REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH APRIL 2024 |
FOR |
FOREIGNMAGIC LIMITED |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 11 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 were approved by the director and authorised for issue on |
FOREIGNMAGIC LIMITED (REGISTERED NUMBER: 03757409) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 30TH APRIL 2024 |
1. | STATUTORY INFORMATION |
Foreignmagic Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Fixtures and fittings | - |
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 |
AMORTISATION |
At 1st May 2023 |
and 30th April 2024 |
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 |
DEPRECIATION |
At 1st May 2023 |
and 30th April 2024 |
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 |
NET BOOK VALUE |
At 30th April 2024 |
At 30th April 2023 |
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 |
Amounts owed by associates |
Other debtors |
Amounts falling due after more than one year: |
Amounts owed by associates |
Aggregate amounts |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.24 | 30.4.23 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to associates | 16,598 | 16,598 |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.4.24 | 30.4.23 |
£ | £ |
Bank loans |
Amounts owed to associates | 496,812 | 408,788 |
Other creditors |
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 |
11. | RESERVES |
Fair |
value |
reserve |
£ |
At 1st May 2023 |
Unrealised surplus on revaluation of properties |
(683 |
) |
At 30th April 2024 |
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. |