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REGISTERED NUMBER: 01474833 (England and Wales)












Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Magfern Estates Limited

Magfern Estates Limited (Registered number: 01474833)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 3

Chartered Accountants' Report 6

Magfern Estates Limited

Company Information
for the Year Ended 31 March 2024







DIRECTOR: D J Faulkner





SECRETARY: A J Heathcote





REGISTERED OFFICE: 47A Queen Street
Derby
Derbyshire
DE1 3DE





REGISTERED NUMBER: 01474833 (England and Wales)





ACCOUNTANTS: Bourne & Co.
Chartered Accountants
47a Queen Street
Derby
Derbyshire
DE1 3DE

Magfern Estates Limited (Registered number: 01474833)

Abridged Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 1,100,000 1,100,000

CURRENT ASSETS
Stocks 61,193 10,235
Debtors 79,909 116,367
Cash at bank 63,573 113,967
204,675 240,569
CREDITORS
Amounts falling due within one year 143,501 163,157
NET CURRENT ASSETS 61,174 77,412
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,161,174

1,177,412

CREDITORS
Amounts falling due after more than one
year

5

362,890

386,383
NET ASSETS 798,284 791,029

CAPITAL AND RESERVES
Called up share capital 7 100 100
Revaluation reserve 8 251,742 251,742
Capital redemption reserve 127,161 127,161
Retained earnings 419,281 412,026
SHAREHOLDERS' FUNDS 798,284 791,029

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the director and authorised for issue on 4 October 2024 and were signed by:



D J Faulkner - Director


Magfern Estates Limited (Registered number: 01474833)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Magfern Estates 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.

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 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.

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.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including loans, are measured initially at fair value, net of transactions costs and are measured subsequently at amortised cost using the effective interest method.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

Magfern Estates Limited (Registered number: 01474833)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 1,100,000
NET BOOK VALUE
At 31 March 2024 1,100,000
At 31 March 2023 1,100,000

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2023 75,000
Valuation in 2017 50,000
Valuation in 2016 25,000
Valuation in 2014 (39,690 )
Valuation in 2009 (170,000 )
Valuation in 2007 150,000
Valuation in 2006 35,000
Valuation in 2005 35,000
Valuation in 2003 91,432
Cost 848,258
1,100,000

The investment property was revalued by the director at 31 March 2024.

5. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS
2024 2023
£    £   
Repayable by instalments
Other loans more 5yrs instal 238,875 275,464

6. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Other loans 380,098 403,404

The security is a fixed charge on two of the investment properties held by the company within the United Kingdom.

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

8. RESERVES
Revaluation
reserve
£   
At 1 April 2023
and 31 March 2024 251,742

Magfern Estates Limited (Registered number: 01474833)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

9. RELATED PARTY DISCLOSURES

The company took out a long term loan with the stepmother and father of the director at a commercial rate of interest of 3.5% above base rate repayable in instalments of £14,100 per quarter. The amount outstanding at 31 March 2024 amounted to £380,098 of which £238,875 is due after more than five years.

Chartered Accountants' Report to the Director
on the Unaudited Financial Statements of
Magfern Estates Limited

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Abridged Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Magfern Estates Limited for the year ended 31 March 2024 which comprise the Abridged Income Statement, Other Comprehensive Income, Abridged Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Magfern Estates Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Magfern Estates Limited and state those matters that we have agreed to state to the director of Magfern Estates Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Magfern Estates Limited and its director for our work or for this report.

It is your duty to ensure that Magfern Estates Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Magfern Estates Limited. You consider that Magfern Estates Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Magfern Estates Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Bourne & Co.
Chartered Accountants
47a Queen Street
Derby
Derbyshire
DE1 3DE


4 October 2024