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Registration number: 04260485

Magrathea Telecommunications Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Magrathea Telecommunications Limited

Contents

Company Information

1

Profit and Loss Account

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 6

 

Magrathea Telecommunications Limited

Company Information

Directors

Mr L Surguy

Mr MJ Iles

Ms M Weaver-Thorpe

Mrs T Wright

Mr Simon Burckhardt

Company secretary

Mr L Surguy

Registered office

Unit 5 Commerce Park
Brunel Road
Theale
Reading
RG7 4AB

Accountants

EJBC Chartered Accountants
2 Toomers Wharf
Canal Walk
Newbury
Berkshire
RG14 1DY

 

Magrathea Telecommunications Limited

Profit and Loss Account for the Year Ended 30 June 2024

Note

2024
£

2023
£

Turnover

 

8,641,654

8,885,923

Cost of sales

 

(5,317,801)

(5,579,360)

Gross profit

 

3,323,853

3,306,563

Administrative expenses

 

(2,081,920)

(1,917,663)

Operating profit

 

1,241,933

1,388,900

Other interest receivable and similar income

 

61,572

12,115

Interest payable and similar expenses

 

(1,255)

(5,148)

   

60,317

6,967

Profit before tax

1,302,250

1,395,867

Tax on profit

 

(327,443)

(288,917)

Profit for the financial year

 

974,807

1,106,950

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Magrathea Telecommunications Limited

(Registration number: 04260485)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

3

13,195

17,466

Current assets

 

Debtors

677,870

252,085

Cash at bank and in hand

 

1,820,709

2,082,438

 

2,498,579

2,334,523

Creditors: Amounts falling due within one year

(1,268,339)

(982,161)

Net current assets

 

1,230,240

1,352,362

Net assets

 

1,243,435

1,369,828

Capital and reserves

 

Called up share capital

4

100

100

Retained earnings

1,243,335

1,369,728

Shareholders' funds

 

1,243,435

1,369,828

For the financial year ending 30 June 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.

Approved and authorised by the Board on 4 October 2024 and signed on its behalf by:
 

.........................................
Mr L Surguy
Company secretary and director

 

Magrathea Telecommunications Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

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

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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.

 

Magrathea Telecommunications Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 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

Plant and Machinery

33% Straight Line Basis

Motor Vehicles

33% Reducing Balance Basis

Computer Equipment

33% Straight Line Basis

Furniture and Fixtures

20% Reducing Balance 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.

Trade debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

 

Magrathea Telecommunications Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

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.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 25 (2023 - 25).

3

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2023

996,971

199,210

19,330

1,215,511

At 30 June 2024

996,971

199,210

19,330

1,215,511

Depreciation

At 1 July 2023

985,483

193,233

19,329

1,198,045

Charge for the year

2,298

1,973

-

4,271

At 30 June 2024

987,781

195,206

19,329

1,202,316

Carrying amount

At 30 June 2024

9,190

4,004

1

13,195

At 30 June 2023

11,488

5,977

1

17,466

4

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100