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REGISTERED NUMBER: 00581158 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2023

FOR

MAGNETIC SHIELDS LIMITED

MAGNETIC SHIELDS LIMITED (REGISTERED NUMBER: 00581158)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH JUNE 2023










Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 16


MAGNETIC SHIELDS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30TH JUNE 2023







DIRECTORS: C L Woolger
N B Murby
D P Woolger
B J Van Der Veek



SECRETARY: D P Woolger



REGISTERED OFFICE: Headcorn Road
Staplehurst
Tonbridge
Kent
TN12 0DS



REGISTERED NUMBER: 00581158 (England and Wales)



AUDITORS: Gowers Limited, Statutory Auditor
The Old School House
Bridge Road
Hunton Bridge
Kings Langley
Hertfordshire
WD4 8SZ



BANKERS: Clydesdale Bank Plc
35 Regent Street
Piccadilly Circus
London
SW1Y 4ND

MAGNETIC SHIELDS LIMITED (REGISTERED NUMBER: 00581158)

STRATEGIC REPORT
FOR THE YEAR ENDED 30TH JUNE 2023


The directors present their strategic report for the year ended 30th June 2023.

REVIEW OF BUSINESS
The Directors present a review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of our business.

A summary of the results for the year is shown in the profit and loss account.

Turnover has increased during the year to £10,793,626 (2022: £10,805,574). The directors consider the profit achieved on ordinary activities before taxation to be satisfactory.

The financial position of the company at the year end is shown in the balance sheet and the directors consider that this, together with the cash flow statement and the notes to the financial statements, provide a sufficient detail for an understanding of the position and performance of the company.

BY ORDER OF THE BOARD:





D P Woolger - Secretary


21st December 2023

MAGNETIC SHIELDS LIMITED (REGISTERED NUMBER: 00581158)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30TH JUNE 2023


The directors present their report with the financial statements of the company for the year ended 30th June 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of precision sheet metal working and the manufacture of magnetic shields and associated acrylic products.

DIVIDENDS
No dividends will be distributed for the year ended 30th June 2023.

DIRECTORS
The directors during the year under review were:

C L Woolger
N B Murby
D P Woolger
B J Van Der Veek - appointed 1.7.22

The directors holding office at 30th June 2023 did not hold any beneficial interest in the issued share capital of the company at 1st July 2022 (or date of appointment if later) or 30th June 2023.

TAXATION STATUS
The close company provisions of the Income and Corporation Taxes Act 1988 apply to the company.

DIRECTORS' RESPONSIBILITIES STATEMENT
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements 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.

MAGNETIC SHIELDS LIMITED (REGISTERED NUMBER: 00581158)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30TH JUNE 2023


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

BY ORDER OF THE BOARD:



D P Woolger - Secretary


21st December 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MAGNETIC SHIELDS LIMITED


Opinion
We have audited the financial statements of Magnetic Shields Limited (the 'company') for the year ended 30th June 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, 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 Financial Reporting Standard 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 company's affairs as at 30th June 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company 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 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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 this gives rise to a material misstatement in the financial statements themselves. 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MAGNETIC SHIELDS LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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 set out on page three, 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 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 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 company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MAGNETIC SHIELDS LIMITED


Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
- the nature of the industry and sector, control environment and business performance, any key drivers for directors'
remuneration, and performance targets;
- results of our enquiries of management and directors about their own identification and assessment of irregularities;
- any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to: identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
- the internal systems established to mitigate risks related to fraud or non-compliance with laws and regulations.
- the matters discussed among the engagement team including tax personnel, regarding where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of the above, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in management override of controls. In common with all audits under ISAs (UK), we are required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory framework in which the company operates, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements in this case, specifically in this context, Companies Act 2006 and tax legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty.

Audit response to risks identified
Having performed the above, we did not identify any key audit matters related to the potential risk of fraud or
non-compliance with laws and regulations. In addition to the above, our procedures to respond to risks identified
included the following:
- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with
relevant laws and regulations discussed above;
- enquiring of management, the directors and in-house management concerning actual and potential litigation and claims;
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- in addressing the risk of fraud through management override of controls, reviewing the appropriateness of journal entries and other adjustments; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MAGNETIC SHIELDS LIMITED


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 a Report of the Auditors 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.




David Green FCA (Senior Statutory Auditor)
for and on behalf of Gowers Limited, Statutory Auditor
The Old School House
Bridge Road
Hunton Bridge
Kings Langley
Hertfordshire
WD4 8SZ

12th February 2024

MAGNETIC SHIELDS LIMITED (REGISTERED NUMBER: 00581158)

INCOME STATEMENT
FOR THE YEAR ENDED 30TH JUNE 2023

2023 2022
Notes £    £   

TURNOVER 3 10,793,626 10,805,574

Cost of sales (6,460,395 ) (6,995,763 )
GROSS PROFIT 4,333,231 3,809,811

Administrative expenses (4,332,200 ) (3,749,177 )
1,031 60,634

Other operating income 296,668 253,003
OPERATING PROFIT 5 297,699 313,637

Profit/loss on sale of invest 6 69,999 -
367,698 313,637

Interest receivable and similar income 687 -
368,385 313,637

Interest payable and similar expenses 7 (155,504 ) (58,155 )
PROFIT BEFORE TAXATION 212,881 255,482

Tax on profit 8 1,239 (13,189 )
PROFIT FOR THE FINANCIAL YEAR 214,120 242,293

MAGNETIC SHIELDS LIMITED (REGISTERED NUMBER: 00581158)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30TH JUNE 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 214,120 242,293


OTHER COMPREHENSIVE INCOME
Actuarial gain - 54,700
Income tax relating to other comprehensive
income

-

(10,393

)
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

-

44,307
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

214,120

286,600

MAGNETIC SHIELDS LIMITED (REGISTERED NUMBER: 00581158)

BALANCE SHEET
30TH JUNE 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 9 43,331 32,997
Tangible assets 10 4,862,424 4,716,066
Investments 11 1,020 1,021
4,906,775 4,750,084

CURRENT ASSETS
Stocks 12 3,487,931 1,828,485
Debtors 13 2,668,477 2,856,586
Cash at bank 1,106,681 1,262,215
7,263,089 5,947,286
CREDITORS
Amounts falling due within one year 14 (4,582,942 ) (4,502,439 )
NET CURRENT ASSETS 2,680,147 1,444,847
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,586,922

6,194,931

CREDITORS
Amounts falling due after more than one year 15 (2,754,332 ) (1,644,013 )

PROVISIONS FOR LIABILITIES 19 (309,789 ) (242,237 )
NET ASSETS 4,522,801 4,308,681

CAPITAL AND RESERVES
Called up share capital 20 2,286 2,286
Share premium 21 1,714 1,714
Revaluation reserve 21 829,781 829,781
Retained earnings 21 3,689,020 3,474,900
SHAREHOLDERS' FUNDS 4,522,801 4,308,681

The financial statements were approved by the Board of Directors and authorised for issue on 21st December 2023 and were signed on its behalf by:





D P Woolger - Director


MAGNETIC SHIELDS LIMITED (REGISTERED NUMBER: 00581158)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30TH JUNE 2023

Called up
share Retained Share Revaluation Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1st July 2021 2,286 3,188,300 1,714 829,781 4,022,081

Changes in equity
Total comprehensive income - 286,600 - - 286,600
Balance at 30th June 2022 2,286 3,474,900 1,714 829,781 4,308,681

Changes in equity
Total comprehensive income - 214,120 - - 214,120
Balance at 30th June 2023 2,286 3,689,020 1,714 829,781 4,522,801

MAGNETIC SHIELDS LIMITED (REGISTERED NUMBER: 00581158)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 30TH JUNE 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (252,706 ) 1,177,110
Interest paid (119,332 ) (25,413 )
Interest element of hire purchase payments
paid

(36,172

)

(32,742

)
Government grants 289,993 245,737
Net cash from operating activities (118,217 ) 1,364,692

Cash flows from investing activities
Purchase of intangible fixed assets (16,570 ) (7,437 )
Purchase of tangible fixed assets (1,161,641 ) (2,461,800 )
Sale of tangible fixed assets - 3,000
Sale of fixed asset investments 70,000 -
Tax repaid 353,691 -
Interest received 687 -
Net cash from investing activities (753,833 ) (2,466,237 )

Cash flows from financing activities
Increase in hire purchase (450,466 ) 584,410
Increase in loans and overdrafts 1,166,982 255,244
Net cash from financing activities 716,516 839,654

Decrease in cash and cash equivalents (155,534 ) (261,891 )
Cash and cash equivalents at beginning of
year

2

1,262,215

1,524,106

Cash and cash equivalents at end of year 2 1,106,681 1,262,215

MAGNETIC SHIELDS LIMITED (REGISTERED NUMBER: 00581158)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 30TH JUNE 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Profit before taxation 212,881 255,482
Depreciation charges 1,021,519 987,893
Profit on disposal of fixed assets - (3,000 )
Profit on disposal of Investments (69,999 ) -
Government grants (289,993 ) (245,737 )
Finance costs 155,504 58,155
Finance income (687 ) -
1,029,225 1,052,793
(Increase)/decrease in stocks (1,659,446 ) 391,952
Increase in trade and other debtors (96,791 ) (635,417 )
Increase in trade and other creditors 474,306 367,782
Cash generated from operations (252,706 ) 1,177,110

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30th June 2023
30.6.23 1.7.22
£    £   
Cash and cash equivalents 1,106,681 1,262,215
Year ended 30th June 2022
30.6.22 1.7.21
£    £   
Cash and cash equivalents 1,262,215 1,524,106


MAGNETIC SHIELDS LIMITED (REGISTERED NUMBER: 00581158)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 30TH JUNE 2023


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.7.22 Cash flow At 30.6.23
£    £    £   
Net cash
Cash at bank 1,262,215 (155,534 ) 1,106,681
1,262,215 (155,534 ) 1,106,681
Debt
Finance leases (1,613,215 ) 450,466 (1,162,749 )
Debts falling due within 1 year (676,579 ) 353,912 (322,667 )
Debts falling due after 1 year (480,754 ) (1,520,894 ) (2,001,648 )
(2,770,548 ) (716,516 ) (3,487,064 )
Total (1,508,333 ) (872,050 ) (2,380,383 )

MAGNETIC SHIELDS LIMITED (REGISTERED NUMBER: 00581158)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH JUNE 2023


1. STATUTORY INFORMATION

Magnetic Shields 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents the amounts derived from the provision of goods which fall within the company’s ordinary activities, excluding Value Added Tax.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided to write off the cost of assets over their estimated useful lives or, if held under a finance lease, over the lease term, whichever is the shorter. Depreciation is charged in the accounts at the following rates:

Freehold property2% on cost
Computer equipment25% on cost
Plant and machinery25% on cost
Fixtures and fittings25% on cost
Motor vehicles20% on cost

Some items have been fully depreciated.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks and work in progress
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete slow moving items. Bought in components are valued at latest invoice cost, which approximates to the first in first out basis of valuation. Work in progress is valued at actual cost of material allocated and actual labour at standard rates. Finished goods are valued at the latest invoice cost of materials on the standard cost card and the standard cost of labour on the standard cost card.


MAGNETIC SHIELDS LIMITED (REGISTERED NUMBER: 00581158)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2023


2. ACCOUNTING POLICIES - continued
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 taxation
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.

Foreign currencies
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 rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account on a straight line basis over the period of the lease term.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

MAGNETIC SHIELDS LIMITED (REGISTERED NUMBER: 00581158)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2023


2. ACCOUNTING POLICIES - continued

Pensions
The company operates a defined contribution money purchase pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The scheme also has defined benefit characteristics.

The liability recognised in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the balance sheet date less the fair value of scheme assets, together with adjustments for unrecognised actuarial gains or losses and past service costs. The defined benefit obligation is calculated annually by independent actuaries using the attained age method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows. Unrealised gains and losses are recognised in the Statement of Recognised Gains and Losses.

Amounts paid to defined contribution schemes are recognised in the profit and loss account when the payments fall due.

The company also makes contributions to a director's personal pension scheme.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

In the opinion of the directors, the disclosure of the geographical analysis of turnover would be detrimental to the company's business.

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 2,985,246 2,773,458
Social security costs 298,119 264,055
Other pension costs 123,385 124,918
3,406,750 3,162,431

The average number of employees during the year was as follows:
2023 2022

Employees 91 82

Pension costs
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. Total contributions payable by the company amounted to £123,385 (2022: £124,918). The number of directors accruing benefits under defined contribution pension schemes amounted to 2 (2022: 1).

Highest paid directors' remuneration £102,250

MAGNETIC SHIELDS LIMITED (REGISTERED NUMBER: 00581158)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2023


5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Depreciation - owned assets 491,953 459,984
Depreciation - assets on hire purchase contracts 523,330 523,330
Profit on disposal of fixed assets - (3,000 )
Patents and licences amortisation 6,236 4,579

6. EXCEPTIONAL ITEMS
2023 2022
£    £   
Profit/loss on sale of invest 69,999 -

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest and charges 119,332 25,413
Hire purchase interest and charges 36,172 32,742
155,504 58,155

8. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
Overprovision prior years 209 -
Corporation Tax repayments (69,000 ) (186,800 )
Total current tax (68,791 ) (186,800 )

Deferred tax 67,552 199,989
Tax on profit (1,239 ) 13,189

UK corporation tax has been charged at 19% (2022 - 19%).

MAGNETIC SHIELDS LIMITED (REGISTERED NUMBER: 00581158)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2023


8. TAXATION - continued

Reconciliation of total tax (credit)/charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 212,881 255,482
Profit multiplied by the standard rate of corporation tax in the UK of 19%
(2022 - 19%)

40,447

48,542

Effects of:
Expenses not deductible for tax purposes 198 5,338
Income not taxable for tax purposes (13,471 ) (171 )
Capital allowances in excess of depreciation (30,391 ) (262,027 )
Utilisation of tax losses 3,217 314,701
Adjustments to tax charge in respect of previous periods 209 -
RDEC (53,000 ) (143,700 )
Research and development relief - (106,383 )
Deferred tax movement 67,552 199,989
R&D tax credit (16,000 ) (43,100 )


Total tax (credit)/charge (1,239 ) 13,189

Tax effects relating to effects of other comprehensive income

There were no tax effects for the year ended 30th June 2023.

2022
Gross Tax Net
£    £    £   
Actuarial gain 54,700 (10,393 ) 44,307

MAGNETIC SHIELDS LIMITED (REGISTERED NUMBER: 00581158)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2023


9. INTANGIBLE FIXED ASSETS
Patents
and
Goodwill licences Totals
£    £    £   
COST
At 1st July 2022 22,127 45,790 67,917
Additions - 16,570 16,570
At 30th June 2023 22,127 62,360 84,487
AMORTISATION
At 1st July 2022 22,127 12,793 34,920
Amortisation for year - 6,236 6,236
At 30th June 2023 22,127 19,029 41,156
NET BOOK VALUE
At 30th June 2023 - 43,331 43,331
At 30th June 2022 - 32,997 32,997

10. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST OR VALUATION
At 1st July 2022 2,575,924 6,781,292 58,446
Additions 217,548 697,412 205,952
Disposals - (5,820 ) -
At 30th June 2023 2,793,472 7,472,884 264,398
DEPRECIATION
At 1st July 2022 195,145 4,636,202 46,284
Charge for year 53,470 827,166 54,529
Eliminated on disposal - (5,820 ) -
At 30th June 2023 248,615 5,457,548 100,813
NET BOOK VALUE
At 30th June 2023 2,544,857 2,015,336 163,585
At 30th June 2022 2,380,779 2,145,090 12,162

MAGNETIC SHIELDS LIMITED (REGISTERED NUMBER: 00581158)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2023


10. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST OR VALUATION
At 1st July 2022 292,828 324,648 10,033,138
Additions - 40,729 1,161,641
Disposals - - (5,820 )
At 30th June 2023 292,828 365,377 11,188,959
DEPRECIATION
At 1st July 2022 165,359 274,082 5,317,072
Charge for year 47,649 32,469 1,015,283
Eliminated on disposal - - (5,820 )
At 30th June 2023 213,008 306,551 6,326,535
NET BOOK VALUE
At 30th June 2023 79,820 58,826 4,862,424
At 30th June 2022 127,469 50,566 4,716,066

Included in cost or valuation of land and buildings is freehold land of £ 120,000 (2022 - £ 120,000 ) which is not depreciated.

Cost or valuation at 30th June 2023 is represented by:

Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
Valuation in 1990 493,173 - -
Valuation in 1995 (100,000 ) - -
Valuation in 2015 464,000 - -
Cost 1,936,299 7,472,884 264,398
2,793,472 7,472,884 264,398

Motor Computer
vehicles equipment Totals
£    £    £   
Valuation in 1990 - - 493,173
Valuation in 1995 - - (100,000 )
Valuation in 2015 - - 464,000
Cost 292,828 365,377 10,331,786
292,828 365,377 11,188,959

MAGNETIC SHIELDS LIMITED (REGISTERED NUMBER: 00581158)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2023


10. TANGIBLE FIXED ASSETS - continued

If the freehold property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 322,827 322,827

The freehold property was valued on an open market basis on 12th March 2015 by the directors .

The company has taken advantage of the provisions of FRS 102 to allow it to use this revaluation, upon transition to FRS 102, as deemed cost without any further requirement for regular revaluations.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST OR VALUATION
At 1st July 2022
and 30th June 2023 2,426,896 175,145 2,602,041
DEPRECIATION
At 1st July 2022 1,098,949 61,221 1,160,170
Charge for year 491,553 31,777 523,330
At 30th June 2023 1,590,502 92,998 1,683,500
NET BOOK VALUE
At 30th June 2023 836,394 82,147 918,541
At 30th June 2022 1,327,947 113,924 1,441,871

11. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1st July 2022 1,021
Disposals (1 )
At 30th June 2023 1,020
NET BOOK VALUE
At 30th June 2023 1,020
At 30th June 2022 1,021

MAGNETIC SHIELDS LIMITED (REGISTERED NUMBER: 00581158)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2023


11. FIXED ASSET INVESTMENTS - continued

The company's investments at the Balance Sheet date in the share capital of companies include the following:

MSL Heat Treatment Ltd
Registered office: Magnetic Shields, Headcorn Road, Staplehurst, Kent, UK, TN12 0DS
Nature of business: Machining
%
Class of shares: holding
Ordinary 51.00
2023 2022
£    £   
Aggregate capital and reserves 89,375 87,286
Profit for the year 2,089 17,649

MSL Precision Limited
Registered office: Headcorn Road, Staplehurst, Tonbridge, Kent, UK, TN12 0DS
Nature of business: Dormant
%
Class of shares: holding
Ordinary 51.00
2023 2022
£    £   
Aggregate capital and reserves 1,400 1,400

12. STOCKS
2023 2022
£    £   
Stocks 1,706,580 1,076,665
Work-in-progress 1,781,351 751,820
3,487,931 1,828,485

13. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 1,605,320 1,343,028
Advance payment to suppliers 157,601 185,786
Amounts owed by group undertakings 25,604 93,787
Other debtors 161,752 61,496
VAT 124,641 90,169
Tax 76,776 361,676
Prepayments and accrued income 103,563 61,386
2,255,257 2,197,328

MAGNETIC SHIELDS LIMITED (REGISTERED NUMBER: 00581158)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2023


13. DEBTORS - continued
2023 2022
£    £   
Amounts falling due after more than one year:
Amounts owed by group undertakings 263,215 509,253
Amounts owed by associates 150,005 150,005
413,220 659,258

Aggregate amounts 2,668,477 2,856,586

Security in respect of the bank overdraft is held over the trade debtors.

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 16) 322,667 676,579
Hire purchase contracts (see note 17) 410,575 450,466
Trade creditors 1,042,798 817,740
Social security and other taxes 74,515 73,348
Other creditors 9,109 9,029
Payments received on account 2,377,405 2,187,260
Accruals and deferred income 345,873 288,017
4,582,942 4,502,439

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans (see note 16) 2,001,648 480,754
Hire purchase contracts (see note 17) 752,174 1,162,749
Amounts owed to subsidiary undertakings 510 510
2,754,332 1,644,013

16. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans and overdrafts 322,667 676,579

MAGNETIC SHIELDS LIMITED (REGISTERED NUMBER: 00581158)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2023


16. LOANS - continued
2023 2022
£    £   
Amounts falling due between two and five years:
Bank loans - 2-5 years 2,001,648 480,754

17. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2023 2022
£    £   
Net obligations repayable:
Within one year 410,575 450,466
Between one and five years 752,174 1,162,749
1,162,749 1,613,215

18. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 2,324,315 1,157,333
Hire purchase contracts 1,162,749 1,613,215
3,487,064 2,770,548

The bank borrowings are secured by fixed and floating charges all assets and undertakings of the company along with a legal first charge over the freehold property of the company. Obligations under hire purchase and finance lease agreements are secured on the assets which they finance.

19. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 309,789 242,237

Deferred
tax
£   
Balance at 1st July 2022 242,237
Movement in the year 67,552
Balance at 30th June 2023 309,789

The movement in the year of £67,552 (2022: £199,989 credited) has been credited to the profit and loss account.

MAGNETIC SHIELDS LIMITED (REGISTERED NUMBER: 00581158)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2023


20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
2,286 Ordinary shares £1 2,286 2,286

21. RESERVES
Retained Share Revaluation
earnings premium reserve Totals
£    £    £    £   

At 1st July 2022 3,474,900 1,714 829,781 4,306,395
Profit for the year 214,120 - - 214,120
At 30th June 2023 3,689,020 1,714 829,781 4,520,515

22. EMPLOYEE BENEFIT OBLIGATIONS

In the most recent actuarial valuation of 5th April 2021 the fair value of the scheme's assets and the present value of the scheme liabilities were as follows:
20232022
££

Deferred defined benefits - deferred pensions557,800 557,800
Value of scheme's assets (excluding money purchase accounts)(589,700)(589,700)
(Surplus)/Deficit(31,900)(31,900)

Since the most recent Actuarial Valuation shows a surplus, no provision is required in the accounts for the year.

23. ULTIMATE PARENT COMPANY

The company is a wholly owned subsidiary of BKT Group Holdings Limited which is incorporated in England and Wales. The accounts of the holding company can be obtained from Companies House, Cardiff.

Colsur Materials Limited owns 79.38% of BKT Group Holdings Limited. Colsur Materials Limited is therefore considered to be the ultimate parent company.

MAGNETIC SHIELDS LIMITED (REGISTERED NUMBER: 00581158)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2023


24. RELATED PARTY DISCLOSURES

At 30th June 2023 the company was owed £146,859 (2022: £145,861) by BKT Group Holdings Limited. No formal agreement in respect of the intercompany borrowing exists. However, it is not anticipated that repayment will be made within one year of the balance sheet date.

At 30th June 2023 the company owed £9,109 (2022: £9,029) to the Magnetic Shields Limited Retirement Benefit Scheme.

At 30th June 2023 the company was owed £25,604 (2022: £93,787) by MSL Heat Treatment Limited.

At 30th June 2023 the company was owed £116,357 (2022: £363,392) by Colsur Materials Limited, the ultimate parent company.

At 30th June 2023 the company owed £510 (2022: £510) to MSL Precision Limited.

25. ULTIMATE CONTROLLING PARTY

Magnetic Shields Limited is controlled by C L Woolger.

26. GUARANTEES AND CHARGES

The company has given a composite guarantee in respect of borrowings by the holding companies BKT Group Holdings Limited and Colsur Materials Limited. These companies have given a cross guarantee in respect of the company's borrowings.