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REGISTERED NUMBER: 03757409 (England and Wales)
















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH APRIL 2024

FOR

FOREIGNMAGIC LIMITED

FOREIGNMAGIC LIMITED (REGISTERED NUMBER: 03757409)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 30TH APRIL 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


FOREIGNMAGIC LIMITED

COMPANY INFORMATION
for the Year Ended 30TH APRIL 2024







DIRECTOR: M D E Bayntun





REGISTERED OFFICE: The Dover Castle
6A Great Dover Street
London
SE1 4XW





REGISTERED NUMBER: 03757409 (England and Wales)





ACCOUNTANTS: Underwood Barron Associates Limited
13 Hursley Road
Chandlers Ford
Eastleigh
Hampshire
SO53 2FW

FOREIGNMAGIC LIMITED (REGISTERED NUMBER: 03757409)

BALANCE SHEET
30TH APRIL 2024

30.4.24 30.4.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 - -
Investment property 6 3,970,000 3,970,000
3,970,000 3,970,000

CURRENT ASSETS
Debtors 7 39,749 40,514
Cash at bank 10,118 631
49,867 41,145
CREDITORS
Amounts falling due within one year 8 86,342 133,620
NET CURRENT LIABILITIES (36,475 ) (92,475 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,933,525

3,877,525

CREDITORS
Amounts falling due after more than one
year

9

(541,782

)

(490,523

)

PROVISIONS FOR LIABILITIES (518,573 ) (517,889 )
NET ASSETS 2,873,170 2,869,113

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 11 2,125,926 2,126,609
Retained earnings 747,144 742,404
SHAREHOLDERS' FUNDS 2,873,170 2,869,113

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th April 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.

FOREIGNMAGIC LIMITED (REGISTERED NUMBER: 03757409)

BALANCE SHEET - continued
30TH APRIL 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 director and authorised for issue on 28th January 2025 and were signed by:





M D E Bayntun - Director


FOREIGNMAGIC LIMITED (REGISTERED NUMBER: 03757409)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 30TH APRIL 2024

1. STATUTORY INFORMATION

Foreignmagic 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.

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.

A public liability claim has been made against the company. This exceeds the value of the company's insurance but is still in the process of negotiation.The claimant's solicitors have intimated that they do not wish to prejudice the claim by forcing the liquidation of the company but would prefer it to continue to trade to achieve an acceptable settlement. Whilst the claim remains unsettled there is uncertainty as to its effect on the financial standing of the company. However legal representatives of both the company and the claimant have worked together and have obtained court approval for a viable multi year interim settlement. Hence the director believes that it is appropriate for the company to continue to prepare its financial statements on a going concern basis.

Turnover
Turnover represents rents received from investment properties, excluding value added tax.

Goodwill
Goodwill, being amounts paid in connection with the acquisition of businesses in previous years, is fully amortised.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on cost and 20% on cost

No depreciation is provided on freehold property, however impairment reviews are carried out annually.

Investment property
Freehold investment properties are revalued annually and any surplus or deficit is dealt with through profit and loss. No depreciation is provided in respect of investment properties.

3. EMPLOYEES AND DIRECTORS

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

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st May 2023
and 30th April 2024 50,000
AMORTISATION
At 1st May 2023
and 30th April 2024 50,000
NET BOOK VALUE
At 30th April 2024 -
At 30th April 2023 -

FOREIGNMAGIC LIMITED (REGISTERED NUMBER: 03757409)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30TH APRIL 2024

5. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1st May 2023
and 30th April 2024 113,790
DEPRECIATION
At 1st May 2023
and 30th April 2024 113,790
NET BOOK VALUE
At 30th April 2024 -
At 30th April 2023 -

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st May 2023
and 30th April 2024 3,970,000
NET BOOK VALUE
At 30th April 2024 3,970,000
At 30th April 2023 3,970,000

Fair value at 30th April 2024 is represented by:
£   
Valuation in 2013 974,499
Valuation in 2014 227,000
Valuation in 2015 530,000
Valuation in 2016 220,000
Valuation in 2018 419,000
Valuation in 2020 94,000
Valuation in 2021 110,000
Valuation in 2022 70,000
Cost 1,325,501
3,970,000

If the investment properties had not been revalued they would have been included at the following historical cost:

30.4.24 30.4.23
£    £   
Cost 1,325,501 1,325,501
Aggregate depreciation (556,477 ) (529,967 )

Investment property was valued on an open market basis on 30th April 2024 by the director .

FOREIGNMAGIC LIMITED (REGISTERED NUMBER: 03757409)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30TH APRIL 2024

7. DEBTORS
30.4.24 30.4.23
£    £   
Amounts falling due within one year:
Trade debtors 14,397 14,397
Amounts owed by associates 352 352
Other debtors - 765
14,749 15,514

Amounts falling due after more than one year:
Amounts owed by associates 25,000 25,000

Aggregate amounts 39,749 40,514

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Bank loans and overdrafts 30,116 90,654
Trade creditors - 1,170
Amounts owed to associates 16,598 16,598
Taxation and social security 14,749 14,279
Other creditors 24,879 10,919
86,342 133,620

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.4.24 30.4.23
£    £   
Bank loans 16,039 48,734
Amounts owed to associates 496,812 408,788
Other creditors 28,931 33,001
541,782 490,523

Amounts falling due in more than five years:

Repayable by instalments
Other loans more 5yrs instal 8,450 10,021

10. SECURED DEBTS

The following secured debts are included within creditors:

30.4.24 30.4.23
£    £   
Bank loans 46,155 139,388

11. RESERVES
Fair
value
reserve
£   
At 1st May 2023 2,126,609
Unrealised surplus on revaluation of
properties

(683

)


At 30th April 2024 2,125,926

FOREIGNMAGIC LIMITED (REGISTERED NUMBER: 03757409)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30TH APRIL 2024

12. CONTINGENT LIABILITIES

A public liability claim has been made against the company. This exceeds the value of the company's insurance but is still in the process of negotiation. The claimant's solicitors have intimated that they do not wish to prejudice the claim by forcing the liquidation of the company but would prefer it to continue to trade to achieve an acceptable settlement. Both the company and the claimant both accept this is a long term liability and in the short term a final settlement is unlikely. However legal representatives of both the company and the claimant have worked together and have obtained court approval for a viable multi year interim settlement.

13. ULTIMATE CONTROLLING PARTY

The controlling party is M D E Bayntun.