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REGISTERED NUMBER: 09043180 (England and Wales)















MAGNETICS ONE LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024






MAGNETICS ONE LTD (REGISTERED NUMBER: 09043180)

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3

MAGNETICS ONE LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: P A Checkett
Mrs C J Checkett





REGISTERED OFFICE: Clarke Nicklin House
Brooks Drive
Cheadle Royal Business Park
Cheadle
Cheshire
SK8 3TD





REGISTERED NUMBER: 09043180 (England and Wales)

MAGNETICS ONE LTD (REGISTERED NUMBER: 09043180)

BALANCE SHEET
31 MAY 2024

2024 2023
Notes £    £   
CURRENT ASSETS
Cash in hand 400 400

CREDITORS
Amounts falling due within one year 4 5,377 5,377
NET CURRENT LIABILITIES (4,977 ) (4,977 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(4,977

)

(4,977

)

CREDITORS
Amounts falling due after more than one
year

5

6,550

6,550
NET LIABILITIES (11,527 ) (11,527 )

CAPITAL AND RESERVES
Called up share capital 7 100 100
Retained earnings (11,627 ) (11,627 )
SHAREHOLDERS' FUNDS (11,527 ) (11,527 )

The company is entitled to exemption from audit under Section 480 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 September 2024 and were signed on its behalf by:




P A Checkett - Director


MAGNETICS ONE LTD (REGISTERED NUMBER: 09043180)

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


1. STATUTORY INFORMATION

Magnetics One 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have reached this conclusion giving due consideration to the projected future performance of the company and any potential risk that might impact the company's ability to meet its required solvency levels. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

3. EMPLOYEES AND DIRECTORS

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

4. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 2,487 2,487
Other creditors 2,890 2,890
5,377 5,377

5. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 6,550 6,550

6. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 6,550 6,550

Bank loans are secured on assets of the company.

MAGNETICS ONE LTD (REGISTERED NUMBER: 09043180)

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


7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

8. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr P and Mrs C Checkett.