Magdalen Ventures Limited Filleted accounts for Companies House (small and micro)

MAGDALEN VENTURES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 13176988

Magdalen Ventures Limited

Filleted Unaudited Financial Statements

28 February 2022

Magdalen Ventures Limited

Financial Statements

Period from 3 February 2021 to 28 February 2022

Contents	Pages

Statement of financial position	1

Notes to the financial statements	2 to 3

Magdalen Ventures Limited

Statement of Financial Position

28 February 2022

	28 Feb 22
Note	£

Fixed assets

Investments	4	1

Current assets

Cash at bank and in hand	1
	----
Net current assets	1
	----
Total assets less current liabilities	2
	----

Capital and reserves

Called up share capital	5	2
		----
Shareholders funds		2
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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 statement of comprehensive income has not been delivered.

For the period ending 28 February 2022 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 financial statements for the period in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 26 October 2022 , and are signed on behalf of the board by:

Mr J M Langmead

Director

Company registration number: 13176988

Magdalen Ventures Limited

Notes to the Financial Statements

Period from 3 February 2021 to 28 February 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Ty Melin, Wolfscastle, Haverfordwest, Pembrokeshire, SA62 5NJ.

2. Statement of compliance

These financial statements have been prepared in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.

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, which is the functional currency of the entity.

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

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.

4. Investments

	Shares in participating interests
	£
Cost
At 3 February 2021	–
Additions	1
	----
At 28 February 2022	1
	----
Impairment
At 3 February 2021 and 28 February 2022	–
	----

Carrying amount
At 28 February 2022	1
	----

5. Called up share capital

Issued, called up and fully paid

	28 Feb 22
	No.	£
Ordinary shares of £ 1 each	2	2
	----	----

Share movements

	No.	£

Ordinary

At 3 February 2021	–	–
Issue of shares	2	2
	----	----
At 28 February 2022	2	2
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