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REGISTERED NUMBER: 13769784 (England and Wales)















REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023

FOR

MAG INGREDIENTS LIMITED

MAG INGREDIENTS LIMITED (REGISTERED NUMBER: 13769784)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023




Page

Company Information 1

Report of the Directors 2

Income Statement 3

Balance Sheet 4

Notes to the Financial Statements 5


MAG INGREDIENTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2023







DIRECTORS: G R Asman
A F Phillips





REGISTERED OFFICE: Ground Floor Marlborough House
298 Regents Park Road
London
London
N3 2SZ





REGISTERED NUMBER: 13769784 (England and Wales)





ACCOUNTANTS: Fusion Consulting Ltd
Marlborough House
298 Regents Park Road
London
N3 2SZ

MAG INGREDIENTS LIMITED (REGISTERED NUMBER: 13769784)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 NOVEMBER 2023

The directors present their report with the financial statements of the company for the year ended 30 November 2023.

DIRECTORS
A F Phillips has held office during the whole of the period from 1 December 2022 to the date of this report.

Other changes in directors holding office are as follows:

G R Asman - appointed 1 August 2023

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





G R Asman - Director


21 August 2024

MAG INGREDIENTS LIMITED (REGISTERED NUMBER: 13769784)

INCOME STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2023

Period
29.11.21
Year Ended to
30.11.23 30.11.22
£    £   

TURNOVER - 183,225

Cost of sales - 170,480
GROSS PROFIT - 12,745

Administrative expenses 2,137 3,241
OPERATING (LOSS)/PROFIT and
(LOSS)/PROFIT BEFORE TAXATION (2,137 ) 9,504

Tax on (loss)/profit - 1,806
(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(2,137

)

7,698

MAG INGREDIENTS LIMITED (REGISTERED NUMBER: 13769784)

BALANCE SHEET
30 NOVEMBER 2023

30.11.23 30.11.22
Notes £    £   
CURRENT ASSETS
Debtors 4 4,338 4,338
Cash at bank 2,904 6,846
7,242 11,184
CREDITORS
Amounts falling due within one year 5 1,680 3,485
NET CURRENT ASSETS 5,562 7,699
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,562

7,699

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 5,561 7,698
5,562 7,699

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 21 August 2024 and were signed on its behalf by:





G R Asman - Director


MAG INGREDIENTS LIMITED (REGISTERED NUMBER: 13769784)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1. STATUTORY INFORMATION

MAG Ingredients 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.

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 1 (2022 - 1 ) .

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Other debtors 4,338 4,338

MAG INGREDIENTS LIMITED (REGISTERED NUMBER: 13769784)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Taxation and social security - 1,806
Other creditors 1,680 1,679
1,680 3,485

6. RELATED PARTY DISCLOSURES

Included in Other Debtors is £4,338 (2022: £4,338) due from a company related to one of the directors.

7. TAXATION

The company has carried forward losses of £2,137 that can be offset against future taxable profits.