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COMPANY REGISTRATION NUMBER: 6700221
MAGNA ACCIDENT SERVICES LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 September 2023
MAGNA ACCIDENT SERVICES LIMITED
STATEMENT OF FINANCIAL POSITION
30 September 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
1,732,901
1,162,657
Current assets
Debtors
6
2,898,029
2,898,800
Cash at bank and in hand
3
1
-------------
-------------
2,898,032
2,898,801
Creditors: amounts falling due within one year
7
2,157,624
2,174,257
-------------
-------------
Net current assets
740,408
724,544
-------------
-------------
Total assets less current liabilities
2,473,309
1,887,201
Creditors: amounts falling due after more than one year
8
646,899
501,264
Provisions
Taxation including deferred tax
286,384
174,970
-------------
-------------
Net assets
1,540,026
1,210,967
-------------
-------------
MAGNA ACCIDENT SERVICES LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 September 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
1,539,926
1,210,867
-------------
-------------
Shareholders funds
1,540,026
1,210,967
-------------
-------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 20 March 2024 , and are signed on behalf of the board by:
J E Daubney
Director
Company registration number: 6700221
MAGNA ACCIDENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 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 Eco 1, Highcliffe Business Park, The Cliff, Ingham, Lincs, LN1 2WE.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of 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.
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. The actual outcome may diverge from these estimates if other assumptions are made, or other conditions arise. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: (i) Impairment of debtors The company makes an estimate of the recoverable value of debts. When making their assessment, the Directors utilise their considerable previous experience of collections.
Revenue recognition
The turnover shown in the profit and loss account represents the value of all work done during the period, exclusive of Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, 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.
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 material 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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 & Machinery
-
15% straight line
Office Equipment
-
15% reducing balance
Motor Vehicles
-
25% reducing balance
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position 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.
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 statement of financial position and the amount of the provision as an expense.
Financial instruments
The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 40 (2022: 31 ).
5. Tangible assets
Plant & Machinery
Office Equipment
Motor Vehicles
Total
£
£
£
£
Cost
At 1 October 2022
15,624
39,260
1,676,245
1,731,129
Additions
30,669
1,228,607
1,259,276
Disposals
( 3,386)
( 10,397)
( 521,268)
( 535,051)
---------
---------
-------------
-------------
At 30 September 2023
12,238
59,532
2,383,584
2,455,354
---------
---------
-------------
-------------
Depreciation
At 1 October 2022
4,542
20,207
543,723
568,472
Charge for the year
1,652
6,592
439,034
447,278
Disposals
( 2,637)
( 9,338)
( 281,322)
( 293,297)
---------
---------
-------------
-------------
At 30 September 2023
3,557
17,461
701,435
722,453
---------
---------
-------------
-------------
Carrying amount
At 30 September 2023
8,681
42,071
1,682,149
1,732,901
---------
---------
-------------
-------------
At 30 September 2022
11,082
19,053
1,132,522
1,162,657
---------
---------
-------------
-------------
6. Debtors
2023
2022
£
£
Trade debtors
2,865,241
2,843,048
Other debtors
32,788
55,752
-------------
-------------
2,898,029
2,898,800
-------------
-------------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
237,727
242,455
Trade creditors
347,576
649,498
Corporation tax
8,911
95,756
Social security and other taxes
521,395
381,688
Other creditors
1,042,015
804,860
-------------
-------------
2,157,624
2,174,257
-------------
-------------
The bank overdraft amounting to £232,774 (2022: £406,778) is secured against the assets of the company. Included within other creditors are hire purchase agreements of £516,921 (2022: £431,808) which are secured against the assets to which they relate.
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
16,667
26,986
Other creditors
630,232
474,278
----------
----------
646,899
501,264
----------
----------
Included within other creditors are hire purchase agreements of £474,278 (2022: £416,058) which are secured against the assets to which they relate.
9. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
2023
2022
£
£
Not later than 1 year
869,520
516,921
Later than 1 year and not later than 5 years
630,232
474,278
-------------
----------
1,499,752
991,199
-------------
----------
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
70,166
26,064
Later than 1 year and not later than 5 years
7,903
7,903
---------
---------
78,069
33,967
---------
---------
11. Related party transactions
The company is controlled by the Directors however no one individual has ultimate control. No transactions arose which are required to be disclosed under FRS 102 (Section 1A).