IRIS Accounts Production v24.1.0.578 14679633 Board of Directors 21.2.23 31.5.24 31.5.24 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh146796332023-02-20146796332024-05-31146796332023-02-212024-05-31146796332023-02-2014679633ns15:EnglandWales2023-02-212024-05-3114679633ns14:PoundSterling2023-02-212024-05-3114679633ns10:Director12023-02-212024-05-3114679633ns10:PrivateLimitedCompanyLtd2023-02-212024-05-3114679633ns10:SmallEntities2023-02-212024-05-3114679633ns10:AuditExempt-NoAccountantsReport2023-02-212024-05-3114679633ns10:SmallCompaniesRegimeForDirectorsReport2023-02-212024-05-3114679633ns10:SmallCompaniesRegimeForAccounts2023-02-212024-05-3114679633ns10:FullAccounts2023-02-212024-05-3114679633ns10:Director22023-02-212024-05-3114679633ns10:RegisteredOffice2023-02-212024-05-3114679633ns5:CurrentFinancialInstruments2024-05-3114679633ns5:ShareCapital2024-05-3114679633ns5:RetainedEarningsAccumulatedLosses2024-05-3114679633ns5:LeaseholdImprovements2023-02-212024-05-3114679633ns5:PlantMachinery2023-02-212024-05-3114679633ns5:MotorVehicles2023-02-212024-05-3114679633ns5:ComputerEquipment2023-02-212024-05-3114679633ns5:LeaseholdImprovements2024-05-3114679633ns5:PlantMachinery2024-05-3114679633ns5:MotorVehicles2024-05-3114679633ns5:ComputerEquipment2024-05-3114679633ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-05-31146796331ns10:Director12023-02-20146796331ns10:Director12023-02-212024-05-31146796331ns10:Director12024-05-3114679633ns10:Director222023-02-2014679633ns10:Director222023-02-212024-05-3114679633ns10:Director222024-05-31
REGISTERED NUMBER: 14679633 (England and Wales)















Unaudited Financial Statements

for the Period 21 February 2023 to 31 May 2024

for

Magna Components Limited

Magna Components Limited (Registered number: 14679633)






Contents of the Financial Statements
for the Period 21 February 2023 to 31 May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Magna Components Limited

Company Information
for the Period 21 February 2023 to 31 May 2024







DIRECTORS: H Ali
S Ozdemir





REGISTERED OFFICE: Firth Yard
Mill Road
Dewsbury
West Yorkshire
WF13 2HR





REGISTERED NUMBER: 14679633 (England and Wales)





ACCOUNTANTS: Blenheim Advisory Limited
Chartered Certified Accountants
3 Feast Field
Horsforth
Leeds
West Yorkshire
LS18 4TJ

Magna Components Limited (Registered number: 14679633)

Balance Sheet
31 May 2024

Notes £ £
FIXED ASSETS
Tangible assets 4 31,171

CURRENT ASSETS
Stocks 226,929
Debtors 5 250,193
Cash at bank 75,414
552,536
CREDITORS
Amounts falling due within one year 6 582,567
NET CURRENT LIABILITIES (30,031 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,140

PROVISIONS FOR LIABILITIES 5,278
NET LIABILITIES (4,138 )

CAPITAL AND RESERVES
Called up share capital 100
Retained earnings (4,238 )
(4,138 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 May 2024 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.

Magna Components Limited (Registered number: 14679633)

Balance Sheet - continued
31 May 2024


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 25 July 2024 and were signed on its behalf by:





H Ali - Director


Magna Components Limited (Registered number: 14679633)

Notes to the Financial Statements
for the Period 21 February 2023 to 31 May 2024

1. STATUTORY INFORMATION

Magna Components 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.

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.
Improvements to property - in accordance with the property
Plant and machinery - 25% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - straight line over 3 years

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 period 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 period 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.

Magna Components Limited (Registered number: 14679633)

Notes to the Financial Statements - continued
for the Period 21 February 2023 to 31 May 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
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 period was 2 .

4. TANGIBLE FIXED ASSETS
Improvements Plant and Motor Computer
to property machinery vehicles equipment Totals
£ £ £ £ £
COST
Additions 4,372 26,167 20,423 999 51,961
Disposals - - (10,833 ) - (10,833 )
At 31 May 2024 4,372 26,167 9,590 999 41,128
DEPRECIATION
Charge for period 981 7,816 3,507 361 12,665
Eliminated on disposal - - (2,708 ) - (2,708 )
At 31 May 2024 981 7,816 799 361 9,957
NET BOOK VALUE
At 31 May 2024 3,391 18,351 8,791 638 31,171

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£
Trade debtors 244,693
Other debtors 5,500
250,193

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£
Trade creditors 161,419
Taxation and social security 91,643
Other creditors 329,505
582,567

Magna Components Limited (Registered number: 14679633)

Notes to the Financial Statements - continued
for the Period 21 February 2023 to 31 May 2024

7. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the period ended 31 May 2024:

£
H Ali
Balance outstanding at start of period -
Amounts advanced 65,616
Amounts repaid (19,595 )
Amounts written off -
Amounts waived -
Balance outstanding at end of period 46,021

S Ozdemir
Balance outstanding at start of period -
Amounts advanced 283,484
Amounts repaid -
Amounts written off -
Amounts waived -
Balance outstanding at end of period 283,484