REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2022 |
FOR |
MADGECOURT LIMITED |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 9 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Fair value reserve | 11 |
Retained earnings | 11 |
SHAREHOLDERS' FUNDS |
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 |
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 |
MADGECOURT LIMITED (REGISTERED NUMBER: 01585418) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2022 |
1. | STATUTORY INFORMATION |
Madgecourt Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Computer equipment | - |
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 |
DEPRECIATION |
At 1 April 2021 |
and 31 March 2022 |
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 |
NET BOOK VALUE |
At 31 March 2022 |
At 31 March 2021 |
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 |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Corporation tax |
Other creditors |
Rent deposit | 43,448 | 43,433 |
Directors' current accounts | 555,114 | 505,614 |
Accruals and deferred income |
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 |
Balance at 31 March 2022 |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
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 | 1,562,325 |
Profit for the year |
At 31 March 2022 | 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. |