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REGISTERED NUMBER: 05844767 (England and Wales)

















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023

FOR

MAG EQUIPMENT LIMITED

MAG EQUIPMENT LIMITED (REGISTERED NUMBER: 05844767)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MAG EQUIPMENT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2023







DIRECTORS: M A Dennis
K Kendell





SECRETARY: M A Dennis





REGISTERED OFFICE: Mag House
Chatham Street
Halifax
West Yorkshire
HX1 5BU





REGISTERED NUMBER: 05844767 (England and Wales)





ACCOUNTANTS: Cresswells
12 Market Street
Hebden Bridge
West Yorkshire
HX7 6AD

MAG EQUIPMENT LIMITED (REGISTERED NUMBER: 05844767)

BALANCE SHEET
31ST DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 4,834 6,701
Tangible assets 5 308,444 224,907
313,278 231,608

CURRENT ASSETS
Stocks 506,858 418,052
Debtors 6 939,771 607,818
Cash at bank and in hand 381,352 443,574
1,827,981 1,469,444
CREDITORS
Amounts falling due within one year 7 1,293,273 947,527
NET CURRENT ASSETS 534,708 521,917
TOTAL ASSETS LESS CURRENT
LIABILITIES

847,986

753,525

CREDITORS
Amounts falling due after more than
one year

8

(195,911

)

(193,470

)

PROVISIONS FOR LIABILITIES 10 (76,966 ) (56,227 )
NET ASSETS 575,109 503,828

CAPITAL AND RESERVES
Called up share capital 11 42 42
Retained earnings 12 575,067 503,786
SHAREHOLDERS' FUNDS 575,109 503,828

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

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

The directors acknowledge their 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.

MAG EQUIPMENT LIMITED (REGISTERED NUMBER: 05844767)

BALANCE SHEET - continued
31ST DECEMBER 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 Board of Directors and authorised for issue on 14th March 2024 and were signed on its behalf by:




M A Dennis - Director



K Kendell - Director


MAG EQUIPMENT LIMITED (REGISTERED NUMBER: 05844767)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023

1. STATUTORY INFORMATION

Mag Equipment 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2007, is being amortised evenly over its estimated useful life of twenty years.

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.

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.
Land and buildings - 25% on reducing balance
Plant and machinery etc - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

MAG EQUIPMENT LIMITED (REGISTERED NUMBER: 05844767)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 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 25 (2022 - 22 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st January 2023
and 31st December 2023 37,345
AMORTISATION
At 1st January 2023 30,644
Amortisation for year 1,867
At 31st December 2023 32,511
NET BOOK VALUE
At 31st December 2023 4,834
At 31st December 2022 6,701

5. TANGIBLE FIXED ASSETS
Short Plant and Motor
leasehold machinery vehicles Totals
£    £    £    £   
COST
At 1st January 2023 9,919 64,965 305,382 380,266
Additions - 12,417 238,196 250,613
Disposals - (9,950 ) (187,193 ) (197,143 )
At 31st December 2023 9,919 67,432 356,385 433,736
DEPRECIATION
At 1st January 2023 9,143 23,788 122,428 155,359
Charge for year 194 10,148 67,742 78,084
Eliminated on disposal - (2,401 ) (105,750 ) (108,151 )
At 31st December 2023 9,337 31,535 84,420 125,292
NET BOOK VALUE
At 31st December 2023 582 35,897 271,965 308,444
At 31st December 2022 776 41,177 182,954 224,907

MAG EQUIPMENT LIMITED (REGISTERED NUMBER: 05844767)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1st January 2023 121,187
Additions 238,196
Disposals (58,148 )
At 31st December 2023 301,235
DEPRECIATION
At 1st January 2023 6,362
Charge for year 55,059
Eliminated on disposal (14,033 )
At 31st December 2023 47,388
NET BOOK VALUE
At 31st December 2023 253,847
At 31st December 2022 114,825

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 264,403 207,730
Amounts owed by group undertakings 657,599 368,908
Prepayments and accrued income 17,769 31,180
939,771 607,818

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 60,237 54,508
Hire purchase contracts 99,724 27,552
Trade creditors 503,273 387,099
Amounts owed to group undertakings 60,000 12,445
Tax 29,729 43,194
Social security and other taxes 24,802 20,929
VAT 135,733 92,637
Other creditors 269,695 189,750
Invoice discounting 95,145 65,547
Directors' current accounts 9,079 9,079
Accrued expenses 5,856 44,787
1,293,273 947,527

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-2 years 49,356 109,632
Hire purchase contracts 146,555 83,838
195,911 193,470

MAG EQUIPMENT LIMITED (REGISTERED NUMBER: 05844767)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

9. SECURED DEBTS

There are currently three charges related to the company against any future monies and liabilities.

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 76,966 56,227

Deferred
tax
£   
Balance at 1st January 2023 56,227
Charge to Income Statement during year 20,739
Balance at 31st December 2023 76,966

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
42 50p Ordinary shares 0.50 42 42

12. RESERVES
Retained
earnings
£   

At 1st January 2023 503,786
Profit for the year 101,497
Dividends (30,216 )
At 31st December 2023 575,067