Silverfin false false 31/12/2023 01/01/2023 31/12/2023 Tom Maurice Magal 13/06/2007 04 September 2024 The principal activity of the Company during the financial year was that of property development, rental and other specialised
construction activities
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Company No: 06277940 (England and Wales)

MAGAL PROPERTIES LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

MAGAL PROPERTIES LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

MAGAL PROPERTIES LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
MAGAL PROPERTIES LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 34,009 19,651
Investment property 4 544,026 544,026
578,035 563,677
Current assets
Debtors 5 ( 2,208) 5,134
Cash at bank and in hand 1,591 4,743
(617) 9,877
Creditors: amounts falling due within one year 6 ( 626,711) ( 624,292)
Net current liabilities (627,328) (614,415)
Total assets less current liabilities (49,293) (50,738)
Creditors: amounts falling due after more than one year 7 ( 5,190) ( 8,393)
Net liabilities ( 54,483) ( 59,131)
Capital and reserves
Called-up share capital 8 1,000 1,000
Profit and loss account ( 55,483 ) ( 60,131 )
Total shareholders' deficit ( 54,483) ( 59,131)

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Magal Properties Limited (registered number: 06277940) were approved and authorised for issue by the Director on 04 September 2024. They were signed on its behalf by:

Tom Maurice Magal
Director
MAGAL PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
MAGAL PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Magal Properties Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Ash Grove, Westhide, Hereford, HR1 3RL, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line/reducing balance basis over its expected useful life, as follows:

Plant and machinery 4 years straight line
Vehicles 25 % reducing balance
Office equipment 25 % reducing balance
Computer equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Plant and machinery Vehicles Office equipment Computer equipment Total
£ £ £ £ £
Cost
At 01 January 2023 29,066 20,995 7,804 6,701 64,566
Additions 0 34,417 1,877 874 37,168
Disposals 0 ( 20,995) 0 0 ( 20,995)
At 31 December 2023 29,066 34,417 9,681 7,575 80,739
Accumulated depreciation
At 01 January 2023 23,770 9,923 5,632 5,590 44,915
Charge for the financial year 2,844 8,118 711 296 11,969
Disposals 0 ( 10,154) 0 0 ( 10,154)
At 31 December 2023 26,614 7,887 6,343 5,886 46,730
Net book value
At 31 December 2023 2,452 26,530 3,338 1,689 34,009
At 31 December 2022 5,296 11,072 2,172 1,111 19,651

4. Investment property

Investment property
£
Valuation
As at 01 January 2023 544,026
As at 31 December 2023 544,026

Assumptions

These assumptions were arrived at taking account of information and advice from external property consultants, in-house property experts, publicly available data and judgement. A significant level of uncertainty exists in relation to these assumptions and any changes in these assumptions could have a material impact on the carrying value of Investment Property in the financial statements. The 2023 valuations were made by the director, on an open market value for existing use basis.

5. Debtors

2023 2022
£ £
Trade debtors ( 2,208) 2,184
Deferred tax asset 0 2,043
Corporation tax 0 806
Other debtors 0 101
( 2,208) 5,134

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 5,425 116
Amounts owed to director 603,226 616,587
Other loans 984 2,052
Accruals 2,300 2,150
Deferred tax liability 1,079 0
Taxation and social security 1,139 3,388
Obligations under finance leases and hire purchase contracts 11,121 0
Other creditors 1,437 ( 1)
626,711 624,292

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 5,190 8,393

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1,000 ordinary shares of £ 1.00 each 1,000 1,000

9. Related party transactions

Transactions with the entity's director

2023 2022
£ £
Amounts owed to Directors 603,226 616,584