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REGISTERED NUMBER: 03022670 (England and Wales)










Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Magenta Security Services Limited

Magenta Security Services Limited (Registered number: 03022670)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Magenta Security Services Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: A R Petkar
A Petkar



SECRETARY: A R Petkar



REGISTERED OFFICE: Magenta House
Walbrook Business Centre
Green Lane Hounslow
Middlesex
TW4 6NW



REGISTERED NUMBER: 03022670 (England and Wales)



ACCOUNTANTS: Cansdales Business Advisers Limited
St Mary's Court
The Broadway
Old Amersham
Buckinghamshire
HP7 0UT



BANKERS: Barclays Bank Plc
Business Banking
PO Box 166
Hounslow Middlesex
TW6 2RA

Magenta Security Services Limited (Registered number: 03022670)

Balance Sheet
31 March 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 3 1,482,067 1,470,319

CURRENT ASSETS
Debtors 4 1,763,144 1,832,949
Investments 5 25,612 7,362
Cash at bank 1,220,370 1,246,293
3,009,126 3,086,604
CREDITORS
Amounts falling due within one year 6 (2,578,197 ) (2,590,612 )
NET CURRENT ASSETS 430,929 495,992
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,912,996

1,966,311

CREDITORS
Amounts falling due after more than one year 7 (681,348 ) (779,100 )

PROVISIONS FOR LIABILITIES 8 (163,783 ) (148,573 )
NET ASSETS 1,067,865 1,038,638

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Revaluation reserve 613,955 613,955
Retained earnings 452,910 423,683
1,067,865 1,038,638

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

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

The directors acknowledge their 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.

Magenta Security Services Limited (Registered number: 03022670)

Balance Sheet - continued
31 March 2024


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

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

The financial statements were approved by the Board of Directors and authorised for issue on 24 December 2024 and were signed on its behalf by:





A R Petkar - Director


Magenta Security Services Limited (Registered number: 03022670)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. 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
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

Freehold buildingsover 50 years
Leasehold land and buildingsover the lease term
Motor vehiclesover 5 years
Plant and machineryover 10 years
Fixtures, fittings, tools and equipmentover 5 years

TAXATION
A current tax liability is recognized for the tax payable on the taxable profit of the current and past periods. Deferred tax is recognized in respect of all timing difference between the recognition of income & expenses in the financial statements and their inclusion in tax assessments.

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.

LEASED ASSETS
A lease is classified as a finance lease if it transfers substantially all the risk and rewards incidental to ownership. All other leases are classified as operating lease. The rights to use and obligation under finance lease are initially recognized as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. Operating lease payments are recognized as an expense on a straight-line basis over the lease term.

Magenta Security Services Limited (Registered number: 03022670)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

1. ACCOUNTING POLICIES - continued

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
The company operates two separate pension scheme. The company operates a pension scheme for the directors and is provided by an independent provider. The company also operates a Workplace Pension Scheme for all other employees as required by the Pension Legislation for all those who have opted in. The provider of this scheme is the National Employment Savings Trust (NEST). The pension charge represents the amounts payable by the company to the respective funds in respect of the year.

DEBTORS
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.

CREDITORS
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are recognised at transaction price net of any transaction costs.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 150 (2023 - 149 ) .

3. TANGIBLE FIXED ASSETS
Freehold Motor Computer
property vehicles equipment Totals
£    £    £    £   
COST
At 1 April 2023 1,200,000 326,563 335,984 1,862,547
Additions - 76,718 12,709 89,427
At 31 March 2024 1,200,000 403,281 348,693 1,951,974
DEPRECIATION
At 1 April 2023 28,080 136,484 227,664 392,228
Charge for year 4,680 63,587 9,412 77,679
At 31 March 2024 32,760 200,071 237,076 469,907
NET BOOK VALUE
At 31 March 2024 1,167,240 203,210 111,617 1,482,067
At 31 March 2023 1,171,920 190,079 108,320 1,470,319

In the opinion of the Director - Mr. Abdul Rauf Petkar, value of the freehold property as of 31 March 2024 was £1,200,000.

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,054,986 1,125,540
Other debtors 708,158 707,409
1,763,144 1,832,949

Magenta Security Services Limited (Registered number: 03022670)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued

Amounts due after more than one year included above50,00050,000

Other Debtors includes Director's Loan account of £486,369 at 2.5% of interest rate.

5. CURRENT ASSET INVESTMENTS
2024 2023
£    £   
Listed investments 25,612 7,362

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 1,175,522 1,263,459
Trade creditors 430,445 402,365
Taxation and social security 653,942 612,927
Other creditors 318,288 311,861
2,578,197 2,590,612

Other Creditors include hire purchase creditors of £25,030.

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 681,348 642,795
Other creditors - 136,305
681,348 779,100

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 203,550 239,157

The bank loan is secured by a fixed charge over the company's freehold property known as Unit 2 Walbrook Business Centre Green Lane Hounslow Middlesex.

Other creditors represents balance of hire purchase creditors due after one year.

Magenta Security Services Limited (Registered number: 03022670)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

8. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Other timing differences 47,909 32,699
Deferred tax 115,874 115,874
163,783 148,573

Deferred
tax
£   
Balance at 1 April 2023 148,573
Provided during year 15,210
Balance at 31 March 2024 163,783

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
A R Petkar
Balance outstanding at start of year 498,685 501,800
Amounts advanced 256,148 336,388
Amounts repaid (256,151 ) (339,503 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 498,682 498,685

The interest on Director's Loan account is charged at 2.5% p.a.