Registered number
04479859
Magitron Limited
Filleted Accounts
31 December 2023
Magitron Limited
Registered number: 04479859
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Investments 3 1,400,000 1,400,000
Current assets
Debtors 4 614,067 531,067
Cash at bank and in hand 119,733 171,055
733,800 702,122
Creditors: amounts falling due within one year 5 (26,377) (22,914)
Net current assets 707,423 679,208
Total assets less current liabilities 2,107,423 2,079,208
Creditors: amounts falling due after more than one year 6 (457,930) (466,353)
Provisions for liabilities (53,025) (53,025)
Net assets 1,596,468 1,559,830
Capital and reserves
Called up share capital 100 100
Revaluation reserve 7 279,079 279,079
Profit and loss account 1,317,289 1,280,651
Shareholders' funds 1,596,468 1,559,830
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Amit Dilharlal Devraj Shah
Director
Approved by the board on 11 September 2024
Magitron Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Investments
Other
investments
£
Cost
At 1 January 2023 1,400,000
At 31 December 2023 1,400,000
4 Debtors 2023 2022
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 614,067 531,067
5 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 8,930 10,247
Other creditors 17,447 12,667
26,377 22,914
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 191,945 222,694
Directors' Current Account 265,985 243,659
457,930 466,353
7 Revaluation reserve 2023 2022
£ £
At 1 January 2023 279,079 279,079
At 31 December 2023 279,079 279,079
8 Related party transactions
Included in Amounts owed from group undertakings is the amount of £614,067. ( 2022 £531,067.00 from Padmavati Properties Ltd Pearce House Ltd, a related company by virtue of common directorship and in which the directors hold a material interest. There are no terms as to interest or repayment in respect of this amount.
9 Other information
Magitron Limited is a private company limited by shares and incorporated in England. Its registered office is:
Laxmi House
2B Draycott Avenue
Kenton Harrow
Middlesex
HA3 0BU
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