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COMPANY REGISTRATION NUMBER: 08790707
MAGNIFICENT BUILDINGS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
24 November 2023
MAGNIFICENT BUILDINGS LIMITED
FINANCIAL STATEMENTS
PERIOD FROM 28 NOVEMBER 2022 TO 24 NOVEMBER 2023
CONTENTS
PAGES
Officers and professional advisers
1
Balance sheet
2 to 3
Notes to the financial statements
4 to 7
MAGNIFICENT BUILDINGS LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
DIRECTOR
H Bondi
COMPANY SECRETARY
Y Bondi
REGISTERED OFFICE
New Burlington House
1075 Finchley Road
London
NW11 0PU
MAGNIFICENT BUILDINGS LIMITED
BALANCE SHEET
24 November 2023
24 Nov 23
27 Nov 22
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
5,022,536
5,022,572
CURRENT ASSETS
Debtors
6
568,970
568,035
Cash at bank and in hand
39,357
62,907
----------
----------
608,327
630,942
CREDITORS: amounts falling due within one year
7
( 885,710)
( 836,586)
----------
----------
NET CURRENT LIABILITIES
( 277,383)
( 205,644)
-------------
-------------
TOTAL ASSETS LESS CURRENT LIABILITIES
4,745,153
4,816,928
CREDITORS: amounts falling due after more than one year
8
( 3,655,999)
( 3,724,786)
PROVISIONS
Taxation including deferred tax
9
( 256,000)
( 256,000)
-------------
-------------
NET ASSETS
833,154
836,142
-------------
-------------
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
833,054
836,042
----------
----------
SHAREHOLDERS FUNDS
833,154
836,142
----------
----------
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 profit and loss account has not been delivered.
For the period ending 24 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 financial statements for the period in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
MAGNIFICENT BUILDINGS LIMITED
BALANCE SHEET (continued)
24 November 2023
These financial statements were approved by the board of directors and authorised for issue on 10 February 2025 , and are signed on behalf of the board by:
H Bondi
Director
Company registration number: 08790707
MAGNIFICENT BUILDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
PERIOD FROM 28 NOVEMBER 2022 TO 24 NOVEMBER 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is New Burlington House, 1075 Finchley Road, London, NW11 0PU.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
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
Notwithstanding the deficiency in net current assets, the director has concluded that it is appropriate for the financial statements to be prepared in accordance with the accounting principles appropriate to a going concern, as the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future based on the ongoing support from bank loan finance, the company's principal creditor.
Judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The directors do not consider there are any critical judgements or sources of estimation uncertainty requiring disclosure beyond the accounting policies listed below.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Acquisitions and disposals of properties
Acquisitions and disposals are considered to have taken place at the date of legal completion and are included in the financial statements accordingly.
Investment property
Investment properties are properties which are held either to earn rental income or for capital appreciation or for both. Investment properties are recognised initially at cost. Subsequent to initial recognition - Investment properties are held at fair value. Any gains or losses arising from changes in the fair value are recognised in the profit and loss account in the period that they arise; and - No depreciation is provided in respect of investment properties applying the fair value model. Investment property fair value is determined by the directors based on their understanding of property market conditions and the specific property concerned, using a sales valuation approach, derived from recent comparable transactions on the market, adjusted by applying discounts to reflect status of occupation and condition. Fixed Assets All fixed assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
20% straight line
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. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the period amounted to nil (2022: nil).
5. TANGIBLE ASSETS
Investment property
Fixtures and fittings
Total
£
£
£
Cost or valuation
At 28 November 2022
5,022,500
20,779
5,043,279
Additions
2,889
2,889
Disposals
( 20,596)
( 20,596)
Revaluations
( 2,889)
( 2,889)
-------------
---------
-------------
At 24 November 2023
5,022,500
183
5,022,683
-------------
---------
-------------
Depreciation
At 28 November 2022
20,707
20,707
Charge for the period
36
36
Disposals
( 20,596)
( 20,596)
-------------
---------
-------------
At 24 November 2023
147
147
-------------
---------
-------------
Carrying amount
At 24 November 2023
5,022,500
36
5,022,536
-------------
---------
-------------
At 27 November 2022
5,022,500
72
5,022,572
-------------
---------
-------------
The historical cost of the investment properties is £3,834,925 (2022: £3,832,036).
6. DEBTORS
24 Nov 23
27 Nov 22
£
£
Trade debtors
7,487
Amounts owed by a company with a participating interest in the company
43,487
43,487
Other debtors
525,483
517,061
----------
----------
568,970
568,035
----------
----------
Other debtors include amounts aggregating £383,912 (2022: £468,429) due from companies with directors in common with this company.
7. CREDITORS: amounts falling due within one year
24 Nov 23
27 Nov 22
£
£
Bank loans and overdrafts
39,207
55,435
Trade creditors
33,666
32,888
Other creditors
812,837
748,263
----------
----------
885,710
836,586
----------
----------
Bank loans and overdrafts include amounts aggregating £34,155 (2022: £50,435) which are secured over certain of the company's investment properties. The director has provided a personal guarantee of £300,000 against this debt.
8. CREDITORS: amounts falling due after more than one year
24 Nov 23
27 Nov 22
£
£
Bank loans and overdrafts
2,159,097
2,213,884
Other creditors
1,496,902
1,510,902
-------------
-------------
3,655,999
3,724,786
-------------
-------------
Included within creditors: amounts falling due after more than one year is an amount of £262,336 (2022: £295,040) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
Creditors falling due for payment after more than five years comprise £255,171 which bears interest at 6.32% per annum and is repayable in December 2035 and £7,165 which bears interest at 2.55 per annum and is repayable in May 2030.
Bank loans and overdrafts include amounts aggregating £2,131,314 (2022: £2,180,997) which are secured over certain of the company's investment properties. The director has provided a personal guarantee of £300,000 against this debt. Other creditors are due to a company with a director in common with this company. The loan bears interest at a rate of 3.75% per annum and is repayable by March 2025.
9. PROVISIONS
Deferred tax
£
At 28 November 2022 and 24 November 2023
256,000
----------
The provision for deferred tax is in relation to the revaluation of investment properties.