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REGISTERED NUMBER: 01678679 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023

FOR

MAGNUM DEVELOPMENTS LIMITED

MAGNUM DEVELOPMENTS LIMITED (REGISTERED NUMBER: 01678679)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 28 February 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


MAGNUM DEVELOPMENTS LIMITED

COMPANY INFORMATION
for the year ended 28 February 2023







DIRECTORS: Mrs B C Chatterley
Ms D M Stephens





SECRETARY: Mrs B C Chatterley





REGISTERED OFFICE: 19-20 Bourne Court
Southend Road
Woodford Green
Essex
IG8 8HD





REGISTERED NUMBER: 01678679 (England and Wales)





ACCOUNTANTS: Raffingers LLP
Chartered Certified Accountants
19-20 Bourne Court
Southend Road
Woodford Green
Essex
IG8 8HD

MAGNUM DEVELOPMENTS LIMITED (REGISTERED NUMBER: 01678679)

ABRIDGED BALANCE SHEET
28 February 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 40,998 78,096
Investment property 5 3,400,000 3,305,000
3,440,998 3,383,096

CURRENT ASSETS
Debtors 14,549 5,167
Cash at bank 34,527 25,802
49,076 30,969
CREDITORS
Amounts falling due within one year 707,740 714,983
NET CURRENT LIABILITIES (658,664 ) (684,014 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,782,334

2,699,082

PROVISIONS FOR LIABILITIES 169,326 111,063
NET ASSETS 2,613,008 2,588,019

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 666,653 630,342
Retained earnings 1,946,255 1,957,577
2,613,008 2,588,019

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 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.

MAGNUM DEVELOPMENTS LIMITED (REGISTERED NUMBER: 01678679)

ABRIDGED BALANCE SHEET - continued
28 February 2023


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 28 February 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 Board of Directors and authorised for issue on 4 September 2023 and were signed on its behalf by:





Mrs B C Chatterley - Director


MAGNUM DEVELOPMENTS LIMITED (REGISTERED NUMBER: 01678679)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 28 February 2023

1. STATUTORY INFORMATION

Magnum Developments 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.

The accounts have been prepared on the going concern basis as the directors are of the opinion that the company will meet its liabilities as and when due, due to the continued support of the directors.

Turnover
Turnover comprises rental and service charge income, excluding Value Added Tax, which is recognised in the period which it is earned. Amounts invoiced in excess of the amounts earned during the period are recognised as deferred income in creditors.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - Straight line over the life of the lease
Improvements to property - Not provided
Fixtures and fittings - 25% on reducing balance

Investment property
Investment properties are properties held to earn rentals and for capital appreciation. Investment properties are initially measured at cost, including transaction costs. Subsequently investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.

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.


MAGNUM DEVELOPMENTS LIMITED (REGISTERED NUMBER: 01678679)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 28 February 2023

2. ACCOUNTING POLICIES - continued
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.

Short term debtors and creditors
Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 March 2022 95,132
Reclassification/transfer (36,231 )
At 28 February 2023 58,901
DEPRECIATION
At 1 March 2022 17,036
Charge for year 867
At 28 February 2023 17,903
NET BOOK VALUE
At 28 February 2023 40,998
At 28 February 2022 78,096

MAGNUM DEVELOPMENTS LIMITED (REGISTERED NUMBER: 01678679)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 28 February 2023

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2022 3,305,000
Revaluations 58,769
Reclassification/transfer 36,231
At 28 February 2023 3,400,000
NET BOOK VALUE
At 28 February 2023 3,400,000
At 28 February 2022 3,305,000

In the opinion of the directors, investment property is stated at fair value at the balance sheet date.

6. RELATED PARTY DISCLOSURES

At the balance sheet date, the company owed £497,708 (2022: £413,583) to Highmoor Properties Limited, a company connected by common control.

At the balance sheet date, the company was owed £9,382 (2022 : nil) by J D Stephens, a partnership in which the directors are partners.