Company registration number 02386251 (England and Wales)
MAGNUM SPEDITION LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
MAGNUM SPEDITION LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
MAGNUM SPEDITION LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
5
1,416
185,473
Cash at bank and in hand
11,201
11,866
12,617
197,339
Creditors: amounts falling due within one year
6
(1,349)
(154,710)
Net current assets
11,268
42,629
Creditors: amounts falling due after more than one year
7
-
0
(27,500)
Net assets
11,268
15,129
Capital and reserves
Called up share capital
8
2,852
2,852
Capital redemption reserve
48
48
Profit and loss reserves
8,368
12,229
Total equity
11,268
15,129

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved and signed by the director and authorised for issue on 16 August 2024
R. Hattrell
Director
Company Registration No. 02386251
MAGNUM SPEDITION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Magnum Spedition Limited is a private company limited by shares incorporated in England and Wales. The registered office is Magnum House, Leopold Road, FELIXSTOWE, IP11 7NR and the company number is 02386251.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The company does not trade. No adjustment is considered necessary to the financial statements as a result of this.

1.3
Turnover
Turnover represents amounts receivable for services net of VAT and trade discounts.
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Long leasehold land and buildings
Over the life of the lease
Plant and machinery
33% straight line
Office furniture and fittings
25%-50% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

MAGNUM SPEDITION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

MAGNUM SPEDITION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.9
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the Year was:

2023
2022
Number
Number
Total
-
0
-
0
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
12,797
143,865
156,662
Depreciation and impairment
At 1 January 2023 and 31 December 2023
12,797
143,865
156,662
Carrying amount
At 31 December 2023
-
0
-
0
-
0
At 31 December 2022
-
0
-
0
-
0
MAGNUM SPEDITION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
-
0
125,790
Corporation tax recoverable
-
0
5,366
Amounts due from group undertakings
1,341
43,647
Other debtors
75
10,670
1,416
185,473
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
-
0
11,000
Trade creditors
-
0
69,890
Amounts owed to group undertakings
1,349
33,890
Corporation tax
-
0
4,432
Other taxation and social security
-
0
198
Other creditors
-
0
182
Accruals and deferred income
-
0
35,118
1,349
154,710

The bank loans and overdrafts are secured by an Intercompany Guarantee and a debenture from other group companies.

7
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
-
0
27,500

The bank loans and overdrafts are secured by an Intercompany Guarantee and a debenture from other group companies.

8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary 'A' shares of £1 each
2,139
2,139
2,139
2,139
Ordinary 'B' shares of £1 each
427
427
427
427
Ordinary 'C' shares of £1 each
286
286
286
286
2,852
2,852
2,852
2,852
MAGNUM SPEDITION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The senior statutory auditor was Roger Beaton F.C.A..
The auditor was BG Audit LLP.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
10
Financial commitments, guarantees and contingent liabilities

The bank has made a guarantee on behalf of the company to HM Customs and Excise amounting to £80,000.

The company has given a guarantee to the bank in relation to liabilities for Magnum Book Services Limited, Scanwell Logistics (UK) Limited, Magnum Group Holdings Limited, Magnum Logistics Limited, Scanwell Logistics (FXT) Limited and Scanwell Logistics (LHR) Limited.

11
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
-
0
-
0

The company has provided a guarantee on behalf of Scanwell Logistics (LHR) Limited in respect of rent due for a premises occupied. Scanwell Logistics (LHR) Limited is committed to a lease for £81,684 per year until June 2026.

12
Parent company

The company is controlled by Magnum Group Holdings Limited, the parent company. Group accounts are available from Magnum House, Leopold Road, Felixstowe, IP11 7NR.

2023-12-312023-01-01false16 August 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityThis audit opinion is unqualifiedR. Hattrellfalsefalse023862512023-01-012023-12-31023862512023-12-31023862512022-12-3102386251core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3102386251core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3102386251core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3102386251core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3102386251core:CurrentFinancialInstruments2023-12-3102386251core:CurrentFinancialInstruments2022-12-3102386251core:ShareCapital2023-12-3102386251core:ShareCapital2022-12-3102386251core:CapitalRedemptionReserve2023-12-3102386251core:CapitalRedemptionReserve2022-12-3102386251core:RetainedEarningsAccumulatedLosses2023-12-3102386251core:RetainedEarningsAccumulatedLosses2022-12-3102386251core:ShareCapitalOrdinaryShares2023-12-3102386251core:ShareCapitalOrdinaryShares2022-12-3102386251bus:Director12023-01-012023-12-3102386251core:LandBuildingscore:LongLeaseholdAssets2023-01-012023-12-3102386251core:PlantMachinery2023-01-012023-12-3102386251core:FurnitureFittings2023-01-012023-12-31023862512022-01-012022-12-3102386251core:LandBuildings2022-12-3102386251core:OtherPropertyPlantEquipment2022-12-31023862512022-12-3102386251core:LandBuildings2023-12-3102386251core:OtherPropertyPlantEquipment2023-12-3102386251core:LandBuildings2022-12-3102386251core:OtherPropertyPlantEquipment2022-12-3102386251core:Non-currentFinancialInstruments2023-12-3102386251core:Non-currentFinancialInstruments2022-12-3102386251bus:PrivateLimitedCompanyLtd2023-01-012023-12-3102386251bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3102386251bus:FRS1022023-01-012023-12-3102386251bus:Audited2023-01-012023-12-3102386251bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP