Magellan Holdings Limited - Period Ending 2018-08-31

Registration number: 06018197

Magellan Holdings Limited

Annual Report and Unaudited Financial Statements

for the Period from 1 July 2017 to 31 August 2018

Magellan Holdings Limited

Contents

Balance Sheet	1
Notes to the Financial Statements	2 to 6

Magellan Holdings Limited

(Registration number: 06018197)
Balance Sheet as at 31 August 2018

	Note	2018		2017
		£	£	£	£
Fixed assets
Tangible assets	4		228		322
Investments	5		2		2
			230		324
Current assets
Debtors	6	-		1,470,008
Cash at bank and in hand		4,162,905		1,421,890
		4,162,905		2,891,898
Creditors: Amounts falling due within one year	7	(88,041)		(32,875)
Net current assets			4,074,864		2,859,023
Net assets			4,075,094		2,859,347
Capital and reserves
Called up share capital	8	5		5
Profit and loss account		4,075,089		2,859,342
Total equity			4,075,094		2,859,347

For the financial period ending 31 August 2018 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 period 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 28 May 2019 and signed on its behalf by:
 

......................................... D W Johnson Director

The notes on pages 2 to 6 form an integral part of these financial statements.

Page 1

Magellan Holdings Limited

Notes to the Financial Statements for the Period from 1 July 2017 to 31 August 2018

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Ridgway House Progress Way
Denton
Manchester
M34 2GP

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 were prepared in accordance with Financial Reporting Standard 102 including the disclosure and presentation requirements of Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

The company's functional and presentation currency is pound sterling.

Summary of disclosure exemptions

The company has taken advantage of the exemption under Financial Reporting Standard 102 Section 1AC.35 from disclosing transactions and balances with fellow group undertakings that are wholly owned.

Group accounts not prepared

Magellan Holdings Limited is exempt from preparing group accounts as the group is small.

Disclosure of long or short period

The financial statements cover a 14 month period due to a change of the company year end from 30 June 2018 to 31 August 2018. This change was made to align the reporting date with the completion date for the sale of the company shares.

Revenue recognition

Turnover represents amounts chargeable in respect of rents and service charges.

The company recognises revenue when the amount of revenue can be measured reliably and it is probable that future economic benefits will flow to the entity.

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 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.

Page 2

Magellan Holdings Limited

Notes to the Financial Statements for the Period from 1 July 2017 to 31 August 2018

Tangible assets

Tangible assets are stated in the statement of financial position 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.

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
Furniture, fittings and equipment	25% reducing balance basis

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

Page 3

Magellan Holdings Limited

Notes to the Financial Statements for the Period from 1 July 2017 to 31 August 2018

Financial instruments

Financial assets

Basic financial assets, including trade and other receivables, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss and any subsequent reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

3	Staff numbers

The average number of persons employed by the company (including directors) during the period was 2 (2017 - 2).

Page 4

Magellan Holdings Limited

Notes to the Financial Statements for the Period from 1 July 2017 to 31 August 2018

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 July 2017	2,409	2,409
At 31 August 2018	2,409	2,409
Depreciation
At 1 July 2017	2,087	2,087
Charge for the period	94	94
At 31 August 2018	2,181	2,181
Carrying amount
At 31 August 2018	228	228
At 30 June 2017	322	322

5	Investments

	2018 £	2017 £
Investments in subsidiaries	2	2

Subsidiaries	£
Cost or valuation
At 1 July 2017	2
Provision
Carrying amount
At 31 August 2018	2
At 30 June 2017	2

6

Debtors

	2018 £	2017 £
Amounts owed by group undertakings	-	1,470,008
	-	1,470,008

Page 5

Magellan Holdings Limited

Notes to the Financial Statements for the Period from 1 July 2017 to 31 August 2018

7

Creditors

	2018 £	2017 £
Due within one year
Loans and borrowings	22,868	28,614
Amounts owed to group undertakings	62,187	-
Taxation and social security	436	-
Accruals and deferred income	2,550	800
Other creditors	-	3,461
	88,041	32,875

8	Share capital

Allotted, called up and fully paid shares

	2018		2017
	No.	£	No.	£
Ordinary shares of £1 each	4	4	4	4
Ordinary B shares of £1 each	1	1	1	1
	5	5	5	5

Page 6