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Registered Number: 12004699
England and Wales

 

 

 

MAGNA HOUSE DEVELOPMENT LTD


Abridged Accounts
 


Period of accounts

Start date: 01 June 2022

End date: 31 May 2023
Accountants report
You consider that the company is exempt from an audit for the year ended 31 May 2023. You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.
In accordance with your instructions, we have prepared the accounts which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us.
We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts.
aa Chartered Accountants
31 May 2023



....................................................
aa Chartered Accountants
Fenlake House,
Fenlake Business Centre,
Fengate,
Peterborough,
PE1 5BQ
22 November 2023
1
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 851,921    727,251 
851,921    727,251 
Current assets      
Debtors 859    22,665 
Cash at bank and in hand 33,712    52,414 
34,571    75,079 
Creditors: amount falling due within one year (9,951)   (9,854)
Net current assets 24,620    65,225 
 
Total assets less current liabilities 876,541    792,476 
Creditors: amount falling due after more than one year (840,683)   (810,030)
Provisions for liabilities (6,755)   (733)
Net assets 29,103    (18,287)
 

Capital and reserves
     
Called up share capital 4 200    200 
Reserves 5 47,204   
Profit and loss account (18,301)   (18,487)
Shareholder's funds 29,103    (18,287)
 


For the year ended 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. 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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006 the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 22 November 2023 and were signed on its behalf by:


-------------------------------
Agata Talbot
Director
2
General Information
Magna House Development Ltd is a private company, limited by shares, registered in England and Wales, registration number 12004699, registration address Ground Floor, 16 Shirley Street, London, E16 1HU.
1.

Accounting policies

Significant accounting policies
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)
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.
Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 20% Reducing Balance
Investment properties
Investment properties are properties held to earn rentals and/or for capital appreciation.
Investment properties should be recognised initially at cost and 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.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees including directors


Average number of employees during the year was 2 (2022 : 3).
3.

Tangible fixed assets

Cost or valuation Plant and Machinery   Investment properties   Total
  £   £   £
At 01 June 2022 2,740    724,849    727,589 
Additions   77,946    77,946 
Disposals    
Revaluations   47,204    47,204 
At 31 May 2023 2,740    849,999    852,739 
Depreciation
At 01 June 2022 338      338 
Charge for year 480      480 
On disposals    
At 31 May 2023 818      818 
Net book values
Closing balance as at 31 May 2023 1,922    849,999    851,921 
Opening balance as at 01 June 2022 2,402    724,849    727,251 


4.

Share Capital

Allotted, called up and fully paid
2023
£
  2022
£
200 Ordinary shares of £1.00 each 200    200 
200    200 

3