MAGA LLP - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SO304343

MAGA LLP

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

801,197

801,197

Investments

5

1

1

801,198

801,198

CURRENT ASSETS

Cash at bank

7,969

8,029

CREDITORS

Amounts falling due within one year

6

584,792

544,374

NET CURRENT LIABILITIES

(576,823

)

(536,345

)

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS

224,375

264,853

LOANS AND OTHER DEBTS DUE TO MEMBERS

7

224,375

264,853

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

7

224,375

264,853

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2020.

The members acknowledge their responsibilities for:

(a)	ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the LLP 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 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Profit and Loss Account has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 9 October 2020 and were signed by:

F V Waters - Designated member

1.	STATUTORY INFORMATION

MAGA LLP is a limited liability partnership, registered in Scotland. The LLP's registered office is Caledonia

House, 89 Seaward Street, Glasgow, G41 1HJ.

The presentation currency of the financial statements is Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities"

of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of

Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost

convention. There were no material departures from this standard.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

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

Land and buildings

-

not provided

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost, less impairment.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2019 - NIL).

4.	TANGIBLE FIXED ASSETS

Land and

buildings

£

COST

At 1 April 2019

and 31 March 2020

801,197

NET BOOK VALUE

At 31 March 2020

801,197

At 31 March 2019

801,197

Depreciation is not provided on land and buildings on the grounds that it would be immaterial because the

estimated residual values are not materially different from their carrying values.

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2019

and 31 March 2020

1

NET BOOK VALUE

At 31 March 2020

1

At 31 March 2019

1

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Other creditors

584,792

544,374

7.

LOANS AND OTHER DEBTS DUE TO MEMBERS

On winding up of the LLP, loans and other debts due to members rank pari passu with other creditors.

8.	RELATED PARTY DISCLOSURES

At the balance sheet date, £468,512 (2019: £407,695) was owed to the subsidiary company, Mearns Castle Golf

Academy Limited. The loan is unsecured and repayable on demand. Interest at 2.5% is charged on the loan.