REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
MAGMA WEALTH MANAGEMENT LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
MAGMA WEALTH MANAGEMENT LIMITED |
MAGMA WEALTH MANAGEMENT LIMITED (REGISTERED NUMBER: 07899352) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 March 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
MAGMA WEALTH MANAGEMENT LIMITED |
COMPANY INFORMATION |
for the year ended 31 March 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
MAGMA WEALTH MANAGEMENT LIMITED (REGISTERED NUMBER: 07899352) |
BALANCE SHEET |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 | ( |
) | ( |
) |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
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 MANAGEMENT LIMITED (REGISTERED NUMBER: 07899352) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Magma Wealth Management Limited is a private company limited by shares, registered in England and Wales, registration number 07899352. The company's registered office is Magma House, 16 Davy Court, Castle Mound Way, Rugby, Warwickshire, CV23 0UZ. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and the Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
The principal accounting policies applied in the preparation of these financial statements are set out below. |
These policies have been consistently applied to all years presented, unless otherwise stated. |
The financial statements are presented in £ sterling. |
Turnover |
Turnover represents amounts chargeable to clients for professional advice rendered through the financial year. Turnover excludes value added tax and includes expenses recoverable from clients. |
Turnover is recognised when the right to consideration has been obtained through performance under each contract. Turnover in respect of contingent or conditional fee arrangements is recognised on the occurrence of the contingent event. Where crystallisation of the contingent event is foreseen at the end of the financial year the carrying value of work in progress is the lower of cost and net realisable value. |
Unbilled income is recognised in debtors as accrued income after provision for non - recoverable amounts. |
Fees received on account of work to be completed are recorded within creditors falling due within one year. |
Financial instruments |
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. |
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. |
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Share capital |
Ordinary shares are classified as equity. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other debtors |
MAGMA WEALTH MANAGEMENT LIMITED (REGISTERED NUMBER: 07899352) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2024 |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Taxation and social security |
Other creditors |
6. | RELATED PARTY DISCLOSURES |
During the year the company declared dividends to Magma Partners Holdings Limited, a shareholder, of £93,125 (2023: £93,125). At the year end the balance owed to Magma Partners Holdings Limited was £Nil (2023: £Nil). |
During the year the company declared dividends to Gracechurch Wealth Management LLP, a shareholder, of £338,625 (2023: £285,550). At the year end the balance owed to Gracechurch Wealth Management LLP was £20,557 (2023: (£7,815)) and is included in other creditors / other debtors in the respective periods. |
During the year the company declared dividends to Magma Wealth Group Limited a shareholder, of £36,625 (2023: £Nil). At the year end the balance owed to Magma Wealth Group Limited was £7,250 (2023: £Nil) and is included in other creditors. |