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REGISTERED NUMBER: SC207848 (Scotland)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023

FOR

MAGNUS ELECTRICAL SERVICES LIMITED

MAGNUS ELECTRICAL SERVICES LIMITED (REGISTERED NUMBER: SC207848)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 October 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MAGNUS ELECTRICAL SERVICES LIMITED

COMPANY INFORMATION
for the Year Ended 31 October 2023







DIRECTOR: C Murray





REGISTERED OFFICE: 6-8 Achamore Road
Glasgow
G15 8QS





REGISTERED NUMBER: SC207848 (Scotland)





ACCOUNTANTS: Kean Jarman & Company
Chartered Accountants
27 Ingram Street
Glasgow
G1 1HA

MAGNUS ELECTRICAL SERVICES LIMITED (REGISTERED NUMBER: SC207848)

BALANCE SHEET
31 October 2023

31.10.23 31.10.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 188,692 217,760

CURRENT ASSETS
Stocks 74,814 407,442
Debtors 5 562,980 598,716
Cash at bank 1,651,620 787,841
2,289,414 1,793,999
CREDITORS
Amounts falling due within one year 6 1,077,661 781,740
NET CURRENT ASSETS 1,211,753 1,012,259
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,400,445

1,230,019

CREDITORS
Amounts falling due after more than one
year

7

(32,943

)

(63,657

)

PROVISIONS FOR LIABILITIES (26,967 ) (31,923 )
NET ASSETS 1,340,535 1,134,439

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,340,435 1,134,339
SHAREHOLDERS' FUNDS 1,340,535 1,134,439

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

MAGNUS ELECTRICAL SERVICES LIMITED (REGISTERED NUMBER: SC207848)

BALANCE SHEET - continued
31 October 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 18 April 2024 and were signed by:





C Murray - Director


MAGNUS ELECTRICAL SERVICES LIMITED (REGISTERED NUMBER: SC207848)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 October 2023

1. STATUTORY INFORMATION

Magnus Electrical Services Limited is a private company, limited by shares , registered in Scotland. 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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 tax
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.

MAGNUS ELECTRICAL SERVICES LIMITED (REGISTERED NUMBER: SC207848)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2023

2. ACCOUNTING POLICIES - continued

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 profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 83 (2022 - 78 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 November 2022 17,247 429,230 33,531 480,008
Additions - 39,998 - 39,998
Disposals - (16,300 ) - (16,300 )
At 31 October 2023 17,247 452,928 33,531 503,706
DEPRECIATION
At 1 November 2022 17,028 219,371 25,849 262,248
Charge for year 54 60,922 1,920 62,896
Eliminated on disposal - (10,130 ) - (10,130 )
At 31 October 2023 17,082 270,163 27,769 315,014
NET BOOK VALUE
At 31 October 2023 165 182,765 5,762 188,692
At 31 October 2022 219 209,859 7,682 217,760

MAGNUS ELECTRICAL SERVICES LIMITED (REGISTERED NUMBER: SC207848)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2023

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 November 2022 302,575
Additions 36,148
Disposals (9,600 )
Transfer to ownership (51,986 )
At 31 October 2023 277,137
DEPRECIATION
At 1 November 2022 127,641
Charge for year 51,758
Eliminated on disposal (5,550 )
Transfer to ownership (30,993 )
At 31 October 2023 142,856
NET BOOK VALUE
At 31 October 2023 134,281
At 31 October 2022 174,934

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Trade debtors 558,014 593,883
Prepayments and accrued income 4,966 4,833
562,980 598,716

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Hire purchase contracts (see note 8) 60,869 74,819
Trade creditors 459,211 262,583
Tax 77,106 50,052
Social security and other taxes 88,618 76,487
VAT 172,328 115,520
Accrued expenses 219,529 202,279
1,077,661 781,740

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.10.23 31.10.22
£    £   
Hire purchase contracts (see note 8) 32,943 63,657

MAGNUS ELECTRICAL SERVICES LIMITED (REGISTERED NUMBER: SC207848)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2023

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.10.23 31.10.22
£    £   
Gross obligations repayable:
Within one year 68,208 83,134
Between one and five years 38,423 70,757
106,631 153,891

Finance charges repayable:
Within one year 7,339 8,315
Between one and five years 5,480 7,100
12,819 15,415

Net obligations repayable:
Within one year 60,869 74,819
Between one and five years 32,943 63,657
93,812 138,476

Non-cancellable operating leases
31.10.23 31.10.22
£    £   
Within one year 12,000 17,572
Between one and five years 48,000 70,288
In more than five years 564,000 576,000
624,000 663,860

9. SECURED DEBTS

The following secured debts are included within creditors:

31.10.23 31.10.22
£    £   
Hire purchase contracts 93,812 138,476

10. ULTIMATE CONTROLLING PARTY

The controlling party is C Murray.