MAGELLAN_MORTGAGES_UK_LIM - Accounts

MAGELLAN HOMELOANS UK LIMITED - Company Information

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Company Registration No. 08604906 (England and Wales)

MAGELLAN MORTGAGES UK LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2015

MAGELLAN MORTGAGES UK LIMITED

CONTENTS

Page

Accountants' report

Abbreviated balance sheet

Notes to the abbreviated accounts

MAGELLAN MORTGAGES UK LIMITED

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF MAGELLAN MORTGAGES UK LIMITED FOR THE PERIOD ENDED 31 MARCH 2015

- 1 -

The following reproduces the text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited abbreviated financial statements set out on pages 2 to 3 have been prepared.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Magellan Mortgages UK Limited for the period ended 31 March 2015 set out on pages 3 to 7 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at icaew.com/regulations.

This report is made solely to the Board of Directors of Magellan Mortgages UK Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Magellan Mortgages UK Limited and state those matters that we have agreed to state to the Board of Directors of Magellan Mortgages UK Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Magellan Mortgages UK Limited and it's Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Magellan Mortgages UK Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Magellan Mortgages UK Limited. You consider that Magellan Mortgages UK Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of Magellan Mortgages UK Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Alliotts

23 December 2015

Chartered Accountants

Friary Court

13-21 High Street

Guildford

Surrey

GU1 3DL

MAGELLAN MORTGAGES UK LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 MARCH 2015

- 2 -

2015

2014

Notes

Current assets

Debtors

1,141,191

1,107,253

Creditors: amounts falling due within one year

(155,286)

(1,240,250)

Total assets less current liabilities

985,905

(132,997)

Creditors: amounts falling due after more than one year

(1,240,250)

(254,345)

(132,997)

Capital and reserves

Called up share capital

100

Profit and loss account

(254,445)

(133,097)

Shareholders' funds

(254,345)

(132,997)

For the financial period ended 31 March 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476;

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

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 23 December 2015

M Gilmour

Director

Company Registration No. 08604906

MAGELLAN MORTGAGES UK LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE PERIOD ENDED 31 MARCH 2015

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Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

The directors consider the company to be a going concern due to the support from the parent company for at least the next 12 months.

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for portfolio management fees and recharges for costs incurred. Management fees are recognised in the period in which they fall due and recharges are recognised at the point the related costs become payable.

Creditors: amounts falling due after more than one year

2015

2014

Analysis of loans repayable in more than five years

Total not repayable by instalments and due in more than five years

1,240,250

Share capital

2015

2014

Allotted, called up and fully paid

10,000 Ordinary shares of 1p each

100