REGISTERED NUMBER: |
MAGMA WEALTH GROUP LIMITED |
REPORT OF THE DIRECTORS AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD |
18 OCTOBER 2023 TO 31 MARCH 2024 |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
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: |
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: |
MAGMA WEALTH GROUP LIMITED (REGISTERED NUMBER: 15218750) |
PROFIT AND LOSS ACCOUNT |
for the period 18 October 2023 to 31 March 2024 |
£ |
TURNOVER |
Administrative expenses | ( |
) |
OPERATING LOSS | ( |
) |
Income from participating interests |
PROFIT BEFORE TAXATION |
Tax on profit |
PROFIT FOR THE FINANCIAL PERIOD |
MAGMA WEALTH GROUP LIMITED (REGISTERED NUMBER: 15218750) |
BALANCE SHEET |
31 March 2024 |
Notes | £ |
FIXED ASSETS |
Investments | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
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 were approved by the Board of Directors and authorised for issue on |
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 |
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 |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Amounts owed by joint ventures |
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. |