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REGISTERED NUMBER: 08337758 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

FOR

MAGNITUNES LTD

MAGNITUNES LTD (REGISTERED NUMBER: 08337758)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MAGNITUNES LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2023







DIRECTOR: Thomas Peter Colley





REGISTERED OFFICE: 467 Rainham Road South
Dagenham
Essex
RM10 7XJ





REGISTERED NUMBER: 08337758 (England and Wales)





ACCOUNTANTS: Pickering Evennett Limited
467 Rainham Road South
Dagenham
Essex
RM10 7XJ

MAGNITUNES LTD (REGISTERED NUMBER: 08337758)

BALANCE SHEET
31 JULY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 362,195 343,830

CURRENT ASSETS
Debtors 5 141,471 93,000
Cash at bank and in hand 201,555 311,096
343,026 404,096
CREDITORS
Amounts falling due within one year 6 110,290 128,022
NET CURRENT ASSETS 232,736 276,074
TOTAL ASSETS LESS CURRENT
LIABILITIES

594,931

619,904

CREDITORS
Amounts falling due after more than one year 7 (158,102 ) (188,018 )

PROVISIONS FOR LIABILITIES (4,591 ) (2,939 )
NET ASSETS 432,238 428,947

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 432,237 428,946
SHAREHOLDERS' FUNDS 432,238 428,947

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.

MAGNITUNES LTD (REGISTERED NUMBER: 08337758)

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 30 April 2024 and were signed by:





Thomas Peter Colley - Director


MAGNITUNES LTD (REGISTERED NUMBER: 08337758)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023


1. STATUTORY INFORMATION

Magnitunes Ltd 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.

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.
Plant and machinery etc - 25% on reducing balance

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 2 (2022 - 2 ) .

MAGNITUNES LTD (REGISTERED NUMBER: 08337758)

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


4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 August 2022 328,362 32,257 360,619
Additions - 29,908 29,908
At 31 July 2023 328,362 62,165 390,527
DEPRECIATION
At 1 August 2022 - 16,789 16,789
Charge for year - 11,543 11,543
At 31 July 2023 - 28,332 28,332
NET BOOK VALUE
At 31 July 2023 328,362 33,833 362,195
At 31 July 2022 328,362 15,468 343,830

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed by participating interests 141,471 93,000

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 29,734 38,288
Trade creditors 108 1,822
Amounts owed to participating interests 200 -
Taxation and social security 33,556 22,462
Other creditors 46,692 65,450
110,290 128,022

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 158,102 188,018

MAGNITUNES LTD (REGISTERED NUMBER: 08337758)

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


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2023 2022
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 55,304 99,929

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 187,836 226,306

The bank loan is secured on the Freehold property.

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 July 2023 and 31 July 2022:

2023 2022
£    £   
Thomas Peter Colley
Balance outstanding at start of year (61,487 ) (147,899 )
Amounts advanced 85,316 86,412
Amounts repaid (60,000 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (36,171 ) (61,487 )

10. ULTIMATE CONTROLLING PARTY

The controlling party is Thomas Peter Colley.