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Company Registration No. 09512507 (England and Wales)
Magnet.me Ltd Unaudited accounts for the year ended 31 March 2023
Magnet.me Ltd Unaudited accounts Contents
Page
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Magnet.me Ltd Company Information for the year ended 31 March 2023
Director
Frederik Schouten
Company Number
09512507 (England and Wales)
Registered Office
St Lawrence Lodge 37 Chamberlain Street Wells Somerset BA5 2PQ
Accountants
OD Accountants Ltd 7a Ezra Street London E2 7RH
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Magnet.me Ltd Statement of financial position as at 31 March 2023
2023 
2022 
Notes
£ 
£ 
Current assets
Cash at bank and in hand
- 
26,352 
Creditors: amounts falling due within one year
(411)
(1,473)
Net current (liabilities)/assets
(411)
24,879 
Total assets less current liabilities
(411)
24,879 
Creditors: amounts falling due after more than one year
(594,516)
(587,137)
Net liabilities
(594,927)
(562,258)
Capital and reserves
Called up share capital
1 
1 
Profit and loss account
(594,928)
(562,259)
Shareholders' funds
(594,927)
(562,258)
For the year ending 31 March 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 5 September 2023 and were signed on its behalf by
Frederik Schouten Director Company Registration No. 09512507
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Magnet.me Ltd Notes to the Accounts for the year ended 31 March 2023
1
Statutory information
Magnet.me Ltd is a private company, limited by shares, registered in England and Wales, registration number 09512507. The registered office is St Lawrence Lodge , 37 Chamberlain Street, Wells, Somerset , BA5 2PQ.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
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.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% Straight line
Foreign exchange
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
4
Tangible fixed assets
Plant & machinery 
£ 
Cost or valuation
At cost 
At 1 April 2022
537 
At 31 March 2023
537 
Depreciation
At 1 April 2022
537 
At 31 March 2023
537 
Net book value
At 31 March 2023
- 
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Magnet.me Ltd Notes to the Accounts for the year ended 31 March 2023
5
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
VAT
- 
1,153 
Trade creditors
411 
- 
Accruals
- 
320 
411 
1,473 
6
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Amounts owed to group undertakings and other participating interests
594,516 
587,137 
7
Share capital
2023 
2022 
£ 
£ 
Allotted, called up and fully paid:
1 Ordinary shares of £1 each
1 
1 
8
Transactions with related parties
Magnet.me Ltd owes Magnet.me BV NL £592,771 (2022: £566,801) for charges included relating to the UK operations at the balance sheet date. There is also an inter-company debtor of £45,816 (2022: £48,895) and a further non interest bearing loan of £47,561 (2022: £69,229).
9
Controlling party
Magnet.me Ltd is a wholly owned subsidiary of Magnet.me UK B.V. in the Netherlands. In turn, Magnet.me UK B.V.'s shares are wholly owned by Magnet.me B.V. (the holding company).
10
Average number of employees
During the year the average number of employees was 0 (2022: 0).
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