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REGISTERED NUMBER: 02812118 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

ELECTRO-MAG LTD

ELECTRO-MAG LTD (REGISTERED NUMBER: 02812118)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ELECTRO-MAG LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: M W Alexander
Mrs S L Alexander





SECRETARY: M W Alexander





REGISTERED OFFICE: The Barns
42 Church Road
Tilney St Lawrence
King's Lynn
Norfolk
PE34 4QQ





REGISTERED NUMBER: 02812118 (England and Wales)





ACCOUNTANTS: Wheelers
Chartered Accountants & Tax Consultants
27-29 Old Market
Wisbech
Cambridgeshire
PE13 1NE

ELECTRO-MAG LTD (REGISTERED NUMBER: 02812118)

BALANCE SHEET
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 77,183 69,848
Investment property 6 160,000 160,000
237,183 229,848

CURRENT ASSETS
Stocks 49,407 39,611
Debtors 7 141,892 111,120
Cash at bank and in hand 35,900 62,883
227,199 213,614
CREDITORS
Amounts falling due within one year 8 99,929 92,121
NET CURRENT ASSETS 127,270 121,493
TOTAL ASSETS LESS CURRENT
LIABILITIES

364,453

351,341

CREDITORS
Amounts falling due after more than one
year

9

(82,957

)

(80,190

)

PROVISIONS FOR LIABILITIES (12,282 ) (8,150 )
NET ASSETS 269,214 263,001

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 11 28,058 28,435
Retained earnings 241,056 234,466
SHAREHOLDERS' FUNDS 269,214 263,001

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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.

ELECTRO-MAG LTD (REGISTERED NUMBER: 02812118)

BALANCE SHEET - continued
31 DECEMBER 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 Board of Directors and authorised for issue on 19 August 2024 and were signed on its behalf by:





M W Alexander - Director


ELECTRO-MAG LTD (REGISTERED NUMBER: 02812118)

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

1. STATUTORY INFORMATION

Electro-Mag 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 as modified by the revaluation of certain assets.

The directors believe that the company is well placed to manage its financial risks successfully and have reasonable expectation that it has adequate resources to continue in operational existence for the foreseeable future. Consequently, it continues to adopt the going concern basis of accounting in preparing the annual financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business has been fully amortised.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold improvements - 4% on cost
Plant and machinery - 25% on cost and 25% on reducing balance
Fixtures and fittings - 33% on cost and 25% on reducing balance
Motor vehicles - 25% on reducing balance

Investment property
Investment properties in accordance with Financial Reporting Standard 102 are revalued annually and the aggregate surplus or deficit included in total comprehensive income together with a provision for corporation tax on capital gains which would arise if in the future the properties were sold at the balance sheet value. The net amount is not distributable and transferred to a fair value reserve.

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 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.


ELECTRO-MAG LTD (REGISTERED NUMBER: 02812118)

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

2. ACCOUNTING POLICIES - continued
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.

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.

Consolidation
The parent company and its subsidiary undertakings comprise a small group. The company has therefore taken advantage of the exemption provided by section 398 of the Companies Act 2006 not to prepare group accounts.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 8 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 80,000
AMORTISATION
At 1 January 2023
and 31 December 2023 80,000
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

ELECTRO-MAG LTD (REGISTERED NUMBER: 02812118)

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

5. TANGIBLE FIXED ASSETS
Fixtures
Leasehold Plant and and Motor
improvements machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 January 2023 155,755 237,441 26,589 18,803 438,588
Additions - 20,549 766 - 21,315
Disposals - (5,249 ) - - (5,249 )
At 31 December 2023 155,755 252,741 27,355 18,803 454,654
DEPRECIATION
At 1 January 2023 101,718 226,085 23,118 17,819 368,740
Charge for year 6,230 5,623 1,882 245 13,980
Eliminated on disposal - (5,249 ) - - (5,249 )
At 31 December 2023 107,948 226,459 25,000 18,064 377,471
NET BOOK VALUE
At 31 December 2023 47,807 26,282 2,355 739 77,183
At 31 December 2022 54,037 11,356 3,471 984 69,848

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023
and 31 December 2023 160,000
NET BOOK VALUE
At 31 December 2023 160,000
At 31 December 2022 160,000

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2023 160,000

If the investment property had not been revalued it would have been included at the following historical cost:

31.12.23 31.12.22
£    £   
Cost 127,231 127,231

The investment property was valued on an open market basis on 31 December 2023 by the directors .

ELECTRO-MAG LTD (REGISTERED NUMBER: 02812118)

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

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 59,210 73,251
Other debtors 82,682 37,869
141,892 111,120

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 15,866 14,873
Trade creditors 32,060 22,084
Taxation and social security 34,854 20,801
Other creditors 17,149 34,363
99,929 92,121

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans 43,473 59,893
Amounts owed to group undertakings 39,484 20,297
82,957 80,190

Amounts falling due in more than five years:

Repayable by instalments
Bank loans due in more than 5
years 3,127 12,457
3,127 12,457

10. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank loans 31,950 37,558

11. RESERVES
Fair
value
reserve
£   
At 1 January 2023 28,435
Reclassification (377 )

At 31 December 2023 28,058

ELECTRO-MAG LTD (REGISTERED NUMBER: 02812118)

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

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022:

31.12.23 31.12.22
£    £   
M W Alexander and Mrs S L Alexander
Balance outstanding at start of year 35,618 92,494
Amounts advanced 184,845 118,904
Amounts repaid (140,088 ) (175,780 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 80,375 35,618

Interest on overdrawn balances in excess of £10,000 per director has been charged at 2% per annum until 5 April 2023 and 2.25% thereafter.