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REGISTERED NUMBER: 11811523 (England and Wales)















AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

MAGYAR PROPERTIES LIMITED

MAGYAR PROPERTIES LIMITED (REGISTERED NUMBER: 11811523)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


MAGYAR PROPERTIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: P R Howard
S R Howard





REGISTERED OFFICE: Showell Road
Wolverhampton
West Midlands
WV10 9JY





REGISTERED NUMBER: 11811523 (England and Wales)





AUDITORS: Crombies Accountants Limited
Chartered Accountants and Statutory Auditor
34 Waterloo Road
Wolverhampton
West Midlands
WV1 4DG

MAGYAR PROPERTIES LIMITED (REGISTERED NUMBER: 11811523)

STATEMENT OF FINANCIAL POSITION
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 4,884,951 1,520,949
Investment property 5 3,433,397 1,667,213
8,318,348 3,188,162

CURRENT ASSETS
Debtors 6 436,470 283,602
Prepayments and accrued income 49,294 24,353
Cash at bank and in hand 9,064 31,478
494,828 339,433
CREDITORS
Amounts falling due within one year 7 8,719,938 3,258,372
NET CURRENT LIABILITIES (8,225,110 ) (2,918,939 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

93,238

269,223

PROVISIONS FOR LIABILITIES 178,135 -
NET (LIABILITIES)/ASSETS (84,897 ) 269,223

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 9 578,686 578,686
Fair value reserve 9 133,852 -
Retained earnings (797,535 ) (309,563 )
SHAREHOLDERS' FUNDS (84,897 ) 269,223

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 Board of Directors and authorised for issue on 24 March 2025 and were signed on its behalf by:





P R Howard - Director


MAGYAR PROPERTIES LIMITED (REGISTERED NUMBER: 11811523)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1. STATUTORY INFORMATION

Magyar Properties 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 10% on reducing balance
Fixtures and fittings - 10% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

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

MAGYAR PROPERTIES LIMITED (REGISTERED NUMBER: 11811523)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings Totals
£    £    £    £   
COST OR VALUATION
At 1 July 2023 1,538,388 16,764 15,166 1,570,318
Additions 3,368,780 - - 3,368,780
At 30 June 2024 4,907,168 16,764 15,166 4,939,098
DEPRECIATION
At 1 July 2023 38,388 5,765 5,216 49,369
Charge for year 2,683 1,100 995 4,778
At 30 June 2024 41,071 6,865 6,211 54,147
NET BOOK VALUE
At 30 June 2024 4,866,097 9,899 8,955 4,884,951
At 30 June 2023 1,500,000 10,999 9,950 1,520,949

The valuation which took effect from 2023 was undertaken on 20th December 2023 based on an open market value by John Emms Commercial a RICS Registered valuer.

In their valuation it was assumed that the property is freehold with vacant possession and valid planning permission exists for the current use of the property, and there are no onerous restriction imposed.

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 July 2023 1,667,213
Additions 1,632,332
Revaluations 133,852
At 30 June 2024 3,433,397
NET BOOK VALUE
At 30 June 2024 3,433,397
At 30 June 2023 1,667,213

Fair value at 30 June 2024 is represented by:
£   
Valuation in 2024 133,852
Cost 3,299,545
3,433,397

The valuation which took effect from 2024 was undertaken on 16th July 2024 based on an open market value by Marwood Surveyors Limited a RICS Registered valuer.

MAGYAR PROPERTIES LIMITED (REGISTERED NUMBER: 11811523)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by group undertakings 436,470 242,969
Other debtors - 40,633
436,470 283,602

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 41,511 37,571
Amounts owed to group undertakings 8,604,177 3,057,402
Taxation and social security 71,750 475
Other creditors 2,500 162,924
8,719,938 3,258,372

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Other loans - 160,424

The loan is secured over the freehold property included on the statement of financial position.

9. RESERVES
Fair
Revaluation value
reserve reserve Totals
£    £    £   
At 1 July 2023 578,686 - 578,686
Revaluation - 133,852 133,852

At 30 June 2024 578,686 133,852 712,538

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mark Fletcher BSc ACA (Senior Statutory Auditor)
for and on behalf of Crombies Accountants Limited

11. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is P R Howard.

12. CONSOLIDATION

The parent company which draws up the consolidated accounts is Hoship Group (Holdings) Limited. Their registered office address is C/O Howard Shipping Services Limited, Showell Road, Wolverhampton, United Kingdom WV10 9JY.