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REGISTERED NUMBER: 14253868 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

MAGMA COMMUNICATIONS LTD

MAGMA COMMUNICATIONS LTD (REGISTERED NUMBER: 14253868)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


MAGMA COMMUNICATIONS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: Ms M Milosavljevic
J Mascarenhas





REGISTERED OFFICE: 115c Milton Road
Cambridge
CB4 1XE





REGISTERED NUMBER: 14253868 (England and Wales)





ACCOUNTANTS: Prentis & Co LLP
Chartered Accountants
115c Milton Road
Cambridge
CB4 1XE

MAGMA COMMUNICATIONS LTD (REGISTERED NUMBER: 14253868)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,561 -

CURRENT ASSETS
Debtors 5 6,534 13,032
Cash at bank 17,492 6,290
24,026 19,322
CREDITORS
Amounts falling due within one year 6 24,530 17,415
NET CURRENT (LIABILITIES)/ASSETS (504 ) 1,907
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,057

1,907

CAPITAL AND RESERVES
Called up share capital 20 20
Retained earnings 3,037 1,887
3,057 1,907

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 August 2024 and were signed on its behalf by:



Ms M Milosavljevic - Director



J Mascarenhas - Director


MAGMA COMMUNICATIONS LTD (REGISTERED NUMBER: 14253868)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Magma Communications 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.

The financial statements have been prepared on a going concern basis. This may not be appropriate because at 31st March 2024 the company's current liabilities exceeded its current assets by £504 and total liabilities of the company were £24,530. The company is reliant upon the continued support of its directors, bank and creditors, but there is no evidence to suggest that this will not continue and that further funds will not be provided, as necessary, to enable the company to continue as a going concern.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Equipment - 20% on cost
Fixtures and fittings - 20% on cost

Taxation
Taxation for the year comprises current tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 2 ) .

MAGMA COMMUNICATIONS LTD (REGISTERED NUMBER: 14253868)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

4. TANGIBLE FIXED ASSETS
Fixtures
and
Equipment fittings Totals
£    £    £   
COST
Additions 1,195 2,727 3,922
At 31 March 2024 1,195 2,727 3,922
DEPRECIATION
Charge for year 179 182 361
At 31 March 2024 179 182 361
NET BOOK VALUE
At 31 March 2024 1,016 2,545 3,561

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 6,015 10,428
Other debtors 519 2,604
6,534 13,032

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Tax 8,784 9,672
Directors' current accounts 15,086 7,043
Accruals and deferred income 660 700
24,530 17,415

7. RELATED PARTY DISCLOSURES

During the year, total dividends of £39,685 (2023 - £38,736) were paid to the directors .

8. ULTIMATE CONTROLLING PARTY

The controlling party is Ms M Milosavljevic.