IRIS Accounts Production v23.2.0.158 NI640090 Board of Directors Board of Directors Board of Directors 1.9.21 31.10.22 31.10.22 0 0 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureNI6400902021-08-31NI6400902022-10-31NI6400902021-09-012022-10-31NI6400902020-08-31NI6400902020-09-012021-08-31NI6400902021-08-31NI640090ns16:NorthernIreland2021-09-012022-10-31NI640090ns15:PoundSterling2021-09-012022-10-31NI640090ns11:Director12021-09-012022-10-31NI640090ns11:Director22021-09-012022-10-31NI640090ns11:Director32021-09-012022-10-31NI640090ns11:PrivateLimitedCompanyLtd2021-09-012022-10-31NI640090ns11:SmallEntities2021-09-012022-10-31NI640090ns11:AuditExempt-NoAccountantsReport2021-09-012022-10-31NI640090ns11:SmallCompaniesRegimeForDirectorsReport2021-09-012022-10-31NI640090ns11:SmallCompaniesRegimeForAccounts2021-09-012022-10-31NI640090ns11:FullAccounts2021-09-012022-10-31NI640090ns11:RegisteredOffice2021-09-012022-10-31NI640090ns6:CurrentFinancialInstruments2022-10-31NI640090ns6:CurrentFinancialInstruments2021-08-31NI640090ns6:Non-currentFinancialInstruments2022-10-31NI640090ns6:Non-currentFinancialInstruments2021-08-31NI640090ns6:ShareCapital2022-10-31NI640090ns6:ShareCapital2021-08-31NI640090ns6:RetainedEarningsAccumulatedLosses2022-10-31NI640090ns6:RetainedEarningsAccumulatedLosses2021-08-31NI640090ns6:OwnedOrFreeholdAssetsns6:LandBuildings2021-09-012022-10-31NI640090ns6:LeaseholdImprovements2021-09-012022-10-31NI640090ns6:LandBuildings2021-08-31NI640090ns6:PlantMachinery2021-08-31NI640090ns6:LandBuildings2021-09-012022-10-31NI640090ns6:PlantMachinery2021-09-012022-10-31NI640090ns6:LandBuildings2022-10-31NI640090ns6:PlantMachinery2022-10-31NI640090ns6:LandBuildings2021-08-31NI640090ns6:PlantMachinery2021-08-31NI640090ns6:AdditionsToInvestments2022-10-31NI640090ns6:CostValuation2022-10-31NI640090ns6:WithinOneYearns6:CurrentFinancialInstruments2022-10-31NI640090ns6:WithinOneYearns6:CurrentFinancialInstruments2021-08-31NI640090ns6:CurrentFinancialInstruments2021-09-012022-10-31NI640090ns6:Secured2022-10-31NI640090ns6:Secured2021-08-31
REGISTERED NUMBER: NI640090 (Northern Ireland)















UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD

1 SEPTEMBER 2021 TO 31 OCTOBER 2022

FOR

MAG 1416 LIMITED

MAG 1416 LIMITED (REGISTERED NUMBER: NI640090)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 SEPTEMBER 2021 TO 31 OCTOBER 2022










Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 8


MAG 1416 LIMITED

COMPANY INFORMATION
FOR THE PERIOD 1 SEPTEMBER 2021 TO 31 OCTOBER 2022







DIRECTORS: Mr G Breen
Mrs M McKay
Mr A Wilson





REGISTERED OFFICE: 38 - 42 Hill Street
Belfast
Co. Antrim
BT1 2LB





REGISTERED NUMBER: NI640090 (Northern Ireland)





ACCOUNTANTS: Baker Tilly Mooney Moore
17 Clarendon Road
Clarendon Dock
Belfast
BT1 3BG

MAG 1416 LIMITED (REGISTERED NUMBER: NI640090)

BALANCE SHEET
31 OCTOBER 2022

31.10.22 31.8.21
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,050,805 838,686
Investments 5 17,833 17,830
1,068,638 856,516

CURRENT ASSETS
Debtors 6 5,590 13,624
Investments 7 15,852 -
Cash at bank 8,483 95,082
29,925 108,706
CREDITORS
Amounts falling due within one year 8 524,386 405,565
NET CURRENT LIABILITIES (494,461 ) (296,859 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

574,177

559,657

CREDITORS
Amounts falling due after more than one
year

9

(486,866

)

(523,702

)

PROVISIONS FOR LIABILITIES (924 ) -
NET ASSETS 86,387 35,955

CAPITAL AND RESERVES
Called up share capital 300 300
Retained earnings 86,087 35,655
SHAREHOLDERS' FUNDS 86,387 35,955

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 October 2022.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 October 2022 in accordance with Section 476 of the Companies Act 2006.

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.

MAG 1416 LIMITED (REGISTERED NUMBER: NI640090)

BALANCE SHEET - continued
31 OCTOBER 2022


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

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 13 October 2023 and were signed on its behalf by:




Mr G Breen - Director Mr A Wilson - Director




Mrs M McKay - Director


MAG 1416 LIMITED (REGISTERED NUMBER: NI640090)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 SEPTEMBER 2021 TO 31 OCTOBER 2022


1. STATUTORY INFORMATION

MAG 1416 Limited is a private company, limited by shares , registered in Northern Ireland. 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.

Preparation of consolidated financial statements
The financial statements contain information about MAG 1416 Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates
Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience an other factors, including expectations of future events that are believed to be reasonable under the circumstances. The directors have made the following judgements:

- establish whether there are indicators of impairment of the company's tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and the business in general.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Investment Property - not provided
Improvements to property - 25% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

MAG 1416 LIMITED (REGISTERED NUMBER: NI640090)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 SEPTEMBER 2021 TO 31 OCTOBER 2022


2. ACCOUNTING POLICIES - continued

Financial instruments
All financial instruments of the company are considered to meet the definition of basic financial instruments.

- Short term debtors and creditors
Debtors and creditors with no stated interest rate and are receivable or payable on demand are recognised at transaction price, and subject to annual impairment reviews. Any losses arising on impairment are recognised in the profit and loss account.

- Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.

- Loans and borrowings
All loans and borrowings are initially recorded at the present value of cash payable to the lender in settlement of the liability discounted at the market interest rate. Subsequently loans and borrowings are stated at amortised cost using the effective interest rate method. The computation of amortised cost includes any issue costs, transaction costs and fees, and any discount or premium on settlement, and the effect of this is to amortise these amounts over the expected borrowing period. Loans with no stated interest rate and repayable within one period or on demand are not amortised. Loans and borrowings are classified as current liabilities unless the borrower has an unconditional right to defer settlement of the liability for at least 12 months after the financial period end date.

Taxation
Taxation for the period 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 period 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.

Investments
Other investments are recognised at cost less impairment.

Investment properties
Investment properties are valued at fair value as determined by the directors or external valuers, based on rental yield taking into consideration nature, location and condition of the assets.

No depreciation is provided on investment property. Changes in fair value will be recognised in the profit and loss account.

MAG 1416 LIMITED (REGISTERED NUMBER: NI640090)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 SEPTEMBER 2021 TO 31 OCTOBER 2022


3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was NIL (2021 - NIL).

4. TANGIBLE FIXED ASSETS
Plant and
Investment machinery
property etc Totals
£    £    £   
COST
At 1 September 2021 838,686 - 838,686
Additions 207,254 5,514 212,768
At 31 October 2022 1,045,940 5,514 1,051,454
DEPRECIATION
Charge for period - 649 649
At 31 October 2022 - 649 649
NET BOOK VALUE
At 31 October 2022 1,045,940 4,865 1,050,805
At 31 August 2021 838,686 - 838,686

The directors have considered the carrying value of the investment property and are satisfied with the valuation.

5. FIXED ASSET INVESTMENTS

31.10.22 31.8.21
£    £   
Shares in group undertakings 3 -
Other investments not loans 17,830 17,830
17,833 17,830

Additional information is as follows:
Shares in
group
undertakings
£   
COST
Additions 3
At 31 October 2022 3
NET BOOK VALUE
At 31 October 2022 3

Investments (neither listed nor unlisted) were as follows:
31.10.22 31.8.21
£    £   

MAG 1416 LIMITED (REGISTERED NUMBER: NI640090)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 SEPTEMBER 2021 TO 31 OCTOBER 2022


5. FIXED ASSET INVESTMENTS - continued
Ground rent entitlement 17,830 17,830

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.22 31.8.21
£    £   
Trade debtors 2,965 4,173
Other debtors 2,625 9,451
5,590 13,624

7. CURRENT ASSET INVESTMENTS
31.10.22 31.8.21
£    £   
Listed investments 15,852 -
Market value of listed investments at 31 October 2022 - £ 15,852 .

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.22 31.8.21
£    £   
Bank loans and overdrafts 47,676 47,676
Taxation and social security 13,902 9,365
Other creditors 462,808 348,524
524,386 405,565

Included in other creditors is an amount of £50,743 (2021:£159,719) due to the directors. This loan is unsecured, interest free and repayable on demand.

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.10.22 31.8.21
£    £   
Bank loans 486,866 523,702

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 332,998

MAG 1416 LIMITED (REGISTERED NUMBER: NI640090)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 SEPTEMBER 2021 TO 31 OCTOBER 2022


10. SECURED DEBTS

The following secured debts are included within creditors:

31.10.22 31.8.21
£    £   
Bank loans 534,542 571,378

The Bank of Ireland has first legal charge over the property at 38-42 Hill Street Belfast. The Bank of Ireland also has a debenture over the assets, undertakings and liabilities of the company. This contains a fixed and floating charge covering all the property or undertaking of the company.

11. RELATED PARTY DISCLOSURES

During the year the company received a loan from a related party of £218,975 (2021: £110,000). At the year end the amount owed to the related party was £404,545 (2021:£185,570) and is included in other creditors. The loan is unsecured, interest free and repayable on demand.