107 true false false true true false false false false false true true false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2021 - FRS102_2021 25 25 25 195,878 117,528 39,176 156,704 39,174 78,350 1 1 1 502,601 502,601 502,601 2,305,313 364,037 23,768 2,645,582 1 100 100 xbrli:pure xbrli:shares iso4217:GBP 07018511 2023-04-01 2024-03-31 07018511 2024-03-31 07018511 2022-04-01 2023-03-31 07018511 2023-03-31 07018511 bus:Consolidated 2023-04-01 2024-03-31 07018511 bus:Consolidated core:Subsidiary1 2023-04-01 2024-03-31 07018511 bus:Consolidated core:Subsidiary2 2023-04-01 2024-03-31 07018511 bus:Consolidated core:Subsidiary3 2023-04-01 2024-03-31 07018511 bus:Consolidated core:Subsidiary4 2023-04-01 2024-03-31 07018511 core:PlantMachinery 2023-04-01 2024-03-31 07018511 bus:Consolidated core:PlantMachinery 2023-04-01 2024-03-31 07018511 core:FurnitureFittings 2023-04-01 2024-03-31 07018511 bus:Consolidated core:FurnitureFittings 2023-04-01 2024-03-31 07018511 core:MotorVehicles 2023-04-01 2024-03-31 07018511 bus:Consolidated core:MotorVehicles 2023-04-01 2024-03-31 07018511 core:NetGoodwill 2023-04-01 2024-03-31 07018511 bus:Consolidated core:NetGoodwill 2023-04-01 2024-03-31 07018511 bus:RegisteredOffice 2023-04-01 2024-03-31 07018511 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 07018511 bus:Consolidated bus:OrdinaryShareClass1 2023-04-01 2024-03-31 07018511 bus:LeadAgentIfApplicable 2023-04-01 2024-03-31 07018511 bus:Consolidated bus:LeadAgentIfApplicable 2023-04-01 2024-03-31 07018511 bus:Director3 2023-04-01 2024-03-31 07018511 bus:Director1 2023-04-01 2024-03-31 07018511 bus:Consolidated 2024-03-31 07018511 bus:Director1 2024-03-31 07018511 bus:Consolidated core:WithinOneYear 2024-03-31 07018511 bus:Consolidated core:WithinOneYear 2023-03-31 07018511 core:WithinOneYear 2024-03-31 07018511 core:WithinOneYear 2023-03-31 07018511 core:AfterOneYear bus:Consolidated 2024-03-31 07018511 core:AfterOneYear bus:Consolidated 2023-03-31 07018511 bus:Consolidated 2023-03-31 07018511 bus:Consolidated core:NetGoodwill 2023-03-31 07018511 bus:Consolidated core:NetGoodwill 2024-03-31 07018511 bus:Consolidated core:PlantMachinery 2023-03-31 07018511 bus:Consolidated core:FurnitureFittings 2023-03-31 07018511 bus:Consolidated core:MotorVehicles 2023-03-31 07018511 bus:Consolidated core:PlantMachinery 2024-03-31 07018511 bus:Consolidated core:FurnitureFittings 2024-03-31 07018511 bus:Consolidated core:MotorVehicles 2024-03-31 07018511 bus:Consolidated core:DeferredTaxation 2023-04-01 2024-03-31 07018511 bus:Consolidated 2022-04-01 2023-03-31 07018511 bus:Consolidated 2023-03-31 07018511 bus:Consolidated core:RevaluationReserve 2022-04-01 2023-03-31 07018511 bus:Consolidated core:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 07018511 bus:Consolidated core:RevaluationReserve 2023-04-01 2024-03-31 07018511 bus:Consolidated core:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 07018511 core:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 07018511 core:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 07018511 bus:Consolidated core:UKTax 2023-04-01 2024-03-31 07018511 bus:Consolidated core:UKTax 2022-04-01 2023-03-31 07018511 bus:AllOrdinaryShares bus:Consolidated 2022-04-01 2023-03-31 07018511 bus:Consolidated core:ShareCapital 2024-03-31 07018511 bus:Consolidated core:ShareCapital 2023-03-31 07018511 bus:Consolidated core:RevaluationReserve 2024-03-31 07018511 bus:Consolidated core:RevaluationReserve 2023-03-31 07018511 bus:Consolidated core:RetainedEarningsAccumulatedLosses 2024-03-31 07018511 bus:Consolidated core:RetainedEarningsAccumulatedLosses 2023-03-31 07018511 core:ShareCapital 2024-03-31 07018511 core:ShareCapital 2023-03-31 07018511 core:RetainedEarningsAccumulatedLosses 2024-03-31 07018511 core:RetainedEarningsAccumulatedLosses 2023-03-31 07018511 bus:Consolidated core:ShareCapital 2022-03-31 07018511 bus:Consolidated core:RevaluationReserve 2022-03-31 07018511 bus:Consolidated core:RetainedEarningsAccumulatedLosses 2022-03-31 07018511 bus:Consolidated core:RestatedAmount 2022-03-31 07018511 bus:Consolidated core:RestatedAmount 2023-03-31 07018511 core:ShareCapital 2022-03-31 07018511 core:RetainedEarningsAccumulatedLosses 2022-03-31 07018511 core:RestatedAmount 2022-03-31 07018511 core:RestatedAmount 2023-03-31 07018511 core:BetweenOneFiveYears bus:Consolidated 2024-03-31 07018511 core:BetweenOneFiveYears bus:Consolidated 2023-03-31 07018511 bus:Consolidated core:NetGoodwill 2023-03-31 07018511 bus:Consolidated core:CostValuation core:Non-currentFinancialInstruments 2024-03-31 07018511 bus:Consolidated core:Non-currentFinancialInstruments 2024-03-31 07018511 bus:Consolidated core:Non-currentFinancialInstruments 2023-03-31 07018511 core:CostValuation core:Non-currentFinancialInstruments 2024-03-31 07018511 core:Non-currentFinancialInstruments 2024-03-31 07018511 core:Non-currentFinancialInstruments 2023-03-31 07018511 core:AcceleratedTaxDepreciationDeferredTax bus:Consolidated 2024-03-31 07018511 core:AcceleratedTaxDepreciationDeferredTax bus:Consolidated 2023-03-31 07018511 bus:Consolidated core:RevaluationPropertyPlantEquipmentDeferredTax 2024-03-31 07018511 bus:Consolidated core:RevaluationPropertyPlantEquipmentDeferredTax 2023-03-31 07018511 bus:Consolidated core:RevaluationInvestmentPropertyDeferredTax 2024-03-31 07018511 bus:Consolidated core:PlantMachinery 2023-03-31 07018511 bus:Consolidated core:FurnitureFittings 2023-03-31 07018511 bus:Consolidated core:MotorVehicles 2023-03-31 07018511 bus:Consolidated core:LeasedAssetsHeldAsLessee core:MotorVehicles 2024-03-31 07018511 bus:Consolidated core:LeasedAssetsHeldAsLessee core:MotorVehicles 2023-03-31 07018511 bus:Consolidated core:DeferredTaxation 2023-03-31 07018511 bus:Consolidated core:DeferredTaxation 2024-03-31 07018511 bus:Consolidated countries:UnitedKingdom 2023-04-01 2024-03-31 07018511 bus:Consolidated countries:UnitedKingdom 2022-04-01 2023-03-31 07018511 bus:Consolidated countries:RestWorldOutsideUK 2023-04-01 2024-03-31 07018511 bus:Consolidated countries:RestWorldOutsideUK 2022-04-01 2023-03-31 07018511 bus:Consolidated bus:LeadAgentIfApplicable 2022-04-01 2023-03-31 07018511 bus:Consolidated bus:HighestPaidDirector 2023-04-01 2024-03-31 07018511 bus:Consolidated bus:HighestPaidDirector 2022-04-01 2023-03-31 07018511 bus:SmallEntities 2023-04-01 2024-03-31 07018511 bus:Audited 2023-04-01 2024-03-31 07018511 bus:FullAccounts 2023-04-01 2024-03-31 07018511 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 07018511 bus:OrdinaryShareClass1 2024-03-31 07018511 bus:Consolidated bus:OrdinaryShareClass1 2024-03-31 07018511 bus:OrdinaryShareClass1 2023-03-31 07018511 bus:Consolidated bus:OrdinaryShareClass1 2023-03-31
COMPANY REGISTRATION NUMBER: 07018511
Magnum Holdings UK Limited
Financial Statements
31 March 2024
Magnum Holdings UK Limited
Financial Statements
Year ended 31 March 2024
Contents
Page
Officers and professional advisers
1
Strategic report
2
Director's report
4
Independent auditor's report to the members
6
Consolidated statement of comprehensive income
10
Consolidated balance sheet
11
Balance sheet
12
Consolidated statement of changes in equity
13
Company statement of changes in equity
14
Consolidated statement of cash flows
15
Notes to the financial statements
16
Magnum Holdings UK Limited
Officers and Professional Advisers
Director
Z H Younis
Registered office
Magnum House
Macklin Avenue
Cowpen Lane Industrial Estate
Billingham
TS23 4BY
Auditor
Chipchase Manners
Chartered accountants & statutory auditor
384 Linthorpe Road
Middlesbrough
TS5 6HA
Bankers
Lloyds Bank
83-85 Linthorpe Road
Middlesbrough
TS1 5BU
Solicitors
Jacksons Law Firm
17 Falcon Court
Preston Farm Industrial Estate
Stockton-on-Tees
TS18 3TU
Magnum Holdings UK Limited
Strategic Report
Year ended 31 March 2024
Principal activities
The principal activity of the group is that of wholesale packaging merchants, investment property management, and storage facility providers.
Key performance indicators
The straightforward trade of the group allows for the use of simple key performance indicators as follows:
2024 2023
Gross profit margin (%) 25 29
Net profit margin (%) 4 3
Current ratio 1 1
Principal risks and uncertainties
The Group conducts the sale of various types of packaging products, holds a portfolio of investment properties, and provides storage and vehicle rental solutions. The key business risks and uncertainties affecting the Group are considered to relate to the competition in the industry, both locally and nationally. The Group's directors are working to maintain the Group's excellent reputation and are working to build on existing customer relationships whilst also developing new ones. The Group has continued to grow in recent years despite the competition in the industry. The growth and financial success in recent years has allowed for the expansion of the clients premises to the new facility in Billingham which has allowed the Group to manage higher demand for its products and continue to increase both turnover and stock levels.
Interest risk
The Group finances its activities, along with other financial assets and liabilities such as trade debtors and creditors, directly from the Group's operating activities. The Group does not enter into interest rate swaps and does not trade in financial instruments. The Group does not seek to hedge any transactions and no trading in derivative financial instruments is undertaken. The overall level of interest risk is low.
Currency risk
The Group's reporting currency is GBP but it transacts in foreign currencies with a range of customers who operate with both Euros and US Dollars. Fluctuations in value between GBP, the Euro and US Dollars may affect the Group's revenues and operating profits. The Group does not seek to mitigate currency risks through hedging to limit foreign currency transaction exposure as this exposure is not deemed by the directors to be a significant risk. Recent results have been positive despite the uncertainty cause by the UK's ongoing Brexit negotiations having an effect on exchange rates.
Liquidity risk
The risk of financial loss due to counterpart failure to honour its obligations is principally in relation to transactions where the Group provides goods and services. Group policies are aimed at minimising such losses, and require that terms are only granted to customers who demonstrate an appropriate payment history and satisfy creditworthiness procedures. Individual exposures are monitored to ensure that the Group's exposure to bad debts is not significant. The Group seeks to mitigate liquidity risk by managing cash generation in its operations and applying cash collection targets.
Going concern
The Group's business activities together with the factors likely to affect its future development, its financial position, financial risk management objectives and its exposures to price, credit, liquidity and cash flow risk are described in the business review above. The directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Accordingly they continue to adopt the going concern basis in preparing the annual report and accounts.
Future developments
The directors wish to push for sustained growth as they have in the recent past.
Results and dividends
The Profit for the period, after taxation, amounted to £1,497,567 (2023: £1,309,145). EBITDA amounted to £2,776,807 (2023: £2,118,460). Particulars of dividends paid are detailed in the notes to the financial statements.
This report was approved by the board of directors on 27 September 2024 and signed on behalf of the board by:
Z H Younis
Director
Registered office:
Magnum House
Macklin Avenue
Cowpen Lane Industrial Estate
Billingham
TS23 4BY
Magnum Holdings UK Limited
Director's Report
Year ended 31 March 2024
The director presents his report and the financial statements of the group for the year ended 31 March 2024 .
Directors
The directors who served the company during the year were as follows:
Z H Younis
M Younis
(Resigned 22 February 2024)
Dividends
Particulars of recommended dividends are detailed in note 13 to the financial statements.
Future developments
The directors of the group intend to promote steady growth for the foreseeable future.
Financial instruments
There have been no financial instruments considered to be non-basic in use during the year.
Director's responsibilities statement
The director is responsible for preparing the strategic report, director's report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and the company and the profit or loss of the group for that period.
In preparing these financial statements, the director is required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.
This report was approved by the board of directors on 27 September 2024 and signed on behalf of the board by:
Z H Younis
Director
Registered office:
Magnum House
Macklin Avenue
Cowpen Lane Industrial Estate
Billingham
TS23 4BY
Magnum Holdings UK Limited
Independent Auditor's Report to the Members of Magnum Holdings UK Limited
Year ended 31 March 2024
Opinion
We have audited the financial statements of Magnum Holdings UK Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the consolidated statement of comprehensive income, consolidated balance sheet, balance sheet, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the group's and of the parent company's affairs as at 31 March 2024 and of the group's profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The director is responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the director's report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company financial statements are not in agreement with the accounting records and returns; or - certain disclosures of director's remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of the director
As explained more fully in the director's responsibilities statement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: The objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud or error. It is also our objective to obtain sufficient appropriate audit evidence regarding the risks we have assessed and respond as appropriate to them. Even though an audit is planned and performed in accordance with the ISAs (UK), an audit has an unavoidable risk that material misstatements in the financial statements may not be detected. In identifying and assessing the risk of material misstatement in respect of irregularities, including fraud, our audit procedures included the following: - We obtained an understanding of the legal and regulatory frameworks applicable to the company and the environment in which they operate. - We obtained an understanding of how the company ensures their compliance with the applicable legal and regulatory frameworks through inquiries to the management and those charged with ensuring such compliance within the company. We corroborated our inquiries through a review of transactions within the financial statements that were linked to compliance with laws and regulations. We also reviewed any available board minutes. - We assessed the susceptibility of the company's financial statements to material misstatement with regards to how fraud might occur. Audit procedures performed by the team included: - Identifying and assessing the effectiveness of controls the management of the company has in place to detect and prevent possible fraud; - Understanding how those involved with ensuring compliance considered and addressed the potential override of controls or undue influence over the financial reports; - Challenging any major assumptions and judgements that the management used in any significant accounting estimates; - Reviewing journal entries made with emphasis placed on those with unusual combinations and those around the accounting year end: and - Assessing the extent of compliance with applicable laws and regulations. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the director. - Conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Graeme Richard Boagey BA FCA CTA
(Senior Statutory Auditor)
For and on behalf of
Chipchase Manners
Chartered accountants & statutory auditor
384 Linthorpe Road
Middlesbrough
TS5 6HA
27 September 2024
Magnum Holdings UK Limited
Consolidated Statement of Comprehensive Income
Year ended 31 March 2024
2024
2023
Note
£
£
Turnover
4
42,205,029
42,824,812
Cost of sales
( 31,512,452)
( 31,086,104)
-------------
-------------
Gross profit
10,692,577
11,738,708
Distribution costs
( 4,002,315)
( 5,402,397)
Administrative expenses
( 5,371,487)
( 5,619,223)
Rental and other operating income
5
1,084,173
1,141,204
-------------
-------------
Operating profit
6
2,402,948
1,858,292
Other interest receivable and similar income
10
13,070
Interest payable and similar expenses
11
( 411,489)
( 190,459)
-------------
-------------
Profit before taxation
2,004,529
1,667,833
Tax on profit
12
( 506,962)
( 358,688)
------------
------------
Profit for the financial year
1,497,567
1,309,145
------------
------------
Revaluation of tangible assets
( 24,064)
2,550,901
Tax relating to components of other comprehensive income
( 348,478)
( 730,037)
---------
------------
Other comprehensive income for the year
( 372,542)
1,820,864
------------
------------
Total comprehensive income for the year
1,125,025
3,130,009
------------
------------
All the activities of the group are from continuing operations.
Magnum Holdings UK Limited
Consolidated Balance Sheet
31 March 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
14
39,174
78,350
Tangible assets
15
21,652,532
20,327,025
Investments
16
1
1
-------------
-------------
21,691,707
20,405,376
Current assets
Stocks
17
6,317,474
4,287,640
Debtors
18
6,692,670
7,238,912
Cash at bank and in hand
5,862,246
6,582,684
-------------
-------------
18,872,390
18,109,236
Creditors: amounts falling due within one year
19
( 13,369,109)
( 12,734,657)
-------------
-------------
Net current assets
5,503,281
5,374,579
-------------
-------------
Total assets less current liabilities
27,194,988
25,779,955
Creditors: amounts falling due after more than one year
20
( 5,103,344)
( 5,154,796)
Provisions
22
( 2,645,582)
( 2,305,313)
-------------
-------------
Net assets
19,446,062
18,319,846
-------------
-------------
Capital and reserves
Called up share capital
26
100
100
Revaluation reserve
27
8,321,562
8,708,948
Merger reserve
27
3,695,005
3,695,005
Profit and loss account
27
7,429,395
5,915,793
-------------
-------------
Shareholders funds
19,446,062
18,319,846
-------------
-------------
These financial statements were approved by the board of directors and authorised for issue on 27 September 2024 , and are signed on behalf of the board by:
Z H Younis
Director
Company registration number: 07018511
Magnum Holdings UK Limited
Balance Sheet
31 March 2024
2024
2023
Note
£
£
Fixed assets
Investments
16
502,601
502,601
Current assets
Debtors
18
3,615,260
483,400
Cash at bank and in hand
609,109
118,059
------------
---------
4,224,369
601,459
Creditors: amounts falling due within one year
19
( 655,481)
( 725,481)
------------
---------
Net current assets/(liabilities)
3,568,888
( 124,022)
------------
---------
Total assets less current liabilities
4,071,489
378,579
------------
---------
Net assets
4,071,489
378,579
------------
---------
Capital and reserves
Called up share capital
26
100
100
Profit and loss account
27
4,071,389
378,479
------------
---------
Shareholders funds
4,071,489
378,579
------------
---------
The profit for the financial year of the parent company was £ 3,692,910 (2023: £ 492,791 ).
These financial statements were approved by the board of directors and authorised for issue on 27 September 2024 , and are signed on behalf of the board by:
Z H Younis
Director
Company registration number: 07018511
Magnum Holdings UK Limited
Consolidated Statement of Changes in Equity
Year ended 31 March 2024
Called up share capital
Revaluation reserve
Merger reserve
Profit and loss account
Total
Note
£
£
£
£
£
At 1 April 2022
100
6,888,084
3,695,005
4,706,648
15,289,837
Profit for the year
1,309,145
1,309,145
Other comprehensive income for the year:
Revaluation of tangible assets
15
2,550,901
2,550,901
Tax relating to components of other comprehensive income
12
( 730,037)
( 730,037)
----
------------
------------
------------
-------------
Total comprehensive income for the year
1,820,864
1,309,145
3,130,009
Dividends paid and payable
13
( 100,000)
( 100,000)
----
------------
------------
------------
-------------
Total investments by and distributions to owners
( 100,000)
( 100,000)
At 31 March 2023
100
8,708,948
3,695,005
5,915,793
18,319,846
Profit for the year
1,497,567
1,497,567
Other comprehensive income for the year:
Revaluation of tangible assets
15
( 24,064)
( 24,064)
Reclassification from revaluation reserve to profit and loss account
( 14,844)
14,844
Tax relating to components of other comprehensive income
12
( 348,478)
( 348,478)
----
------------
------------
------------
-------------
Total comprehensive income for the year
( 387,386)
1,512,411
1,125,025
Subsidiary net asset position acquired
1,191
1,191
----
----
----
-------
-------
Total investments by and distributions to owners
1,191
1,191
----
------------
------------
------------
-------------
At 31 March 2024
100
8,321,562
3,695,005
7,429,395
19,446,062
----
------------
------------
------------
-------------
Magnum Holdings UK Limited
Company Statement of Changes in Equity
Year ended 31 March 2024
Called up share capital
Profit and loss account
Total
£
£
£
At 1 April 2022
100
( 14,312)
( 14,212)
Profit for the year
492,791
492,791
----
---------
---------
Total comprehensive income for the year
492,791
492,791
Dividends paid and payable
13
( 100,000)
( 100,000)
----
---------
---------
Total investments by and distributions to owners
( 100,000)
( 100,000)
At 31 March 2023
100
378,479
378,579
Profit for the year
3,692,910
3,692,910
----
------------
------------
Total comprehensive income for the year
3,692,910
3,692,910
----
------------
------------
At 31 March 2024
100
4,071,389
4,071,489
----
------------
------------
Magnum Holdings UK Limited
Consolidated Statement of Cash Flows
Year ended 31 March 2024
2024
2023
£
£
Cash flows from operating activities
Profit for the financial year
1,497,567
1,309,145
Adjustments for:
Depreciation of tangible assets
334,683
220,992
Amortisation of intangible assets
39,176
39,176
Government grant income
( 4,278)
( 5,704)
Other interest receivable and similar income
( 13,070)
Interest payable and similar expenses
411,489
190,459
(Gains)/loss on disposal of tangible assets
( 11,778)
9,987
Gains on disposal of investment property
( 800,000)
Tax on profit
506,962
358,688
Accrued expenses
22,543
24,882
Changes in:
Stocks
( 2,029,834)
992,475
Trade and other debtors
542,297
( 326,563)
Trade and other creditors
7,422,874
( 1,531,067)
------------
------------
Cash generated from operations
7,918,631
1,282,470
Interest paid
( 411,489)
( 190,459)
Interest received
13,070
Tax paid
( 326,383)
( 378,121)
------------
------------
Net cash from operating activities
7,193,829
713,890
------------
------------
Cash flows from investing activities
Purchase of tangible assets
( 1,938,467)
( 703,915)
Proceeds from sale of tangible assets
1,065,992
3,600
Acquisition of subsidiaries
1,190
------------
------------
Net cash used in investing activities
( 871,285)
( 700,315)
------------
------------
Cash flows from financing activities
Proceeds from borrowings
( 7,249,363)
2,887,441
Government grant income
4,278
5,704
Payments of finance lease liabilities
202,103
114,480
Dividends paid
( 100,000)
------------
------------
Net cash (used in)/from financing activities
( 7,042,982)
2,907,625
------------
------------
Net (decrease)/increase in cash and cash equivalents
( 720,438)
2,921,200
Cash and cash equivalents at beginning of year
6,582,684
3,661,484
------------
------------
Cash and cash equivalents at end of year
5,862,246
6,582,684
------------
------------
Magnum Holdings UK Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Magnum House, Macklin Avenue, Cowpen Lane Industrial Estate, Billingham, TS23 4BY.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102: No disclosure has been given for the aggregate remuneration of key management personnel as it is the same as the directors remuneration.
Consolidation
The financial statements consolidate the financial statements of Magnum Holdings UK Limited and all of its subsidiary undertakings.
The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
Judgements and key sources of estimation uncertainty
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 is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
Straight line over 5 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the associate.
Investments in joint ventures
Investments in joint ventures are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the joint venture.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
The grant income deferred and released to profit and loss is representative of grant income received in a prior year In Magnum Storage (NE) Limited which is being released over the life of the asset for which it was received to assist in acquiring.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
The group has not used any non-basic financial instruments in the year.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Turnover
Turnover arises from:
2024
2023
£
£
Sale of goods
41,372,706
42,016,727
Rendering of services
832,323
808,085
-------------
-------------
42,205,029
42,824,812
-------------
-------------
The turnover is attributable to the one principal activity of the group. An analysis of turnover by the geographical markets that substantially differ from each other is given below:
2024
2023
£
£
United Kingdom
40,449,746
40,740,293
Overseas
1,755,283
2,084,519
-------------
-------------
42,205,029
42,824,812
-------------
-------------
5. Rental and other operating income
2024
2023
£
£
Government grant income
4,278
5,704
Other operating income
1,079,895
1,135,500
------------
------------
1,084,173
1,141,204
------------
------------
The other operating income above is rental income received by the wholly owned subsidiary company Magnum Investments NE Limited.
6. Operating profit
Operating profit or loss is stated after charging/crediting:
2024
2023
£
£
Amortisation of intangible assets
39,176
39,176
Depreciation of tangible assets
334,683
220,992
(Gains)/loss on disposal of tangible assets
( 11,778)
9,987
Gains on disposal of investment property
( 800,000)
Impairment of trade debtors
37,485
60,492
---------
---------
7. Auditor's remuneration
2024
2023
£
£
Fees payable for the audit of the financial statements
38,000
31,000
--------
--------
8. Staff costs
The average number of persons employed by the group during the year, including the director, amounted to:
2024
2023
No.
No.
Administrative staff
8
8
Management staff
2
2
Other employees
97
88
----
----
107
98
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
2,500,081
2,355,755
Social security costs
207,154
202,038
Other pension costs
51,402
25,455
------------
------------
2,758,637
2,583,248
------------
------------
9. Director's remuneration
The director's aggregate remuneration in respect of qualifying services was:
2024
2023
£
£
Remuneration
152,500
285,426
---------
---------
Remuneration of the highest paid director in respect of qualifying services:
2024
2023
£
£
Aggregate remuneration
152,500
150,213
---------
---------
10. Other interest receivable and similar income
2024
2023
£
£
Interest on cash and cash equivalents
13,070
--------
----
11. Interest payable and similar expenses
2024
2023
£
£
Interest on banks loans and overdrafts
379,454
176,178
Interest on obligations under finance leases and hire purchase contracts
31,528
14,281
Interest on overdue taxation
507
---------
---------
411,489
190,459
---------
---------
12. Tax on profit
Major components of tax income
2024
2023
£
£
Current tax:
UK current tax income
515,171
326,662
Deferred tax:
Origination and reversal of timing differences
( 8,209)
32,026
---------
---------
Tax on profit
506,962
358,688
---------
---------
Tax recognised as other comprehensive income or equity
The aggregate current and deferred tax relating to items recognised as other comprehensive income or equity for the year was £ 348,478
(2023: £ 730,037 ).
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 25 % (2023: 19 %).
2024
2023
£
£
Profit on ordinary activities before taxation
2,004,529
1,667,833
------------
------------
Profit on ordinary activities by rate of tax
501,132
325,702
Effect of expenses not deductible for tax purposes
( 190,702)
1,898
Effect of capital allowances and depreciation
9,710
928
Utilisation of tax losses
( 1,866)
Deferred tax movement
(8,209)
32,026
Fair value movement not allowable
195,031
------------
------------
Tax on profit
506,962
358,688
------------
------------
13. Dividends
2024
2023
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
100,000
----
---------
14. Intangible assets
Group
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
195,878
---------
Amortisation
At 1 April 2023
117,528
Charge for the year
39,176
---------
At 31 March 2024
156,704
---------
Carrying amount
At 31 March 2024
39,174
---------
At 31 March 2023
78,350
---------
The company has no intangible assets.
15. Tangible assets
Group
Plant and machinery
Fixtures and fittings
Motor vehicles
Investment property
Total
£
£
£
£
£
Cost
At 1 April 2023
654,601
365,146
591,379
19,418,104
21,029,230
Additions
234,558
1,763
497,571
1,141,739
1,875,631
Disposals
( 43,515)
( 34,930)
( 204,900)
( 283,345)
Acquisitions through business combinations
62,836
62,836
Revaluations
( 24,063)
( 24,063)
---------
---------
------------
-------------
-------------
At 31 March 2024
845,644
366,909
1,054,020
20,393,716
22,660,289
---------
---------
------------
-------------
-------------
Depreciation
At 1 April 2023
322,148
229,168
150,889
702,205
Charge for the year
107,373
34,232
193,078
334,683
Disposals
( 29,131)
( 29,131)
---------
---------
------------
-------------
-------------
At 31 March 2024
429,521
263,400
314,836
1,007,757
---------
---------
------------
-------------
-------------
Carrying amount
At 31 March 2024
416,123
103,509
739,184
20,393,716
21,652,532
---------
---------
------------
-------------
-------------
At 31 March 2023
332,453
135,978
440,490
19,418,104
20,327,025
---------
---------
------------
-------------
-------------
The company has no tangible assets.
Tangible assets held at valuation
The properties owned by subsidiary company Magnum Investments (NE) Limited at 31 March 2024 have been valued by an independent valuer, Parker Barras Commercial Property and Business Transfer Agents, on 25 April 2024.
In respect of tangible assets held at valuation, aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Group
Investment property
£
At 31 March 2024
Aggregate cost
8,663,645
Aggregate depreciation
------------
Carrying value
8,663,645
------------
At 31 March 2023
Aggregate cost
7,669,683
Aggregate depreciation
------------
Carrying value
7,669,683
------------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Group
Motor vehicles
£
At 31 March 2024
214,267
---------
At 31 March 2023
214,267
---------
16. Investments
Group
Shares in group undertakings
£
Cost
At 1 April 2023 and 31 March 2024
1
----
Impairment
At 1 April 2023 and 31 March 2024
----
Carrying amount
At 1 April 2023 and 31 March 2024
1
----
At 31 March 2023
1
----
Company
Shares in group undertakings
£
Cost
At 1 April 2023 and 31 March 2024
502,601
---------
Impairment
At 1 April 2023 and 31 March 2024
---------
Carrying amount
At 1 April 2023 and 31 March 2024
502,601
---------
At 31 March 2023
502,601
---------
Subsidiaries, associates and other investments
Details of the investments in which the group and the parent company have an interest of 20% or more are as follows:
Class of share
Percentage of shares held
Subsidiary undertakings
Magnum Packaging (N.E.) Limited
Ordinary
100
Magnum Investments (NE) Limited
Ordinary
100
Magnum Storage (NE) Limited
Ordinary
100
Dragon Properties (NE) Limited
Ordinary
100
Other significant holdings
Methodist House Living Limited
Ordinary
50
On 1 April 2023, Magnum Investments (NE) Limited acquired the entire shareholding of Dragon Properties (NE) Limited for £1. This company has been consolidated into the group from the date of acquisition, which in this case was for the full year to 31 March 2024.
17. Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
6,317,474
4,287,640
------------
------------
----
----
18. Debtors
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade debtors
6,076,235
6,659,139
Amounts owed by group undertakings
3,583,400
483,400
Amounts owed by undertakings in which the company has a participating interest
547,700
495,999
Prepayments and accrued income
46,957
77,766
Other debtors
21,778
6,008
31,860
------------
------------
------------
---------
6,692,670
7,238,912
3,615,260
483,400
------------
------------
------------
---------
19. Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans and overdrafts
385,637
404,170
Trade creditors
1,139,878
1,281,563
Accruals and deferred income
94,757
49,153
6,000
6,000
Corporation tax
515,450
326,662
Social security and other taxes
1,634,465
1,068,559
Obligations under finance leases and hire purchase contracts
162,836
78,289
Director loan accounts
688,899
7,754,999
626,991
Amounts due to Magnum Properties (NE) Limited
283,076
303,076
Other creditors
8,464,111
1,468,186
649,481
92,490
-------------
-------------
---------
---------
13,369,109
12,734,657
655,481
725,481
-------------
-------------
---------
---------
20. Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans and overdrafts
4,802,291
4,967,021
Accruals and deferred income
12,834
17,112
Obligations under finance leases and hire purchase contracts
288,219
170,663
------------
------------
----
----
5,103,344
5,154,796
------------
------------
----
----
21. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Not later than 1 year
162,836
78,289
Later than 1 year and not later than 5 years
288,219
170,663
---------
---------
----
----
451,055
248,952
---------
---------
----
----
22. Provisions
Group
Deferred tax (note 23)
£
At 1 April 2023
2,305,313
Additions
364,037
Unused amounts reversed
( 23,768)
------------
At 31 March 2024
2,645,582
------------
The company does not have any provisions.
23. Deferred tax
The deferred tax included in the balance sheet is as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Included in provisions (note 22)
2,645,582
2,305,313
------------
------------
----
----
The deferred tax account consists of the tax effect of timing differences in respect of:
Group
Company
2024
2023
2024
2023
£
£
£
£
Accelerated capital allowances
163,933
172,142
Revaluation of tangible assets
2,479,858
2,133,171
Fair value adjustment of investment property
1,791
------------
------------
----
----
2,645,582
2,305,313
------------
------------
----
----
24. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 51,402 (2023: £ 25,455 ).
25. Government grants
The amounts recognised in the financial statements for government grants are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Recognised in creditors:
Deferred government grants due after more than one year
12,834
17,112
--------
--------
----
----
Recognised in other operating income:
Government grants released to profit or loss
4,278
5,704
-------
-------
----
----
26. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
27. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses. Merger reserve - This reserve records the net asset position of the subsidiaries acquired at the point of merger. Revaluation reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income.
28. Analysis of changes in net debt
At 1 Apr 2023
Cash flows
At 31 Mar 2024
£
£
£
Cash at bank and in hand
6,582,684
(720,438)
5,862,246
Debt due within one year
(8,237,458)
7,000,086
(1,237,372)
Debt due after one year
(5,137,684)
47,174
(5,090,510)
------------
------------
------------
( 6,792,458)
6,326,822
( 465,636)
------------
------------
------------
29. Contingencies
On 15 July 2024, HMRC issued an assessment against Magnum Packaging (NE) Limited, a wholly owned subsidiary of Magnum Holdings UK Limited , in respect of Plastic Packaging Tax (PPT) which covered a period inclusive of the year ended 31 March 2024. The director has appealed the assessment. Given the uncertainty over the amount (if any) and timing of any possible tax liabilities, no provision has been made in the accounts for the year ended 31 March 2024.
30. Director's advances, credits and guarantees
There have been no directors advances, credits or guarantees in the year.
31. Related party transactions
Group
At the year end Magnum Investments (NE) Limited was due £547,700 (2023: £495,999) from Methodist House Living Limited. Magnum Investments (NE) Limited holds 50% of the share capital in this company. The company had commenced trade in its year to 31 December 2023 but was loss-making and its results are trivial to the Magnum Holdings UK Limited group.
Magnum Holdings UK Limited
Notes to the Financial Statements (continued)
Year ended 31 March 2024
31. Related party transactions (continued)
Company
During the year Magnum Packaging (N.E.) Limited rented properties from Magnum Investments (NE) Limited at a total rent of £600,000 (2023: £480,000). At the year-end Magnum Packaging (N.E) was due nil (2023: £3,288,298) from Magnum Investments (NE) Limited. During the year the intercompany balance of £3,288,298 between these parties was written off in full. Both of these companies are wholly owned subsidiaries of Magnum Holdings UK Limited . During the year Magnum Packaging (N.E.) Limited proposed dividends totalling £3,450,000 (2023: £250,000) to Magnum Holdings UK Limited , the parent company. At the year-end Magnum Packaging (N.E.) Limited owed £3,333,400 (2023: £233,400) to Magnum Holdings UK Limited . During the year Magnum Investments (NE) Limited proposed a dividend of £250,000 (2023: £250,000) to Magnum Holdings UK Limited , the parent company. At the year-end Magnum Investments (NE) Limited owed £250,000 (2023: £250,000) to Magnum Holdings UK Limited . During the year Magnum Storage (NE) Limited rented properties from Magnum Investments (NE) Limited at a total rent of £100,080 (2023: £62,550). Both of these companies are wholly owned subsidiaries of Magnum Holdings UK Limited . There were no outstanding balances between these companies at the year-end. During the year Magnum Storage (NE) Limited purchased packaging from Magnum Packaging (N.E.) Limited at a cost of £24,500 (2023: £4,525). Both of these companies are wholly owned subsidiaries of Magnum Holdings UK Limited . At the year-end Magnum Storage (NE) Limited owed £29,400 (2023: nil) to Magnum Packaging (N.E.) Limited. At the year-end Magnum Investments (NE) Limited was due £295,379 (2023: nil) from Dragon Properties (NE) Limited. Magnum Investments (NE) Limited is a wholly owned subsidiary of Magnum Holdings UK Limited , and Dragon Properties (NE) Limited is a wholly owned subsidiary of Magnum Investments (NE) Limited. At the year-end Magnum Investments (NE) was owed £535,999 (2023: £495,999) from Methodist House Living Limited. This company is a 50%-held joint venture company of Magnum Investments (NE) Limited. At the year-end Magnum Investments (NE) was owed £303,076 (2023: £303,076) from Magnum Properties (NE) Limited. This company is related through shared directorship. All transactions between the companies in the Magnum Holdings UK Limited (ultimate parent company) group, and to other related parties, are undertaken on an arms-length basis and under normal commercial terms. Loans to shareholders totalling £8,390,080 (2023: £1,371,474) are represented in Other Creditors on the financial statements. Mr M Younis resigned as a director in the year. As a result, his existing directors loan from the prior year was transferred to be recognised as a shareholders loan at the current year-end.