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

REGISTERED NUMBER: SC113663 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2018

FOR

MAGNAREALM LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTOR:

A W 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

FIXED ASSETS

-

Tangible assets

4

-

3,108,600

Investment property

5

3,419,460

3,108,600

3,419,460

CURRENT ASSETS

18,494

Debtors

6

18,581

21,834

Cash at bank

48,164

40,328

66,745

CREDITORS

323,533

Amounts falling due within one year

7

243,998

(283,205

)

NET CURRENT LIABILITIES

(177,253

)

2,825,395

TOTAL ASSETS LESS CURRENT LIABILITIES

3,242,207

CAPITAL AND RESERVES

1,000,000

Called up share capital

1,000,000

264,105

Fair value reserve

8

574,965

1,561,290

Retained earnings

1,667,242

2,825,395

SHAREHOLDERS' FUNDS

3,242,207

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 14 March 2019 and were signed by:

A W Wiseman - Director

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 presentation 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.

Plant and equipment

The estimates and assumptions made to determine asset lives require judgements to be made as regards useful

lives and residual values. The useful lives and residual values of the company's financial assets are determined

by management at the time the asset is acquired and reviewed annually for appropriateness. The lives are based

on management experience with similar assets. The depreciation rates applied are outlined below.

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.

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, including bank overdrafts that are payable on demand and

form an integral part of the company's cash management.

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 (2017 - NIL).

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 November 2017

and 31 October 2018

97,282

DEPRECIATION

At 1 November 2017

and 31 October 2018

97,282

NET BOOK VALUE

At 31 October 2018

-

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 November 2017

3,108,600

Revaluations

310,860

At 31 October 2018

3,419,460

NET BOOK VALUE

At 31 October 2018

3,419,460

At 31 October 2017

3,108,600

Fair value at 31 October 2018 is represented by:

£

Valuation in 2003

357,917

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

Cost

2,935,268

3,419,460

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

2018

2017

£

£

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 2018 by the director .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Other debtors

18,581

18,494

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Taxation and social security

24,853

19,431

Other creditors

219,145

304,102

243,998

323,533

8.

RESERVES

Fair

value

reserve

£

At 1 November 2017

264,105

Investment property revaluation

310,860

At 31 October 2018

574,965

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 intra-group related

party transactions.

Other creditors includes an amount of £196,929 owed to the parent company, R.W.D. Ltd.

10.	ULTIMATE CONTROLLING PARTY

The controlling party is R.W.D. Ltd.

Registered office at High Parks Farm, Hamilton, South Lanarkshire, ML3 7UQ.