Registered number
12556528
Magnetawan Limited
Report and Accounts
30 April 2023
Magnetawan Limited
Report and accounts
Contents
Page
Company information 1
Director's report 2
Profit and loss account 3
Balance sheet 4
Statement of changes in equity 5
Notes to the accounts 6
Magnetawan Limited
Company Information
Director
Mr Prabhsharan Singh
Registered office
8 Ferndale Road,
Thurmaston,
Leicester,
England,
LE4 8JD
Registered number
12556528
Magnetawan Limited
Registered number: 12556528
Director's Report
The director presents his report and accounts for the year ended 30 April 2023.
Principal activities
The company's principal activity during the year continued to be wholesale of meat, meat products, fruits, vegetable juices, mineral water, soft drinks, sugar, chocolate and sugar confectionery etc..
Directors
The following persons served as directors during the year:
Mr Prabhsharan Singh
Director's responsibilities
The director is responsible for preparing the report and accounts in accordance with applicable law and regulations.
Company law requires the director to prepare accounts for each financial year. Under that law the director has elected to prepare the accounts in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these accounts, the director is required to:
select suitable accounting policies and then apply them consistently;
make judgements and estimates that are reasonable and prudent;
prepare the accounts on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the accounts comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 16 April 2024 and signed on its behalf.
Mr Prabhsharan Singh
Director
Magnetawan Limited
Profit and Loss Account
for the year ended 30 April 2023
2023 2022
£ £
Turnover 9,018,523 9,993,828
Cost of sales (5,737,825) (7,315,842)
Gross profit 3,280,698 2,677,986
Administrative expenses (2,008,824) (1,269,945)
Operating profit 1,271,874 1,408,041
Profit before taxation 1,271,874 1,408,041
Tax on profit (178,126) (225,686)
Profit for the financial year 1,093,748 1,182,355
Magnetawan Limited
Registered number: 12556528
Balance Sheet
as at 30 April 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 979,912 681,697
Current assets
Stocks 367,729 704,210
Debtors 4 81,603 90,579
Cash at bank and in hand 800,828 276,866
1,250,160 1,071,655
Creditors: amounts falling due within one year 5 (241,934) (302,962)
Net current assets 1,008,226 768,693
Net assets 1,988,138 1,450,390
Capital and reserves
Called up share capital 1 1
Profit and loss account 1,988,137 1,450,389
Shareholder's funds 1,988,138 1,450,390
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Prabhsharan Singh
Director
Approved by the board on 16 April 2024
Magnetawan Limited
Statement of Changes in Equity
for the year ended 30 April 2023
Share Profit Total
capital and loss
account
£ £ £
At 1 May 2021 1 523,034 523,035
Profit for the financial year 1,182,355 1,182,355
Dividends (255,000) (255,000)
At 30 April 2022 1 1,450,389 1,450,390
At 1 May 2022 1 1,450,389 1,450,390
Profit for the financial year 1,093,748 1,093,748
Dividends (556,000) (556,000)
At 30 April 2023 1 1,988,137 1,988,138
Magnetawan Limited
Notes to the Accounts
for the year ended 30 April 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery 25% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 22 24
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 May 2022 799,330 244,933 1,044,263
Additions 658,467 - 658,467
At 30 April 2023 1,457,797 244,933 1,702,730
Depreciation
At 1 May 2022 274,076 88,490 362,566
Charge for the year 321,141 39,111 360,252
At 30 April 2023 595,217 127,601 722,818
Net book value
At 30 April 2023 862,580 117,332 979,912
At 30 April 2022 525,254 156,443 681,697
4 Debtors 2023 2022
£ £
Trade debtors 81,603 90,579
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 63,808 77,276
Taxation and social security costs 178,126 225,686
241,934 302,962
6 Other information
Magnetawan Limited is a private company limited by shares and incorporated in England. Its registered office is:
8 Ferndale Road,
Thurmaston,
Leicester,
England,
LE4 8JD
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