Magnarealm Limited - Accounts to registrar (filleted) - small 18.2

Magnarealm Limited - Accounts to registrar (filleted) - small 18.2

MAGNAREALM LIMITED - Company Information

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REGISTERED NUMBER: SC113663 (Scotland)













UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2021

FOR

MAGNAREALM LIMITED
MAGNAREALM LIMITED (REGISTERED NUMBER: SC113663)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 OCTOBER 2021




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


MAGNAREALM LIMITED

COMPANY INFORMATION
for the year ended 31 OCTOBER 2021







DIRECTORS: A W Wiseman
Mrs M Wiseman





REGISTERED OFFICE: Atlantic House
1a Cadogan Street
Glasgow
G2 6QE





REGISTERED NUMBER: SC113663 (Scotland)





ACCOUNTANTS: Thomas Barrie & Co LLP
Atlantic House
1a Cadogan Street
Glasgow
G2 6QE
Page 1
MAGNAREALM LIMITED (REGISTERED NUMBER: SC113663)

STATEMENT OF FINANCIAL POSITION
31 OCTOBER 2021

2021 2020
Notes £    £   
FIXED ASSETS
Tangible assets 4 - -
Investment property 5 3,761,406 3,419,460
3,761,406 3,419,460

CURRENT ASSETS
Debtors 6 21,161 32,183
Cash at bank 41,111 28,240
62,272 60,423
CREDITORS
Amounts falling due within one year 7 (47,219 ) (46,501 )
NET CURRENT ASSETS 15,053 13,922
TOTAL ASSETS LESS CURRENT
LIABILITIES
3,776,459
3,433,382

CAPITAL AND RESERVES
Called up share capital 1,000,000 1,000,000
Fair value reserve 8 916,911 574,965
Retained earnings 1,859,548 1,858,417
SHAREHOLDERS' FUNDS 3,776,459 3,433,382

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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 notes form part of these financial statements

Page 2
MAGNAREALM LIMITED (REGISTERED NUMBER: SC113663)

STATEMENT OF FINANCIAL POSITION - continued
31 OCTOBER 2021


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 28 March 2022 and were signed on its behalf by:





A W Wiseman - Director


The notes form part of these financial statements

Page 3
MAGNAREALM LIMITED (REGISTERED NUMBER: SC113663)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 OCTOBER 2021

1. STATUTORY INFORMATION

Magnarealm Limited is a private company, limited by shares, registered in Scotland, registration number SC113663. The registered office is c/o Thomas Barrie & Co LLP, Atlantic House, 1A Cadogan Street, Glasgow, G2 6QE.

The principal activity of the company is property letting.

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.

The presentational and functional currency of the financial statements is Pounds Sterling (£).

Significant judgements and estimates
In preparing these financial statements, the director is required to make judgements, estimates and assumptions that affect the application of the Company's accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively.

The following judgements and estimates have had the most significant effects on amounts recognised in the financial statements:

Valuation of investment properties
As noted below, investment properties are included in the Statement of Financial Position at fair value. The valuation is based on the director's consideration of several factors including professional valuations, local market conditions and recent selling prices of similar properties.

Turnover
Turnover is measured at the fair value of consideration received or receivable, taking into account the amount of any discounts and rebates allowed by the entity, but excluding value added tax and other sales taxes.

Rental Income
Rental income from investment properties is recognised as turnover when received or receivable.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery etc - 20% on cost

Investment properties
Investment properties are shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the income statement.

Page 4
MAGNAREALM LIMITED (REGISTERED NUMBER: SC113663)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 OCTOBER 2021

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has financial assets and financial liabilities of a kind that qualify as basic financial instruments.

Debtors
Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents
Cash and cash equivalents comprise cash balances.

Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Provisions
Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as finance cost.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 NIL (2020 - NIL).

Page 5
MAGNAREALM LIMITED (REGISTERED NUMBER: SC113663)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 OCTOBER 2021

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 November 2020
and 31 October 2021 97,282
DEPRECIATION
At 1 November 2020
and 31 October 2021 97,282
NET BOOK VALUE
At 31 October 2021 -

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 November 2020 3,419,460
Revaluations 341,946
At 31 October 2021 3,761,406
NET BOOK VALUE
At 31 October 2021 3,761,406
At 31 October 2020 3,419,460

Fair value at 31 October 2021 is represented by:
£   
Valuation in 2004 182,000
Valuation in 2005 104,000
Valuation in 2006 122,562
Valuation in 2007 (54,501 )
Valuation in 2008 (566,246 )
Valuation in 2012 (616,200 )
Valuation in 2014 361,200
Valuation in 2016 282,600
Valuation in 2018 310,860
Valuation in 2021 341,946
Cost 3,293,185
3,761,406

If investment properties had not been revalued they would have been included at the following historical cost:

2021 2020
£    £   
Cost 2,935,268 2,935,268
Aggregate depreciation (90,772 ) (90,772 )

Investment properties were valued on an open market basis on 31 October 2021 by the director .

Page 6
MAGNAREALM LIMITED (REGISTERED NUMBER: SC113663)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 OCTOBER 2021

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Other debtors 21,161 32,183

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Taxation and social security 17,858 26,583
Other creditors 29,361 19,918
47,219 46,501

8. RESERVES
Fair
value
reserve
£   
At 1 November 2020 574,965
Investment property revaluation 341,946

At 31 October 2021 916,911

9. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions where any subsidiary undertaking which is party to the transaction is wholly owned by a member of that group.

10. ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of RWD Ltd, registered office at High Parks Farm, Hamilton, South Lanarkshire, ML3 7UQ.

Page 7