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Registration number: 12330814

Magellan Properties Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2023

 

Magellan Properties Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Magellan Properties Limited

(Registration number: 12330814)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,260

-

Investment property

5

2,054,829

1,954,830

 

2,056,089

1,954,830

Current assets

 

Debtors

7

47,681

39,902

Other financial assets

6

1,280,155

1,447,590

Cash at bank and in hand

 

137,935

34,148

 

1,465,771

1,521,640

Creditors: Amounts falling due within one year

8

(11,768)

(6,348)

Net current assets

 

1,454,003

1,515,292

Total assets less current liabilities

 

3,510,092

3,470,122

Creditors: Amounts falling due after more than one year

8

(3,441,279)

(3,490,271)

Provisions for liabilities

(62,804)

(5,851)

Net assets/(liabilities)

 

6,009

(26,000)

Capital and reserves

 

Called up share capital

100

100

Investment property revaluation reserve

206,805

355,158

Retained earnings

(200,896)

(381,258)

Shareholders' funds/(deficit)

 

6,009

(26,000)

 

Magellan Properties Limited

(Registration number: 12330814)
Balance Sheet as at 30 November 2023

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 28 November 2024
 

.........................................
D S Goonetillake
Director

 

Magellan Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
33 Hillersdon Avenue
London
SW13 0EG
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The company has the continued support of the director by virtue of a director loan account and the director believes that this support together with future rental income and potential returns on investments should be sufficient for the going concern basis to be adopted.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the purchase and sale of investments. Turnover is shown net of sales returns, rebates and discounts.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises deferred tax.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Magellan Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and Fittings

10 years straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

Magellan Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Tangible assets

Fixtures and fittings
£

Total
£

Cost or valuation

Additions

1,400

1,400

At 30 November 2023

1,400

1,400

Depreciation

Charge for the year

140

140

At 30 November 2023

140

140

Carrying amount

At 30 November 2023

1,260

1,260

 

Magellan Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

5

Investment properties

2023
£

At 1 December

1,954,830

Additions

191,399

Fair value adjustments

(91,400)

At 30 November

2,054,829

The investment property values are based on a valuation by the director on 30 November 2023. There has been no valuation of investment property by an independent valuer.

6

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

At 1 December 2022

1,447,590

1,447,590

Additions

62,855

62,855

Fair value adjustments

207,778

207,778

Disposals

(438,068)

(438,068)

At 30 November 2023

1,280,155

1,280,155

Current financial assets

At 30 November 2023

1,280,155

1,280,155

7

Debtors

Current

2023
£

2022
£

Other debtors

47,681

39,902

 

47,681

39,902

 

Magellan Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

3,288

3,060

Other creditors

8,480

3,288

11,768

6,348

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

3,441,279

3,490,271

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

1,292,814

1,121,810

Other borrowings

2,148,465

2,368,461

3,441,279

3,490,271

10

Related party transactions

Other transactions with the director

During the year D S Goonetillake, director, had a loan with the company. At the balance sheet date the amount due to D S Goonetillake was £2,148,465 (2022: £2,368,460). No interest was charged on these amounts.

 

Magellan Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Summary of transactions with other related parties

A family member had a loan with the company. At the balance sheet date the amount due from that person was £11,000 (2022: £11,000).

At the balance sheet date the company was owed £3,393 (2022: £3,393) by Laurel Capital Hong Kong Limited, a company controlled by the mother of the director.

At the balance sheet date the company was owed £1,000 (2022: £1,000) by Laurel Capital Kingsway LLP, a business controlled by the director.