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REGISTERED NUMBER: 05359591 (England and Wales)










Unaudited Financial Statements for the Year Ended 31 March 2024

for

Magellan Solutions Ltd

Magellan Solutions Ltd (Registered number: 05359591)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Magellan Solutions Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Mrs S K McCarthy
C McCarthy





REGISTERED OFFICE: 75 Springfield Road
Chelmsford
Essex
CM2 6JB





REGISTERED NUMBER: 05359591 (England and Wales)





ACCOUNTANTS: NSO Associates LLP
75 Springfield Road
Chelmsford
Essex
CM2 6JB

Magellan Solutions Ltd (Registered number: 05359591)

Balance Sheet
31 March 2024

31.3.23 31.3.24
£    £    Notes £    £   
FIXED ASSETS
2,278 Tangible assets 4 690

CURRENT ASSETS
7,042 Debtors 5 1,030
67,217 Cash at bank 42,856
74,259 43,886
CREDITORS
2,552 Amounts falling due within one year 6 2,146
71,707 NET CURRENT ASSETS 41,740
73,985 TOTAL ASSETS LESS CURRENT
LIABILITIES

42,430

433 PROVISIONS FOR LIABILITIES 131
73,552 NET ASSETS 42,299

CAPITAL AND RESERVES
1 Called up share capital 2
73,551 Retained earnings 42,297
73,552 SHAREHOLDERS' FUNDS 42,299

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

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

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 26 July 2024 and were signed on its behalf by:



Mrs S K McCarthy - Director


Magellan Solutions Ltd (Registered number: 05359591)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Magellan Solutions 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 represents net invoiced sales of services, excluding value added tax.

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 - 33% on cost and 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 NIL (2023 - 1 ).

Magellan Solutions Ltd (Registered number: 05359591)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023
and 31 March 2024 9,386
DEPRECIATION
At 1 April 2023 7,108
Charge for year 1,588
At 31 March 2024 8,696
NET BOOK VALUE
At 31 March 2024 690
At 31 March 2023 2,278

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Other debtors 1,030 7,042

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Taxation and social security 1,134 1,365
Other creditors 1,012 1,187
2,146 2,552

7. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

31.3.24 31.3.23
£    £   
Mrs S K McCarthy
Balance outstanding at start of year 5,000 -
Amounts advanced - 5,000
Amounts repaid (5,000 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 5,000

8. POST BALANCE SHEET EVENTS

There were no post balance sheet events which require being brought to the attention of the shareholders or creditors.