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REGISTERED NUMBER: SC170867 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023

FOR

MAGNUM HEATING LTD

MAGNUM HEATING LTD (REGISTERED NUMBER: SC170867)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


MAGNUM HEATING LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2023







DIRECTORS: Mrs. S Shearer
C D Shearer
E G M Weir





REGISTERED OFFICE: 10 Knockbreck Street
Tain
Ross-Shire
IV19 1BJ





REGISTERED NUMBER: SC170867 (Scotland)





ACCOUNTANTS: Goldwells Ltd
10 Knockbreck Street
Tain
Ross-Shire
IV19 1BJ

MAGNUM HEATING LTD (REGISTERED NUMBER: SC170867)

STATEMENT OF FINANCIAL POSITION
31ST DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 7,627 10,481

CURRENT ASSETS
Stocks 76,694 92,315
Debtors 5 189,138 323,030
Cash at bank and in hand 301,845 227,745
567,677 643,090
CREDITORS
Amounts falling due within one year 6 248,984 321,872
NET CURRENT ASSETS 318,693 321,218
TOTAL ASSETS LESS CURRENT
LIABILITIES

326,320

331,699

CREDITORS
Amounts falling due after more than one
year

7

14,167

24,166
NET ASSETS 312,153 307,533

CAPITAL AND RESERVES
Called up share capital 5 5
Retained earnings 312,148 307,528
SHAREHOLDERS' FUNDS 312,153 307,533

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 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.

MAGNUM HEATING LTD (REGISTERED NUMBER: SC170867)

STATEMENT OF FINANCIAL POSITION - continued
31ST DECEMBER 2023


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 16th September 2024 and were signed on its behalf by:




Mrs. S Shearer - Director C D Shearer - Director




E G M Weir - Director


MAGNUM HEATING LTD (REGISTERED NUMBER: SC170867)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023

1. STATUTORY INFORMATION

Magnum Heating Ltd is a private company, limited by shares , registered in Scotland. 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 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.

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

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 - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 year 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 5 ) .

MAGNUM HEATING LTD (REGISTERED NUMBER: SC170867)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st January 2023
and 31st December 2023 19,470
DEPRECIATION
At 1st January 2023 8,989
Charge for year 2,854
At 31st December 2023 11,843
NET BOOK VALUE
At 31st December 2023 7,627
At 31st December 2022 10,481

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 189,138 130,870
Accrued income - 192,160
189,138 323,030

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts - 1,397
Trade creditors 86,365 91,669
Tax 27,827 38,385
Social security and other taxes 3,412 3,085
Pension Liability 526 483
VAT 45,778 45,834
Directors' current accounts 163 163
Accrued expenses 74,913 130,856
248,984 321,872

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-2 years 10,000 10,000
Bank loans - 2-5 years 4,167 14,166
14,167 24,166