REGISTERED NUMBER: NI640090 (Northern Ireland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

FOR

MAG 1416 LIMITED

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

8

DIRECTORS:

Mr G Breen

Mrs M McKay

Mr A Wilson

REGISTERED OFFICE:

38 - 42 Hill Street

Belfast

Co. Antrim

BT1 2LB

REGISTERED NUMBER:

NI640090 (Northern Ireland)

ACCOUNTANTS:

Baker Tilly Mooney Moore

17 Clarendon Road

Belfast

BT1 3BG

FIXED ASSETS

Tangible assets

4

1,130,260

1,052,952

Investments

5

17,833

17,833

1,148,093

1,070,785

CURRENT ASSETS

Debtors

6

6,948

6,200

Investments

7

44,444

20,465

Cash at bank

13,202

21,039

64,594

47,704

CREDITORS

Amounts falling due within one year

8

593,639

592,202

NET CURRENT LIABILITIES

(529,045

)

(544,498

)

TOTAL ASSETS LESS CURRENT LIABILITIES

619,048

526,287

CREDITORS

Amounts falling due after more than one year

9

(354,004

)

(395,747

)

PROVISIONS FOR LIABILITIES

(22,694

)

(1,692

)

NET ASSETS

242,350

128,848

CAPITAL AND RESERVES

Called up share capital

300

300

Retained earnings

242,050

128,548

SHAREHOLDERS' FUNDS

242,350

128,848

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2025 in accordance with Section 476 of the Companies Act 2006.

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.

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 Board of Directors and authorised for issue on 27 July 2026 and were signed on its behalf by:

Mr G Breen - Director

Mr A Wilson - Director

Mrs M McKay - Director

1.	STATUTORY INFORMATION

MAG 1416 Limited is a private company, limited by shares , registered in Northern Ireland. 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.

Preparation of consolidated financial statements

The financial statements contain information about MAG 1416 Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates

Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience an other factors, including expectations of future events that are believed to be reasonable under the circumstances. The directors have made the following judgements:

- establish whether there are indicators of impairment of the company's tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and the business in general.

Tangible fixed assets

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

Investment Property

-

not provided

Improvements to property

-

25% on reducing balance

Fixtures, fittings & equipment

-

25% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Financial instruments

All financial instruments of the company are considered to meet the definition of basic financial instruments.

- Short term debtors and creditors

Debtors and creditors with no stated interest rate and are receivable or payable on demand are recognised at transaction price, and subject to annual impairment reviews. Any losses arising on impairment are recognised in the profit and loss account.

- Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand.

- Loans and borrowings

All loans and borrowings are initially recorded at the present value of cash payable to the lender in settlement of the liability discounted at the market interest rate. Subsequently loans and borrowings are stated at amortised cost using the effective interest rate method. The computation of amortised cost includes any issue costs, transaction costs and fees, and any discount or premium on settlement, and the effect of this is to amortise these amounts over the expected borrowing period. Loans with no stated interest rate and repayable within one period or on demand are not amortised. Loans and borrowings are classified as current liabilities unless the borrower has an unconditional right to defer settlement of the liability for at least 12 months after the financial period end date.

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.

Investments

Listed investments are recognised at market value. Gains and losses on market value are recognised in the profit and loss account in the year.

Investment properties

Investment properties are valued at fair value as determined by the directors or external valuers, based on rental yield taking into consideration nature, location and condition of the assets.

No depreciation is provided on investment property. Changes in fair value will be recognised in the profit and loss account.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2024 - NIL).

4.	TANGIBLE FIXED ASSETS

Plant and

Investment

machinery

property

etc

Totals

£

£

£

COST OR VALUATION

At 1 November 2024

1,045,940

12,638

1,058,578

Revaluations

79,060

-

79,060

At 31 October 2025

1,125,000

12,638

1,137,638

DEPRECIATION

At 1 November 2024

-

5,626

5,626

Charge for year

-

1,752

1,752

At 31 October 2025

-

7,378

7,378

NET BOOK VALUE

At 31 October 2025

1,125,000

5,260

1,130,260

At 31 October 2024

1,045,940

7,012

1,052,952

Cost or valuation at 31 October 2025 is represented by:

Plant and

Investment

machinery

property

etc

Totals

£

£

£

Valuation in 2025

79,060

-

79,060

Cost

1,045,940

12,638

1,058,578

1,125,000

12,638

1,137,638

The investment property has been revalued by the directors at the year end.

5.	FIXED ASSET INVESTMENTS

31.10.25

31.10.24

£

£

Shares in group undertakings

3

3

Other investments not loans

17,830

17,830

17,833

17,833

Additional information is as follows:

Shares in

group

undertakings

£

COST

At 1 November 2024

and 31 October 2025

3

NET BOOK VALUE

At 31 October 2025

3

At 31 October 2024

3

Investments (neither listed nor unlisted) were as follows:

31.10.25

31.10.24

£

£

Ground rent entitlement

17,830

17,830

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.25

31.10.24

£

£

Trade debtors

6,191

5,479

Other debtors

757

721

6,948

6,200

7.	CURRENT ASSET INVESTMENTS

31.10.25

31.10.24

£

£

Listed investments

44,444

20,465

Market value of listed investments at 31 October 2025 - £ 44,444 (2024 - £ 20,465 ).

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.25

31.10.24

£

£

Bank loans and overdrafts

71,676

71,676

Amounts owed to group undertakings

10,453

8,421

Amounts owed to participating interests

475,289

475,289

Taxation and social security

15,250

13,343

Other creditors

20,971

23,473

593,639

592,202

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.10.25

31.10.24

£

£

Bank loans

354,004

395,747

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.10.25

31.10.24

£

£

Bank loans

425,680

467,423

The Bank of Ireland has first legal charge over the property at 38-42 Hill Street Belfast. The Bank of Ireland also has a debenture over the assets, undertakings and liabilities of the company. This contains a fixed and floating charge covering all the property or undertaking of the company.

11.	RELATED PARTY DISCLOSURES

At the year end the company owed £475,289 (2024: £475,289) to another company in which the directors have a controlling interest. This loan is unsecured, interest free and repayable on demand.