Caseware UK (AP4) 2022.0.179 2022.0.179 2023-05-312023-05-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false2022-06-01No description of principal activity22falsetrue 02013822 2022-06-01 2023-05-31 02013822 2021-06-01 2022-05-31 02013822 2023-05-31 02013822 2022-05-31 02013822 c:Director1 2022-06-01 2023-05-31 02013822 d:MotorVehicles 2022-06-01 2023-05-31 02013822 d:MotorVehicles 2023-05-31 02013822 d:MotorVehicles 2022-05-31 02013822 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 02013822 d:FurnitureFittings 2022-06-01 2023-05-31 02013822 d:FurnitureFittings 2023-05-31 02013822 d:FurnitureFittings 2022-05-31 02013822 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 02013822 d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 02013822 d:FreeholdInvestmentProperty 2023-05-31 02013822 d:FreeholdInvestmentProperty 2022-05-31 02013822 d:CurrentFinancialInstruments 2023-05-31 02013822 d:CurrentFinancialInstruments 2022-05-31 02013822 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 02013822 d:CurrentFinancialInstruments d:WithinOneYear 2022-05-31 02013822 d:ShareCapital 2023-05-31 02013822 d:ShareCapital 2022-05-31 02013822 d:CapitalRedemptionReserve 2023-05-31 02013822 d:CapitalRedemptionReserve 2022-05-31 02013822 d:InvestmentPropertiesRevaluationReserve 2023-05-31 02013822 d:InvestmentPropertiesRevaluationReserve 2022-05-31 02013822 d:RetainedEarningsAccumulatedLosses 2023-05-31 02013822 d:RetainedEarningsAccumulatedLosses 2022-05-31 02013822 c:FRS102 2022-06-01 2023-05-31 02013822 c:AuditExempt-NoAccountantsReport 2022-06-01 2023-05-31 02013822 c:FullAccounts 2022-06-01 2023-05-31 02013822 c:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 02013822 6 2022-06-01 2023-05-31 iso4217:GBP xbrli:pure

Registered number: 02013822










MAG HOLDINGS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MAY 2023

 
MAG HOLDINGS LIMITED
REGISTERED NUMBER: 02013822

STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
47,564
32,765

Investments
 5 
200
200

Investment property
 6 
400,000
400,000

  
447,764
432,965

Current assets
  

Stocks
  
930,070
895,071

Debtors: amounts falling due within one year
 7 
101,719
111,301

Cash at bank and in hand
  
13,075
8,477

  
1,044,864
1,014,849

Creditors: amounts falling due within one year
 8 
(1,002,100)
(969,724)

Net current assets
  
 
 
42,764
 
 
45,125

Total assets less current liabilities
  
490,528
478,090

Provisions for liabilities
  

Deferred tax
  
(88)
(88)

  
 
 
(88)
 
 
(88)

Net assets
  
490,440
478,002


Capital and reserves
  

Called up share capital 
  
10,002
10,002

Capital redemption reserve
  
20,000
20,000

Investment property reserve
  
223,119
223,119

Profit and loss account
  
237,319
224,881

  
490,440
478,002


Page 1

 
MAG HOLDINGS LIMITED
REGISTERED NUMBER: 02013822
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MAY 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 






M Alexander
Director

Date: 3 November 2023

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
MAG HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1.


General information

The company, which was incorporated and registered in England & Wales (registered number 02013822), is a privately owned company limited by shares. The registered office address is 17a Larkfield Road, Farnham, Surrey, GU9 7BD. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Motor vehicles
-
25% straight line
Fixtures and fittings
-
25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.3

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.4

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 3

 
MAG HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.10

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
MAG HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.11

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

 
2.12

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.13

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

Page 5

 
MAG HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

4.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 June 2022
31,775
8,505
40,280


Additions
58,200
-
58,200


Disposals
(31,775)
-
(31,775)



At 31 May 2023

58,200
8,505
66,705



Depreciation


At 1 June 2022
-
7,515
7,515


Charge for the year on owned assets
11,519
107
11,626



At 31 May 2023

11,519
7,622
19,141



Net book value



At 31 May 2023
46,681
883
47,564



At 31 May 2022
31,775
990
32,765


5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 June 2022
200



At 31 May 2023
200




Page 6

 
MAG HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

6.


Investment property


Freehold investment property

£



Valuation


At 1 June 2022
400,000



At 31 May 2023
400,000

The 2023 valuations were made by the director, on an open market value for existing use basis.





7.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
86,300
86,300

Other debtors
9,251
16,984

Prepayments and accrued income
6,168
8,017

101,719
111,301



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other taxation and social security
3,583
2,382

Other creditors
985,252
966,367

Accruals and deferred income
13,265
975

1,002,100
969,724



9.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £10,000 (2022 - £4,000) . No contributions were payable to the fund at the reporting date.

 
Page 7