REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 30 November 2023 |
for |
MAG KB LIMITED |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 30 November 2023 |
for |
MAG KB LIMITED |
MAG KB LIMITED (REGISTERED NUMBER: 01635438) |
Contents of the Financial Statements |
for the Year Ended 30 November 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
MAG KB LIMITED |
Company Information |
for the Year Ended 30 November 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
Lloyds Bank Chambers |
Hustlergate |
Bradford |
BD1 1UQ |
MAG KB LIMITED (REGISTERED NUMBER: 01635438) |
Balance Sheet |
30 November 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Share premium |
Capital redemption reserve |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS |
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 |
MAG KB LIMITED (REGISTERED NUMBER: 01635438) |
Notes to the Financial Statements |
for the Year Ended 30 November 2023 |
1. | STATUTORY INFORMATION |
MAG KB Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents the invoiced value of goods and services supplied for the year, less returns and excluding value added tax. |
Tangible fixed assets |
Tangible fixed assets are stated at cost less accumulated depreciation. |
Depreciation is calculated to write off the assets over their expected useful lives at the following annual rates: |
Plant, equipment, fixtures and fittings | - | 15% or 20% of cost |
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. |
Pension contributions |
Contributions payable to the group defined contribution pension scheme are charged to profit and loss account when incurred. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
MAG KB LIMITED (REGISTERED NUMBER: 01635438) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
4. | TANGIBLE FIXED ASSETS |
Plant, |
equipment |
and |
vehicles |
£ |
COST |
At 1 December 2022 |
Additions |
At 30 November 2023 |
DEPRECIATION |
At 1 December 2022 |
Charge for year |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
5. | DEBTORS |
2023 | 2022 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Prepayments and accrued income |
Amounts falling due after more than one year: |
Deferred tax asset | 2,251 | 1,138 |
Aggregate amounts |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Corporation tax |
Social security and other taxes |
Accruals and deferred income |
MAG KB LIMITED (REGISTERED NUMBER: 01635438) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
7. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 403,333 | 403,333 |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
10. | CONTINGENT LIABILITIES AND GUARANTEES |
The company is party to an unlimited composite cross guarantee to its bankers securing the borrowings of group companies. There were no such borrowings at 30 November 2023 - 2022: none. |
Overall the group's cash at bank amounted to £14,915,249 - 2022: £12,806,960. |
The company is contingently liable under a group registration scheme for VAT liabilities of group companies. At 30 November 2023 such liabilities amounted to £471,628 - 2022: £417,886. |
The above arrangements are not expected to have any financial effect on the company. |
11. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', from disclosing related party transactions with wholly owned subsidiaries within the group. |
12. | ULTIMATE CONTROLLING PARTY |
The controlling party is MAG Group Limited. |
The ultimate controlling party is |
The registered office of MAG Group Limited is Vulcan Road South, Norwich NR6 6AF. |
13. | SECURED DEBTS |
Bank borrowings are secured by a debenture over the company's assets. There were no such borrowings at 30 November 2023 - 2022: none. |