Magnesium Metals & Charcoal Limited 02647972 false 2023-10-01 2024-09-30 2024-09-30 The principal activity of the company is the smelting of magnesium and charcoal. Digita Accounts Production Advanced 6.30.9574.0 true 02647972 2023-10-01 2024-09-30 02647972 2024-09-30 02647972 core:RetainedEarningsAccumulatedLosses 2024-09-30 02647972 core:ShareCapital 2024-09-30 02647972 core:CurrentFinancialInstruments 2024-09-30 02647972 core:CurrentFinancialInstruments core:WithinOneYear 2024-09-30 02647972 core:FurnitureFittingsToolsEquipment 2024-09-30 02647972 core:LandBuildings 2024-09-30 02647972 core:MotorVehicles 2024-09-30 02647972 bus:SmallEntities 2023-10-01 2024-09-30 02647972 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 02647972 bus:FilletedAccounts 2023-10-01 2024-09-30 02647972 bus:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 02647972 bus:RegisteredOffice 2023-10-01 2024-09-30 02647972 bus:Director3 2023-10-01 2024-09-30 02647972 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 02647972 core:ComputerEquipment 2023-10-01 2024-09-30 02647972 core:FurnitureFittingsToolsEquipment 2023-10-01 2024-09-30 02647972 core:LandBuildings 2023-10-01 2024-09-30 02647972 core:MotorVehicles 2023-10-01 2024-09-30 02647972 core:OtherPropertyPlantEquipment 2023-10-01 2024-09-30 02647972 core:PlantMachinery 2023-10-01 2024-09-30 02647972 countries:EnglandWales 2023-10-01 2024-09-30 02647972 2023-09-30 02647972 core:FurnitureFittingsToolsEquipment 2023-09-30 02647972 core:LandBuildings 2023-09-30 02647972 core:MotorVehicles 2023-09-30 02647972 2022-10-01 2023-09-30 02647972 2023-09-30 02647972 core:RetainedEarningsAccumulatedLosses 2023-09-30 02647972 core:ShareCapital 2023-09-30 02647972 core:CurrentFinancialInstruments 2023-09-30 02647972 core:CurrentFinancialInstruments core:WithinOneYear 2023-09-30 02647972 core:FurnitureFittingsToolsEquipment 2023-09-30 02647972 core:LandBuildings 2023-09-30 02647972 core:MotorVehicles 2023-09-30 iso4217:GBP xbrli:pure

Registration number: 02647972

Magnesium Metals & Charcoal Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Magnesium Metals & Charcoal Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Magnesium Metals & Charcoal Limited

Company Information

Director

Mr R R Taylor

Registered office

16 Greenway Avenue
Alveley
Shropshire
WV15 6NY

Accountants

Ballards LLP
Chartered Accountants
Oakmoore Court
11C Kingswood Road
Hampton Lovett
Droitwich
Worcestershire
WR9 0QH

 

Magnesium Metals & Charcoal Limited

(Registration number: 02647972)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

21,340

23,899

Current assets

 

Stocks

5

8,232

26,594

Debtors

6

15,424

20,716

Cash at bank and in hand

 

214,453

170,095

 

238,109

217,405

Creditors: Amounts falling due within one year

7

(136,585)

(114,895)

Net current assets

 

101,524

102,510

Net assets

 

122,864

126,409

Capital and reserves

 

Called up share capital

100

100

Retained earnings

122,764

126,309

Shareholders' funds

 

122,864

126,409

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 16 January 2025
 

.........................................
Mr R R Taylor
Director

   
     
 

Magnesium Metals & Charcoal Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
16 Greenway Avenue
Alveley
Shropshire
WV15 6NY

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

10% on reducing balance

Motor vehicles

25% on reducing balance

Computer equipment

33.3% on cost

Short leasehold

over the lease term

 

Magnesium Metals & Charcoal Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Magnesium Metals & Charcoal Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2023

16,793

149,530

23,025

189,348

At 30 September 2024

16,793

149,530

23,025

189,348

Depreciation

At 1 October 2023

16,793

126,749

21,907

165,449

Charge for the year

-

2,279

280

2,559

At 30 September 2024

16,793

129,028

22,187

168,008

Carrying amount

At 30 September 2024

-

20,502

838

21,340

At 30 September 2023

-

22,781

1,118

23,899

Included within the net book value of land and buildings above is £Nil (2023 - £Nil) in respect of short leasehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

8,232

26,594

 

Magnesium Metals & Charcoal Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

11,460

13,431

Prepayments

3,964

6,353

Other debtors

-

932

 

15,424

20,716

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

449

1,249

Taxation and social security

1,703

553

Accruals and deferred income

3,101

3,101

Other creditors

131,332

109,992

136,585

114,895