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REGISTERED NUMBER: SC388332 (Scotland)













Unaudited Financial Statements

for the Year Ended 29 February 2024

for

MAGWOOD ESTATES LIMITED

MAGWOOD ESTATES LIMITED (REGISTERED NUMBER: SC388332)






Contents of the Financial Statements
FOR THE YEAR ENDED 29 FEBRUARY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MAGWOOD ESTATES LIMITED

Company Information
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTORS: A Calderwood
K Magon





REGISTERED OFFICE: 6th Floor, Gordon Chambers
90 Mitchell Street
Glasgow
G1 3NQ





REGISTERED NUMBER: SC388332 (Scotland)





ACCOUNTANTS: BK Plus Ltd
6th Floor
Gordon Chambers
90 Mitchell Street
Glasgow
Lanarkshire
G1 3NQ

MAGWOOD ESTATES LIMITED (REGISTERED NUMBER: SC388332)

Balance Sheet
29 FEBRUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 806 1,007
Investments 5 2 2
Investment property 6 1,496,978 859,202
1,497,786 860,211

CURRENT ASSETS
Debtors 7 23,597 82,375
Cash at bank 6,605 760,124
30,202 842,499
CREDITORS
Amounts falling due within one year 8 76,534 227,887
NET CURRENT (LIABILITIES)/ASSETS (46,332 ) 614,612
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,451,454

1,474,823

PROVISIONS FOR LIABILITIES 102,448 102,448
NET ASSETS 1,349,006 1,372,375

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 1,349,004 1,372,373
SHAREHOLDERS' FUNDS 1,349,006 1,372,375

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 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.

MAGWOOD ESTATES LIMITED (REGISTERED NUMBER: SC388332)

Balance Sheet - continued
29 FEBRUARY 2024


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 29 May 2024 and were signed on its behalf by:





A Calderwood - Director


MAGWOOD ESTATES LIMITED (REGISTERED NUMBER: SC388332)

Notes to the Financial Statements
FOR THE YEAR ENDED 29 FEBRUARY 2024

1. STATUTORY INFORMATION

Magwood Estates Limited is a private company, limited by shares , registered in Scotland. 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 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.

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 - 20% on a reducing balance basis

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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.

MAGWOOD ESTATES LIMITED (REGISTERED NUMBER: SC388332)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1 March 2023
and 29 February 2024 9,738
DEPRECIATION
At 1 March 2023 8,731
Charge for year 201
At 29 February 2024 8,932
NET BOOK VALUE
At 29 February 2024 806
At 28 February 2023 1,007

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 March 2023
and 29 February 2024 2
NET BOOK VALUE
At 29 February 2024 2
At 28 February 2023 2

MAGWOOD ESTATES LIMITED (REGISTERED NUMBER: SC388332)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2023 859,202
Additions 637,776
At 29 February 2024 1,496,978
NET BOOK VALUE
At 29 February 2024 1,496,978
At 28 February 2023 859,202

Fair value at 29 February 2024 is represented by:
£   
Valuation in 2012 604,916
Valuation in 2020 125,798
Valuation in 2023 (246,654 )
Cost 1,012,918
1,496,978

The investment properties were revalued by the directors on 28 February 2023.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 19,781 1,400
Other debtors 3,816 80,975
23,597 82,375

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 892 35,386
Taxation and social security 59,729 189,234
Other creditors 15,913 3,267
76,534 227,887