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REGISTERED NUMBER: 08370179 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Magari Enterprises Ltd

Magari Enterprises Ltd (Registered number: 08370179)

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


Magari Enterprises Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTORS: G J Clay
Mrs C Clay





REGISTERED OFFICE: 2 Craven Road
Ealing
London
W5 2UA





REGISTERED NUMBER: 08370179 (England and Wales)






Magari Enterprises Ltd (Registered number: 08370179)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 16,151 24,273
Investment property 5 366,748 366,748
382,899 391,021

CURRENT ASSETS
Debtors 6 10,154 16,965
Cash at bank 15,037 21,979
25,191 38,944
CREDITORS
Amounts falling due within one year 7 53,648 49,454
NET CURRENT LIABILITIES (28,457 ) (10,510 )
TOTAL ASSETS LESS CURRENT LIABILITIES 354,442 380,511

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 354,342 380,411
SHAREHOLDERS' FUNDS 354,442 380,511

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.

Magari Enterprises Ltd (Registered number: 08370179)

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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 April 2024 and were signed on its behalf by:





Mrs C Clay - Director


Magari Enterprises Ltd (Registered number: 08370179)

Notes to the Financial Statements
for the Year Ended 31 December 2023


1. STATUTORY INFORMATION

Magari Enterprises Ltd 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.

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 etc - 25% on cost and 20% on reducing balance

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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Magari Enterprises Ltd (Registered number: 08370179)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued

Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term 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.

Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related
parties, 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. Such instruments are subsequently carried at amortised cost using the effective
interest method, less any impairment.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 1 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 35,680
Additions 265
At 31 December 2023 35,945
DEPRECIATION
At 1 January 2023 11,407
Charge for year 8,387
At 31 December 2023 19,794
NET BOOK VALUE
At 31 December 2023 16,151
At 31 December 2022 24,273

Magari Enterprises Ltd (Registered number: 08370179)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023
and 31 December 2023 366,748
NET BOOK VALUE
At 31 December 2023 366,748
At 31 December 2022 366,748

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 10,154 16,965

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 86 54
Taxation and social security 4,902 -
Other creditors 48,660 49,400
53,648 49,454