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Registered number: 10178713














MAGEN DEVELOPMENTS LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED  31 MAY 2024

 
MAGEN DEVELOPMENTS LIMITED
 

CONTENTS



Page
Statement of Financial Position
 
1 - 2
Notes to the Financial Statements
 
3 - 6


 
MAGEN DEVELOPMENTS LIMITED
REGISTERED NUMBER:10178713

STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 4 
18
18

Current assets
  

Debtors: amounts falling due within one year
 5 
233,649
230,982

Cash at bank and in hand
  
319
977

  
233,968
231,959

Current liabilities
  

Creditors: amounts falling due within one year
 6 
(159,818)
(147,989)

Net current assets
  
 
 
74,150
 
 
83,970

Total assets less current liabilities
  
74,168
83,988

Creditors: amounts falling due after more than one year
 7 
(38,280)
(43,905)

  

Net assets
  
35,888
40,083


Capital and reserves
  

Called up share capital 
 9 
1,000
1,000

Profit and loss account
  
34,888
39,083

  
35,888
40,083


Page 1

 
MAGEN DEVELOPMENTS LIMITED
REGISTERED NUMBER:10178713
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MAY 2024

The Director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The Director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 12 February 2025.


R Fadlun
Director

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
MAGEN DEVELOPMENTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

Magen Developments Limited is a Company registered in England and Wales. The registered office address is at 20 Coxon Street, Spondon, Derby, DE21 7JG.
The principal activity of the Company continued to be that of a holding company.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.3

Basic financial instruments


The Company only enters into transactions that result in basic financial instruments such as trade and other debtors, trade and other creditors, cash at bank and in hand, loans to/from related parties.
Trade debtors, other debtors and loans to related parties are recognised initially at the transaction price less attributable transaction costs. Trade creditors, other creditors and loans from related parties are recognised initially at transaction price plus attributable transaction costs. Subsequently they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade and other debtors, and loans to related parties.
Interest bearing borrowings, such bank loans, classified as basic financial instruments are recognised initially at the present value of future payments discounted at a market rate of interest. Thereafter they are stated at amortised cost using the effective interest method.
Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
MAGEN DEVELOPMENTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.



3.


Employees




The average monthly number of employees, including directors, during the year was 1 (2023 - 1).


4.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 June 2023
18



At 31 May 2024
18





5.


Debtors

2024
2023
£
£


Other debtors
233,649
230,982


Page 4

 
MAGEN DEVELOPMENTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
6,863
5,589

Trade creditors
2,100
-

Other creditors
149,355
140,300

Accruals and deferred income
1,500
2,100

159,818
147,989



7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
38,280
43,905



8.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
6,863
5,589

Amounts falling due 1-2 years

Bank loans
7,036
6,863

Amounts falling due 2-5 years

Bank loans
22,184
21,636

Amounts falling due after more than 5 years

Bank loans
9,060
15,406

45,143
49,494


Page 5

 
MAGEN DEVELOPMENTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



257 (2023 - 257) A Ordinary shares of £1 each
257
257
245 (2023 - 245) B Ordinary shares of £1 each
245
245
166 (2023 - 166) C Ordinary shares of £1 each
166
166
166 (2023 - 166) D Ordinary shares of £1 each
166
166
41 (2023 - 41) E Ordinary shares of £1 each
41
41
125 (2023 - 125) F Ordinary shares of £1 each
125
125

1,000

1,000

Ordinary shares rank pari passu for voting and participation.


 
Page 6