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COMPANY REGISTRATION NUMBER: 09243728
Magnum Land Limited
Filleted Unaudited Financial Statements
31 October 2023
Magnum Land Limited
Financial Statements
Year ended 31 October 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
2
Magnum Land Limited
Statement of Financial Position
31 October 2023
2023
2022
Note
£
£
£
Current assets
Debtors
5
1,893,626
2,144,058
Cash at bank and in hand
8,007
60,055
------------
------------
1,901,633
2,204,113
Creditors: amounts falling due within one year
6
1,356,253
1,617,227
------------
------------
Net current assets
545,380
586,886
---------
---------
Total assets less current liabilities
545,380
586,886
Creditors: amounts falling due after more than one year
7
13,704
24,164
---------
---------
Net assets
531,676
562,722
---------
---------
Capital and reserves
Called up share capital
10
10
Profit and loss account
531,666
562,712
---------
---------
Shareholders funds
531,676
562,722
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 31 October 2024 , and are signed on behalf of the board by:
Mr S J Hiscocks
Director
Company registration number: 09243728
Magnum Land Limited
Notes to the Financial Statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Meadows, School House Lane, Horsmonden, Tonbridge, TN12 8BW, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Income tax
The taxation expense represents the aggregate amount of current tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Debtors
2023
2022
£
£
Trade debtors
531,866
Other debtors
1,893,626
1,612,192
------------
------------
1,893,626
2,144,058
------------
------------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,703
11,051
Other creditors
1,345,550
1,606,176
------------
------------
1,356,253
1,617,227
------------
------------
Other creditors are secured by fixed and floating charges over the assets of the company.
7. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
13,704
24,164
--------
--------
Other creditors are secured by fixed and floating charges over the assets of the company.
8. Directors' advances, credits and guarantees
At the year end the company was owed £31,374 (2022: owed to £18,626) by the directors. During the year the company made aggregate advances to the directors of £50,000 and the directors made aggregate repayments of £Nil. No interest was charged on the overdrawn balance.
9. Related party transactions
At the year end the company was owed £1,552,000 (2022: £1,612,000) by companies associated by common control. At the year end the company owed £1,035,895 (2022: £1,035,895) to companies associated by common control.