Registration number: NI666829

Magell (Magheramorne Estate) Limited

(Registration number: NI666829)
Balance Sheet as at 31 March 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	166,920	80,828
Investment property	5	1,576,038	1,576,038
		1,742,958	1,656,866
Current assets
Debtors	6	39,565	52,823
Cash at bank and in hand		41,120	41,284
		80,685	94,107
Creditors: Amounts falling due within one year	7	(94,090)	(76,716)
Net current (liabilities)/assets		(13,405)	17,391
Total assets less current liabilities		1,729,553	1,674,257
Creditors: Amounts falling due after more than one year	7	(1,719,982)	(1,659,982)
Net assets		9,571	14,275
Capital and reserves
Called up share capital		100	100
Retained earnings		9,471	14,175
Shareholders' funds		9,571	14,275

For the financial year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Magell (Magheramorne Estate) Limited

(Registration number: NI666829)
Balance Sheet as at 31 March 2025

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 22 August 2025 and signed on its behalf by:
 

......................................... Mr Ryan Walker Director

Magell (Magheramorne Estate) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

1	General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is: 59 Ballycowan Road, Ballymena, County Antrim, BT42 3DW.

These financial statements were authorised for issue by the Board on 22 August 2025.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover represents rents earned during the accounting period, excluding value added tax and net of irrecoverable debts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Magell (Magheramorne Estate) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	15% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in operating expenses.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2024 - 2).

Magell (Magheramorne Estate) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

4	Tangible assets

	Furniture, fittings and equipment  £	Other tangible assets £	Total £
Cost or valuation
At 1 April 2024	151,198	6,668	157,866
Additions	127,823	-	127,823
At 31 March 2025	279,021	6,668	285,689
Depreciation
At 1 April 2024	73,785	3,253	77,038
Charge for the year	41,049	682	41,731
At 31 March 2025	114,834	3,935	118,769
Carrying amount
At 31 March 2025	164,187	2,733	166,920
At 31 March 2024	77,413	3,415	80,828

5	Investment properties

	2025 £
At 1 April 2023	1,576,038
At 31 March 2024	1,576,038