Caseware UK (AP4) 2023.0.135 2023.0.135 2023-10-312023-10-3122false2022-11-01investment propertyfalsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 12249715 2022-11-01 2023-10-31 12249715 2021-11-01 2022-10-31 12249715 2023-10-31 12249715 2022-10-31 12249715 c:Director1 2022-11-01 2023-10-31 12249715 d:Buildings d:LongLeaseholdAssets 2022-11-01 2023-10-31 12249715 d:Buildings d:LongLeaseholdAssets 2023-10-31 12249715 d:Buildings d:LongLeaseholdAssets 2022-10-31 12249715 d:PlantMachinery 2022-11-01 2023-10-31 12249715 d:PlantMachinery 2023-10-31 12249715 d:PlantMachinery 2022-10-31 12249715 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 12249715 d:MotorVehicles 2022-11-01 2023-10-31 12249715 d:MotorVehicles 2023-10-31 12249715 d:MotorVehicles 2022-10-31 12249715 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 12249715 d:OfficeEquipment 2022-11-01 2023-10-31 12249715 d:OfficeEquipment 2023-10-31 12249715 d:OfficeEquipment 2022-10-31 12249715 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 12249715 d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 12249715 d:FreeholdInvestmentProperty 2023-10-31 12249715 d:FreeholdInvestmentProperty 2022-10-31 12249715 d:CurrentFinancialInstruments 2023-10-31 12249715 d:CurrentFinancialInstruments 2022-10-31 12249715 d:Non-currentFinancialInstruments 2023-10-31 12249715 d:Non-currentFinancialInstruments 2022-10-31 12249715 d:CurrentFinancialInstruments d:WithinOneYear 2023-10-31 12249715 d:CurrentFinancialInstruments d:WithinOneYear 2022-10-31 12249715 d:Non-currentFinancialInstruments d:AfterOneYear 2023-10-31 12249715 d:Non-currentFinancialInstruments d:AfterOneYear 2022-10-31 12249715 d:ShareCapital 2023-10-31 12249715 d:ShareCapital 2022-10-31 12249715 d:SharePremium 2023-10-31 12249715 d:SharePremium 2022-10-31 12249715 d:RetainedEarningsAccumulatedLosses 2023-10-31 12249715 d:RetainedEarningsAccumulatedLosses 2022-10-31 12249715 c:FRS102 2022-11-01 2023-10-31 12249715 c:AuditExempt-NoAccountantsReport 2022-11-01 2023-10-31 12249715 c:FullAccounts 2022-11-01 2023-10-31 12249715 c:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 12249715 d:HirePurchaseContracts d:WithinOneYear 2023-10-31 12249715 d:HirePurchaseContracts d:WithinOneYear 2022-10-31 12249715 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-10-31 12249715 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-10-31 12249715 2 2022-11-01 2023-10-31 12249715 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-10-31 12249715 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-10-31 12249715 d:LeasedAssetsHeldAsLessee 2023-10-31 12249715 d:LeasedAssetsHeldAsLessee 2022-10-31 12249715 e:PoundSterling 2022-11-01 2023-10-31 iso4217:GBP xbrli:pure

Registered number: 12249715









MAGNOLIAS INVESTMENTS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 OCTOBER 2023

 
MAGNOLIAS INVESTMENTS LIMITED
REGISTERED NUMBER: 12249715

BALANCE SHEET
AS AT 31 OCTOBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
147,738
169,995

Investment property
 6 
6,750,000
6,750,000

  
6,897,738
6,919,995

Current assets
  

Debtors: amounts falling due within one year
 7 
1,137,069
2,265,643

Cash at bank and in hand
 8 
362,590
338,272

  
1,499,659
2,603,915

Creditors: amounts falling due within one year
 9 
(65,134)
(1,215,369)

Net current assets
  
 
 
1,434,525
 
 
1,388,546

Total assets less current liabilities
  
8,332,263
8,308,541

Creditors: amounts falling due after more than one year
 10 
(41,905)
(50,176)

Provisions for liabilities
  

Deferred tax
  
(282,728)
(282,728)

  
 
 
(282,728)
 
 
(282,728)

Net assets
  
8,007,630
7,975,637


Capital and reserves
  

Called up share capital 
  
3,751
3,751

Share premium account
  
7,981,268
7,981,268

Profit and loss account
  
22,611
(9,382)

  
8,007,630
7,975,637


Page 1

 
MAGNOLIAS INVESTMENTS LIMITED
REGISTERED NUMBER: 12249715
    
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




C Hitchcock
Director

Date: 9 April 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
MAGNOLIAS INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.


General information

Magnolias Investments Ltd is a company limited by shares and incorporated in England & Wales under the Companies Act 2006. The address of the registered office is given on the Company information page. The nature of the Company's operations and its principal activities are set out in the Directors’ report. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.
 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
MAGNOLIAS INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
2%
Straight-Line
Plant and machinery
-
25%
Straight-Line
Motor vehicles
-
25%
Reducing Balance
Office equipment
-
25%
Straight-Line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

 
MAGNOLIAS INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.11

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.12

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Page 5

 
MAGNOLIAS INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. The nature of estimation means the actual outcomes could differ from those estimates. 


4.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).


5.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 November 2022
106,190
13,381
70,518
4,468
194,557



At 31 October 2023

106,190
13,381
70,518
4,468
194,557



Depreciation


At 1 November 2022
6,372
7,457
7,835
2,898
24,562


Charge for the year on owned assets
2,124
3,345
15,671
1,117
22,257



At 31 October 2023

8,496
10,802
23,506
4,015
46,819



Net book value



At 31 October 2023
97,694
2,579
47,012
453
147,738



At 31 October 2022
99,818
5,924
62,683
1,570
169,995

Page 6

 
MAGNOLIAS INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

           5.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
47,012
62,683

47,012
62,683


6.


Investment property


Freehold investment property

£



Valuation


At 1 November 2022
6,750,000



At 31 October 2023
6,750,000

The 2023 valuations were made by the director, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
6,750,000
6,750,000

6,750,000
6,750,000


7.


Debtors

2023
2022
£
£


Other debtors
818,282
1,946,856

Tax recoverable
318,787
318,787

1,137,069
2,265,643


Page 7

 
MAGNOLIAS INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

7.Debtors (continued)

In other debtors there is a Director's loan of £427,903 (2022: £1,371,389) provided by the company. Interest of 2% £Nil (2022: £Nil) has been charged on this. Also included in other debtors is a balance of £175,630 and £84,280, due from companies which are controlled by close family members of a director. There loans are interest-free and there are no terms for repayment.


8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
362,590
338,272

362,590
338,272



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other loans
-
799,040

Trade creditors
676
10,946

Corporation tax
45,831
367,356

Other taxation and social security
7,556
7,129

Obligations under finance lease and hire purchase contracts
8,271
8,273

Accruals and deferred income
2,800
22,625

65,134
1,215,369


The following liabilities were secured:

2023
2022
£
£



Loan
-
799,040

-
799,040

Details of security provided:

Loans received were secured on the Freehold of Admiral House.

Page 8

 
MAGNOLIAS INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
41,905
50,176

41,905
50,176



11.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
8,271
8,274

Between 1-5 years
41,905
50,176

50,176
58,450

 
Page 9