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REGISTERED NUMBER: 11040511 (England and Wales)















MAGNET PLANT HIRE LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






MAGNET PLANT HIRE LTD (REGISTERED NUMBER: 11040511)

CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 MARCH 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MAGNET PLANT HIRE LTD

COMPANY INFORMATION
For The Year Ended 31 MARCH 2024







DIRECTORS: T A Magnet
C A Magnet





REGISTERED OFFICE: 8 Church Green East
Redditch
Worcestershire
B98 8BP





REGISTERED NUMBER: 11040511 (England and Wales)





ACCOUNTANTS: Charles Lovell & Co Limited
Chartered Certified Accountants
and Statutory Auditors
8 Church Green East
Redditch
Worcestershire
B98 8BP

MAGNET PLANT HIRE LTD (REGISTERED NUMBER: 11040511)

BALANCE SHEET
31 MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 223,061 141,523

CURRENT ASSETS
Debtors 5 23,714 21,053
Cash at bank and in hand 25,933 14,187
49,647 35,240
CREDITORS
Amounts falling due within one year 6 188,320 138,943
NET CURRENT LIABILITIES (138,673 ) (103,703 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

84,388

37,820

CREDITORS
Amounts falling due after more than one year 7 (44,455 ) (17,749 )

PROVISIONS FOR LIABILITIES (8,127 ) (4,353 )
NET ASSETS 31,806 15,718

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 31,706 15,618
SHAREHOLDERS' FUNDS 31,806 15,718

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

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

MAGNET PLANT HIRE LTD (REGISTERED NUMBER: 11040511)

BALANCE SHEET - continued
31 MARCH 2024


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 30 September 2024 and were signed on its behalf by:





C A Magnet - Director


MAGNET PLANT HIRE LTD (REGISTERED NUMBER: 11040511)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 MARCH 2024


1. STATUTORY INFORMATION

Magnet Plant Hire 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 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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 20% on cost

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

3. EMPLOYEES AND DIRECTORS

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

MAGNET PLANT HIRE LTD (REGISTERED NUMBER: 11040511)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 MARCH 2024


4. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 April 2023 301,658 - 500 302,158
Additions 101,250 28,443 - 129,693
Reclassification/transfer (14,775 ) 14,775 - -
At 31 March 2024 388,133 43,218 500 431,851
DEPRECIATION
At 1 April 2023 160,135 - 500 160,635
Charge for year 41,664 6,491 - 48,155
Reclassification/transfer (1,847 ) 1,847 - -
At 31 March 2024 199,952 8,338 500 208,790
NET BOOK VALUE
At 31 March 2024 188,181 34,880 - 223,061
At 31 March 2023 141,523 - - 141,523

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 April 2023 90,100
Additions 101,250
Transfer to ownership (42,850 )
At 31 March 2024 148,500
DEPRECIATION
At 1 April 2023 44,270
Charge for year 18,088
Transfer to ownership (31,309 )
At 31 March 2024 31,049
NET BOOK VALUE
At 31 March 2024 117,451
At 31 March 2023 45,830

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 17,622 21,053
Other debtors 6,092 -
23,714 21,053

MAGNET PLANT HIRE LTD (REGISTERED NUMBER: 11040511)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 MARCH 2024


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 2,017 1,967
Hire purchase contracts 43,209 8,306
Trade creditors 16,082 -
Taxation and social security 540 2,385
Other creditors 126,472 126,285
188,320 138,943

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans 2,417 4,433
Hire purchase contracts 42,038 13,316
44,455 17,749

8. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Hire purchase contracts 85,247 21,622

Hire Purchase contracts are secured against the assets to which they relate.