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REGISTERED NUMBER: 07087141 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

MAGON COMMERCIAL LTD

MAGON COMMERCIAL LTD (REGISTERED NUMBER: 07087141)






CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 DECEMBER 2023




Page

Statement of Financial Position 1

Notes to the Financial Statements 2


MAGON COMMERCIAL LTD (REGISTERED NUMBER: 07087141)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 3,082,061 3,082,061

CURRENT ASSETS
Debtors 5 392 2,875
Cash at bank 694,983 86,020
695,375 88,895
CREDITORS
Amounts falling due within one year 6 1,086,830 565,411
NET CURRENT LIABILITIES (391,455 ) (476,516 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,690,606

2,605,545

CREDITORS
Amounts falling due after more than one
year

7

(2,164,498

)

(2,145,826

)

PROVISIONS FOR LIABILITIES 9 (69,993 ) (53,195 )
NET ASSETS 456,115 406,524

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 209,978 226,776
Retained earnings 246,037 179,648
456,115 406,524

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.

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 3 September 2024 and were signed on its behalf by:



Mr N Magon - Director


MAGON COMMERCIAL LTD (REGISTERED NUMBER: 07087141)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 DECEMBER 2023

1. STATUTORY INFORMATION

Magon Commercial Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 07087141

Registered office: 1 Kings Avenue
London
N21 3NA

The presentation currency of the financial statements is the Pound Sterling (£).


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 unless otherwise specified in these accounting policies.

Significant judgements and estimates
In the application of the company's accounting policies, the director is 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 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.

There are significant judgements and estimates in relation to the carrying value of investment property.

Revenue
Revenue represents rents receivable during the year. Revenue is recognised when services are rendered to the customers.

Investment property
Investment properties are included at fair value. Any gains or losses arising from changes in fair value is recognised in profit or loss.

Deferred tax is provided on these gains at the rate expected to apply if the properties are sold at the reporting date.

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 statement of financial position date.


MAGON COMMERCIAL LTD (REGISTERED NUMBER: 07087141)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Cash and cash equivalent
Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand, short term deposits with an original maturity date of one month. Cash equivalents are defined as short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value.

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.

Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.

3. EMPLOYEES AND DIRECTORS

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

4. INVESTMENT PROPERTY
Total
£   
COST OR VALUATION
At 1 January 2023
and 31 December 2023 3,082,061
NET BOOK VALUE
At 31 December 2023 3,082,061
At 31 December 2022 3,082,061

Cost or valuation at 31 December 2023 is represented by:
£   
Valuation in 2015 57,729
Valuation in 2016 47,242
Valuation in 2020 175,000
Cost 2,802,090
3,082,061

If investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£ £
Cost 2,802,090 2,802,090

The directors consider the market value of the investment properties to be as stated in the financial statements at the year end.

MAGON COMMERCIAL LTD (REGISTERED NUMBER: 07087141)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 DECEMBER 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors - 1,466
Other debtors 392 1,409
392 2,875

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 32,459 27,440
Trade creditors 7,855 9,199
Taxation and social security 12,874 -
Other creditors 1,033,642 528,772
1,086,830 565,411

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 1,153,699 1,186,439
Other creditors 1,010,799 959,387
2,164,498 2,145,826

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 1,146,960 1,169,119

The bank loan is secured by way of fixed and floating charge on the property and other assets of the company and contains a negative pledge.

9. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 53,195 -
Other timing differences 16,798 53,195
69,993 53,195

Deferred
tax
£   
Balance at 1 January 2023 53,195
Provided during year 16,798
Balance at 31 December 2023 69,993

Due to a change in the corporation tax rate from 19% to 25%, the company has adjusted its deferred tax provision to reflect the increased rate.

MAGON COMMERCIAL LTD (REGISTERED NUMBER: 07087141)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 DECEMBER 2023

10. RELATED PARTY DISCLOSURES

Included in the other creditors due within a year is an amount of £1,014,262 (2022: £509,392) due to connected companies with common control. The loans were interest free and repayable on demand. Included in the other creditors due after a year is an amount of £1,010,799 (2022: £959,387) due to the directors of the company.