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2022-02-28
COMPANY REGISTRATION NUMBER:
13176988
Magdalen Ventures Limited |
|
Unaudited Financial Statements |
|
Magdalen Ventures Limited |
|
Year ended 28 February 2023
Officers and professional advisers |
1 |
|
|
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements |
3 |
|
|
Statement of financial position |
4 |
|
|
Statement of changes in equity |
5 |
|
|
Notes to the financial statements |
6 to 7 |
|
|
Magdalen Ventures Limited |
|
Officers and Professional Advisers |
|
The board of directors |
Mr J M Langmead |
|
Mrs L M Langmead |
|
|
Registered office |
Ty Melin |
|
Wolfscastle |
|
Haverfordwest |
|
Pembrokeshire |
|
SA62 5NJ |
|
|
Accountants |
Evens & Co Ltd |
|
Chartered Accountants |
|
Hamilton House |
|
Hamilton Terrace |
|
Milford Haven |
|
Pembrokeshire |
|
SA73 3JP |
|
|
Magdalen Ventures Limited |
|
Year ended 28 February 2023
The directors present their report and the unaudited financial statements of the company for the year ended
28 February 2023
.
Directors
The directors who served the company during the year were as follows:
Mr J M Langmead |
|
Mrs L M Langmead |
|
|
|
Directors responsibilities
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with the applicable law and regulations and in accordance with United Kingdom Generally Accepted Accounting Practice.
Company Law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that year.
In preparing these financial statements, the directors are required to:
*
select suitable accounting policies and then apply them consistently;
*
make judgements and estimates that are reasonable and prudent;
*
prepare the financial statements on the going concern basis unless it is inappropriate to
presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on
27 November 2023
and signed on behalf of the board by:
Magdalen Ventures Limited |
|
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of
Magdalen Ventures Limited |
|
Year ended 28 February 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Magdalen Ventures Limited for the year ended 28 February 2023, which comprise the statement of financial position, statement of changes in equity and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Magdalen Ventures Limited, as a body, in accordance with the terms of our engagement letter dated 26 October 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Magdalen Ventures Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Magdalen Ventures Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Magdalen Ventures Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Magdalen Ventures Limited. You consider that Magdalen Ventures Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Magdalen Ventures Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Evens & Co Ltd
Chartered Accountants
Hamilton House
Hamilton Terrace
Milford Haven
Pembrokeshire
SA73 3JP
27 November 2023
Magdalen Ventures Limited |
|
Statement of Financial Position |
|
28 February 2023
Fixed assets
Current assets
Cash at bank and in hand |
2 |
1 |
|
|
|
Creditors: amounts falling due within one year |
5 |
(
450,000) |
– |
|
--------- |
---- |
Net current (liabilities)/assets |
(
449,998) |
1 |
|
--------- |
---- |
Total assets less current liabilities |
2 |
2 |
|
---- |
---- |
|
|
|
|
Capital and reserves
Called up share capital |
6 |
2 |
2 |
|
---- |
---- |
Shareholders funds |
2 |
2 |
|
---- |
---- |
|
|
|
|
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
27 November 2023
, and are signed on behalf of the board by:
Company registration number:
13176988
Magdalen Ventures Limited |
|
Statement of Changes in Equity |
|
Year ended 28 February 2023
|
Called up share capital |
Profit and loss account |
Total |
|
£ |
£ |
£ |
At 3 February 2021 |
– |
– |
– |
|
|
|
|
Profit for the year |
|
– |
– |
|
|
|
|
Issue of shares |
2 |
– |
2 |
|
---- |
---- |
---- |
Total investments by and distributions to owners |
2 |
– |
2 |
|
|
|
|
At 28 February 2022 |
2 |
– |
2 |
|
|
|
|
Profit for the year |
|
– |
– |
|
|
|
|
|
---- |
---- |
---- |
At 28 February 2023 |
2 |
– |
2 |
|
---- |
---- |
---- |
|
|
|
|
Magdalen Ventures Limited |
|
Notes to the Financial Statements |
|
Year ended 28 February 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Ty Melin, Wolfscastle, Haverfordwest, Pembrokeshire, SA62 5NJ.
2.
Statement of compliance
These financial statements have been prepared in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4.
Investments
|
Shares in participating interests |
|
£ |
Cost |
|
At 1 March 2022 |
1 |
Additions |
449,999 |
|
--------- |
At 28 February 2023 |
450,000 |
|
--------- |
Impairment |
|
At 1 March 2022 and 28 February 2023 |
– |
|
--------- |
|
|
Carrying amount |
|
At 28 February 2023 |
450,000 |
|
--------- |
At 28 February 2022 |
1 |
|
--------- |
|
|
5.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Other creditors |
450,000 |
– |
|
--------- |
---- |
|
|
|
6.
Called up share capital
Issued, called up and fully paid
|
2023 |
2022 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 1 each |
2 |
2 |
2 |
2 |
|
---- |
---- |
---- |
---- |
|
|
|
|
|