Magell (Magheramorne Estate) Limited NI666829 false 2021-04-01 2022-03-31 2022-03-31 The principal activity of the company is letting and operating of real estate Digita Accounts Production Advanced 6.30.9574.0 true true NI666829 2021-04-01 2022-03-31 NI666829 2022-03-31 NI666829 core:CurrentFinancialInstruments 2022-03-31 NI666829 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 NI666829 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 NI666829 core:FurnitureFittingsToolsEquipment 2022-03-31 NI666829 core:LandBuildings 2022-03-31 NI666829 core:OtherPropertyPlantEquipment 2022-03-31 NI666829 bus:SmallEntities 2021-04-01 2022-03-31 NI666829 bus:AuditExemptWithAccountantsReport 2021-04-01 2022-03-31 NI666829 bus:FullAccounts 2021-04-01 2022-03-31 NI666829 bus:SmallCompaniesRegimeForAccounts 2021-04-01 2022-03-31 NI666829 bus:RegisteredOffice 2021-04-01 2022-03-31 NI666829 bus:Director1 2021-04-01 2022-03-31 NI666829 bus:PrivateLimitedCompanyLtd 2021-04-01 2022-03-31 NI666829 core:FurnitureFittingsToolsEquipment 2021-04-01 2022-03-31 NI666829 core:LandBuildings 2021-04-01 2022-03-31 NI666829 core:OtherPropertyPlantEquipment 2021-04-01 2022-03-31 NI666829 core:PlantMachinery 2021-04-01 2022-03-31 NI666829 1 2021-04-01 2022-03-31 NI666829 countries:NorthernIreland 2021-04-01 2022-03-31 NI666829 2021-03-31 NI666829 core:FurnitureFittingsToolsEquipment 2021-03-31 NI666829 core:LandBuildings 2021-03-31 NI666829 core:OtherPropertyPlantEquipment 2021-03-31 NI666829 2020-04-01 2021-03-31 NI666829 2021-03-31 NI666829 core:CurrentFinancialInstruments 2021-03-31 NI666829 core:CurrentFinancialInstruments core:WithinOneYear 2021-03-31 NI666829 core:Non-currentFinancialInstruments core:AfterOneYear 2021-03-31 NI666829 core:FurnitureFittingsToolsEquipment 2021-03-31 NI666829 core:LandBuildings 2021-03-31 NI666829 core:OtherPropertyPlantEquipment 2021-03-31 iso4217:GBP xbrli:pure

Registration number: NI666829

Magell (Magheramorne Estate) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2022

 

Magell (Magheramorne Estate) Limited

(Registration number: NI666829)
Balance Sheet as at 31 March 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

1,702,331

1,722,865

Current assets

 

Debtors

5

73,670

23,181

Cash at bank and in hand

 

22,850

2,795

 

96,520

25,976

Creditors: Amounts falling due within one year

6

(66,042)

(56,121)

Net current assets/(liabilities)

 

30,478

(30,145)

Total assets less current liabilities

 

1,732,809

1,692,720

Creditors: Amounts falling due after more than one year

6

(1,709,982)

(1,703,982)

Net assets/(liabilities)

 

22,827

(11,262)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

22,727

(11,362)

Shareholders' funds/(deficit)

 

22,827

(11,262)

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.

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:
 

 

Magell (Magheramorne Estate) Limited

(Registration number: NI666829)
Balance Sheet as at 31 March 2022

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

 

Magell (Magheramorne Estate) 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 represents rents earned during the accounting period, excluding value added tax and net of irrecoverable debts.

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 (Magheramorne Estate) 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

Plant and machinery

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2021 - 2).

 

Magell (Magheramorne Estate) Limited

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2021

1,576,038

140,159

6,668

1,722,865

Additions

-

11,039

-

11,039

At 31 March 2022

1,576,038

151,198

6,668

1,733,904

Depreciation

Charge for the year

-

30,239

1,334

31,573

At 31 March 2022

-

30,239

1,334

31,573

Carrying amount

At 31 March 2022

1,576,038

120,959

5,334

1,702,331

At 31 March 2021

1,576,038

140,159

6,668

1,722,865

Included within the net book value of land and buildings above is £1,576,038 (2021 - £1,576,038) in respect of freehold land and buildings. In the opinion of the directors, the fair value of the investment property at the reporting date equates to cost.
 

5

Debtors

2022
£

2021
£

Trade debtors

62,165

5,000

Prepayments

11,505

11,553

Other debtors

-

6,628

 

73,670

23,181

 

Magell (Magheramorne Estate) 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

8,368

56,121

Taxation and social security

12,197

-

Other creditors

45,477

-

66,042

56,121

Creditors: amounts falling due after more than one year

2022
£

2021
£

Due after one year

Other non-current financial liabilities

1,709,982

1,703,982

7

Related party transactions

Included in creditors due after one year is an amount of £1,709,982 (2021:£1,703,982) owed to Magell Limited, the parent company of Magell ( Magheramorne Estate) Limited.

8

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.