Magarlo Residential Portfolio II Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 12046376 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD

12 JUNE 2019 TO 30 JUNE 2020

FOR

MAGARLO RESIDENTIAL PORTFOLIO II LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

C G Byrd

Mrs A O Byrd

REGISTERED OFFICE:

Beckside Court

Annie Reed Road

Beverley

East Yorkshire

HU17 0LF

REGISTERED NUMBER:

12046376 (England and Wales)

ACCOUNTANTS:

Sowerby

Chartered Accountants

Beckside Court

Annie Reed Road

Beverley

East Yorkshire

HU17 0LF

FIXED ASSETS

Investment property

4

315,199

CURRENT ASSETS

Debtors

5

1,262

CREDITORS

Amounts falling due within one year

6

107,747

NET CURRENT LIABILITIES

(106,485

)

TOTAL ASSETS LESS CURRENT LIABILITIES

208,714

CREDITORS

Amounts falling due after more than one year

7

208,965

NET LIABILITIES

(251

)

CAPITAL AND RESERVES

Called up share capital

2

Retained earnings

(253

)

SHAREHOLDERS' FUNDS

(251

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 June 2020.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 June 2020 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 5 August 2021 and were signed on its behalf by:

C G Byrd - Director

1.	STATUTORY INFORMATION

Magarlo Resindential Portfolio II Ltd is a private company limited by shares, incorporated and domiciled in England. It has its registered office at Beckside Court, Annie Reed Road, Beverley, HU17 0LF and principal place of business at The Old Hall, Market Place, Hornsea, HU18 1AW.

The principal activity of the company is the management of investment properties, including leasing and selling.

The presentational currency of the financial statements is Pound Sterling (£).

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.

Having regard to liquidity risk, current market conditions and other factors affecting the company including the impact of Covid-19, the use of the going concern basis of accounting is appropriate as, in the opinion of the directors, there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 2 .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

Additions

315,199

At 30 June 2020

315,199

NET BOOK VALUE

At 30 June 2020

315,199

The directors have reviewed the carrying amount of the investment property at the year end based on similar property values and committed rental income and adjusted the fair value accordingly.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Other debtors

1,262

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Taxation and social security

200

Other creditors

107,547

107,747

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

£

Bank loans

208,965

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

208,965

8.	SECURED DEBTS

The following secured debts are included within creditors:

£

Mortgage loan

208,965

The mortgage funding is secured against the respective properties to which the loans relate.

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the balance sheet date the company owed its directors £106,467. The loan is free from interest and repayable on demand.