Caseware UK (AP4) 2023.0.135 2023.0.135 truefalseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-04-01providing probate (non-conentious), estate administration, will writing and trustee services44true 09425334 2023-04-01 2023-12-18 09425334 2022-04-01 2023-03-31 09425334 2023-12-18 09425334 2023-03-31 09425334 c:Director3 2023-04-01 2023-12-18 09425334 d:CurrentFinancialInstruments 2023-12-18 09425334 d:CurrentFinancialInstruments 2023-03-31 09425334 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-18 09425334 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 09425334 d:ShareCapital 2023-12-18 09425334 d:ShareCapital 2023-03-31 09425334 d:RetainedEarningsAccumulatedLosses 2023-12-18 09425334 d:RetainedEarningsAccumulatedLosses 2023-03-31 09425334 c:FRS102 2023-04-01 2023-12-18 09425334 c:AuditExempt-NoAccountantsReport 2023-04-01 2023-12-18 09425334 c:FullAccounts 2023-04-01 2023-12-18 09425334 c:PrivateLimitedCompanyLtd 2023-04-01 2023-12-18 09425334 e:PoundSterling 2023-04-01 2023-12-18 iso4217:GBP xbrli:pure
Registered number: 09425334













          Magma Trusts & Estates Limited
          Unaudited
          Financial statements
          For the 9 month period ended 18 December 2023















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Magma Trusts & Estates Limited
Registered number:09425334

Balance sheet
As at 18 December 2023

18 December
31 March
2023
2023
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
71,827
61,734

Cash at bank and in hand
 5 
70
30

  
71,897
61,764

Creditors: amounts falling due within one year
 6 
(5,222)
(3,872)

  

Net assets
  
66,675
57,892


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
66,575
57,792

  
66,675
57,892


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the 9 month period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 August 2024.


___________________________
M A Tuckwell
Director

The notes on pages 2 to 5 form part of these financial statements.

Page 1

 
Magma Trusts & Estates Limited
 
 
Notes to the financial statements
For the 9 month period ended 18 December 2023

1.


General information

Magma Trusts & Estates Limited ('the company') is a private company limited by shares, incorporated in the United Kingdom in England and Wales under the Companies Act. The address of the registered office is given on the company information page. The nature of the company's operations and its principal activities is that of providing probate (non-contentious), estate administration, will writing and trustee services..

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 2

 
Magma Trusts & Estates Limited
 
 
Notes to the financial statements
For the 9 month period ended 18 December 2023

2.Accounting policies (continued)

 
2.4

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 3

 
Magma Trusts & Estates Limited
 
 
Notes to the financial statements
For the 9 month period ended 18 December 2023

3.


Employees

The average monthly number of employees, including directors, during the 9 month period was 4 (2023 - 4).


4.


Debtors

18 December
31 March
2023
2023
£
£


Trade debtors
7,100
4,010

Amounts owed by group undertakings
61,212
56,124

Prepayments and accrued income
3,515
1,600

71,827
61,734


Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.


5.


Cash and cash equivalents

18 December
31 March
2023
2023
£
£

Cash at bank and in hand
70
30

70
30



6.


Creditors: Amounts falling due within one year

18 December
31 March
2023
2023
£
£

Trade creditors
560
-

Corporation tax
4,637
3,872

Accruals and deferred income
25
-

5,222
3,872


Page 4

 
Magma Trusts & Estates Limited
 
 
Notes to the financial statements
For the 9 month period ended 18 December 2023

7.

Controlling Party

At 18 December 2023, the immediate parent undertaking is Magma Partners Limited, a company incorporated in the United Kingdom and registered in England and Wales. Copies of the financial statements for Magma Partners Limited can be obtained from its registered office, 2 Chamberlain Square. Paradise Circus, Birmingham, B3 3AX.
At 18 December 2023, the ultimate parent undertaking is Magma Partners Group Limited, a company incorporated in the United Kingdom and registered in England and Wales.
At 18 December 2023, the Directors considered there to be no ultimate controlling party.


 
Page 5