MAGNETIC TECHNOLOGIES EU LIMITED

Company Registration Number:
08843473 (England and Wales)

Unaudited abridged accounts for the year ended 31 December 2022

Period of accounts

Start date: 01 January 2022

End date: 31 December 2022

MAGNETIC TECHNOLOGIES EU LIMITED

Contents of the Financial Statements

for the Period Ended 31 December 2022

Balance sheet
Notes

MAGNETIC TECHNOLOGIES EU LIMITED

Balance sheet

As at 31 December 2022


Notes

2022

2021


£

£
Fixed assets
Intangible assets: 3 500,000 500,000
Tangible assets: 4 5,001,321 3,900,911
Total fixed assets: 5,501,321 4,400,911
Current assets
Stocks: 1,231,025 1,681,225
Debtors:   2,650,103 1,403,888
Cash at bank and in hand: 723,200 1,009,881
Total current assets: 4,604,328 4,094,994
Creditors: amounts falling due within one year:   (821,333) (603,555)
Net current assets (liabilities): 3,782,995 3,491,439
Total assets less current liabilities: 9,284,316 7,892,350
Creditors: amounts falling due after more than one year:   (2,237,856) (1,857,499)
Total net assets (liabilities): 7,046,460 6,034,851
Capital and reserves
Called up share capital: 260,593 260,593
Share premium account: 6,404,827 5,404,827
Revaluation reserve:5267,438267,438
Other reserves: 690
Profit and loss account: 112,912 101,993
Shareholders funds: 7,046,460 6,034,851

The notes form part of these financial statements

MAGNETIC TECHNOLOGIES EU LIMITED

Balance sheet statements

For the year ending 31 December 2022 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 12 February 2024
and signed on behalf of the board by:

Name: HSH The Duke of Commonwealth
Status: Director

The notes form part of these financial statements

MAGNETIC TECHNOLOGIES EU LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Financial Reporting Standard 101

MAGNETIC TECHNOLOGIES EU LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

2. Employees

2022 2021
Average number of employees during the period 29 29

MAGNETIC TECHNOLOGIES EU LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

3. Intangible Assets

Total
Cost £
At 01 January 2022 500,000
At 31 December 2022 500,000
Amortisation
At 01 January 2022 0
At 31 December 2022 0
Net book value
At 31 December 2022 500,000
At 31 December 2021 500,000

MAGNETIC TECHNOLOGIES EU LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

4. Tangible Assets

Total
Cost £
At 01 January 2022 4,953,124
Additions 1,578,731
At 31 December 2022 6,531,855
Depreciation
At 01 January 2022 1,052,213
Charge for year 478,321
At 31 December 2022 1,530,534
Net book value
At 31 December 2022 5,001,321
At 31 December 2021 3,900,911

MAGNETIC TECHNOLOGIES EU LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

5. Revaluation reserve

2022
£
Balance at 01 January 2022 267,438
Surplus or deficit after revaluation 0
Balance at 31 December 2022 267,438