Acorah Software Products - Accounts Production 16.1.300 false true 28 February 2023 1 March 2022 false 1 March 2023 28 February 2024 28 February 2024 11867896 Mr Kanagasabapathy Kumanan Mrs Baheertha Kumanan iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 11867896 2023-02-28 11867896 2024-02-28 11867896 2023-03-01 2024-02-28 11867896 frs-core:CurrentFinancialInstruments 2024-02-28 11867896 frs-core:ComputerEquipment 2024-02-28 11867896 frs-core:ComputerEquipment 2023-03-01 2024-02-28 11867896 frs-core:ComputerEquipment 2023-02-28 11867896 frs-core:FurnitureFittings 2024-02-28 11867896 frs-core:FurnitureFittings 2023-03-01 2024-02-28 11867896 frs-core:FurnitureFittings 2023-02-28 11867896 frs-core:PlantMachinery 2024-02-28 11867896 frs-core:PlantMachinery 2023-03-01 2024-02-28 11867896 frs-core:PlantMachinery 2023-02-28 11867896 frs-core:ShareCapital 2024-02-28 11867896 frs-core:RetainedEarningsAccumulatedLosses 2024-02-28 11867896 frs-bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-28 11867896 frs-bus:FilletedAccounts 2023-03-01 2024-02-28 11867896 frs-bus:SmallEntities 2023-03-01 2024-02-28 11867896 frs-bus:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-28 11867896 frs-bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-28 11867896 frs-bus:Director1 2023-03-01 2024-02-28 11867896 frs-bus:Director2 2023-03-01 2024-02-28 11867896 frs-countries:EnglandWales 2023-03-01 2024-02-28 11867896 2022-02-28 11867896 2023-02-28 11867896 2022-03-01 2023-02-28 11867896 frs-core:CurrentFinancialInstruments 2023-02-28 11867896 frs-core:ShareCapital 2023-02-28 11867896 frs-core:RetainedEarningsAccumulatedLosses 2023-02-28
Registered number: 11867896
Magnate Merchants Ltd
Unaudited Financial Statements
For The Year Ended 28 February 2024
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 11867896
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 129,740 125,990
129,740 125,990
CURRENT ASSETS
Stocks 5 95,600 75,000
Cash at bank and in hand 187,459 34,494
283,059 109,494
Creditors: Amounts Falling Due Within One Year 6 (206,303 ) (67,581 )
NET CURRENT ASSETS (LIABILITIES) 76,756 41,913
TOTAL ASSETS LESS CURRENT LIABILITIES 206,496 167,903
NET ASSETS 206,496 167,903
CAPITAL AND RESERVES
Called up share capital 7 100 100
Profit and Loss Account 206,396 167,803
SHAREHOLDERS' FUNDS 206,496 167,903
Page 1
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For the year ending 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Kanagasabapathy Kumanan
Director
13 January 2025
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Magnate Merchants Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11867896 . The registered office is Suite 186, Catalyst House, 720 Centennial Court, Elstree, Herts, WD6 3SY.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20%
Fixtures & Fittings 20%
Computer Equipment 20%
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 2)
3 2
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4. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 March 2023 110,690 70,000 10,560 191,250
Additions - 52,500 - 52,500
As at 28 February 2024 110,690 122,500 10,560 243,750
Depreciation
As at 1 March 2023 23,026 38,000 4,234 65,260
Provided during the period 22,138 24,500 2,112 48,750
As at 28 February 2024 45,164 62,500 6,346 114,010
Net Book Value
As at 28 February 2024 65,526 60,000 4,214 129,740
As at 1 March 2023 87,664 32,000 6,326 125,990
5. Stocks
2024 2023
£ £
Stock 95,600 75,000
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Corporation tax 24,935 4,589
Other taxes and social security 6,544 -
Accruals and deferred income 5,500 -
Directors' loan accounts 169,324 62,992
206,303 67,581
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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