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REGISTERED NUMBER: 07604273 (England and Wales)










Unaudited Financial Statements

for the Year Ended 31 March 2024

for

MAGPIE PROPERTIES LTD

MAGPIE PROPERTIES LTD (REGISTERED NUMBER: 07604273)






Contents of the Financial Statements
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MAGPIE PROPERTIES LTD

Company Information
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTOR: Mrs M Solomou





REGISTERED OFFICE: 13 Goodwin Street
London
N4 3HQ





REGISTERED NUMBER: 07604273 (England and Wales)





ACCOUNTANTS: AGK Partners
Chartered Accountants
1 Kings Avenue
London
N21 3NA

MAGPIE PROPERTIES LTD (REGISTERED NUMBER: 07604273)

Balance Sheet
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 950 1,187
Investment property 5 2,598,174 1,059,241
2,599,124 1,060,428

CURRENT ASSETS
Debtors 6 38,684 -
Cash at bank 35,443 19,443
74,127 19,443
CREDITORS
Amounts falling due within one year 7 585,914 622,723
NET CURRENT LIABILITIES (511,787 ) (603,280 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,087,337

457,148

CREDITORS
Amounts falling due after more than one year 8 (1,671,152 ) (8,710 )

PROVISIONS FOR LIABILITIES (58,404 ) (58,404 )
NET ASSETS 357,781 390,034

CAPITAL AND RESERVES
Called up share capital 1 1
Fair value reserve 10 248,988 248,988
Retained earnings 108,792 141,045
SHAREHOLDERS' FUNDS 357,781 390,034

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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.

MAGPIE PROPERTIES LTD (REGISTERED NUMBER: 07604273)

Balance Sheet - continued
31 MARCH 2024


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 director and authorised for issue on 27 March 2025 and were signed by:





Mrs M Solomou - Director


MAGPIE PROPERTIES LTD (REGISTERED NUMBER: 07604273)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Magpie Properties Ltd 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.

Significant judgements and estimates
In the application of the company's accounting policies, the director is required to make Judgements ,estimates and assumptions about the carrying amount 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 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 where the revision affects only that period or in the period of the revision and future periods where the revision affects both current and future periods.

There are no significant judgements or estimates involved in the preparation of the financial statements.

Revenue
Revenue represents the value of rental income chargeable in respect of the company's investment property.
Revenue is recognised evenly over the period of the rental agreement.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the assets capable of operating as intended.

The carrying value of tangible assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

Plant and machinery - 20% on reducing balance

The company has adopted the policy of not depreciating the assets in the first year, however full depreciation is provided in the year of disposal.

Investment property
Investment property, which is property held to earn rentals, 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 date. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Deferred tax is provided on these gains at the rate expected to apply if the property is sold at the balance sheet date.

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.

Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.

MAGPIE PROPERTIES LTD (REGISTERED NUMBER: 07604273)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 1 (2023 - 1 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
£   
COST
At 1 April 2023
and 31 March 2024 4,654
DEPRECIATION
At 1 April 2023 3,467
Charge for year 237
At 31 March 2024 3,704
NET BOOK VALUE
At 31 March 2024 950
At 31 March 2023 1,187

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 1,059,241
Additions 1,538,933
At 31 March 2024 2,598,174
NET BOOK VALUE
At 31 March 2024 2,598,174
At 31 March 2023 1,059,241

MAGPIE PROPERTIES LTD (REGISTERED NUMBER: 07604273)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024

5. INVESTMENT PROPERTY - continued

The director considers the property is valued at open market value as at the balance sheet date.

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2015 124,687
Valuation in 2017 182,705
Cost 2,290,782
2,598,174

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 38,684 -

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 3,370 333,693
Taxation and social security - 14,439
Other creditors 582,544 274,591
585,914 622,723

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 1,671,152 8,710

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 1,665,469 -

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 1,674,522 342,403

The bank loans are secured by way of a fixed and floating charge over the assets of the company.

The director and her husband have also given a joint guarantee in favour of the bank.

10. RESERVES
Fair
value
reserve
£   
At 1 April 2023
and 31 March 2024 248,988

MAGPIE PROPERTIES LTD (REGISTERED NUMBER: 07604273)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024

11. RELATED PARTY DISCLOSURES

Included in creditors, amounts falling due within one year is an amount of £568,103 (2023: £262,722) owed to the director. This loan is interest free.