Macanie Investments Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 00595844 (England and Wales)

Macanie Investments Limited

Unaudited Financial Statements

for the period

24 September 2021 to 30 September 2022

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Directors:

C J Kitsberg

M Meimann

Secretary:

C J Kitsberg

Registered office:

Haines Watts

New Derwent House

69-73 Theobalds Road

London

WC1X 8TA

Registered number:

00595844 (England and Wales)

Accountants:

Haines Watts

Chartered Accountants

New Derwent House

69-73 Theobalds Road

London

WC1X 8TA

Fixed assets

Tangible assets

4

-

-

Investment property

5

-

4,000,000

-

4,000,000

Current assets

Debtors

6

712,238

66,310

Investments

7

11,572,065

14,949,888

Cash at bank

769,370

310,448

13,053,673

15,326,646

Creditors

Amounts falling due within one year

8

1,501,732

4,935,860

Net current assets

11,551,941

10,390,786

Total assets less current liabilities

11,551,941

14,390,786

Creditors

Amounts falling due after more than one year

9

(37,407

)

(42,943

)

Provisions for liabilities

-

(642,045

)

Net assets

11,514,534

13,705,798

Capital and reserves

Called up share capital

10

25,625

25,625

Share premium

11

108,125

108,125

Revaluation reserve

11

(3,033,276

)

4,011,979

Retained earnings

11

14,414,060

9,560,069

Shareholders' funds

11,514,534

13,705,798

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 September 2022.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 September 2022 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 30 June 2023 and were signed on its behalf by:

M Meimann - Director

1.	Statutory information

Macanie Investments Limited is a private company incorporated in England and Wales under the Companies Act. It is a company limited by shares. The address of the registered office is New Derwent House, 69-73 Theobalds Road, London, WC1X 8TA.

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.

Turnover

Turnover comprises revenue recognised by the company in respect of rental income during the period and income from dividends. All turnover is exclusive of Value Added Tax. Income is recognised on an invoice basis. Appropriate adjustments are made for revenues received in advance.

Tangible fixed assets

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

Computer equipment

-

20% on cost

Investment property

Investment property is carried at fair value, derived from the current market rents, investment property yields for comparable real estate and current market property prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks, other third parties and loans to related parties.

Debt instruments (other than those wholly repayable or receivable within one period), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one period, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Investments in non-convertible preference shares and in non-puttable ordinary and preference shares are measured:

- at fair value with changes recognised in the Statement of comprehensive income if the shares are publicly traded or their fair value can otherwise be measured reliably;

- at cost less impairment for all other investments.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation

Taxation for the period 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 period 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.

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

Current asset investments

Investments in shares held in current assets are measured at fair value with changes in the fair value recognised in the profit and loss.

3.	Employees and directors

The average number of employees during the period was 2 (2021 - 2 ) .

4.	Tangible fixed assets

Office

equipment

£

Cost

At 24 September 2021

and 30 September 2022

1,793

Depreciation

At 24 September 2021

and 30 September 2022

1,793

Net book value

At 30 September 2022

-

5.	Investment property

Total

£

Fair value

At 24 September 2021

4,000,000

Disposals

(4,000,000

)

At 30 September 2022

-

Net book value

At 30 September 2022

-

At 23 September 2021

4,000,000

6.

Debtors: amounts falling due within one year

2022

2021

£

£

Trade debtors

-

66,310

Other debtors

712,238

-

712,238

66,310

7.	Current asset investments

2022

2021

£

£

Listed investments

11,572,065

14,949,888

Opening fair value

14,949,888

8,191,347

Purchases

4,917,645

4,466,392

Sales

(4,597,811

)

(473,159

)

Gains/(Losses) on remeasurement to fair value

(3,697,657

)

2,765,308

Market value

11,572,065

14,949,888

The valuation of listed investments for 2022- £11,572,065

8.

Creditors: amounts falling due within one year

2022

2021

£

£

Bank loans and overdrafts

5,556

5,556

Taxation and social security

493,943

20,872

Other creditors

1,002,233

4,909,432

1,501,732

4,935,860

9.

Creditors: amounts falling due after more than one year

2022

2021

£

£

Bank loans

37,407

42,943

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

15,185

20,721

10.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

25,625

Ordinary

£1

25,625

25,625

11.

Reserves

Retained

Share

Revaluation

earnings

premium

reserve

Totals

£

£

£

£

At 24 September 2021

9,560,069

108,125

4,011,979

13,680,173

Deficit for the period

(2,191,264

)

(2,191,264

)

Transfer to/(from) profit and

7,045,255

-

(7,045,255

)

-

At 30 September 2022

14,414,060

108,125

(3,033,276

)

11,488,909

12.	Related party disclosures

Included in other creditors is an interest free loan from M Meimann, the majority shareholder and a director, amounting to £994,734 (2021: £4,868,664). There is no fixed repayment date.

During the period the company made donations of £387,100 (2021: £160,000) to a charity in which the directors are also trustees.