 30 September 2017, which comprise the statement of financial position, statement of changes in equity and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

CHEDZOY BUTTERWORTH Accountants and Business Advisers

2 Chartfield House Castle Street Taunton Somerset TA1 4AS

1 March 2018