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REGISTERED NUMBER: 01474833 (England and Wales)












Unaudited Financial Statements

for the Year Ended 31 March 2018

for

Magfern Estates Limited

Magfern Estates Limited (Registered number: 01474833)






Contents of the Financial Statements
for the Year Ended 31 March 2018




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 3


Magfern Estates Limited

Company Information
for the Year Ended 31 March 2018







DIRECTOR: D J Faulkner





SECRETARY: A J Heathcote





REGISTERED OFFICE: 16 Main Street
Weston on Trent
Derby
Derbyshire
DE72 2BL





REGISTERED NUMBER: 01474833 (England and Wales)





ACCOUNTANTS: Bourne & Co.
Chartered Accountants
3 Charnwood Street
Derby
Derbyshire
DE1 2GY

Magfern Estates Limited (Registered number: 01474833)

Abridged Balance Sheet
31 March 2018

2018 2017
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 1,230,000 1,230,000

CURRENT ASSETS
Debtors 30,353 17,875
Cash at bank 30,808 19,173
61,161 37,048
CREDITORS
Amounts falling due within one year 93,227 83,235
NET CURRENT LIABILITIES (32,066 ) (46,187 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,197,934

1,183,813

CREDITORS
Amounts falling due after more than one
year

5

(718,514

)

(742,989

)

PROVISIONS FOR LIABILITIES - (1,128 )
NET ASSETS 479,420 439,696

CAPITAL AND RESERVES
Called up share capital 7 100 100
Revaluation reserve 8 222,148 221,020
Capital redemption reserve 127,161 127,161
Retained earnings 130,011 91,415
SHAREHOLDERS' FUNDS 479,420 439,696

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 March 2018 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 9 August 2018 and were signed by:



D J Faulkner - Director


Magfern Estates Limited (Registered number: 01474833)

Notes to the Financial Statements
for the Year Ended 31 March 2018

1. STATUTORY INFORMATION

Magfern Estates 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

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

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,
value added tax and other sales taxes.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in
fair value is recognised in profit or loss.

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.

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.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including loans, are
measured initially at fair value, net of transactions costs and are measured subsequently at amortised cost using
the effective interest method.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2017 - 1 ) .

Magfern Estates Limited (Registered number: 01474833)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2018

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2017
and 31 March 2018 1,230,000
NET BOOK VALUE
At 31 March 2018 1,230,000
At 31 March 2017 1,230,000

Fair value at 31 March 2018 is represented by:

£   
Valuation in 2017 222,148
Cost 1,007,852
1,230,000

The investment property was revalued by the director at 31 March 2018.

5. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS
2018 2017
£    £   
Repayable by instalments
Other loans more 5yrs instal 608,466 629,745

6. SECURED DEBTS

The following secured debts are included within creditors:

2018 2017
£    £   
Other loans 743,407 768,765

The security is a fixed charge on two of the investment properties held by the company within the United
Kingdom.

7. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 2018 2017
value: £    £   
100 Ordinary £1 100 100

8. RESERVES
Revaluation
reserve
£   
At 1 April 2017 221,020
Transfer 1,128

At 31 March 2018 222,148

Magfern Estates Limited (Registered number: 01474833)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2018

9. RELATED PARTY DISCLOSURES

The company took out a long term loan with the stepmother and father of the director at a commercial rate of
interest of 3.5% above base rate repayable in instalments of £13,500 per quarter. The amount outstanding at 31
March 2018 amounted to £743,407 of which £608,466 is due after more than five years.