Accounts filed on 31-10-2019


ACCOUNTS
FOR THE YEAR ENDED 31/10/2019





DIRECTORS
F Lowe
B J Little
S M Lowe


REGISTERED OFFICE
Low Cotehill Farm
Low Cotehill
Carlisle
CA4 0EJ


COMPANY DETAILS
Private company limited by shares registered in EW - England and Wales, registered number 04461815



BANKERS
Cumberland Building Society



ACCOUNTANTS
N B Lancaster & Co
Chartered Accountants
6 Brunswick Street
Carlisle
Cumbria
CA1 1PN


ACCOUNTS
FOR THEYEARENDED31/10/2019



CONTENTS



		Page

Directors' Report		-

Accountants' Report		-

Statement Of Comprehensive Income		-

Balance Sheet		3

Notes To The Accounts		4


The following do not form part of the statutory financial statements:

Trading And Profit And Loss Account		-

Profit And Loss Account Summaries		-


BALANCE SHEET AT 31/10/2019

			2019		2018
	Notes		£		£

FIXED ASSETS
Investment Assets	2		250,000		250,000

CURRENT ASSETS
Debtors	3	5		-
Cash at bank and in hand		251,031		121
		251,036		121
CREDITORS: Amounts falling due within one year	4	281,530		30,730
NET CURRENT LIABILITIES			(30,494)		(30,609)
TOTAL ASSETS LESS CURRENT LIABILITIES			219,506		219,391

CAPITAL AND RESERVES

Called up share capital	6		1,000		800
Profit and loss account			218,506		218,591
SHAREHOLDERS' FUNDS			219,506		219,391

For the year ending 31/10/2019 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have decided not to deliver to the registrar a copy of the company's profit and loss account.

Approved by the board on 30/06/2020 and signed on their behalf by



.............................
F Lowe
Director

1. ACCOUNTING POLICIES




1a. Basis Of Accounting
The accounts have been prepared under the historical cost convention.
The accounts have been prepared in accordance with FRS102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006 .




1b. Investments
Fixed asset investments are shown at cost less amounts written off.
Provisions are made for permanent fluctuations in value.




2. FINANCIAL ASSETS

	Other
	Investments	Total
	£	£
Cost
At 01/11/2018	250,000	250,000
At 31/10/2019	250,000	250,000
Amortisation
Net Book Amounts
At 31/10/2019	250,000	250,000
At 31/10/2018	250,000	250,000
Magnus Homes Limited is a 100% subsidiary of the company.
At 31st October 2019 the aggregate of share capital and reserves of Magnus Homes Limited was £2,151,848 (2018 - £1,789,448) and its profit, after tax, for the year ended 31st October 2019 was £492,012 (2018 - £424,235).




3. DEBTORS	2019	2018
	£	£
Amounts falling due within one year
VAT	5	-
	5	-




4. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
	2019	2018
	£	£
Directors current account	31,530	30,730
Other creditors	250,000	-
	281,530	30,730




6. SHARE CAPITAL	2019	2018
	£	£
Allotted, issued and fully paid:
1000 Ordinary shares of £1 each	1000	800
	1,000	800

New shares issued during period:
200 Ordinary shares of £1 each	200
	200	-

7. RELATED PARTY TRANSACTIONS

Paton Homes Limited is the ultimate controlling party of Magnus Homes Limited.
At 31 October 2019 PatonHomes Limited owed £250,000 to Magnus Homes Limited. (2018 - nil)
Dividends of £77,200 were received from Magnus Homes during the year. (2018 - £70,800)