Audet Magna Ltd 11369512 false 2023-06-01 2024-05-31 2024-05-31 The principal activity of the company is business transformation. Digita Accounts Production Advanced 6.30.9574.0 true 11369512 2023-06-01 2024-05-31 11369512 2024-05-31 11369512 bus:Director2 1 2024-05-31 11369512 core:CurrentFinancialInstruments 2024-05-31 11369512 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 11369512 core:OfficeEquipment 2024-05-31 11369512 bus:SmallEntities 2023-06-01 2024-05-31 11369512 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 11369512 bus:FilletedAccounts 2023-06-01 2024-05-31 11369512 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 11369512 bus:RegisteredOffice 2023-06-01 2024-05-31 11369512 bus:Director2 2023-06-01 2024-05-31 11369512 bus:Director2 1 2023-06-01 2024-05-31 11369512 bus:Director3 2023-06-01 2024-05-31 11369512 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 11369512 core:OfficeEquipment 2023-06-01 2024-05-31 11369512 countries:EnglandWales 2023-06-01 2024-05-31 11369512 2023-05-31 11369512 bus:Director2 1 2023-05-31 11369512 core:OfficeEquipment 2023-05-31 11369512 2022-06-01 2023-05-31 11369512 2023-05-31 11369512 bus:Director2 1 2023-05-31 11369512 core:CurrentFinancialInstruments 2023-05-31 11369512 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 11369512 core:OfficeEquipment 2023-05-31 11369512 bus:Director2 1 2022-06-01 2023-05-31 11369512 bus:Director2 1 2022-05-31 iso4217:GBP xbrli:pure

Registration number: 11369512

Audet Magna Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Audet Magna Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Audet Magna Ltd

(Registration number: 11369512)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

9,781

9,858

Current assets

 

Debtors

5

260,311

174,492

Cash at bank and in hand

 

98,812

173,838

 

359,123

348,330

Creditors: Amounts falling due within one year

6

(131,323)

(110,519)

Net current assets

 

227,800

237,811

Net assets

 

237,581

247,669

Capital and reserves

 

Called up share capital

3

3

Share premium reserve

205,624

205,624

Retained earnings

31,954

42,042

Shareholders' funds

 

237,581

247,669

 

Audet Magna Ltd

(Registration number: 11369512)
Balance Sheet as at 31 May 2024

For the financial year ending 31 May 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.

Approved and authorised by the Board on 7 October 2024 and signed on its behalf by:
 

.........................................
N Vat
Director

.........................................
T F Botha
Director

 

Audet Magna Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 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:
2 Old Bath Road
Newbury
Berkshire
RG14 1QL
England

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 except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the service of business transformation in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax payable and deferred tax.

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.

 

Audet Magna Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

 

Audet Magna Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2023 - 12).

4

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 June 2023

18,362

18,362

Additions

4,197

4,197

At 31 May 2024

22,559

22,559

Depreciation

At 1 June 2023

8,504

8,504

Charge for the year

4,274

4,274

At 31 May 2024

12,778

12,778

Carrying amount

At 31 May 2024

9,781

9,781

At 31 May 2023

9,858

9,858

 

Audet Magna Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

5

Debtors

Current

2024
£

2023
£

Trade debtors

131,816

104,068

Prepayments

9,471

7,781

Other debtors

119,024

62,643

 

260,311

174,492

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

-

11,875

Trade creditors

 

32,852

120

Taxation and social security

 

86,571

81,934

Other creditors

 

11,900

16,590

 

131,323

110,519

7

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

-

11,875

 

Audet Magna Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

8

Related party transactions

Transactions with directors

2024

At 1 June 2023
£

Advances to director
£

At 31 May 2024
£

N Vat

Directors Loan

(120)

10,255

10,135

2023

At 1 June 2022
£

Advances to director
£

At 31 May 2023
£

N Vat

Directors Loan

(599)

479

(120)

Other transactions with directors

Interest is charged at 2.25% per annum on overdrawn directors loan accounts exceeding £10,000.