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Registration number: 05145869

BusinessMagnet Limited

Unaudited Financial Statements

for the Year Ended 30 June 2024

 

BusinessMagnet Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

BusinessMagnet Limited

Company Information

Directors

D French

L Cheesman

Company secretary

D French

Registered office

18-20 High Street
Stevenage
Hertfordshire
SG1 3EJ

Accountants

Bracey's Accountants (Stevenage) Limited
Chartered Certified Accountant
18-20 High Street
Stevenage
Hertfordshire
SG1 3EJ

 

BusinessMagnet Limited

(Registration number: 05145869)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

6,326

-

Tangible assets

5

296,102

60,169

 

302,428

60,169

Current assets

 

Debtors

6

685,282

700,798

Cash at bank and in hand

 

143,774

166,636

 

829,056

867,434

Creditors: Amounts falling due within one year

7

(276,247)

(327,027)

Net current assets

 

552,809

540,407

Total assets less current liabilities

 

855,237

600,576

Creditors: Amounts falling due after more than one year

7

(236,997)

-

Provisions for liabilities

(75,597)

(11,810)

Net assets

 

542,643

588,766

Capital and reserves

 

Called up share capital

100

100

Retained earnings

542,543

588,666

Shareholders' funds

 

542,643

588,766

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

BusinessMagnet Limited

(Registration number: 05145869)
Balance Sheet as at 30 June 2024

Approved and authorised by the Board on 31 August 2024 and signed on its behalf by:
 

.........................................
D French
Company secretary and director

.........................................
L Cheesman
Director

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

BusinessMagnet Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

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

The address of its registered office is:
18-20 High Street
Stevenage
Hertfordshire
SG1 3EJ
England

The principal place of business is:
9 Meadway Court
Rutherford Close
Stevenage
Hertfordshire
SG1 2EF

These financial statements were authorised for issue by the Board on 31 August 2024.

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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

 

BusinessMagnet Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the 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.

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.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor Vehicles

25% straight line

Computer equipment

25% reducing balance

Furniture and fittings

25% reducing balance

 

BusinessMagnet Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Amortisation

10 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and at bank.

Trade debtors

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

Trade debtors are recognised at the transaction price.

Trade debtors are reviewed on an annual basis and any adjustment is made accordingly through the profit and loss account.

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 at the transaction price.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

There is a rent free period representing a lease incentive which has been be spread over the lease term as a reduction to the lease expense.

Assets held under finance leases are recognised at the present value of minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

BusinessMagnet Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 14 (2023 - 15).

 

BusinessMagnet Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Intangible assets

Intangible assets
 £

Total
£

Cost or valuation

Additions acquired separately

6,755

6,755

At 30 June 2024

6,755

6,755

Amortisation

Amortisation charge

429

429

At 30 June 2024

429

429

Carrying amount

At 30 June 2024

6,326

6,326

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2023

143,799

123,763

267,562

Additions

17,076

236,997

254,073

At 30 June 2024

160,875

360,760

521,635

Depreciation

At 1 July 2023

83,630

123,763

207,393

Charge for the year

18,140

-

18,140

At 30 June 2024

101,770

123,763

225,533

Carrying amount

At 30 June 2024

59,105

236,997

296,102

At 30 June 2023

60,169

-

60,169

 

BusinessMagnet Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

675,176

693,836

Prepayments

10,106

6,962

 

685,282

700,798

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

-

5,058

Trade creditors

 

5,852

-

Taxation and social security

 

264,867

306,133

Accruals and deferred income

 

2,414

12,294

Other creditors

 

3,114

3,542

 

276,247

327,027

All borrowings comprise assets held on hire purchase agreements. These agreements are secured on the assets concerned.

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

236,997

-

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         
 

BusinessMagnet Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £13,481 (2023 - £34,068). The financial commitment is in respect of a rental agreement which expires in February 2025.

10

Related party transactions

At the balance sheet date, the company owes £4 (2023: £261.42) to D French, a director, and £132 (2023: £312.35.) to L Cheesman, a director. These amounts are interest free and repayable on demand.

11

Ultimate controlling party

The ultimate controlling party is Mr D French and Mr L Cheeseman, by virtue of their shareholdings.