MAGELLAN HOMELOANS UK LIMITED

MAGELLAN HOMELOANS UK LIMITED

MAGELLAN HOMELOANS UK LIMITED - Company Information

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MAGELLAN HOMELOANS UK LIMITED

Company Registration Number:
08604906 (England and Wales)

Unaudited abridged accounts for the year ended 31 March 2019

Period of accounts

Start date: 01 April 2018

End date: 31 March 2019

MAGELLAN HOMELOANS UK LIMITED

Contents of the Financial Statements

for the Period Ended 31 March 2019

Balance sheet
Notes

MAGELLAN HOMELOANS UK LIMITED

Balance sheet

As at 31 March 2019


Notes
2019
2018


£
£
Fixed assets
Intangible assets: 2 0 403,363
Tangible assets: 3 14,352 137,518
Investments: 4 2,900,000 3,300,000
Total fixed assets: 2,914,352 3,840,881
Current assets
Debtors:   70,730 174,629
Cash at bank and in hand: 187,388 1,353,713
Total current assets: 258,118 1,528,342
Creditors: amounts falling due within one year:   (2,259,249) (368,215)
Net current assets (liabilities): (2,001,131) 1,160,127
Total assets less current liabilities: 913,221 5,001,008
Creditors: amounts falling due after more than one year:   (8,063,146) (7,098,169)
Total net assets (liabilities): (7,149,925) (2,097,161)
Capital and reserves
Called up share capital: 100 100
Other reserves: 2,242,200 2,368,362
Profit and loss account: (9,392,225) (4,465,623)
Shareholders funds: (7,149,925) (2,097,161)

The notes form part of these financial statements

MAGELLAN HOMELOANS UK LIMITED

Balance sheet statements

For the year ending 31 March 2019 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 08 April 2020
and signed on behalf of the board by:

Name: M Gilmour
Status: Director

The notes form part of these financial statements

MAGELLAN HOMELOANS UK LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2019

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

MAGELLAN HOMELOANS UK LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2019

2. Intangible Assets

Total
Cost £
At 01 April 2018 453,958
At 31 March 2019 453,958
Amortisation
At 01 April 2018 50,595
Charge for year 403,363
At 31 March 2019 453,958
Net book value
At 31 March 2019 0
At 31 March 2018 403,363

MAGELLAN HOMELOANS UK LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2019

3. Tangible Assets

Total
Cost £
At 01 April 2018 159,445
Additions 39,484
At 31 March 2019 198,929
Depreciation
At 01 April 2018 21,927
Charge for year 162,650
At 31 March 2019 184,577
Net book value
At 31 March 2019 14,352
At 31 March 2018 137,518

MAGELLAN HOMELOANS UK LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2019

4. Fixed investments

Cost or valuationAt 1 April 2018 3,300,000Revaluations (400,000)At 31 March 2019 2,900,000Net book valueAt 31 March 2019 2,900,000At 31 March 2018 3,300,000The above represents the Company's investments in loan notes, issued by various special purpose vehicles that have invested in mortgage receivables, including those originated by Magellan Homeloans Limited.