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Registration number: 06859571

Guy's Magnets Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Guy's Magnets Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Guy's Magnets Limited

Company Information

Directors

G Betts

L Betts

Registered office

Unit 11, Bath Road Business Centre
Bath Road
Devizes
SN10 1XA

Accountants

Burton Sweet Limited
Chartered Accountants and Business Advisors
Cooper House
Lower Charlton Estate
Shepton Mallet
Somerset
BA4 5QE

 

Guy's Magnets Limited

(Registration number: 06859571)
Balance Sheet
29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

51,375

-

Tangible assets

5

5,644

3,000

 

57,019

3,000

Current assets

 

Stocks

6

163,409

112,632

Debtors

7

2,479

5,879

Cash at bank and in hand

 

721

5,147

 

166,609

123,658

Creditors: Amounts falling due within one year

8

(177,515)

(71,755)

Net current (liabilities)/assets

 

(10,906)

51,903

Net assets

 

46,113

54,903

Capital and reserves

 

Called up share capital

100

100

Retained earnings

46,013

54,803

Shareholders' funds

 

46,113

54,903

 

Guy's Magnets Limited

(Registration number: 06859571)
Balance Sheet
29 February 2024

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

Approved and authorised by the Board on 7 August 2024 and signed on its behalf by:
 

.........................................
G Betts
Director

 

Guy's Magnets Limited

Notes to the Unaudited Financial Statements
Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 11, Bath Road Business Centre
Bath Road
Devizes
SN10 1XA

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

 

Guy's Magnets Limited

Notes to the Unaudited Financial Statements
Year Ended 29 February 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

20% on the reducing balance and 50% straight line

Warehouse equipment

20% on the reducing balance

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

 

Guy's Magnets Limited

Notes to the Unaudited Financial Statements
Year Ended 29 February 2024

Asset class

Amortisation method and rate

Goodwill

Over 4 years

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 4).

 

Guy's Magnets Limited

Notes to the Unaudited Financial Statements
Year Ended 29 February 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

Additions acquired separately

68,500

68,500

At 29 February 2024

68,500

68,500

Amortisation

Amortisation charge

17,125

17,125

At 29 February 2024

17,125

17,125

Carrying amount

At 29 February 2024

51,375

51,375

5

Tangible assets

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 March 2023

13,523

4,538

18,061

Additions

-

4,116

4,116

Disposals

(1,169)

(1,902)

(3,071)

At 29 February 2024

12,354

6,752

19,106

Depreciation

At 1 March 2023

10,523

4,538

15,061

Charge for the year

338

1,274

1,612

Eliminated on disposal

(1,169)

(2,042)

(3,211)

At 29 February 2024

9,692

3,770

13,462

Carrying amount

At 29 February 2024

2,662

2,982

5,644

At 28 February 2023

3,000

-

3,000

 

Guy's Magnets Limited

Notes to the Unaudited Financial Statements
Year Ended 29 February 2024

6

Stocks

2024
£

2023
£

Other inventories

163,409

112,632

7

Debtors

2024
£

2023
£

Trade debtors

979

2,879

Other debtors

1,500

3,000

2,479

5,879

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Loans and borrowings

18,946

-

Trade creditors

17,007

20,046

Taxation and social security

11,731

9,223

Accruals and deferred income

12,000

1,905

Other creditors

117,831

40,581

177,515

71,755