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REGISTERED NUMBER: SC315647 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024

FOR

MAGNATE PROPERTY LTD.

MAGNATE PROPERTY LTD. (REGISTERED NUMBER: SC315647)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024




Page

Abridged Balance Sheet 1

Notes to the Financial Statements 3


MAGNATE PROPERTY LTD. (REGISTERED NUMBER: SC315647)

ABRIDGED BALANCE SHEET
31ST MARCH 2024

31/3/24 31/3/23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 23,446 26,339

CURRENT ASSETS
Stocks 11,000 8,250
Debtors 23,966 41,680
Cash at bank and in hand 92,339 132,298
127,305 182,228
CREDITORS
Amounts falling due within one year 71,615 101,041
NET CURRENT ASSETS 55,690 81,187
TOTAL ASSETS LESS CURRENT
LIABILITIES

79,136

107,526

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 79,135 107,525
SHAREHOLDERS' FUNDS 79,136 107,526

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

MAGNATE PROPERTY LTD. (REGISTERED NUMBER: SC315647)

ABRIDGED BALANCE SHEET - continued
31ST MARCH 2024


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

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31st March 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by S. Mower, Director the director and authorised for issue on 15th November 2024 and were signed by:





S Mower - Director


MAGNATE PROPERTY LTD. (REGISTERED NUMBER: SC315647)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024

1. STATUTORY INFORMATION

Magnate Property Ltd. is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address are as below:

Registered number: SC315647

Registered office: Orion Centre
Old Electrician Depot
Colquhoun Street
Stirling
Central
FK7 7PX

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance and 15% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


MAGNATE PROPERTY LTD. (REGISTERED NUMBER: SC315647)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 5 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1st April 2023 69,416
Additions 3,666
At 31st March 2024 73,082
DEPRECIATION
At 1st April 2023 43,077
Charge for year 6,559
At 31st March 2024 49,636
NET BOOK VALUE
At 31st March 2024 23,446
At 31st March 2023 26,339