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REGISTERED NUMBER: SC510197 (Scotland)



Report of the Director and

Unaudited Financial Statements for the Year Ended 31 July 2023

for

Maglum Limited

Maglum Limited (Registered number: SC510197)






Contents of the Financial Statements
for the Year Ended 31 July 2023




Page

Company Information 1

Report of the Director 2

Balance Sheet 3

Notes to the Financial Statements 5


Maglum Limited

Company Information
for the Year Ended 31 July 2023







DIRECTOR: Mr Olumide Olu Agunbiade





REGISTERED OFFICE: 4 Ballumbie View
Dundee
United Kingdom
Scotland
DD4 0NQ





REGISTERED NUMBER: SC510197 (Scotland)





ACCOUNTANTS: Argon & Krypton Consulting Ltd
(Chartered Certified Accountants & Tax Advisers)
Unit 6
Town Quay Wharf
Abbey Road
Barking
Essex
IG11 7BZ

Maglum Limited (Registered number: SC510197)

Report of the Director
for the Year Ended 31 July 2023

The director presents his report with the financial statements of the company for the year ended 31 July 2023.

DIRECTOR
Mr Olumide Olu Agunbiade held office during the whole of the period from 1 August 2022 to the date of this report.

His beneficial interest in the shares of the company, according to the register of directors' interests, was as follows:

31.7.23 1.8.22
Ordinary shares of £1 each 1 1

He did not hold any non-beneficial interests in the shares of the company.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





Mr Olumide Olu Agunbiade - Director


17 April 2024

Maglum Limited (Registered number: SC510197)

Balance Sheet
31 July 2023

31.7.23 31.7.22
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 394 590
Investments 5 51,011 51,011
51,405 51,601

CURRENT ASSETS
Cash at bank and in hand 2,228 497

CREDITORS
Amounts falling due within one year 6 35,175 28,640
NET CURRENT LIABILITIES (32,947 ) (28,143 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

18,458

23,458

CREDITORS
Amounts falling due after more than one year 7 13,094 18,516
NET ASSETS 5,364 4,942

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 5,363 4,941
SHAREHOLDERS' FUNDS 5,364 4,942

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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.

Maglum Limited (Registered number: SC510197)

Balance Sheet - continued
31 July 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 17 April 2024 and were signed by:





Mr Olumide Olu Agunbiade - Director


Maglum Limited (Registered number: SC510197)

Notes to the Financial Statements
for the Year Ended 31 July 2023

1. STATUTORY INFORMATION

Maglum 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
Revenue 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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

Maglum Limited (Registered number: SC510197)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

4. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
etc
£   
COST
At 1 August 2022
and 31 July 2023 787
DEPRECIATION
At 1 August 2022 197
Charge for year 196
At 31 July 2023 393
NET BOOK VALUE
At 31 July 2023 394
At 31 July 2022 590

5. FIXED ASSET INVESTMENTS
Long Term
Investments
Costs
£   
At 1 August 2022
and 31 July 2023 51,011

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Trade creditors 823 822
Accountancy 854 711
Corporation Tax Payable 144 1,012
Directors Loan 33,354 26,095
35,175 28,640

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.7.23 31.7.22
£    £   
Bounced Back Loan 13,094 18,516