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REGISTERED NUMBER: 15218750 (England and Wales)












MAGMA WEALTH GROUP LIMITED

REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD

18 OCTOBER 2023 TO 31 MARCH 2024






MAGMA WEALTH GROUP LIMITED (REGISTERED NUMBER: 15218750)

CONTENTS OF THE FINANCIAL STATEMENTS
for the period 18 October 2023 to 31 March 2024










Page

Company Information 1

Report of the Directors 2

Profit and Loss Account 3

Balance Sheet 4

Notes to the Financial Statements 5


MAGMA WEALTH GROUP LIMITED

COMPANY INFORMATION
for the period 18 October 2023 to 31 March 2024







DIRECTORS: M A Tuckwell
A B Wilson
D W Nash
V J Craig
L J Turner
P C Orton





REGISTERED OFFICE: Magma House
16 Davy Court
Castle Mound Way
Rugby
Warwickshire
CV23 0UZ





REGISTERED NUMBER: 15218750 (England and Wales)






MAGMA WEALTH GROUP LIMITED (REGISTERED NUMBER: 15218750)

REPORT OF THE DIRECTORS
for the period 18 October 2023 to 31 March 2024


The directors present their report with the financial statements of the company for the period 18 October 2023 to 31 March 2024.

INCORPORATION
The company was incorporated on 18 October 2023 .

PRINCIPAL ACTIVITY
The principal activity of the company in the period under review was that of acting as a holding company with an investment in a joint venture.

DIRECTORS
The directors who have held office during the period from 18 October 2023 to the date of this report are as follows:

M A Tuckwell - appointed 18 October 2023
A B Wilson - appointed 18 October 2023
D W Nash - appointed 18 October 2023
V J Craig - appointed 18 October 2023
L J Turner - appointed 18 October 2023
P C Orton - appointed 18 October 2023

All the directors who are eligible offer themselves for election at the forthcoming first Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





D W Nash - Director


31 December 2024

MAGMA WEALTH GROUP LIMITED (REGISTERED NUMBER: 15218750)

PROFIT AND LOSS ACCOUNT
for the period 18 October 2023 to 31 March 2024

£   

TURNOVER -

Administrative expenses (150 )
OPERATING LOSS (150 )

Income from participating interests 36,625
PROFIT BEFORE TAXATION 36,475

Tax on profit -
PROFIT FOR THE FINANCIAL PERIOD 36,475

MAGMA WEALTH GROUP LIMITED (REGISTERED NUMBER: 15218750)

BALANCE SHEET
31 March 2024

Notes £   
FIXED ASSETS
Investments 4 1,000,000

CURRENT ASSETS
Debtors 5 7,250
Cash at bank 29,225
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,036,475

CAPITAL AND RESERVES
Called up share capital 1,000,000
Retained earnings 36,475
1,036,475

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

The members have not required the company to obtain an audit of its financial statements for the period 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.

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

The financial statements were approved by the Board of Directors and authorised for issue on 31 December 2024 and were signed on its behalf by:





M A Tuckwell - Director


MAGMA WEALTH GROUP LIMITED (REGISTERED NUMBER: 15218750)

NOTES TO THE FINANCIAL STATEMENTS
for the period 18 October 2023 to 31 March 2024


1. STATUTORY INFORMATION

Magma Wealth Group Limited is a limited company, registered in England and Wales. Its registered office address is Magma House, 16 Davy Court, Castle Mound Way, Rugby, CV23 0UZ and the registered number is 15218750.

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.

The presentation currency of the financial statements is pounds sterling (£) and figures are rounded to the nearest £1.

Investments in subsidiaries
Investment in the joint venture is held at cost less accumulated impairment losses.

Financial instruments
(i) Financial assets

Basic financial assets, including trade and other debtors, cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest rate method.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet 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.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Dividend income
Dividend income is recognised on the date the dividend is declared.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was NIL.

MAGMA WEALTH GROUP LIMITED (REGISTERED NUMBER: 15218750)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the period 18 October 2023 to 31 March 2024


4. FIXED ASSET INVESTMENTS
Shares in
group
undertaking
£   
COST
Additions 1,000,000
At 31 March 2024 1,000,000
NET BOOK VALUE
At 31 March 2024 1,000,000

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Amounts owed by joint ventures 7,250

6. RELATED PARTY DISCLOSURES

During the period the company received dividends from Magma Wealth Management Limited, a company in which Magma Wealth Group Limited has a shareholding.

Dividends of £36,625 were declared to Magma Wealth Group Limited. At the period end the balance owed by Magma Wealth Management Limited was £7,250.