Magenta Orchard Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03106123 (England and Wales)

Financial Statements

for the Year Ended 31 March 2021

for

Magenta Orchard Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

R C Morley

Mrs I E Morley

SECRETARY:

Mrs I E Morley

REGISTERED OFFICE:

Gable End

Sparrow Hall Business Park

Leighton Road

Edlesborough

Bedfordshire

LU6 2ES

REGISTERED NUMBER:

03106123 (England and Wales)

ACCOUNTANT:

Roberts Accountancy & Tax Limited

Gable End

Sparrow Hall Business Park

Leighton Road

Edlesborough

Bedfordshire

LU6 2ES

FIXED ASSETS

Tangible assets

4

18

24

Investment property

5

700,000

700,000

700,018

700,024

CURRENT ASSETS

Debtors

6

39,000

39,000

Cash at bank

45,843

34,666

84,843

73,666

CREDITORS

Amounts falling due within one year

7

(297,155

)

(255,669

)

NET CURRENT LIABILITIES

(212,312

)

(182,003

)

TOTAL ASSETS LESS CURRENT LIABILITIES

487,706

518,021

CAPITAL AND RESERVES

Called up share capital

2

2

Revaluation reserve

8

385,777

385,777

Retained earnings

101,927

132,242

SHAREHOLDERS' FUNDS

487,706

518,021

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 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 November 2021 and were signed on its behalf by:

R C Morley - Director

1.	STATUTORY INFORMATION

Magenta Orchard Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

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.

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Investment properties

In accordance with Statement of Standard Accounting Practice No. 19, certain of the company's properties are held for long-term investment and are included in the Balance Sheet at their open market values. The surplus(es) or deficit(s) on annual revaluation of such properties are transferred to the investment property revaluation reserve. Depreciation is not provided in respect of freehold investment properties. Leasehold investment properties are not amortised where the unexpired term is over twenty years.

This policy represents a departure from statutory accounting principles, which require depreciation to be provided an all fixed assets. The directors consider that this policy is necessary in order that the accounts may give a true and fair view because current values and changes in current values are of prime importance rather than the calculation of systematic annual depreciation. Depreciation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 April 2020

and 31 March 2021

11,544

466

12,010

DEPRECIATION

At 1 April 2020

11,520

466

11,986

Charge for year

6

-

6

At 31 March 2021

11,526

466

11,992

NET BOOK VALUE

At 31 March 2021

18

-

18

At 31 March 2020

24

-

24

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2020

and 31 March 2021

700,000

NET BOOK VALUE

At 31 March 2021

700,000

At 31 March 2020

700,000

Fair value at 31 March 2021 is represented by:

£

Valuation in 2002

35,777

Valuation in 2014

350,000

385,777

**	TOTAL SHOWN ON CLIENT SCREEN - REVALUATION ANALYSIS - DOES NOT AGREE TO TOTAL OF FIXED ASSET 'COST' ACCOUNT HELD AT END OF YEAR IN RESPECT OF

INVESTMENT PROPERTY

'COST' ACCOUNT TOTAL

Cost/valuation b/f

700,000

700,000

CLIENT SCREEN TOTAL

=

-

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

39,000

39,000

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Taxation and social security

9,308

9,151

Other creditors

287,847

246,518

297,155

255,669

8.

RESERVES

Revaluation

reserve

£

At 1 April 2020

and 31 March 2021

385,777

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

10.	ULTIMATE CONTROLLING PARTY

As a result of the company being jointly owned by the two directors, equally, there is no ultimate controlling party.