Company registration number 14193314 (England and Wales)
MUGGLE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
MUGGLE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
MUGGLE LIMITED
BALANCE SHEET
AS AT
31 MAY 2024
31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
4,250,000
-
0
Current assets
Debtors
4
25,747
100
Cash at bank and in hand
303,672
-
0
329,419
100
Creditors: amounts falling due within one year
5
(37,624)
-
0
Net current assets
291,795
100
Total assets less current liabilities
4,541,795
100
Provisions for liabilities
(73,403)
-
0
Net assets
4,468,392
100
Capital and reserves
Called up share capital
6
4,253,066
100
Profit and loss reserves
215,326
-
0
Total equity
4,468,392
100

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved and signed by the director and authorised for issue on 25 February 2025
Mr I J Faccenda
Director
Company registration number 14193314 (England and Wales)
MUGGLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 2 -
1
Accounting policies
Company information

Muggle Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Willow Road, Brackley, Northants, NN13 7EX.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.3
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

MUGGLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 3 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
1
1
3
Investment property
2024
£
Fair value
At 1 June 2023
-
0
Additions
3,950,000
Revaluations
300,000
At 31 May 2024
4,250,000

The fair value of the investment property has been arrived at on the basis of a valuation carried by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
-
0
100
Other debtors
25,747
-
0
25,747
100
MUGGLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 4 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
32,624
-
0
Other creditors
5,000
-
0
37,624
-
0
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
4,253,066
100
4,253,066
100

During the year, a reorganisation of group companies was undertaken for Faccenda Holdings Limited and its subsidiaries. Faccenda Holdings Limited subscribed for an additional £4,252,966 in share capital.

7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Martin Anson
Statutory Auditor:
Whitley Stimpson Limited
Date of audit report:
25 February 2025
8
Related party transactions

In accordance with section 33.1A of FRS 102 disclosure is not given in these financial statements of transactions entered into between two or more members of the group, provided that any subsidiary which is party to the transaction is wholly owned by such a member.

 

During the year the company rented a property to Ian Faccenda at a below market rate rent charge. No amounts are outstanding.

9
Parent company

Throughout the current period, Faccenda Holdings Limited has been the company's immediate parent undertaking and ultimate parent undertaking. Faccenda Holdings Limited is incorporated and registered in England and Wales.

Copies of the consolidated financial statements of Faccenda Holdings Limited are available from the registered office at Willow Road, Brackley, Northants, NN13 7EX.

 

The ultimate controlling party is Payne Hicks Beach Trust Corporation Limited, a company acting as a corporate trustee for a number of trusts that own shares in Faccenda Holdings Limited.

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