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COMPANY REGISTRATION NUMBER: 07018511
Magnum Holdings UK Limited
Financial Statements
31 March 2023
Magnum Holdings UK Limited
Financial Statements
Year ended 31 March 2023
Contents
Page
Officers and professional advisers
1
Strategic report
2
Directors' report
4
Independent auditor's report to the members
6
Consolidated statement of comprehensive income
10
Consolidated balance sheet
11
Balance sheet
12
Consolidated statement of changes in equity
13
Company statement of changes in equity
14
Consolidated statement of cash flows
15
Notes to the financial statements
16
Magnum Holdings UK Limited
Officers and Professional Advisers
The board of directors
M Younis
Z H Younis
Registered office
Magnum House
Macklin Avenue
Cowpen Lane Industrial Estate
Billingham
TS23 4BY
Auditor
Chipchase Manners
Chartered accountants & statutory auditor
384 Linthorpe Road
Middlesbrough
TS5 6HA
Bankers
Lloyds Bank
83-85 Linthorpe Road
Middlesbrough
TS1 5BU
Solicitors
Jacksons Law Firm
17 Falcon Court
Preston Farm Industrial Estate
Stockton-on-Tees
TS18 3TU
Magnum Holdings UK Limited
Strategic Report
Year ended 31 March 2023
Principal activities
The principal activity of the group is that of wholesale packaging merchants, investment property management, and storage facility providers.
Key performance indicators
The straightforward trade of the group allows for the use of simple key performance indicators as follows:
2023 2022
Gross profit margin (%) 29 28
Net profit margin (%) 3 4
Current ratio 1 1
Principal risks and uncertainties
The Group conducts the sale of various types of packaging products, holds a portfolio of investment properties, and provides storage and vehicle rental solutions. The key business risks and uncertainties affecting the Group are considered to relate to the competition in the industry, both locally and nationally. The Group's directors are working to maintain the Group's excellent reputation and are working to build on existing customer relationships whilst also developing new ones. The Group has continued to grow in recent years despite the competition in the industry. The growth and financial success in recent years has allowed for the expansion of the clients premises to the new facility in Billingham which has allowed the Group to manage higher demand for its products and continue to increase both turnover and stock levels.
Interest risk
The Group finances its activities, along with other financial assets and liabilities such as trade debtors and creditors, directly from the Group's operating activities. The Group does not enter into interest rate swaps and does not trade in financial instruments. The Group does not seek to hedge any transactions and no trading in derivative financial instruments is undertaken. The overall level of interest risk is low.
Currency risk
The Group's reporting currency is GBP but it transacts in foreign currencies with a range of customers who operate with both Euros and US Dollars. Fluctuations in value between GBP, the Euro and US Dollars may affect the Group's revenues and operating profits. The Group does not seek to mitigate currency risks through hedging to limit foreign currency transaction exposure as this exposure is not deemed by the directors to be a significant risk. Recent results have been positive despite the uncertainty cause by the UK's ongoing Brexit negotiations having an effect on exchange rates.
Liquidity risk
The risk of financial loss due to counterpart failure to honour its obligations is principally in relation to transactions where the Group provides goods and services. Group policies are aimed at minimising such losses, and require that terms are only granted to customers who demonstrate an appropriate payment history and satisfy creditworthiness procedures. Individual exposures are monitored to ensure that the Group's exposure to bad debts is not significant. The Group seeks to mitigate liquidity risk by managing cash generation in its operations and applying cash collection targets.
Going concern
The Group's business activities together with the factors likely to affect its future development, its financial position, financial risk management objectives and its exposures to price, credit, liquidity and cash flow risk are described in the business review above. The directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Accordingly they continue to adopt the going concern basis in preparing the annual report and accounts.
Future developments
The directors wish to push for sustained growth as they have in the recent past.
Results and dividends
The Profit for the period, after taxation, amounted to £1,309,145 (2022: £1,703,607). EBITDA amounted to £2,118,460 (2022: £2,472,201). Particulars of dividends paid are detailed in the notes to the financial statements.
This report was approved by the board of directors on 10 November 2023 and signed on behalf of the board by:
Z H Younis
Director
Registered office:
Magnum House
Macklin Avenue
Cowpen Lane Industrial Estate
Billingham
TS23 4BY
Magnum Holdings UK Limited
Directors' Report
Year ended 31 March 2023
The directors present their report and the financial statements of the group for the year ended 31 March 2023 .
Directors
The directors who served the company during the year were as follows:
Z H Younis
M Younis
(Appointed 15 June 2022)
T B Younis
(Resigned 16 June 2022)
Dividends
Particulars of recommended dividends are detailed in note 12 to the financial statements.
Future developments
The directors of the group intend to promote steady growth for the foreseeable future.
Financial instruments
There have been no financial instruments considered to be non-basic in use during the year.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.
This report was approved by the board of directors on 10 November 2023 and signed on behalf of the board by:
Z H Younis
Director
Registered office:
Magnum House
Macklin Avenue
Cowpen Lane Industrial Estate
Billingham
TS23 4BY
Magnum Holdings UK Limited
Independent Auditor's Report to the Members of Magnum Holdings UK Limited
Year ended 31 March 2023
Opinion
We have audited the financial statements of Magnum Holdings UK Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2023 which comprise the consolidated statement of comprehensive income, consolidated balance sheet, balance sheet, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the group's and of the parent company's affairs as at 31 March 2023 and of the group's profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: The objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud or error. It is also our objective to obtain sufficient appropriate audit evidence regarding the risks we have assessed and respond as appropriate to them. Even though an audit is planned and performed in accordance with the ISAs (UK), an audit has an unavoidable risk that material misstatements in the financial statements may not be detected. In identifying and assessing the risk of material misstatement in respect of irregularities, including fraud, our audit procedures included the following: - We obtained an understanding of the legal and regulatory frameworks applicable to the company and the environment in which they operate. - We obtained an understanding of how the company ensures their compliance with the applicable legal and regulatory frameworks through inquiries to the management and those charged with ensuring such compliance within the company. We corroborated our inquiries through a review of transactions within the financial statements that were linked to compliance with laws and regulations. We also reviewed any available board minutes. - We assessed the susceptibility of the company's financial statements to material misstatement with regards to how fraud might occur. Audit procedures performed by the team included: - Identifying and assessing the effectiveness of controls the management of the company has in place to detect and prevent possible fraud; - Understanding how those involved with ensuring compliance considered and addressed the potential override of controls or undue influence over the financial reports; - Challenging any major assumptions and judgements that the management used in any significant accounting estimates; - Reviewing journal entries made with emphasis placed on those with unusual combinations and those around the accounting year end: and - Assessing the extent of compliance with applicable laws and regulations. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Graeme Richard Boagey BA FCA CTA
(Senior Statutory Auditor)
For and on behalf of
Chipchase Manners
Chartered accountants & statutory auditor
384 Linthorpe Road
Middlesbrough
TS5 6HA
10 November 2023
Magnum Holdings UK Limited
Consolidated Statement of Comprehensive Income
Year ended 31 March 2023
2023
2022
Note
£
£
Turnover
4
42,824,812
41,371,521
Cost of sales
( 31,086,104)
( 29,659,914)
-------------
-------------
Gross profit
11,738,708
11,711,607
Distribution costs
( 5,402,397)
( 6,206,202)
Administrative expenses
( 5,619,223)
( 4,281,889)
Rental and other operating income
5
1,141,204
990,220
-------------
-------------
Operating profit
6
1,858,292
2,213,736
Interest payable and similar expenses
10
( 190,459)
( 108,756)
-------------
-------------
Profit before taxation
1,667,833
2,104,980
Tax on profit
11
( 358,688)
( 401,373)
------------
------------
Profit for the financial year
1,309,145
1,703,607
------------
------------
Revaluation of tangible assets
2,550,901
Tax relating to components of other comprehensive income
( 730,037)
------------
----
Other comprehensive income for the year
1,820,864
------------
------------
Total comprehensive income for the year
3,130,009
1,703,607
------------
------------
All the activities of the group are from continuing operations.
Magnum Holdings UK Limited
Consolidated Balance Sheet
31 March 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
13
78,350
117,526
Tangible assets
14
20,327,025
17,306,788
Investments
15
1
1
-------------
-------------
20,405,376
17,424,315
Current assets
Stocks
16
4,287,640
5,280,115
Debtors
17
7,238,912
6,927,515
Cash at bank and in hand
6,582,684
3,661,484
-------------
-------------
18,109,236
15,869,114
Creditors: amounts falling due within one year
18
( 12,734,657)
( 13,769,645)
-------------
-------------
Net current assets
5,374,579
2,099,469
-------------
-------------
Total assets less current liabilities
25,779,955
19,523,784
Creditors: amounts falling due after more than one year
19
( 5,154,796)
( 2,690,697)
Provisions
21
( 2,305,313)
( 1,543,250)
-------------
-------------
Net assets
18,319,846
15,289,837
-------------
-------------
Capital and reserves
Called up share capital
25
100
100
Revaluation reserve
26
8,708,948
6,888,084
Merger reserve
26
3,695,005
3,695,005
Profit and loss account
26
5,915,793
4,706,648
-------------
-------------
Shareholders funds
18,319,846
15,289,837
-------------
-------------
These financial statements were approved by the board of directors and authorised for issue on 10 November 2023 , and are signed on behalf of the board by:
Z H Younis
Director
Company registration number: 07018511
Magnum Holdings UK Limited
Balance Sheet
31 March 2023
2023
2022
Note
£
£
Fixed assets
Investments
15
502,601
502,601
Current assets
Debtors
17
483,400
83,400
Cash at bank and in hand
118,059
145,269
---------
---------
601,459
228,669
Creditors: amounts falling due within one year
18
( 725,481)
( 745,482)
---------
---------
Net current liabilities
( 124,022)
( 516,813)
---------
---------
Total assets less current liabilities
378,579
( 14,212)
---------
--------
Net assets/(liabilities)
378,579
( 14,212)
---------
--------
Capital and reserves
Called up share capital
25
100
100
Profit and loss account
26
378,479
( 14,312)
---------
--------
Shareholders funds/(deficit)
378,579
( 14,212)
---------
--------
The profit for the financial year of the parent company was £ 492,791 (2022: £ 93,983 ).
These financial statements were approved by the board of directors and authorised for issue on 10 November 2023 , and are signed on behalf of the board by:
Z H Younis
Director
Company registration number: 07018511
Magnum Holdings UK Limited
Consolidated Statement of Changes in Equity
Year ended 31 March 2023
Called up share capital
Revaluation reserve
Merger reserve
Profit and loss account
Total
Note
£
£
£
£
£
At 1 April 2021
100
6,888,084
3,695,005
3,103,041
13,686,230
Profit for the year
1,703,607
1,703,607
----
------------
------------
------------
-------------
Total comprehensive income for the year
1,703,607
1,703,607
Dividends paid and payable
12
( 100,000)
( 100,000)
----
------------
------------
------------
-------------
Total investments by and distributions to owners
( 100,000)
( 100,000)
At 31 March 2022
100
6,888,084
3,695,005
4,706,648
15,289,837
Profit for the year
1,309,145
1,309,145
Other comprehensive income for the year:
Revaluation of tangible assets
14
2,550,901
2,550,901
Tax relating to components of other comprehensive income
11
( 730,037)
( 730,037)
----
------------
------------
------------
-------------
Total comprehensive income for the year
1,820,864
1,309,145
3,130,009
Dividends paid and payable
12
( 100,000)
( 100,000)
----
----
----
---------
---------
Total investments by and distributions to owners
( 100,000)
( 100,000)
----
------------
------------
------------
-------------
At 31 March 2023
100
8,708,948
3,695,005
5,915,793
18,319,846
----
------------
------------
------------
-------------
Magnum Holdings UK Limited
Company Statement of Changes in Equity
Year ended 31 March 2023
Called up share capital
Profit and loss account
Total
£
£
£
At 1 April 2021
100
( 8,295)
( 8,195)
Profit for the year
93,983
93,983
----
--------
--------
Total comprehensive income for the year
93,983
93,983
Dividends paid and payable
12
( 100,000)
( 100,000)
----
---------
---------
Total investments by and distributions to owners
( 100,000)
( 100,000)
At 31 March 2022
100
( 14,312)
( 14,212)
Profit for the year
492,791
492,791
----
---------
---------
Total comprehensive income for the year
492,791
492,791
Dividends paid and payable
12
( 100,000)
( 100,000)
----
---------
---------
Total investments by and distributions to owners
( 100,000)
( 100,000)
----
---------
---------
At 31 March 2023
100
378,479
378,579
----
---------
---------
Magnum Holdings UK Limited
Consolidated Statement of Cash Flows
Year ended 31 March 2023
2023
2022
£
£
Cash flows from operating activities
Profit for the financial year
1,309,145
1,703,607
Adjustments for:
Depreciation of tangible assets
220,992
219,289
Amortisation of intangible assets
39,176
39,176
Government grant income
( 5,704)
( 7,875)
Interest payable and similar expenses
190,459
108,756
Loss/(gains) on disposal of tangible assets
9,987
( 647)
Tax on profit
358,688
401,373
Accrued expenses/(income)
24,882
( 44,679)
Changes in:
Stocks
992,475
( 1,051,551)
Trade and other debtors
( 326,563)
( 570,601)
Trade and other creditors
( 1,531,067)
1,317,200
------------
------------
Cash generated from operations
1,282,470
2,114,048
Interest paid
( 190,459)
( 108,756)
Tax paid
( 378,121)
( 556,870)
------------
------------
Net cash from operating activities
713,890
1,448,422
------------
------------
Cash flows from investing activities
Purchase of tangible assets
( 703,915)
( 833,731)
Proceeds from sale of tangible assets
3,600
54,268
------------
------------
Net cash used in investing activities
( 700,315)
( 779,463)
------------
------------
Cash flows from financing activities
Proceeds from borrowings
2,887,441
( 671,892)
Government grant income
5,704
7,875
Payments of finance lease liabilities
114,480
( 55,426)
Dividends paid
( 100,000)
( 100,000)
------------
------------
Net cash from/(used in) financing activities
2,907,625
( 819,443)
------------
------------
Net increase/(decrease) in cash and cash equivalents
2,921,200
( 150,484)
Cash and cash equivalents at beginning of year
3,661,484
3,811,968
------------
------------
Cash and cash equivalents at end of year
6,582,684
3,661,484
------------
------------
Magnum Holdings UK Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Magnum House, Macklin Avenue, Cowpen Lane Industrial Estate, Billingham, TS23 4BY.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102: No disclosure has been given for the aggregate remuneration of key management personnel as it is the same as the directors remuneration.
Consolidation
The financial statements consolidate the financial statements of Magnum Holdings UK Limited and all of its subsidiary undertakings.
The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
Straight line over 5 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the associate.
Investments in joint ventures
Investments in joint ventures are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the joint venture.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
The grant income deferred and released to profit and loss is representative of grant income received in a prior year In Magnum Storage (NE) Limited which is being released over the life of the asset for which it was received to assist in acquiring.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
The group has not used any non-basic financial instruments in the year.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Turnover
Turnover arises from:
2023
2022
£
£
Sale of goods
42,016,727
40,619,290
Rendering of services
808,085
752,231
-------------
-------------
42,824,812
41,371,521
-------------
-------------
The turnover is attributable to the one principal activity of the group. An analysis of turnover by the geographical markets that substantially differ from each other is given below:
2023
2022
£
£
United Kingdom
40,740,293
40,007,600
Overseas
2,084,519
1,363,921
-------------
-------------
42,824,812
41,371,521
-------------
-------------
5. Rental and other operating income
2023
2022
£
£
Government grant income
5,704
7,875
Other operating income
1,135,500
982,345
------------
---------
1,141,204
990,220
------------
---------
6. Operating profit
Operating profit or loss is stated after charging/crediting:
2023
2022
£
£
Amortisation of intangible assets
39,176
39,176
Depreciation of tangible assets
220,992
219,289
Loss/(gains) on disposal of tangible assets
9,987
( 647)
Impairment of trade debtors
60,492
72,144
---------
---------
7. Auditor's remuneration
2023
2022
£
£
Fees payable for the audit of the financial statements
31,000
25,000
--------
--------
8. Staff costs
The average number of persons employed by the group during the year, including the directors, amounted to:
2023
2022
No.
No.
Administrative staff
8
9
Management staff
2
2
Other employees
88
80
----
----
98
91
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2023
2022
£
£
Wages and salaries
2,355,755
1,933,109
Social security costs
202,038
144,632
Other pension costs
25,455
20,993
------------
------------
2,583,248
2,098,734
------------
------------
9. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2023
2022
£
£
Remuneration
285,426
183,000
---------
---------
Remuneration of the highest paid director in respect of qualifying services:
2023
2022
£
£
Aggregate remuneration
150,213
91,500
---------
--------
10. Interest payable and similar expenses
2023
2022
£
£
Interest on banks loans and overdrafts
176,178
96,976
Interest on obligations under finance leases and hire purchase contracts
14,281
11,780
---------
---------
190,459
108,756
---------
---------
11. Tax on profit
Major components of tax income
2023
2022
£
£
Current tax:
UK current tax income
326,662
378,121
Deferred tax:
Origination and reversal of timing differences
32,026
23,252
---------
---------
Tax on profit
358,688
401,373
---------
---------
Tax recognised as other comprehensive income or equity
The aggregate current and deferred tax relating to items recognised as other comprehensive income or equity for the year was £730,037 (2022: £Nil).
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2022: higher than) the standard rate of corporation tax in the UK of 19 % (2022: 19 %).
2023
2022
£
£
Profit on ordinary activities before taxation
1,667,833
2,104,980
------------
------------
Profit on ordinary activities by rate of tax
325,702
399,946
Effect of expenses not deductible for tax purposes
1,898
7,321
Effect of capital allowances and depreciation
928
7,368
Utilisation of tax losses
( 1,866)
( 37,657)
Unused tax losses
1,143
Deferred tax movement
32,026
23,252
------------
------------
Tax on profit
358,688
401,373
------------
------------
12. Dividends
2023
2022
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
100,000
100,000
---------
---------
13. Intangible assets
Group
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
195,878
---------
Amortisation
At 1 April 2022
78,352
Charge for the year
39,176
---------
At 31 March 2023
117,528
---------
Carrying amount
At 31 March 2023
78,350
---------
At 31 March 2022
117,526
---------
The company has no intangible assets.
14. Tangible assets
Group
Plant and machinery
Fixtures and fittings
Motor vehicles
Investment property
Total
£
£
£
£
£
Cost
At 1 April 2022
554,177
358,840
349,097
16,563,350
17,825,464
Additions
106,007
6,306
287,749
303,853
703,915
Disposals
( 5,583)
( 45,467)
( 51,050)
Revaluations
2,550,901
2,550,901
---------
---------
---------
-------------
-------------
At 31 March 2023
654,601
365,146
591,379
19,418,104
21,029,230
---------
---------
---------
-------------
-------------
Depreciation
At 1 April 2022
224,893
184,302
109,481
518,676
Charge for the year
101,969
44,866
74,157
220,992
Disposals
( 4,714)
( 32,749)
( 37,463)
---------
---------
---------
-------------
-------------
At 31 March 2023
322,148
229,168
150,889
702,205
---------
---------
---------
-------------
-------------
Carrying amount
At 31 March 2023
332,453
135,978
440,490
19,418,104
20,327,025
---------
---------
---------
-------------
-------------
At 31 March 2022
329,284
174,538
239,616
16,563,350
17,306,788
---------
---------
---------
-------------
-------------
The company has no tangible assets.
Tangible assets held at valuation
The properties owned by the subsidiary company Magnum Investments (NE) Limited at 31 March 2023 have been valued by an independent property valuer, Parker Barras Estate Agents, on 2 November 2023. The directors are of the opinion that the value of the investment properties has not changed materially since 31 March 2023.
In respect of tangible assets held at valuation, aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Group
Investment property
£
At 31 March 2023
Aggregate cost
7,669,683
Aggregate depreciation
------------
Carrying value
7,669,683
------------
At 31 March 2022
Aggregate cost
7,365,830
Aggregate depreciation
------------
Carrying value
7,365,830
------------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Group
Motor vehicles
£
At 31 March 2023
214,267
---------
At 31 March 2022
---------
15. Investments
Group
Shares in group undertakings
£
Cost
At 1 April 2022 and 31 March 2023
1
----
Impairment
At 1 April 2022 and 31 March 2023
----
Carrying amount
At 1 April 2022 and 31 March 2023
1
----
At 31 March 2022
1
----
Company
Shares in group undertakings
£
Cost
At 1 April 2022 and 31 March 2023
502,601
---------
Impairment
At 1 April 2022 and 31 March 2023
---------
Carrying amount
At 1 April 2022 and 31 March 2023
502,601
---------
At 31 March 2022
502,601
---------
Subsidiaries, associates and other investments
Details of the investments in which the group and the parent company have an interest of 20% or more are as follows:
Class of share
Percentage of shares held
Subsidiary undertakings
Magnum Packaging (N.E.) Limited
Ordinary
100
Magnum Investments (NE) Limited
Ordinary
100
Magnum Storage (NE) Limited
Ordinary
100
Joint ventures
Methodist House Living Limited
Ordinary
50
16. Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Finished goods and goods for resale
4,287,640
5,280,115
------------
------------
----
----
17. Debtors
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade debtors
6,659,139
6,458,228
Amounts owed by group undertakings
483,400
83,400
Amounts owed by undertakings in which the company has a participating interest
495,999
405,999
Prepayments and accrued income
77,766
59,006
Other debtors
6,008
4,282
------------
------------
---------
--------
7,238,912
6,927,515
483,400
83,400
------------
------------
---------
--------
18. Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans and overdrafts
404,170
270,376
Trade creditors
1,281,563
1,688,280
Accruals and deferred income
49,153
48,230
6,000
5,000
Corporation tax
326,662
378,121
Social security and other taxes
1,068,559
1,362,365
Obligations under finance leases and hire purchase contracts
78,289
54,375
Director loan accounts
7,754,999
7,380,589
626,991
624,553
Amounts due to Magnum Properties (NE) Limited
303,076
303,076
Other creditors
1,468,186
2,284,233
92,490
115,929
-------------
-------------
---------
---------
12,734,657
13,769,645
725,481
745,482
-------------
-------------
---------
---------
19. Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans and overdrafts
4,967,021
2,587,784
Accruals and deferred income
17,112
22,816
Obligations under finance leases and hire purchase contracts
170,663
80,097
------------
------------
----
----
5,154,796
2,690,697
------------
------------
----
----
20. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
Group
Company
2023
2022
2023
2022
£
£
£
£
Not later than 1 year
78,289
54,375
Later than 1 year and not later than 5 years
170,663
80,097
---------
---------
----
----
248,952
134,472
---------
---------
----
----
21. Provisions
Group
Deferred tax (note 22)
£
At 1 April 2022
1,543,250
Additions
762,063
------------
At 31 March 2023
2,305,313
------------
The company does not have any provisions.
22. Deferred tax
The deferred tax included in the balance sheet is as follows:
Group
Company
2023
2022
2023
2022
£
£
£
£
Included in provisions (note 21)
2,305,313
1,543,250
------------
------------
----
----
The deferred tax account consists of the tax effect of timing differences in respect of:
Group
Company
2023
2022
2023
2022
£
£
£
£
Accelerated capital allowances
172,142
141,253
Revaluation of tangible assets
2,133,171
1,403,134
Unused tax losses
( 1,137)
------------
------------
----
----
2,305,313
1,543,250
------------
------------
----
----
23. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 25,455 (2022: £ 20,993 ).
24. Government grants
The amounts recognised in the financial statements for government grants are as follows:
Group
Company
2023
2022
2023
2022
£
£
£
£
Recognised in creditors:
Deferred government grants due after more than one year
17,112
22,816
--------
--------
----
----
Recognised in other operating income:
Government grants recognised directly in income
270
Government grants released to profit or loss
5,704
7,605
-------
-------
----
----
5,704
7,875
-------
-------
----
----
25. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
26. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses. Merger reserve - This reserve records the net asset position of the subsidiaries acquired at the point of merger. Revaluation reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income.
27. Analysis of changes in net debt
At 1 Apr 2022
Cash flows
At 31 Mar 2023
£
£
£
Cash at bank and in hand
3,661,484
2,921,200
6,582,684
Debt due within one year
(7,705,340)
(532,118)
(8,237,458)
Debt due after one year
(2,667,881)
(2,469,803)
(5,137,684)
------------
------------
------------
( 6,711,737)
( 80,721)
( 6,792,458)
------------
------------
------------
28. Directors' advances, credits and guarantees
There have been no directors advances, credits or guarantees in the year.
29. Related party transactions
Group
At the year end Magnum Investments (NE) Limited was due £495,999 (2022: £405,999) from Methodist House Living Limited. Magnum Investments (NE) Limited holds 50% of the share capital in this company. At 31 March 2023, the company had not yet traded.
Magnum Holdings UK Limited
Notes to the Financial Statements (continued)
Year ended 31 March 2023
29. Related party transactions (continued)
Company
During the year Magnum Packaging (N.E.) Limited rented properties from Magnum Investments (NE) Limited at a total rent of £480,000 (2022: £260,000). At the year-end Magnum Packaging (N.E) was due £3,288,298 (2022: £3,288,297) from Magnum Investments (NE) Limited. Both of these companies are wholly owned subsidiaries of Magnum Holdings UK Limited . During the year Magnum Packaging (N.E.) Limited proposed a dividend of £250,000 (2022: £100,000) to Magnum Holdings UK Limited , the parent company. At the year-end Magnum Packaging (N.E.) Limited was due £233,400 (2022: £83,400) from Magnum Holdings UK Limited . During the year Magnum Investments (NE) Limited proposed a dividend of £250,000 (2022: nil) to Magnum Holdings UK Limited , the parent company. At the year-end Magnum Investments (NE) Limited was due £250,000 (2022: nil) from Magnum Holdings UK Limited . During the year Magnum Storage (NE) Limited rented properties from Magnum Investments (NE) Limited at a total rent of £62,550 (2022: £50,040). Both of these companies are wholly owned subsidiaries of Magnum Holdings UK Limited . During the year Magnum Storage (NE) Limited purchased packaging from Magnum Packaging (N.E.) Limited at a cost of £4,525 (2022: £12,261). Both of these companies are wholly owned subsidiaries of Magnum Holdings UK Limited . All transactions between the companies in the Magnum Holdings UK Limited (ultimate parent company) group are undertaken on an arms-length basis and under normal commercial terms. Loans to shareholders totalling £1,371,474 (2022: £2,200,137) are represented in Other Creditors on the financial statements.