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REGISTERED NUMBER: 01585418 (England and Wales)














UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

FOR

MADGECOURT LIMITED

MADGECOURT LIMITED (REGISTERED NUMBER: 01585418)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


MADGECOURT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2022







DIRECTORS: Miss Dina Hamalis
Mr Angelo Hamalis





REGISTERED OFFICE: 12a Cockfosters Parade
Cockfosters Road
Barnet
Hertfordshire
EN4 0BX





REGISTERED NUMBER: 01585418 (England and Wales)





ACCOUNTANTS: Michael Filiou Ltd
Chartered Certified Accountants
www.michaelfiliou.com
Salisbury House
81 High Street
Potters Bar
Hertfordshire
EN6 5AS

MADGECOURT LIMITED (REGISTERED NUMBER: 01585418)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 - -
Investment property 6 2,657,000 2,657,000
2,657,000 2,657,000

CURRENT ASSETS
Debtors 7 281,550 38,500
Cash at bank 72,934 143,207
354,484 181,707
CREDITORS
Amounts falling due within one year 8 1,239,981 1,191,330
NET CURRENT LIABILITIES (885,497 ) (1,009,623 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,771,503

1,647,377

PROVISIONS FOR LIABILITIES 9 85,050 85,050
NET ASSETS 1,686,453 1,562,327

CAPITAL AND RESERVES
Called up share capital 10 2 2
Fair value reserve 11 362,579 362,579
Retained earnings 11 1,323,872 1,199,746
SHAREHOLDERS' FUNDS 1,686,453 1,562,327

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 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.

MADGECOURT LIMITED (REGISTERED NUMBER: 01585418)

STATEMENT OF FINANCIAL POSITION - continued
31 MARCH 2022


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

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

The financial statements were approved by the Board of Directors and authorised for issue on 27 July 2022 and were signed on its behalf by:




Mr Angelo Hamalis - Director



Miss Dina Hamalis - Director


MADGECOURT LIMITED (REGISTERED NUMBER: 01585418)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022


1. STATUTORY INFORMATION

Madgecourt 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements are presented in Sterling (£) which is the functional currency of the company.

Going concern
The accounts have been prepared on a going concern basis which the directors believe to be appropriate for the following reasons.

The directors are aware of the material uncertainties that cast doubt on the company's ability to continue as a going concern. As with most businesses, these material uncertainties are in relation to the ongoing Covid-19 virus outbreak which has had an impact on the operations, tenants, suppliers and service providers. The directors have (where appropriate) utilised the grants and benefits available from the government and is taking all the steps they can to protect the future of the business.

The shareholders have provided confirmation that they will not withdraw their support for a period of at least 12 months from signing the financial statements.

The shareholders have also confirmed that they will continue to review the funding requirements of the business in 2022 and provide additional financing as required.

The directors have also prepared a cash flow forecast for the period to August 2023 and on this basis believe the company has sufficient facilities to meet its liabilities as they fall due for the foreseeable future, and specifically for a period of not less than 12 months from the date of signing of these financial statements. The directors therefore consider the preparation of the financial statements on a going concern basis to be appropriate.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates is revised where the revision affects only that period or in the period of the revision and future periods where the revision affects both current and future periods.

There were no judgements and estimates that had significant effect on the amounts recognised in the financial statements.

MADGECOURT LIMITED (REGISTERED NUMBER: 01585418)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022


3. ACCOUNTING POLICIES - continued

Turnover
Turnover is rental income receivable from properties owned by the company.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 25% straight line

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the asset capable of operating as intended.

The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Impairment of assets
The company assess at each reporting date whether an asset may be impaired. If any such indication exists the company estimates the recoverable amount of the assets. If it is not possible to estimate the recoverable amount of the individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. The recoverable amount of an asset or cash-generating unit is the higher of its fair value less costs to sell and its value in use. If the recoverable amount is less than its carrying amount, the carrying amount of the asset is impaired and it is reduced to its recoverable amount through an impairment in profit and loss unless the asset is carried at a revalued amount where the impairment loss of a revalued asset is a revaluation decrease.

An impairment loss recognised for all assets, is reversed in a subsequent period only if the reasons for the impairment have ceased to apply.

Investment property
Investment property is shown at most recent valuation and is held for long-term investment. Investment property is initially recognised at cost which includes purchase cost and any directly attributable expenditure. Investment property whose fair value can be measured reliably is carried at fair value. The surplus or deficit is recognised in the income statement accumulated in fair value reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the income statement for the period. The company engages independent valuers to assist the directors in determining fair value. Deferred taxation is provided on these gains at the rate expected to apply until the property is disposed.

If a reliable measure of fair value is not available without incurring undue costs or effort it shall be transferred to property, plant and equipment and accounted for under the cost model until it is expected that fair value will be reliably measurable on an on-going basis.

Depreciation is not provided in respect of such property in accordance to FRS 102 Chapter 16 Investment Property.

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 statement of financial position date.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

MADGECOURT LIMITED (REGISTERED NUMBER: 01585418)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022


5. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 April 2021
and 31 March 2022 930
DEPRECIATION
At 1 April 2021
and 31 March 2022 930
NET BOOK VALUE
At 31 March 2022 -
At 31 March 2021 -

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2021
and 31 March 2022 2,657,000
NET BOOK VALUE
At 31 March 2022 2,657,000
At 31 March 2021 2,657,000

Fair value at 31 March 2022 is represented by:
£   
Valuation in 2017 447,629
Cost 2,209,371
2,657,000

The freehold properties are stated at fair value with changes in fair value being recognised in the income statement. No depreciation is provided in respect of such properties in accordance to FRS 102 Chapter 16 Investment Property.

These commercial properties have been included at directors' valuation of £2,657,000 (2021 - £2,657,000) having taken professional advice. These commercial properties were last formally valued on an open market basis in November 2015. The directors are of opinion that this valuation remain appropriate as at the reporting end date.

MADGECOURT LIMITED (REGISTERED NUMBER: 01585418)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022


7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 12,050 38,500
Other debtors 269,500 -
281,550 38,500

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Corporation tax 29,116 29,481
Other creditors 574,000 574,000
Rent deposit 43,448 43,433
Directors' current accounts 555,114 505,614
Accruals and deferred income 38,303 38,802
1,239,981 1,191,330

9. PROVISIONS FOR LIABILITIES
2022 2021
£    £   
Deferred tax
Fair value
gain of investment properties 85,050 85,050
85,050 85,050

Deferred
tax
£   
Balance at 1 April 2021 85,050
Balance at 31 March 2022 85,050

10. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
2 Ordinary £1 2 2

MADGECOURT LIMITED (REGISTERED NUMBER: 01585418)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022


11. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 April 2021 1,199,746 362,579 1,562,325
Profit for the year 124,126 124,126
At 31 March 2022 1,323,872 362,579 1,686,451

12. RELATED PARTY DISCLOSURES

Loan from directors
At the reporting date, the company owed £555,114 (2021 - £505,614) to the directors. The loan is interest-free, unsecured, and is repayable on demand.

Sapphire & Co Ltd
Sapphire & Co Ltd is a company incorporated in England and Wales in which the director, Mr Angelo Hamalis, has significant influence as the director and shareholder.

At the reporting date, the company owed £574,000 (2021 - £574,000) to Sapphire & Co Ltd. The loan is interest-free, unsecured, and is repayable on demand.

13. ULTIMATE CONTROLLING PARTY

The directors control the company as they each hold 50% of the issued share capital of the company.