Magnificent Estates Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 6641580

MAGNIFICENT ESTATES LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

24 July 2025

MAGNIFICENT ESTATES LIMITED

BALANCE SHEET

24 July 2025

	24 Jul 25		25 Jul 24
Note	£	£	£	£

FIXED ASSETS

Tangible assets	5		2,395,862		2,395,862

CURRENT ASSETS

Debtors	6	483,939	459,450
Cash at bank and in hand		17,447	36,700
		----------	----------
		501,386	496,150

CREDITORS: amounts falling due within one year	7	( 331,017)		( 321,571)
		----------		----------
NET CURRENT ASSETS			170,369		174,579
			-------------		-------------
TOTAL ASSETS LESS CURRENT LIABILITIES			2,566,231		2,570,441

CREDITORS: amounts falling due after more than one year	8		( 1,176,193)		( 1,195,992)

PROVISIONS

Taxation including deferred tax	9	( 287,000)	( 287,000)
		-------------	-------------
NET ASSETS		1,103,038	1,087,449
		-------------	-------------

CAPITAL AND RESERVES

Called up share capital	100	100
Profit and loss account	1,102,938	1,087,349
	-------------	-------------
SHAREHOLDERS FUNDS	1,103,038	1,087,449
	-------------	-------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.

For the period ending 24 July 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

MAGNIFICENT ESTATES LIMITED

BALANCE SHEET (continued)

24 July 2025

These financial statements were approved by the board of directors and authorised for issue on 17 July 2026 , and are signed on behalf of the board by:

Mr H Bondi
Director

Company registration number: 6641580

MAGNIFICENT ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

PERIOD FROM 26 JULY 2024 TO 24 JULY 2025

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is New Burlington House, 1075 Finchley Road, London, NW11 0PU.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling (rounded to the nearest pound), which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 considered to be 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The directors do not consider there are any critical judgements or sources of estimation uncertainty requiring disclosure beyond the accounting policies listed below.

Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents rents and charges receivable.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Acquisition and disposals of properties

Acquisitions and disposals are considered to have taken place at the date of legal completion and are included in the financial statements accordingly.

Investment property

Investment properties are properties which are held either to earn rental income or for capital appreciation or for both. Investment properties are recognised initially at cost. Subsequent to initial recognition - Investment properties are held at fair value. Any gains or losses arising from changes in the fair value are recognised in the profit and loss account in the period that they arise; and - No depreciation is provided in respect of investment properties applying the fair value model. Investment property fair value is determined by the directors based on their understanding of property market conditions and the specific properties concerned, using a sales valuation approach, derived from recent comparable transactions on the market, adjusted by applying discounts to reflect status of occupation and condition, whilst having regard to professional valuations where available.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Fixtures and fittings	-	20% straight line

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the period, including directors, amounted to nil (2024: nil).

5. TANGIBLE ASSETS

	Freehold investment property	Fixtures and fittings	Total
	£	£	£
Cost
At 26 July 2024 and 24 July 2025	2,395,862	11,905	2,407,767
	-------------	---------	-------------
Depreciation
At 26 July 2024 and 24 July 2025	–	11,905	11,905
	-------------	---------	-------------
Carrying amount
At 24 July 2025	2,395,862	–	2,395,862
	-------------	---------	-------------
At 25 July 2024	2,395,862	–	2,395,862
	-------------	---------	-------------

The director is of the opinion that the amount stated above represents the open market value of the investment property as at the balance sheet date. The historical cost of the investment property is £1,120,576 (2024: £1,120,576).

6. DEBTORS

	24 Jul 25	25 Jul 24
	£	£
Trade debtors	9,339	7,599
Other debtors	474,600	451,851
	----------	----------
	483,939	459,450
	----------	----------

Included in other debtors are interest free loans aggregating £33,726 due from companies with a common director and an interest bearing loan aggregating £394,160 due from a company with a common director. The loans are repayable on demand.

7. CREDITORS: amounts falling due within one year

	24 Jul 25	25 Jul 24
	£	£
Bank loans and overdrafts	19,800	21,270
Trade creditors	58,099	45,135
Corporation tax	6,272	2,374
Other creditors	246,846	252,792
	----------	----------
	331,017	321,571
	----------	----------

The bank loans are secured on the investment property of the company. An additional guarantee of £240,000 has been given by the director of the company and an unlimited guarantee from a company with a common director. Included in other creditors are amounts of £202,764 (2024: £205,280) due to a company with a director in common with the company. The loan balance bears interest and is repayable on demand.

8. CREDITORS: amounts falling due after more than one year

	24 Jul 25	25 Jul 24
	£	£
Bank loans and overdrafts	1,176,193	1,195,992
	-------------	-------------

The bank loans are secured on the investment property of the company. An additional guarantee of £240,000 has been given by the director of the company and an unlimited guarantee from a company with a common director.

9. PROVISIONS

	Deferred tax
	£
At 26 July 2024 and 24 July 2025	287,000
	----------

The provision for deferred tax is in relation to the revaluation of investment property.