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Registered number: 2166648
Magnum Industrial Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
ZA LTD
FMAAT AND FFA
Contents
Page
Accountants' Report 1
Balance Sheet 2—3
Statement of Changes in Equity 4
Notes to the Financial Statements 5—7
Page 1
Accountants' Report
Report of the Accountant to the director of Magnum Industrial Limited
These financial statements have been prepared in accordance with our terms of engagement and in order to assist you to fulfil your duties under the Companies Acts that relate to preparing the financial statements of the company for the year ended 31 December 2023.
We have prepared these financial statements based on the accounting records, information and explanations provided by you. We do not express any opinion on the financial statements.
On the Balance Sheet you have acknowledged your duties under the prevailing Companies Acts to ensure that the company keeps adequate accounting records and prepares financial statements that give “a true and fair view”.
You have determined that the company is exempt from the statutory requirement for an audit for this accounting year. Therefore, the financial statements are unaudited.
The financial statements are provided exclusively to the director for the limited purpose mentioned above, and may not be used or relied upon for any other purpose or by any other person, and we shall not be liable for any other usage or reliance.
Signed
ZA Ltd
24/09/2024
ZA LTD
FMAAT AND FFA
Page 1
Page 2
Balance Sheet
Registered number: 2166648
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 8,472 -
8,472 -
CURRENT ASSETS
Debtors 5 1,348,990 1,460,853
Cash at bank and in hand 234,450 199,434
1,583,440 1,660,287
Creditors: Amounts Falling Due Within One Year 6 (1,448,956 ) (1,519,630 )
NET CURRENT ASSETS (LIABILITIES) 134,484 140,657
TOTAL ASSETS LESS CURRENT LIABILITIES 142,956 140,657
NET ASSETS 142,956 140,657
CAPITAL AND RESERVES
Called up share capital 7 100 100
Profit and Loss Account 142,856 140,557
SHAREHOLDERS' FUNDS 142,956 140,657
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Page 3
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Abdulilah Hamid Daoud
Director
24/09/2024
The notes on pages 5 to 7 form part of these financial statements.
Page 3
Page 4
Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 January 2022 100 137,241 137,341
Profit for the year and total comprehensive income - 3,316 3,316
As at 31 December 2022 and 1 January 2023 100 140,557 140,657
Profit for the year and total comprehensive income - 2,299 2,299
As at 31 December 2023 100 142,856 142,956
Page 4
Page 5
Notes to the Financial Statements
1. General Information
Magnum Industrial Limited is a private company, limited by shares, incorporated in England & Wales, registered number 2166648 . The registered office is 8 Colton Road, Harrow, Middlesex, HA1 1SG.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 33% on reducing balance
Computer Equipment 33% on reducing balance
2.4. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was:
2023 2022
Office and administration 1 1
1 1
4. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 January 2023 19,540 9,076 28,616
Additions 12,645 - 12,645
As at 31 December 2023 32,185 9,076 41,261
Depreciation
As at 1 January 2023 19,540 9,076 28,616
Provided during the period 4,173 - 4,173
As at 31 December 2023 23,713 9,076 32,789
Net Book Value
As at 31 December 2023 8,472 - 8,472
As at 1 January 2023 - - -
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 397,634 553,072
Other debtors 949,966 907,373
VAT 1,390 408
1,348,990 1,460,853
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 574,332 615,906
Corporation tax 30 804
Other creditors 872,640 900,987
Accruals 1,954 1,933
1,448,956 1,519,630
7. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
Page 6
Page 7
8. Ultimate Controlling Party
The company's ultimate controlling party is by virtue of his ownership of 100% of the issued share capital in the company.
Page 7