Silverfin false false 30/06/2023 17/06/2022 30/06/2023 MR M D Russell 17/06/2022 Mr J M Webber 08/08/2022 01 March 2024 The principle activity of the company during the financial period was that of developing building projects. 14178628 2023-06-30 14178628 bus:Director1 2023-06-30 14178628 bus:Director2 2023-06-30 14178628 core:CurrentFinancialInstruments 2023-06-30 14178628 core:ShareCapital 2023-06-30 14178628 core:RetainedEarningsAccumulatedLosses 2023-06-30 14178628 bus:OrdinaryShareClass1 2023-06-30 14178628 2022-06-17 2023-06-30 14178628 bus:FilletedAccounts 2022-06-17 2023-06-30 14178628 bus:SmallEntities 2022-06-17 2023-06-30 14178628 bus:AuditExemptWithAccountantsReport 2022-06-17 2023-06-30 14178628 bus:PrivateLimitedCompanyLtd 2022-06-17 2023-06-30 14178628 bus:Director1 2022-06-17 2023-06-30 14178628 bus:Director2 2022-06-17 2023-06-30 14178628 bus:OrdinaryShareClass1 2022-06-17 2023-06-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: 14178628 (England and Wales)

MAG DEVELOPMENTS SW LIMITED

Unaudited Financial Statements
For the financial period from 17 June 2022 to 30 June 2023
Pages for filing with the registrar

MAG DEVELOPMENTS SW LIMITED

Unaudited Financial Statements

For the financial period from 17 June 2022 to 30 June 2023

Contents

MAG DEVELOPMENTS SW LIMITED

BALANCE SHEET

As at 30 June 2023
MAG DEVELOPMENTS SW LIMITED

BALANCE SHEET (continued)

As at 30 June 2023
Note 30.06.2023
£
Current assets
Stocks 3 272,205
Debtors 4 2,786
Cash at bank and in hand 245,069
520,060
Creditors: amounts falling due within one year 5 ( 521,201)
Net current liabilities (1,141)
Total assets less current liabilities (1,141)
Net liabilities ( 1,141)
Capital and reserves
Called-up share capital 6 1,000
Profit and loss account ( 2,141 )
Total shareholder's deficit ( 1,141)

For the financial period ending 30 June 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of MAG Developments SW Limited (registered number: 14178628) were approved and authorised for issue by the Board of Directors on 01 March 2024. They were signed on its behalf by:

MR M D Russell
Director
MAG DEVELOPMENTS SW LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 17 June 2022 to 30 June 2023
MAG DEVELOPMENTS SW LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 17 June 2022 to 30 June 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.

General information and basis of accounting

MAG Developments SW Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 4 Derriford Business Park, Derriford, Plymouth, PL6 5QZ, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

Period from
17.06.2022 to
30.06.2023
Number
Monthly average number of persons employed by the Company during the period, including directors 0

3. Stocks

30.06.2023
£
Work in progress 272,205

4. Debtors

30.06.2023
£
Other debtors 2,786

5. Creditors: amounts falling due within one year

30.06.2023
£
Trade creditors 5,581
Other taxation and social security 120
Other creditors 515,500
521,201

6. Called-up share capital

30.06.2023
£
Allotted, called-up and fully-paid
1,000 Ordinary shares of £ 1.00 each 1,000