Registration number:
for the Year Ended
Magellan Properties Limited
Contents
Balance Sheet |
|
Notes to the Unaudited Financial Statements |
Magellan Properties Limited
(Registration number: 12330814)
Balance Sheet as at 30 November 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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- |
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Investment property |
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|
|
|
|
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Current assets |
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Debtors |
|
|
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Other financial assets |
1,280,155 |
1,447,590 |
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Cash at bank and in hand |
|
|
|
|
|
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets/(liabilities) |
|
( |
|
Capital and reserves |
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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:
• |
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• |
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
......................................... |
Magellan Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
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
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
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.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Magellan Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023
Tangible assets |
Fixtures and fittings |
Total |
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Cost or valuation |
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Additions |
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At 30 November 2023 |
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Depreciation |
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Charge for the year |
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At 30 November 2023 |
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Carrying amount |
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At 30 November 2023 |
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Magellan Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023
Investment properties |
2023 |
|
At 1 December |
|
Additions |
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Fair value adjustments |
( |
At 30 November |
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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.
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 |
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At 30 November 2023 |
|
1,280,155 |
Debtors |
Current |
2023 |
2022 |
Other debtors |
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|
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Magellan Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023
Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
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Due within one year |
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Trade creditors |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
Non-current loans and borrowings
2023 |
2022 |
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Bank borrowings |
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Other borrowings |
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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.