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REGISTERED NUMBER: 08356818 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 FEBRUARY 2022 TO 30 JANUARY 2023

FOR

MAGLOC (UK) LIMITED

MAGLOC (UK) LIMITED (REGISTERED NUMBER: 08356818)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 FEBRUARY 2022 TO 30 JANUARY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


MAGLOC (UK) LIMITED

COMPANY INFORMATION
FOR THE PERIOD 1 FEBRUARY 2022 TO 30 JANUARY 2023







DIRECTORS: Mr A B Garlick
Mr H A L Garlick





REGISTERED OFFICE: c/o AOML Packaging Limited
Unit 12 Brookfield Industrial Estate
Peakdale Road
Glossop
Derbyshire
SK13 6LQ





REGISTERED NUMBER: 08356818 (England and Wales)





ACCOUNTANTS: Christian Douglass Accountants Limited
Chartered Accountants
2 Jordan Street
Knott Mill
Manchester
M15 4PY

MAGLOC (UK) LIMITED (REGISTERED NUMBER: 08356818)

BALANCE SHEET
30 JANUARY 2023

30.1.23 31.1.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 2,157 2,246
Tangible assets 5 - 101
2,157 2,347

CURRENT ASSETS
Debtors 6 3,172 5,549
Cash at bank 927 1,500
4,099 7,049
CREDITORS
Amounts falling due within one year 7 67,613 65,622
NET CURRENT LIABILITIES (63,514 ) (58,573 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(61,357

)

(56,226

)

CREDITORS
Amounts falling due after more than one year 8 15,127 15,863
NET LIABILITIES (76,484 ) (72,089 )

CAPITAL AND RESERVES
Called up share capital 85 85
Retained earnings (76,569 ) (72,174 )
SHAREHOLDERS' FUNDS (76,484 ) (72,089 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 January 2023.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 January 2023 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 August 2024 and were signed on its behalf by:





Mr A B Garlick - Director


MAGLOC (UK) LIMITED (REGISTERED NUMBER: 08356818)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 FEBRUARY 2022 TO 30 JANUARY 2023

1. STATUTORY INFORMATION

Magloc (UK) Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 08356818 and its registered office address is at Unit 12, Brookfield Industrial Estate, Peakdale Road, Glossop, Derbyshire, SK13 6LQ.

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.

At the balance sheet date the company had net liabilities of £76,484 (2022: £72,089). The directors have considered the results of trading since the balance sheet date and, coupled with their ongoing support and that of the company's parent company, the board believe that the going concern basis of preparation to be appropriate.

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

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of five years.

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

Taxation
Taxation for the period 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 period 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was NIL (2022 - NIL).

MAGLOC (UK) LIMITED (REGISTERED NUMBER: 08356818)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 FEBRUARY 2022 TO 30 JANUARY 2023

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 February 2022 12,533
Additions 690
At 30 January 2023 13,223
AMORTISATION
At 1 February 2022 10,287
Charge for period 779
At 30 January 2023 11,066
NET BOOK VALUE
At 30 January 2023 2,157
At 31 January 2022 2,246

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 February 2022
and 30 January 2023 19,200
DEPRECIATION
At 1 February 2022 19,099
Charge for period 101
At 30 January 2023 19,200
NET BOOK VALUE
At 30 January 2023 -
At 31 January 2022 101

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.1.23 31.1.22
£    £   
Trade debtors 2,430 4,152
Amounts owed by group undertakings 124 1,397
VAT 618 -
3,172 5,549

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.1.23 31.1.22
£    £   
Bank loans and overdrafts 1,000 917
Trade creditors 5,104 2,950
VAT - 135
Amounts owed to related party 50,824 51,588
Directors' current accounts 9,582 8,982
Accrued expenses 1,103 1,050
67,613 65,622

MAGLOC (UK) LIMITED (REGISTERED NUMBER: 08356818)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 FEBRUARY 2022 TO 30 JANUARY 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.1.23 31.1.22
£    £   
Bank loans - 1-2 years 1,000 1,000
Bank loans - 2-5 years 2,347 3,000
Bank loans more 5 yr by instal - 83
Other creditors 11,780 11,780
15,127 15,863

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 83

9. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Magloc IP limited.