Registration number: NI680071

MagMel (Ballymena) Limited

(Registration number: NI680071)
Balance Sheet as at 31 March 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	26,593	-
Investment property	5	39,292,945	35,112,515
		39,319,538	35,112,515
Current assets
Debtors	6	807,066	952,118
Cash at bank and in hand		1,335,515	2,427,052
		2,142,581	3,379,170
Creditors: Amounts falling due within one year	7	(2,274,461)	(1,749,390)
Net current (liabilities)/assets		(131,880)	1,629,780
Total assets less current liabilities		39,187,658	36,742,295
Creditors: Amounts falling due after more than one year	7	(36,053,794)	(35,152,176)
Net assets		3,133,864	1,590,119
Capital and reserves
Called up share capital	8	690,000	690,000
Retained earnings		2,443,864	900,119
Shareholders' funds		3,133,864	1,590,119

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.

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.

MagMel (Ballymena) Limited

(Registration number: NI680071)
Balance Sheet as at 31 March 2025

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

......................................... Mr Paul Furlong Director

MagMel (Ballymena) 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.

Going concern

Revenue recognition

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

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.

MagMel (Ballymena) 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:

Investment property

Investment properties are initially measured at cost. Cost comprises the purchase price and any directly attributable expenditure including fees, taxes and other transaction costs. Investment properties are measured at fair value at each reporting date with any changes in fair value recognised in the profit and loss account.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2024 - 4).

MagMel (Ballymena) Limited

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

4	Tangible assets

	Other tangible assets £	Total £
Cost or valuation
Additions	33,241	33,241
At 31 March 2025	33,241	33,241
Depreciation
Charge for the year	6,648	6,648
At 31 March 2025	6,648	6,648
Carrying amount
At 31 March 2025	26,593	26,593

5	Investment properties

	2025 £
At 1 April	35,112,515
Additions	4,180,430
At 31 March	39,292,945

Investment properties have not been valued by an independent valuer at the period end, however the directors are of the opinion that the carrying value is representative of the market value.

MagMel (Ballymena) Limited

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

6

Debtors

Current	2025 £	2024 £
Trade debtors	173,216	198,443
Other debtors	633,850	753,675
	807,066	952,118

7

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Due within one year
Loans and borrowings	9	340,000	340,000
Trade creditors		1,082,030	201,329
Taxation and social security		-	130,821
Accruals and deferred income		306,934	323,565
Other creditors		545,497	753,675
		2,274,461	1,749,390

8	Share capital

Allotted, called up and fully paid shares

	2025		2024
	No.	£	No.	£
£1 Ordinary shares of £1 each	690,000	690,000	690,000	690,000

MagMel (Ballymena) Limited

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

9	Loans and borrowings

Non-current loans and borrowings

	2025 £	2024 £
Bank borrowings	7,735,000	8,075,000

Current loans and borrowings

	2025 £	2024 £
Bank borrowings	340,000	340,000

10	Related party transactions

Included in creditors due after one year is an amount of £14,159,397 (2024: £13,538,588) due to Magell Limited, a company which owns 50% of the shares of Magmel ( Ballymena) Limited. Mr Ryan Walker is a director in both of these companies.

Also included in creditors due after one year is an amount of £14,159,397 (2024: £13,538,588) due to Arc Cinema Limited, a company which owns 50% of the shares of Magmel ( Ballymena) Limited. Mr Paul Furlong and Mr Brian Gilligan are directors in both of these companies.