Registered number
10411728
MAGI INVESTMENTS LIMITED
Filleted Accounts
31 October 2022
MAGI INVESTMENTS LIMITED
Registered number: 10411728
Balance Sheet
as at 31 October 2022
Notes 2022 2021
£ £
Fixed assets
Tangible assets 3 11,920,000 11,920,000
Current assets
Debtors 4 92,726 80,292
Cash at bank and in hand 348,960 686,798
441,686 767,090
Creditors: amounts falling due within one year 5 (1,591,126) (2,103,796)
Net current liabilities (1,149,440) (1,336,706)
Total assets less current liabilities 10,770,560 10,583,294
Creditors: amounts falling due after more than one year 6 (9,486,526) (9,816,526)
Net assets 1,284,034 766,768
Capital and reserves
Called up share capital 100 100
Revaluation reserve 8 (276,919) (299,072)
Profit and loss account 1,560,853 1,065,740
Shareholders' funds 1,284,034 766,768
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Arjun BHATIA
Director
Approved by the board on 27 October 2023
MAGI INVESTMENTS LIMITED
Notes to the Accounts
for the year ended 31 October 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes (if applicable). Turnover represents the value of rent receivable.
Investment properties
Investment properties are revalued annually and the aggregate surplus or deficit is transferred to revaluation reserve. No depreciation is provided in respect of investment properties.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 0 0
3 Investment properties
Land and buildings
£
Cost
At 1 November 2021 11,920,000
At 31 October 2022 11,920,000
Depreciation
At 31 October 2022 -
Net book value
At 31 October 2022 11,920,000
At 31 October 2021 11,920,000
Freehold land and buildings: 2022 2021
£ £
Historical cost 12,289,225 12,289,225
12,289,225 12,289,225
The investment properties were measured for the fair value by the directors' by using the recent arm's length market transactions.
4 Debtors 2022 2021
£ £
Trade debtors 420 10,139
Deferred tax asset 92,306 70,153
92,726 80,292
5 Creditors: amounts falling due within one year 2022 2021
£ £
Bank loans and overdrafts 240,000 200,000
Trade creditors 31,565 12,622
Taxation and social security costs 152,488 136,735
Other loans 1,000,000 1,600,000
Other creditors 167,073 154,439
1,591,126 2,103,796
6 Creditors: amounts falling due after one year 2022 2021
£ £
Bank loans 5,649,000 5,929,000
Shareholders' loan 3,837,526 3,887,526
9,486,526 9,816,526
7 Loans 2022 2021
£ £
Creditors include:
Secured bank loans 5,889,000 6,129,000
The bank loan is secured by first charge over the freehold land and building held by the company.
8 Revaluation reserve 2022 2021
£ £
At 1 November 2021 (299,072) (294,814)
Loss on revaluation of land and buildings - (5,256)
Deferred taxation arising on the revaluation of land and buildings 22,153 998
At 31 October 2022 (276,919) (299,072)
9 Related party transactions
The company received loans from the shareholders and their close family members and total loan balance amounting to £4,837,526 (2021: £5,487,526) as at balance sheet date. The loans were divided into short term loans amounting to £1,000,000 shown as other loans: amounts falling due within one year and long term loans amounting to £3,837,526 shown as shareholders' loan: amounts falling due after more than one year. The loans are to be repaid on demand. The rate of interest charged is 0% on long term loans and 4% on short term loans. The interest amount on the short term loans is to £NIL (2021: £64,000).
10 Controlling party
The company is under the control of its directors and their associates.
11 Other information
MAGI INVESTMENTS LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
The Spinneys 
6 Fulmer Drive 
Gerrards Cross 
SL9 7HJ 
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