Magna Management Services Limited
Registered number: 04686514
Statement of Financial Position
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 800,000 800,000
Current assets
Debtors 4 529 499
Cash at bank and in hand 13,929 7,041
14,458 7,540
Creditors: amounts falling due within one year 5 (344,335) (352,456)
Net current liabilities (329,877) (344,916)
Total assets less current liabilities 470,123 455,084
Provisions for liabilities (16,083) (16,083)
Net assets 454,040 439,001
Capital and reserves
Called up share capital 2 2
Fair value reserve 6 158,609 158,609
Profit and loss account 295,429 280,390
Shareholders' funds 454,040 439,001
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S C Dodd
Director
Approved by the board on 19 August 2024
Magna Management Services Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1a small entities, the financial reporting standard applicable in the UK and the Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts. Turnover includes revenue earned from property rental. Turnover from the rendering of services is recognised by reference to the stage of completion of the tenancy.
Investment property
Investment property is included at fair value. Gains and losses are recognised in the income statement. Deferred tax is provided on these gains at the rate expected to apply when the property is sold.
Debtors
Short term debtors are measured at transaction price, less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price. Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees and directors 2024 2023
Number Number
Average number of directors and persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 April 2023 800,000
At 31 March 2024 800,000
Depreciation
At 31 March 2024 -
Net book value
At 31 March 2024 800,000
At 31 March 2023 800,000
4 Debtors 2024 2023
£ £
Prepayments 529 499
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 13 -
Accruals 1,020 1,008
Corporation tax 3,528 3,014
Other creditors 339,774 348,434
344,335 352,456
6 Fair value reserve 2024 2023
£ £
At 1 April 2023 158,609 158,609
At 31 March 2024 158,609 158,609
7 Other information
Magna Management Services Limited is a private company limited by shares and incorporated in England. Its registered office is:
269 Farnborough Road
Farnborough
Hampshire
GU14 7LY
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