| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| FOR |
| MAGARLO RESIDENTIAL PORTFOLIO II LTD |
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| FOR |
| MAGARLO RESIDENTIAL PORTFOLIO II LTD |
| MAGARLO RESIDENTIAL PORTFOLIO II LTD (REGISTERED NUMBER: 12046376) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the Year Ended 30 June 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| MAGARLO RESIDENTIAL PORTFOLIO II LTD |
| COMPANY INFORMATION |
| for the Year Ended 30 June 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Beckside Court |
| Annie Reed Road |
| Beverley |
| East Yorkshire |
| HU17 0LF |
| MAGARLO RESIDENTIAL PORTFOLIO II LTD (REGISTERED NUMBER: 12046376) |
| BALANCE SHEET |
| 30 June 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Investment property | 4 |
| CREDITORS |
| Amounts falling due within one year | 5 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 6 | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their 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. |
| MAGARLO RESIDENTIAL PORTFOLIO II LTD (REGISTERED NUMBER: 12046376) |
| BALANCE SHEET - continued |
| 30 June 2024 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| MAGARLO RESIDENTIAL PORTFOLIO II LTD (REGISTERED NUMBER: 12046376) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the Year Ended 30 June 2024 |
| 1. | STATUTORY INFORMATION |
| Magarlo Residential Portfolio II Ltd is a private company limited by shares, incorporated and domiciled in England. It has its registered office at Beckside Court, Annie Reed Road, Beverley, HU17 0LF and principal place of business at The Old Hall, Market Place, Hornsea, HU18 1AW. |
| The principal activity of the company is the management of investment properties, including leasing and selling. |
| The presentational currency of the financial statements is Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Having regard to liquidity risk, current market conditions and other factors affecting the company, the use of the going concern basis of accounting is appropriate as, in the opinion of the directors, there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern. |
| 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 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 |
| MAGARLO RESIDENTIAL PORTFOLIO II LTD (REGISTERED NUMBER: 12046376) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 30 June 2024 |
| 4. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 July 2023 |
| and 30 June 2024 |
| NET BOOK VALUE |
| At 30 June 2024 |
| At 30 June 2023 |
| Fair value at 30 June 2024 is represented by: |
| £ |
| Valuation in 2022 | 494,607 |
| If the investment property had not been revalued it would have been included at the following historical cost: |
| 2024 | 2023 |
| £ | £ |
| Cost | 442,684 | 442,684 |
| The investment property was valued on an open market basis on 30 June 2022 by its director C G Byrd . |
| 5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Amounts owed to associates | 25,480 | 10,484 |
| Taxation and social security |
| Other creditors |
| 6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans |
| Other creditors |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans more 5 yr by instal | 299,247 | 299,247 |
| MAGARLO RESIDENTIAL PORTFOLIO II LTD (REGISTERED NUMBER: 12046376) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 30 June 2024 |
| 7. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2024 | 2023 |
| £ | £ |
| Mortgage loan | 299,247 | 299,247 |
| The mortgage funding is secured against the respective properties to which the loans relate. |
| 8. | RELATED PARTY DISCLOSURES |
| At the balance sheet date the company owed its directors £124,568 (2023: £124,568). The loan is free from interest and repayable on demand. |
| At the balance date the company owed to a related party, Byrd Homes Ltd (company number 10670454) with whom a director is shared, £25,480 (2023: £10,484). |