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Company Registration No. 02812704 (England and Wales)
Specialty Magnetics Limited Unaudited accounts for the year ended 28 February 2023
Specialty Magnetics Limited Unaudited accounts Contents
Page
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Specialty Magnetics Limited Company Information for the year ended 28 February 2023
Director
Dr A Akgun
Company Number
02812704 (England and Wales)
Registered Office
5 ISLIP MANOR ROAD NORTHOLT MIDDLESEX UB5 5DY UNITED KINGDOM
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Specialty Magnetics Limited Statement of financial position as at 28 February 2023
2023 
2022 
Notes
£ 
£ 
Current assets
Debtors
43,150 
2,989 
Cash at bank and in hand
367,079 
469,815 
410,229 
472,804 
Creditors: amounts falling due within one year
(773,958)
(778,015)
Net current liabilities
(363,729)
(305,211)
Net liabilities
(363,729)
(305,211)
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
(363,829)
(305,311)
Shareholders' funds
(363,729)
(305,211)
For the year ending 28 February 2023 the company was entitled to exemption from audit 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 29 September 2023 and were signed on its behalf by
Dr A Akgun Director Company Registration No. 02812704
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Specialty Magnetics Limited Notes to the Accounts for the year ended 28 February 2023
1
Statutory information
Specialty Magnetics Limited is a private company, limited by shares, registered in England and Wales, registration number 02812704. The registered office is 5 ISLIP MANOR ROAD, NORTHOLT, MIDDLESEX, UB5 5DY, UNITED KINGDOM.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants received towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
Intangible fixed assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
4
Intangible fixed assets
Other 
£ 
Cost
At 1 March 2022
140,742 
At 28 February 2023
140,742 
Amortisation
At 1 March 2022
140,742 
At 28 February 2023
140,742 
Net book value
At 28 February 2023
- 
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Specialty Magnetics Limited Notes to the Accounts for the year ended 28 February 2023
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
VAT
2,577 
2,989 
Accrued income and prepayments
573 
- 
Other debtors
40,000 
- 
43,150 
2,989 
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Amounts owed to group undertakings and other participating interests
771,315 
771,315 
Taxes and social security
1,643 
5,700 
Accruals
1,000 
1,000 
773,958 
778,015 
7
Loans to directors
Brought Forward 
Advance/ credit 
Repaid 
Carried Forward 
£ 
£ 
£ 
£ 
Loan to the Director
- 
40,000 
- 
40,000 
- 
40,000 
- 
40,000 
Included in other debtors is an amount of £40,000 (2022: £Nil) owing to the company by the director. Interest is charged at 2% per annum on £40,000 and the balance was repaid within 9 months of the year end.
8
Average number of employees
During the year the average number of employees was 1 (2022: 1).
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