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REGISTERED NUMBER: 01940441 (England and Wales)















Unaudited Financial Statements

for the Year Ended 30 June 2023

for

Magnetec Limited

Magnetec Limited (Registered number: 01940441)






Contents of the Financial Statements
for the Year Ended 30 June 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Magnetec Limited

Company Information
for the Year Ended 30 June 2023







DIRECTOR: K L Matchan





REGISTERED OFFICE: KKM Buildings
Old Reservoir Road
Farlington
PORTSMOUTH
Hampshire
PO6 1SU





REGISTERED NUMBER: 01940441 (England and Wales)





ACCOUNTANTS: Hughes Spencer
12 Acorn Business Park
Northarbour Road
Portsmouth
Hampshire
PO6 3TH

Magnetec Limited (Registered number: 01940441)

Balance Sheet
30 June 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 11,336 12,336

CURRENT ASSETS
Debtors 5 208,221 182,410
Cash at bank and in hand 84,905 138,175
293,126 320,585
CREDITORS
Amounts falling due within one year 6 98,228 126,694
NET CURRENT ASSETS 194,898 193,891
TOTAL ASSETS LESS CURRENT
LIABILITIES

206,234

206,227

PROVISIONS FOR LIABILITIES 2,154 2,344
NET ASSETS 204,080 203,883

CAPITAL AND RESERVES
Called up share capital 5,002 5,002
Retained earnings 199,078 198,881
SHAREHOLDERS' FUNDS 204,080 203,883

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 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 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 director and authorised for issue on 2 October 2023 and were signed by:




K L Matchan - Director


Magnetec Limited (Registered number: 01940441)

Notes to the Financial Statements
for the Year Ended 30 June 2023

1. STATUTORY INFORMATION

Magnetec Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance
Office equipment - 20% on reducing balance

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 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 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 20 (2022 - 18 ) .

Magnetec Limited (Registered number: 01940441)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

4. TANGIBLE FIXED ASSETS
Plant and Office
machinery equipment Totals
£    £    £   
COST
At 1 July 2022 6,500 24,217 30,717
Additions - 1,519 1,519
At 30 June 2023 6,500 25,736 32,236
DEPRECIATION
At 1 July 2022 5,410 12,971 18,381
Charge for year 218 2,301 2,519
At 30 June 2023 5,628 15,272 20,900
NET BOOK VALUE
At 30 June 2023 872 10,464 11,336
At 30 June 2022 1,090 11,246 12,336

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 197,939 172,888
Other debtors 10,282 9,522
208,221 182,410

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 20,880 29,304
Taxation and social security 52,180 67,757
Other creditors 25,168 29,633
98,228 126,694

7. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

During the year rent was paid to P Matchan (deceased) and K Matchan amounting to £30,000 (2022 £30,000).