Magnetic Island Limited 09102280 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is that of management and investment company. Digita Accounts Production Advanced 6.30.9574.0 true true 09102280 2023-04-01 2024-03-31 09102280 2024-03-31 09102280 core:RetainedEarningsAccumulatedLosses 2024-03-31 09102280 core:ShareCapital 2024-03-31 09102280 core:CurrentFinancialInstruments 2024-03-31 09102280 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 09102280 core:LandBuildings 2024-03-31 09102280 core:OtherPropertyPlantEquipment 2024-03-31 09102280 bus:SmallEntities 2023-04-01 2024-03-31 09102280 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 09102280 bus:FilletedAccounts 2023-04-01 2024-03-31 09102280 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 09102280 bus:RegisteredOffice 2023-04-01 2024-03-31 09102280 bus:Director1 2023-04-01 2024-03-31 09102280 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 09102280 core:LandBuildings 2023-04-01 2024-03-31 09102280 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 09102280 countries:AllCountries 2023-04-01 2024-03-31 09102280 2023-03-31 09102280 core:CostValuation 2023-03-31 09102280 core:LandBuildings 2023-03-31 09102280 core:OtherPropertyPlantEquipment 2023-03-31 09102280 2022-04-01 2023-03-31 09102280 2023-03-31 09102280 core:RetainedEarningsAccumulatedLosses 2023-03-31 09102280 core:ShareCapital 2023-03-31 09102280 core:CurrentFinancialInstruments 2023-03-31 09102280 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 09102280 core:LandBuildings 2023-03-31 09102280 core:OtherPropertyPlantEquipment 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 09102280

Magnetic Island Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Magnetic Island Limited

(Registration number: 09102280)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

71,750

74,000

Investments

5

10,000

10,000

 

81,750

84,000

Current assets

 

Stocks

6

125,900

104,900

Debtors

7

-

2,722

Cash at bank and in hand

 

3,644

336

 

129,544

107,958

Creditors: Amounts falling due within one year

8

(15,276)

(34,558)

Net current assets

 

114,268

73,400

Total assets less current liabilities

 

196,018

157,400

Provisions for liabilities

(1,688)

(1,710)

Net assets

 

194,330

155,690

Capital and reserves

 

Called up share capital

1

1

Retained earnings

194,329

155,689

Shareholders' funds

 

194,330

155,690

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Magnetic Island Limited

(Registration number: 09102280)
Balance Sheet as at 31 March 2024

Approved and authorised by the director on 9 September 2024
 

.........................................
Mr M Button
Director

 

Magnetic Island Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Fort Bridgewood
Maidstone Road
Rochester
Kent
ME1 3DQ
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

 

Magnetic Island Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Magnetic Island Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Magnetic Island Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Land and buildings
£

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

65,000

12,000

77,000

At 31 March 2024

65,000

12,000

77,000

Depreciation

At 1 April 2023

-

3,000

3,000

Charge for the year

-

2,250

2,250

At 31 March 2024

-

5,250

5,250

Carrying amount

At 31 March 2024

65,000

6,750

71,750

At 31 March 2023

65,000

9,000

74,000

Included within the net book value of land and buildings above is £65,000 (2023 - £65,000) in respect of freehold land and buildings.
 

5

Investments

2024
£

2023
£

Investments in associates

10,000

10,000

Associates

£

Cost

At 1 April 2023

10,000

Provision

Carrying amount

At 31 March 2024

10,000

At 31 March 2023

10,000

6

Stocks

2024
£

2023
£

Other inventories

125,900

104,900

 

Magnetic Island Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Debtors

2024
£

2023
£

Trade debtors

-

31

Other debtors

-

2,691

-

2,722

8

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

728

30,728

Taxation and social security

 

13,503

2,648

Accruals and deferred income

 

1,045

1,182

 

15,276

34,558

9

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Other borrowings

728

30,728