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REGISTERED NUMBER: 07437172 (England and Wales)















Unaudited Financial Statements

for the Year Ended 30 November 2024

for

Magsells Ltd

Magsells Ltd (Registered number: 07437172)






Contents of the Financial Statements
for the Year Ended 30 November 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Magsells Ltd

Company Information
for the Year Ended 30 November 2024







DIRECTOR: Ms S McCarthy





REGISTERED OFFICE: 12 Acorn Business Park
Northarbour Road
Portsmouth
Hampshire
PO6 3TH





REGISTERED NUMBER: 07437172 (England and Wales)





ACCOUNTANTS: Hughes Spencer
12 Acorn Business Park
Northarbour Road
Portsmouth
Hampshire
PO6 3TH

Magsells Ltd (Registered number: 07437172)

Balance Sheet
30 November 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 717 941

CURRENT ASSETS
Stocks 86,863 97,047
Debtors 5 26,313 10,461
Cash at bank and in hand 14,936 11,905
128,112 119,413
CREDITORS
Amounts falling due within one year 6 50,669 39,059
NET CURRENT ASSETS 77,443 80,354
TOTAL ASSETS LESS CURRENT
LIABILITIES

78,160

81,295

CREDITORS
Amounts falling due after more than one
year

7

(4,841

)

(14,860

)

PROVISIONS FOR LIABILITIES (179 ) (217 )
NET ASSETS 73,140 66,218

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 73,139 66,217
SHAREHOLDERS' FUNDS 73,140 66,218

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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.

Magsells Ltd (Registered number: 07437172)

Balance Sheet - continued
30 November 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 22 January 2025 and were signed by:





Ms S McCarthy - Director


Magsells Ltd (Registered number: 07437172)

Notes to the Financial Statements
for the Year Ended 30 November 2024

1. STATUTORY INFORMATION

Magsells Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance and 15% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

Magsells Ltd (Registered number: 07437172)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 December 2023
and 30 November 2024 3,543
DEPRECIATION
At 1 December 2023 2,602
Charge for year 224
At 30 November 2024 2,826
NET BOOK VALUE
At 30 November 2024 717
At 30 November 2023 941

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 25,554 10,461
Other debtors 759 -
26,313 10,461

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,159 10,140
Trade creditors (10,640 ) (29,694 )
Taxation and social security 11,291 15,794
Other creditors 39,859 42,819
50,669 39,059

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 4,841 14,860

8. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Ms S McCarthy.