Caseware UK (AP4) 2023.0.135 2023.0.135 2024-02-292024-02-29The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £2,050 (2023 - £1,393) . Contributions totalling £Nil (2023 - £332) were payable to the fund at the reporting date and are included in creditors. Defined contribution pension plan The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-03-01falseNo description of principal activity78truetruefalse 06960398 2023-03-01 2024-02-29 06960398 2022-03-01 2023-02-28 06960398 2024-02-29 06960398 2023-02-28 06960398 2022-03-01 06960398 c:Director1 2023-03-01 2024-02-29 06960398 d:PlantMachinery 2023-03-01 2024-02-29 06960398 d:PlantMachinery 2024-02-29 06960398 d:PlantMachinery 2023-02-28 06960398 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 06960398 d:MotorVehicles 2023-03-01 2024-02-29 06960398 d:MotorVehicles 2024-02-29 06960398 d:MotorVehicles 2023-02-28 06960398 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 06960398 d:FurnitureFittings 2023-03-01 2024-02-29 06960398 d:FurnitureFittings 2024-02-29 06960398 d:FurnitureFittings 2023-02-28 06960398 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 06960398 d:OfficeEquipment 2023-03-01 2024-02-29 06960398 d:OfficeEquipment 2024-02-29 06960398 d:OfficeEquipment 2023-02-28 06960398 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 06960398 d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 06960398 d:CurrentFinancialInstruments 2024-02-29 06960398 d:CurrentFinancialInstruments 2023-02-28 06960398 d:Non-currentFinancialInstruments 2024-02-29 06960398 d:Non-currentFinancialInstruments 2023-02-28 06960398 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-29 06960398 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 06960398 d:Non-currentFinancialInstruments d:AfterOneYear 2024-02-29 06960398 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 06960398 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-02-29 06960398 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-02-28 06960398 d:ShareCapital 2023-03-01 2024-02-29 06960398 d:ShareCapital 2024-02-29 06960398 d:ShareCapital 2022-03-01 2023-02-28 06960398 d:ShareCapital 2023-02-28 06960398 d:ShareCapital 2022-03-01 06960398 d:CapitalRedemptionReserve 2023-03-01 2024-02-29 06960398 d:CapitalRedemptionReserve 2024-02-29 06960398 d:CapitalRedemptionReserve 2023-02-28 06960398 d:RetainedEarningsAccumulatedLosses 2023-03-01 2024-02-29 06960398 d:RetainedEarningsAccumulatedLosses 2024-02-29 06960398 d:RetainedEarningsAccumulatedLosses 2022-03-01 2023-02-28 06960398 d:RetainedEarningsAccumulatedLosses 2023-02-28 06960398 d:RetainedEarningsAccumulatedLosses 2022-03-01 06960398 c:OrdinaryShareClass1 2023-03-01 2024-02-29 06960398 c:OrdinaryShareClass1 2023-02-28 06960398 c:OrdinaryShareClass2 2023-03-01 2024-02-29 06960398 c:OrdinaryShareClass2 2023-02-28 06960398 c:OrdinaryShareClass3 2023-03-01 2024-02-29 06960398 c:OrdinaryShareClass3 2023-02-28 06960398 c:OrdinaryShareClass4 2023-03-01 2024-02-29 06960398 c:OrdinaryShareClass4 2024-02-29 06960398 c:OrdinaryShareClass4 2023-02-28 06960398 c:OrdinaryShareClass5 2023-03-01 2024-02-29 06960398 c:OrdinaryShareClass5 2023-02-28 06960398 c:FRS102 2023-03-01 2024-02-29 06960398 c:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 06960398 c:FullAccounts 2023-03-01 2024-02-29 06960398 c:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 06960398 d:HirePurchaseContracts d:WithinOneYear 2024-02-29 06960398 d:HirePurchaseContracts d:WithinOneYear 2023-02-28 06960398 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-02-29 06960398 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-02-28 06960398 2 2023-03-01 2024-02-29 06960398 e:PoundSterling 2023-03-01 2024-02-29 iso4217:GBP xbrli:shares xbrli:pure
Registered number: 06960398


MAGNUS SERVICES LIMITED
T/A THE CLEAN BEAN

UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 29 FEBRUARY 2024

 
MAGNUS SERVICES LIMITED
REGISTERED NUMBER: 06960398

STATEMENT OF FINANCIAL POSITION
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Tangible fixed assets
 3 
23,284
1,591

  
23,284
1,591

Current assets
  

Debtors: amounts falling due within one year
 4 
12,133
3,832

Bank and cash balances
  
36,023
49,527

  
48,156
53,359

Creditors: amounts falling due within one year
 5 
(49,166)
(33,023)

Net current (liabilities)/assets
  
 
 
(1,010)
 
 
20,336

Total assets less current liabilities
  
22,274
21,927

Creditors: amounts falling due after more than one year
 6 
(15,521)
(8,467)

Provisions for liabilities
  

Deferred tax
  
(6,007)
(302)

  
 
 
(6,007)
 
 
(302)

Net assets
  
746
13,158


Capital and reserves
  

Called up share capital 
  
4
18

Capital redemption reserve
  
14
-

Profit and loss account
  
728
13,140

  
746
13,158


Page 1

 
MAGNUS SERVICES LIMITED
REGISTERED NUMBER: 06960398

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 29 FEBRUARY 2024

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 4 November 2024.




Tara Magnus
Director

The notes on pages 5 to 10 form part of these financial statements.

Page 2

 
MAGNUS SERVICES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 1 March 2023
18
-
13,140
13,158


Comprehensive income for the year

Profit for the year

-
-
57,794
57,794


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
57,794
57,794


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(33,952)
(33,952)

Purchase of own shares
-
14
-
14

Shares cancelled during the year
(14)
-
-
(14)

Transfer to/from profit and loss account
-
-
(36,254)
(36,254)


Total transactions with owners
(14)
14
(70,206)
(70,206)


At 29 February 2024
4
14
728
746


The notes on pages 5 to 10 form part of these financial statements.

Page 3

 
MAGNUS SERVICES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 March 2022
18
29,112
29,130


Comprehensive income for the year

Profit for the year

-
36,978
36,978


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
36,978
36,978


Contributions by and distributions to owners

Dividends: Equity capital
-
(52,950)
(52,950)


Total transactions with owners
-
(52,950)
(52,950)


At 28 February 2023
18
13,140
13,158


The notes on pages 5 to 10 form part of these financial statements.

Page 4

 
MAGNUS SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


GENERAL INFORMATION

Magnus Services Limited is a UK company incorporated in England and Wales with a registered number of 06960398 and registered office of 274 Gloucester Road, Bristol, BS7 8PB.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

BORROWING COSTS

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 5

 
MAGNUS SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.6

PENSIONS

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

 
2.7

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.8

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 6

 
MAGNUS SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.ACCOUNTING POLICIES (CONTINUED)


2.8
TANGIBLE FIXED ASSETS (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
straight line
Motor vehicles
-
20%
reducing balance
Fixtures and fittings
-
25%
straight line
Office equipment
-
25%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.13

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 7

 
MAGNUS SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

3.


TANGIBLE FIXED ASSETS







Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 March 2023
51,388
10,357
689
120
62,554


Additions
20,067
-
2,541
1,334
23,942


Disposals
-
(10,357)
-
-
(10,357)



At 29 February 2024

71,455
-
3,230
1,454
76,139



Depreciation


At 1 March 2023
51,013
9,231
688
30
60,962


Charge for the year on owned assets
125
-
635
364
1,124


Disposals
-
(9,231)
-
-
(9,231)



At 29 February 2024

51,138
-
1,323
394
52,855



Net book value



At 29 February 2024
20,317
-
1,907
1,060
23,284



At 28 February 2023
375
1,125
1
90
1,591


4.


DEBTORS

29 February
28 February
2024
2023
£
£


Other debtors
11,300
3,000

Prepayments
833
832

12,133
3,832


Page 8

 
MAGNUS SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

5.


CREDITORS: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Bank loans
5,297
9,254

Trade creditors
2,756
-

Corporation tax
9,160
10,346

Other taxation and social security
14,800
6,489

Obligations under finance lease and hire purchase contracts
2,200
-

Other creditors
13,455
5,684

Accruals and deferred income
1,498
1,250

49,166
33,023



6.


CREDITORS: Amounts falling due after more than one year

29 February
28 February
2024
2023
£
£

Bank loans
8,371
8,467

Net obligations under finance leases and hire purchase contracts
7,150
-

15,521
8,467



7.


LOANS


Analysis of the maturity of loans is given below:


29 February
28 February
2024
2023
£
£

Amounts falling due within one year

Bank loans
5,297
9,254


5,297
9,254

Amounts falling due 1-2 years

Bank loans
8,371
8,467


8,371
8,467



13,668
17,721


Page 9

 
MAGNUS SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

8.


HIRE PURCHASE AND FINANCE LEASES


Minimum lease payments under hire purchase fall due as follows:

29 February
28 February
2024
2023
£
£


Within one year
2,200
-

Between 1-5 years
7,150
-

9,350
-


9.


SHARE CAPITAL

29 February
28 February
2024
2023
£
£
Allotted, called up and fully paid



Nil (2023 - 20) Ordinary Class A shares of £0.10 each
-
2
Nil (2023 - 40) Ordinary Class B shares of £0.10 each
-
4
Nil (2023 - 40) Ordinary Class C shares of £0.10 each
-
4
40 (2023 - 40) Ordinary Class D shares of £0.10 each
4
4
Nil (2023 - 40) Ordinary Class E shares of £0.10 each
-
4

4

18


During the year the company repurchased all A, B, C and E class of shares. 


10.


PENSION COMMITMENTS

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company  in an independently administered fund. The pension cost charge represents contributions payable by the company  to the fund and amounted to £2,050 (2023 - £1,393) . Contributions totalling £Nil (2023 - £332) were payable to the fund at the reporting date and are included in creditors.


11.


COMMITMENTS UNDER OPERATING LEASES

At 29 February 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

29 February
28 February
2024
2023
£
£


Not later than 1 year
12,000
12,000

Later than 1 year and not later than 5 years
15,000
27,000

27,000
39,000

Page 10

 
MAGNUS SERVICES LIMITED
 

 Page 11