Magus Homes Limited 30/11/2022 iXBRL

Magus Homes Limited 30/11/2022 iXBRL

MAGUS HOMES LTD - Company Information

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Company registration number: 13039970
Magus Homes Limited
Unaudited filleted financial statements
30 November 2022
MAGUS HOMES LIMITED
DIRECTORS AND OTHER INFORMATION
Director Mr Peregrine John Mears
Company number 13039970
Registered office The Old Sail Loft
Paiges Lane
Barnstaple
Devon
EX31 1EF
Business address The Old Sail Loft
Paiges Lane
Barnstaple
Devon
EX31 1EF
Accountants Westcotts
47 Boutport Street
Barnstaple
Devon
EX31 1SQ
MAGUS HOMES LIMITED
STATEMENT OF FINANCIAL POSITION
30 NOVEMBER 2022
30/11/22 30/11/21
Note £ £ £ £
Fixed assets
Tangible assets 5 549,391 363,603
Investments 6 101 -
_______ _______
549,492 363,603
Current assets
Stocks 20,923 17,908
Debtors 7 1,231 2,483
Cash at bank and in hand 17,449 7,253
_______ _______
39,603 27,644
Creditors: amounts falling due
within one year 8 ( 484,886) ( 416,068)
_______ _______
Net current liabilities ( 445,283) ( 388,424)
_______ _______
Total assets less current liabilities 104,209 ( 24,821)
Provisions for liabilities ( 43,542) -
_______ _______
Net assets/(liabilities) 60,667 ( 24,821)
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 9 60,567 ( 24,921)
_______ _______
Shareholder funds/(deficit) 60,667 ( 24,821)
_______ _______
For the year ending 30 November 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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.
These financial statements were approved by the board of directors and authorised for issue on 28 June 2023 , and are signed on behalf of the board by:
Mr Peregrine John Mears
Director
Company registration number: 13039970
MAGUS HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 NOVEMBER 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 The Old Sail Loft, Paiges Lane, Barnstaple, Devon, EX31 1EF.
Principal activity
The principal activity of the company is that of development of building projects and renting out properties.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
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.
Consolidation
The company has taken advantage of the exemption from preparing consolidated financial statements contained in Section 402 of the Companies Act 2006 on the basis that its subsidiaries are excluded from consolidation on the grounds that their inclusion is not material for the purpose of giving a true and fair view.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at theend of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately .
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2021: 1 ).
5. Tangible assets
Freehold property Total
£ £
Cost or valuation
At 1 December 2021 363,603 363,603
Additions 11,620 11,620
Revaluation 174,168 174,168
_______ _______
At 30 November 2022 549,391 549,391
_______ _______
Depreciation
At 1 December 2021 and 30 November 2022 - -
_______ _______
Carrying amount
At 30 November 2022 549,391 549,391
_______ _______
At 30 November 2021 363,603 363,603
_______ _______
Investment property
The above freehold properties relate to investment properties and were valued by the director as at 30/11/2022.
6. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 December 2021 - -
Additions 101 101
_______ _______
At 30 November 2022 101 101
_______ _______
Impairment
At 1 December 2021 and 30 November 2022 - -
_______ _______
Carrying amount
At 30 November 2022 101 101
_______ _______
At 30 November 2021 - -
_______ _______
7. Debtors
30/11/22 30/11/21
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 1,231 -
Other debtors - 2,483
_______ _______
1,231 2,483
_______ _______
8. Creditors: amounts falling due within one year
30/11/22 30/11/21
£ £
Bank loans and overdrafts 264,968 264,968
Accruals and deferred income 1,200 1,000
Other creditors 218,718 150,100
_______ _______
484,886 416,068
_______ _______
The mortgages within bank loans are secured over the properties they are in connection with .
9. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.Included within the profit and loss account are non-distributable reserves totalling £173,468.
10. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
Year ended 30/11/22
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
The directors 2,483 ( 20,601) ( 18,118)
_______ _______ _______
Period ended 30/11/21
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
The directors - 2,483 2,483
_______ _______ _______
11. Related party transactions
An interest free loan of £2,600 has been made from the company to an unincorporated business owned by the director, Mr Peregrine John Mears . The balance of £2,600 has been included in other debtors.An further interest free loan of £50,500 has been advanced to the company by a limited company owned by the director, Mr Peregrine John Mears . The balance of £200,600 (2021: £150,100) has been included in other creditors.