REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD |
1 SEPTEMBER 2021 TO 31 OCTOBER 2022 |
FOR |
MAG 1416 LIMITED |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Investments | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
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 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Investment Property | - |
Improvements to property | - |
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 |
Additions |
At 31 October 2022 |
DEPRECIATION |
Charge for period |
At 31 October 2022 |
NET BOOK VALUE |
At 31 October 2022 |
At 31 August 2021 |
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 |
Other investments not loans |
Additional information is as follows: |
Shares in |
group |
undertakings |
£ |
COST |
Additions |
At 31 October 2022 |
NET BOOK VALUE |
At 31 October 2022 |
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 |
Other debtors |
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 |
Taxation and social security |
Other creditors |
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 |
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 |
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. |