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REGISTERED NUMBER: 01474833 (England and Wales)












Unaudited Financial Statements

for the Year Ended 31 March 2023

for

Magfern Estates Limited

Magfern Estates Limited (Registered number: 01474833)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 3


Magfern Estates Limited

Company Information
for the Year Ended 31 March 2023







DIRECTOR: D J Faulkner





SECRETARY: A J Heathcote





REGISTERED OFFICE: 3 Charnwood Street
Derby
Derbyshire
DE1 2GY





REGISTERED NUMBER: 01474833 (England and Wales)





ACCOUNTANTS: Bourne & Co.
Chartered Accountants
3 Charnwood Street
Derby
Derbyshire
DE1 2GY

Magfern Estates Limited (Registered number: 01474833)

Abridged Balance Sheet
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 1,100,000 1,025,000

CURRENT ASSETS
Stocks 10,235 -
Debtors 116,367 76,715
Cash at bank 113,967 68,134
240,569 144,849
CREDITORS
Amounts falling due within one year 163,157 132,533
NET CURRENT ASSETS 77,412 12,316
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,177,412

1,037,316

CREDITORS
Amounts falling due after more than one
year

5

386,383

452,615
NET ASSETS 791,029 584,701

CAPITAL AND RESERVES
Called up share capital 7 100 100
Revaluation reserve 8 251,742 176,742
Capital redemption reserve 127,161 127,161
Retained earnings 412,026 280,698
SHAREHOLDERS' FUNDS 791,029 584,701

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 March 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the director and authorised for issue on 25 September 2023 and were signed by:



D J Faulkner - Director


Magfern Estates Limited (Registered number: 01474833)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Magfern Estates 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. ACCOUNTING POLICIES

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

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including loans, are measured initially at fair value, net of transactions costs and are measured subsequently at amortised cost using the effective interest method.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

Magfern Estates Limited (Registered number: 01474833)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022 1,025,000
Revaluations 75,000
At 31 March 2023 1,100,000
NET BOOK VALUE
At 31 March 2023 1,100,000
At 31 March 2022 1,025,000

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2023 75,000
Valuation in 2017 50,000
Valuation in 2016 25,000
Valuation in 2014 (39,690 )
Valuation in 2009 (170,000 )
Valuation in 2007 150,000
Valuation in 2006 35,000
Valuation in 2005 35,000
Valuation in 2003 91,432
Cost 848,258
1,100,000

The investment property was revalued by the director at 31 March 2023.

5. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS
2023 2022
£    £   
Repayable by instalments
Other loans more 5yrs instal 275,464 285,988

6. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Other loans 403,404 485,990

The security is a fixed charge on two of the investment properties held by the company within the United Kingdom.

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

Magfern Estates Limited (Registered number: 01474833)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

8. RESERVES
Revaluation
reserve
£   
At 1 April 2022 176,742
Transfer 75,000

At 31 March 2023 251,742

9. RELATED PARTY DISCLOSURES

The company took out a long term loan with the stepmother and father of the director at a commercial rate of interest of 3.5% above base rate repayable in instalments of £14,100 per quarter. The amount outstanding at 31 March 2023 amounted to £403,404 of which £275,464 is due after more than five years.