Company registration number SC740138 (Scotland)
MAGPIE HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
MAGPIE HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
MAGPIE HOLDINGS LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2023
31 August 2023
- 1 -
2023
Notes
£
£
Fixed assets
Investments
4
1,206,623
Current assets
Debtors
5
693
Cash at bank and in hand
1,542,919
1,543,612
Creditors: amounts falling due within one year
6
(2,760,223)
Net current liabilities
(1,216,611)
Net liabilities
(9,988)
Capital and reserves
Called up share capital
7
1,500
Other reserves
16,381
Profit and loss reserves
(27,869)
Total equity
(9,988)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 2 February 2024 and are signed on its behalf by:
S D Gomersall
Director
Company registration number SC740138 (Scotland)
MAGPIE HOLDINGS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 AUGUST 2023
- 2 -
Share capital
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 3 August 2022
-
0
-
-
0
-
Period ended 31 August 2023:
Loss and total comprehensive income
-
-
(11,488)
(11,488)
Issue of share capital
7
1,500
-
-
1,500
Fair value movement
-
16,381
(16,381)
-
Balance at 31 August 2023
1,500
16,381
(27,869)
(9,988)
MAGPIE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2023
- 3 -
1
Accounting policies
Company information

Magpie Holdings Limited is a private company limited by shares incorporated in Scotland. The registered office is Johnstone House, 52-54 Rose Street, Aberdeen, AB10 1HA.

1.1
Reporting period

The company was incorporated on 3 August 2022 and commenced activity on 21 October 2022.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.3
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Dividends are accounted for in accordance with FRS102 section 1A and thus included net, without any applicable tax credit.

 

Income from fixed interest securities, government stocks and other interest receivable are included on an accruals basis

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

Listed investments are measured at fair value with changes in fair value being recognised in the statement of comprehensive income.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

MAGPIE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 4 -
1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade debtors and creditors. These are measured at amortised cost and are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

MAGPIE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2023
- 5 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2023
Number
Total
2
4
Fixed asset investments
2023
£
Other investments other than loans
1,156,623
Loans
50,000
1,206,623
Movements in fixed asset investments
Investments
Loans
Listed investments
Total
£
£
£
£
Cost or valuation
At 3 August 2022
-
-
-
-
Additions
150,242
50,000
990,000
1,190,242
Valuation changes
-
-
16,381
16,381
At 31 August 2023
150,242
50,000
1,006,381
1,206,623
Carrying amount
At 31 August 2023
150,242
50,000
1,006,381
1,206,623

Listed investments are shown at fair value, the cost of these investments at 31 August 2023 was £990,000.

MAGPIE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2023
- 6 -
5
Debtors
2023
Amounts falling due within one year:
£
Other debtors
693
6
Creditors: amounts falling due within one year
2023
£
Trade creditors
59
Other creditors
2,760,164
2,760,223
7
Called up share capital
2023
2023
Ordinary share capital
Number
£
Issued and fully paid
A Ordinary shares of £1 each
600
600
B Ordinary shares of £1 each
300
300
C Ordinary shares of £1 each
300
300
D Ordinary shares of £1 each
300
300
1,500
1,500

One ordinary share was issued on incorporation. On 4th November 2022 that ordinary share was redesignated as an A share. On the same date a further 599 A shares were issued along with 300 B shares, 300 C shares and 300 D shares. All shares have rights as set out in the Articles of Association.

 

8
Reserves

Profit and loss account - This reserve records retained earnings and accumulated losses.

 

Fair value reserve - This reserve includes the cumulative annual fair value adjustments to listed investments of £16,381 and related deferred tax of £nil.

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