Registration number:
Magell Ltd
for the Year Ended 31 March 2022
Magell Ltd
(Registration number: NI033711)
Balance Sheet as at 31 March 2022
Note |
2022 |
2021 |
|
Fixed assets |
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Tangible assets |
|
|
|
Investment property |
|
|
|
Investments |
|
|
|
|
|
||
Current assets |
|||
Stocks |
- |
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
2 |
2 |
|
Retained earnings |
28,106,368 |
26,702,798 |
|
Shareholders' funds |
28,106,370 |
26,702,800 |
For the financial year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Magell Ltd
(Registration number: NI033711)
Balance Sheet as at 31 March 2022
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
......................................... |
Magell Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022
General information |
The company is a private company limited by share capital, incorporated in Northern Ireland.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities, together with rental income. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
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 taxable income.
Magell Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Office equipment |
25% straight line |
Plant and machinery |
10% straight line |
Motor vehicles |
25% reducing balance |
Investment property
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Magell Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022
Short term debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in operating expenses.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Magell Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022
Consolidation
Under section 399 of the Companies Act 2006, the Group is exempt from the requirement to prepare group accounts by virtue of its size. Therefore the accounts present information about the Company as an individual undertaking and not about its group.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Magell Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022
Tangible assets |
Freehold land and buildings |
Office equipment |
Plant and machinery |
Total |
|
Cost or valuation |
||||
At 1 April 2021 |
|
|
|
|
Additions |
- |
|
- |
|
Disposals |
- |
- |
( |
( |
At 31 March 2022 |
|
|
|
|
Depreciation |
||||
At 1 April 2021 |
- |
|
|
|
Charge for the year |
- |
|
|
|
Eliminated on disposal |
- |
- |
( |
( |
At 31 March 2022 |
- |
|
|
|
Carrying amount |
||||
At 31 March 2022 |
|
|
- |
|
At 31 March 2021 |
|
|
|
|
Investment properties |
2022 |
|
At 1 April 2018 |
|
Additions |
|
Disposals |
( |
Fair value adjustments |
( |
At 31 March 2021 |
|
Magell Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022
Investments |
2022 |
2021 |
|
Investments in subsidiaries |
|
|
Subsidiaries |
£ |
Cost or valuation |
|
At 1 April 2021 |
|
Additions |
|
At 31 March 2022 |
|
Provision |
|
Carrying amount |
|
At 31 March 2022 |
|
At 31 March 2021 |
|
At the balance sheet date, details of subsidiaries are as follows:
Company name |
Country of incorporation |
Accounting year end |
Business activity |
Equity holding |
|||
Magell (Offices) Limited |
N. Ireland |
31 Mar |
Serviced office provider |
100% |
|||
Magell (Magheramorne Estate) Limited |
N. Ireland |
31 Mar |
Investment property |
100% |
|||
Magmel (Ballymena) Limited |
N. Ireland |
31 Mar |
Investment property |
50% |
Stocks |
2022 |
2021 |
|
Work in progress |
- |
|
Magell Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022
Debtors |
2022 |
2021 |
|
Other debtors |
|
|
|
|
Creditors |
Creditors: amounts falling due within one year
2022 |
2021 |
|
Bank loans and overdrafts |
|
|
Trade creditors |
|
|
Directors current account |
1,734 |
5,624 |
Taxation and social security |
|
|
Accruals and deferred income |
|
|
Other creditors |
|
|
|
|
Creditors: amounts falling due after more than one year
2022 |
2021 |
|
Due after one year |
||
Other creditors |
|
|
Share capital |
Allotted, called up and fully paid shares
2022 |
2021 |
|||
No. |
£ |
No. |
£ |
|
|
|
2 |
|
2 |
Magell Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022
Loans and borrowings |
2022 |
2021 |
|
Current loans and borrowings |
||
Bank borrowings |
|
|
Related party transactions |
Included in debtors is an amount of £3,684,164 due from an associated company, Oxley Square Holdings Limited (2021: £3,187,012). Mr Ryan Walker, a director of Magell Limited, is also a director of Oxley Square Holdings Limited. During the year the Company paid £69,600 (2021:£60,935) in consultancy fees to Oxley Square Holdings Limited.
Included in debtors is an amount of £554,263 due from a wholly owned subsidiary, Magell (Offices) Limited (2021: £624,087).
Included in debtors is an amount of £1,709,982 due from a wholly owned subsidiary, Magell (Magheramorne Estate) Limited (2021:£1,703,982).
Included in debtors is an amount of £5,872,113 due from a 50% subsidiary, Magmel (Ballymena) Limited.
Included in creditors due within one year is an amount of £1,734 (2021:£5,624) due to the director. No interest is charged in respect of this balance.
Included in creditors due after one year is an amount of £6,367,494 (2021: £6,578,022) due to the unlimited company Robert John Walker, a company controlled by the directors of Magell Ltd.
During the year, a management charge of £112,000 (2021:£80,000) was charged by Magell Limited to the unlimited company Robert John Walker.
Profit and loss reserve |
2022 |
2021 |
||
£ |
£ |
||
Distributable reserves |
29,181,402 |
31,489,367 |
|
Non-distributable reserves |
(1,100,000) |
(4,786,567) |
|
28,081,402 |
26,702,800 |