IRIS Accounts Production v23.2.0.158 SO304343 designated member 1.4.22 31.3.23 31.3.23 0 0 true false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureSO3043432022-03-31SO3043432023-03-31SO3043432022-04-012023-03-31SO3043432021-03-31SO3043432021-04-012022-03-31SO3043432022-03-31SO304343ns15:PoundSterling2022-04-012023-03-31SO304343ns11:Director12022-04-012023-03-31SO304343ns11:LimitedLiabilityPartnershipLLP2022-04-012023-03-31SO304343ns11:SmallEntities2022-04-012023-03-31SO304343ns11:AuditExempt-NoAccountantsReport2022-04-012023-03-31SO304343ns11:SmallCompaniesRegimeForAccounts2022-04-012023-03-31SO304343ns11:LimitedLiabilityPartnershipsSORP2022-04-012023-03-31SO304343ns11:FullAccounts2022-04-012023-03-31SO304343ns6:Non-currentFinancialInstruments2023-03-31SO304343ns6:Non-currentFinancialInstruments2022-03-31SO304343ns6:LandBuildings2022-04-012023-03-31SO304343ns6:LandBuildings2022-03-31SO304343ns6:LandBuildings2023-03-31SO304343ns6:LandBuildings2022-03-31SO304343ns6:CostValuation2022-03-31
REGISTERED NUMBER: SO304343















MAGA LLP

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023






MAGA LLP (REGISTERED NUMBER: SO304343)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Balance Sheet 1

Notes to the Financial Statements 3


MAGA LLP (REGISTERED NUMBER: SO304343)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 801,197 801,197
Investments 5 1 1
801,198 801,198

CURRENT ASSETS
Debtors 451,436 201,344
Cash at bank 6,640 7,969
458,076 209,313
NET CURRENT ASSETS 458,076 209,313
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,259,274

1,010,511

CREDITORS
Amounts falling due after more than one
year

6

1,259,274

1,010,511
NET LIABILITIES ATTRIBUTABLE TO
MEMBERS

-

-

LOANS AND OTHER DEBTS DUE TO
MEMBERS

-

-

TOTAL MEMBERS' INTERESTS
Amounts due from members (451,436 ) (201,344 )

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2023.

The members acknowledge their responsibilities for:
(a)ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the LLP 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 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

MAGA LLP (REGISTERED NUMBER: SO304343)

BALANCE SHEET - continued
31 MARCH 2023


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

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Profit and Loss Account has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 18 September 2023 and were signed by:





F V Waters - Designated member

MAGA LLP (REGISTERED NUMBER: SO304343)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

MAGA LLP is a limited liability partnership, registered in Scotland. The LLP's registered office is Mearns Castle Golf Academy Waterfoot Road, Newton Mearns, Glasgow, Scotland, G77 5RR.

The presentation currency of the financial statements is Sterling (£).

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. There were no material departures from this standard.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.Turnover is recognised in the period to which it relates.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Land and buildings - not provided

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost, less impairment.

3. EMPLOYEE INFORMATION

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

4. TANGIBLE FIXED ASSETS
Land and
buildings
£   
COST
At 1 April 2022
and 31 March 2023 801,197
NET BOOK VALUE
At 31 March 2023 801,197
At 31 March 2022 801,197

Depreciation is not provided on land and buildings on the grounds that it would be immaterial because the estimated residual values are not materially different from their carrying values.

MAGA LLP (REGISTERED NUMBER: SO304343)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 April 2022
and 31 March 2023 1
NET BOOK VALUE
At 31 March 2023 1
At 31 March 2022 1

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Other creditors 1,259,274 1,010,511

7. RELATED PARTY DISCLOSURES

At the balance sheet date, £1,259,274 (2022: £1,010,511) was owed to the subsidiary company, Mearns Castle Golf Academy Limited. The loan is unsecured and repayable on demand. Interest at 2.5% is charged on the loan.