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COMPANY REGISTRATION NUMBER: 13176988
Magdalen Ventures Limited
Filleted Unaudited Financial Statements
29 February 2024
Magdalen Ventures Limited
Financial Statements
Year ended 29 February 2024
Contents
Pages
Statement of financial position
1
Notes to the financial statements
2 to 3
Magdalen Ventures Limited
Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
Fixed assets
Investments
4
450,000
450,000
Current assets
Cash at bank and in hand
2
2
Creditors: amounts falling due within one year
5
( 467,605)
( 450,000)
---------
---------
Net current liabilities
( 467,603)
( 449,998)
---------
---------
Total assets less current liabilities
( 17,603)
2
--------
----
Capital and reserves
Called up share capital
6
2
2
Profit and loss account
( 17,605)
--------
----
Shareholders (deficit)/funds
( 17,603)
2
--------
----
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 29 February 2024 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 22 November 2024 , and are signed on behalf of the board by:
Mr J M Langmead
Director
Company registration number: 13176988
Magdalen Ventures Limited
Notes to the Financial Statements
Year ended 29 February 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Ty Melin, Wolfscastle, Haverfordwest, Pembrokeshire, SA62 5NJ.
2. Statement of compliance
These financial statements have been prepared in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.
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.
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Investments
Shares in participating interests
£
Cost
At 1 March 2023 and 29 February 2024
450,000
---------
Impairment
At 1 March 2023 and 29 February 2024
---------
Carrying amount
At 29 February 2024
450,000
---------
At 28 February 2023
450,000
---------
5. Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
467,605
450,000
---------
---------
6. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
2
2
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----
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