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REGISTERED NUMBER: 02723167 (England and Wales)













UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

MAGENTA PROPERTIES LIMITED

MAGENTA PROPERTIES LIMITED (REGISTERED NUMBER: 02723167)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MAGENTA PROPERTIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: A J Egginton
Mrs S A Egginton
J A J Egginton
Miss A S Egginton





SECRETARY: Mrs S A Eggington





REGISTERED OFFICE: 1 Chew Lodge
Tunbridge Road
Chew Magna
Bristol
BS40 8SX





REGISTERED NUMBER: 02723167 (England and Wales)





ACCOUNTANTS: Keller & Co
367b Church Road
Frampton Cotterell
Bristol
BS36 2AQ

MAGENTA PROPERTIES LIMITED (REGISTERED NUMBER: 02723167)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 964 2,420
Investment property 5 2,100,000 1,731,115
2,100,964 1,733,535

CURRENT ASSETS
Stocks - 535,980
Debtors 6 602,704 1,004
Cash at bank 30,990 290,988
633,694 827,972
CREDITORS
Amounts falling due within one year 7 (128,030 ) (649,691 )
NET CURRENT ASSETS 505,664 178,281
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,606,628

1,911,816

CREDITORS
Amounts falling due after more than one
year

8

(23,486

)

(33,333

)

PROVISIONS FOR LIABILITIES (181,197 ) (451 )
NET ASSETS 2,401,945 1,878,032

CAPITAL AND RESERVES
Called up share capital 4 4
Fair value reserve 10 543,062 -
Retained earnings 1,858,879 1,878,028
SHAREHOLDERS' FUNDS 2,401,945 1,878,032

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company 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 relating to financial statements, so far as applicable to the company.

MAGENTA PROPERTIES LIMITED (REGISTERED NUMBER: 02723167)

BALANCE SHEET - continued
31 DECEMBER 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 August 2024 and were signed on its behalf by:





A J Egginton - Director


MAGENTA PROPERTIES LIMITED (REGISTERED NUMBER: 02723167)

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

1. STATUTORY INFORMATION

MAGENTA PROPERTIES LIMITED is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Computer equipment - Straight line over 3 years

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

MAGENTA PROPERTIES LIMITED (REGISTERED NUMBER: 02723167)

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

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 January 2023 2,299 5,197 11,494 18,990
Additions - - 474 474
At 31 December 2023 2,299 5,197 11,968 19,464
DEPRECIATION
At 1 January 2023 1,943 4,689 9,938 16,570
Charge for year 89 127 1,714 1,930
At 31 December 2023 2,032 4,816 11,652 18,500
NET BOOK VALUE
At 31 December 2023 267 381 316 964
At 31 December 2022 356 508 1,556 2,420

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023 1,731,115
Disposals (355,197 )
Revaluations 724,082
At 31 December 2023 2,100,000
NET BOOK VALUE
At 31 December 2023 2,100,000
At 31 December 2022 1,731,115

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2023 724,082
Cost 1,375,918
2,100,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 602,704 1,004

MAGENTA PROPERTIES LIMITED (REGISTERED NUMBER: 02723167)

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

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 59,848 505,949
Taxation and social security 62,137 112,917
Other creditors 6,045 30,825
128,030 649,691

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 23,486 33,333

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 83,334 539,282

The bank loan is secured on Homefield, 10 St Mary's Road, Portishead..

10. RESERVES
Fair
value
reserve
£   
Revaluation reserve 543,062

At 31 December 2023 543,062

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
A J Egginton
Balance outstanding at start of year (496 ) (826 )
Amounts advanced 391,856 72,440
Amounts repaid (91,269 ) (72,110 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 300,091 (496 )

MAGENTA PROPERTIES LIMITED (REGISTERED NUMBER: 02723167)

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

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

Mrs S A Egginton
Balance outstanding at start of year (258 ) (666 )
Amounts advanced 392,713 72,495
Amounts repaid (91,271 ) (72,087 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 301,184 (258 )

J A J Egginton
Balance outstanding at start of year (2,050 ) (50 )
Amounts advanced 2,000 -
Amounts repaid (1,000 ) (2,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (1,050 ) (2,050 )

Miss A S Egginton
Balance outstanding at start of year (9,740 ) (76,700 )
Amounts advanced 22,540 68,960
Amounts repaid (13,800 ) (2,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (1,000 ) (9,740 )

12. RELATED PARTY DISCLOSURES

The company is owned and controlled by its directors - Mr A J Egginton and Mrs S Egginton.