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Registration number: NI658158

Magell (Offices) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2022

 

Magell (Offices) Limited

(Registration number: NI658158)
Balance Sheet as at 31 March 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

565,339

467,664

Current assets

 

Debtors

5

43,403

6,091

Cash at bank and in hand

 

533,401

35,166

 

576,804

41,257

Creditors: Amounts falling due within one year

6

(552,399)

(146,487)

Net current assets/(liabilities)

 

24,405

(105,230)

Total assets less current liabilities

 

589,744

362,434

Creditors: Amounts falling due after more than one year

6

(554,263)

(674,087)

Provisions for liabilities

(34,957)

-

Net assets/(liabilities)

 

524

(311,653)

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

424

(311,753)

Shareholders' funds/(deficit)

 

524

(311,653)

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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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

 

Magell (Offices) Limited

(Registration number: NI658158)
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 Board on 5 August 2022 and signed on its behalf by:
 

.........................................
Mr Ryan Walker
Director

 

Magell (Offices) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is: 59 Ballycowan Road, Ballymena, County Antrim, BT42 3DW.

These financial statements were authorised for issue by the Board on 5 August 2022.

2

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. 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 and deferred 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 (Offices) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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

15% reducing balance

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.

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.

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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

Magell (Offices) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

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.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2021 - 7).

 

Magell (Offices) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2021

519,628

519,628

Additions

189,748

189,748

At 31 March 2022

709,376

709,376

Depreciation

At 1 April 2021

51,964

51,964

Charge for the year

92,073

92,073

At 31 March 2022

144,037

144,037

Carrying amount

At 31 March 2022

565,339

565,339

At 31 March 2021

467,664

467,664

5

Debtors

2022
£

2021
£

Trade debtors

41,257

3,945

Prepayments

2,146

2,146

 

43,403

6,091

 

Magell (Offices) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

6

Creditors

Creditors: amounts falling due within one year

2022
£

2021
£

Trade creditors

24,216

10,422

Taxation and social security

96,043

10,332

Accruals and deferred income

183,462

77,056

Other creditors

248,678

48,677

552,399

146,487

7

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

8

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

-

50,000

9

Parent and ultimate parent undertaking

The company's immediate parent is Magell Ltd, incorporated in Northern Ireland. The company is a wholly owned subsidiary of Magell Ltd, a company controlled by Mr John Walker and Mr Ryan Walker.

 

10

Related party transactions

Included in creditors due after one year is an amount of £554,263 (2021:£624,087) owed to the parent company Magell Ltd. The Company operates in a property owned by Magell Limited.