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REGISTERED NUMBER: SC681153 (Scotland)





















Unaudited Financial Statements

For The Year Ended 30 November 2024

for

Magnetix Limited

Magnetix Limited (Registered number: SC681153)






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

Chartered Accountants' Report 8

Magnetix Limited

Company Information
For The Year Ended 30 November 2024







DIRECTORS: Mrs S Fletcher
S Summers





REGISTERED OFFICE: 1 Cambuslang Court
Cambuslang
Glasgow
Strathclyde
G32 8FH





REGISTERED NUMBER: SC681153 (Scotland)





ACCOUNTANTS: Atkinson Donnelly LLP
1 Cambuslang Court
Cambuslang
Glasgow
Strathclyde
G32 8FH

Magnetix Limited (Registered number: SC681153)

Balance Sheet
30 November 2024

30.11.24 30.11.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 75,197 90,698

CURRENT ASSETS
Debtors 5 98,509 21,516
Cash at bank 31,641 71,914
130,150 93,430
CREDITORS
Amounts falling due within one year 6 131,996 84,822
NET CURRENT (LIABILITIES)/ASSETS (1,846 ) 8,608
TOTAL ASSETS LESS CURRENT
LIABILITIES

73,351

99,306

CREDITORS
Amounts falling due after more than one
year

7

(18,280

)

(42,083

)

PROVISIONS FOR LIABILITIES 8 (15,775 ) (26,198 )
NET ASSETS 39,296 31,025

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 39,196 30,925
SHAREHOLDERS' FUNDS 39,296 31,025

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 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.

Magnetix Limited (Registered number: SC681153)

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 Board of Directors and authorised for issue on 27 January 2025 and were signed on its behalf by:





Mrs S Fletcher - Director


Magnetix Limited (Registered number: SC681153)

Notes to the Financial Statements
For The Year Ended 30 November 2024

1. STATUTORY INFORMATION

Magnetix Limited is a private company, limited by shares , registered in Scotland. 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 the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 20% on cost
Motor vehicles - 33% on cost and 25% on reducing balance
Computer equipment - 20% on reducing balance

Financial instruments
Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Cash and Bank Balances
Cash and bank balances are measured at the transaction price.

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.


Magnetix Limited (Registered number: SC681153)

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

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 5 (2023 - 4 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 December 2023 66,398 49,283 1,273 116,954
Additions 11,427 - 1,009 12,436
At 30 November 2024 77,825 49,283 2,282 129,390
DEPRECIATION
At 1 December 2023 13,614 12,321 321 26,256
Charge for year 15,564 11,981 392 27,937
At 30 November 2024 29,178 24,302 713 54,193
NET BOOK VALUE
At 30 November 2024 48,647 24,981 1,569 75,197
At 30 November 2023 52,784 36,962 952 90,698

Magnetix Limited (Registered number: SC681153)

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

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts and finance leases are as follows:
Motor
vehicles
£   
COST
Reclassification/transfer 18,793
At 30 November 2024 18,793
DEPRECIATION
Charge for year 6,264
At 30 November 2024 6,264
NET BOOK VALUE
At 30 November 2024 12,529

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.24 30.11.23
£    £   
Trade debtors 84,124 18,776
Other debtors 14,385 2,740
98,509 21,516

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.24 30.11.23
£    £   
Hire purchase contracts and finance leases 10,569 10,058
Trade creditors 41,900 15,145
Taxation and social security 52,904 32,488
Other creditors 26,623 27,131
131,996 84,822

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.11.24 30.11.23
£    £   
Hire purchase contracts and finance leases 17,775 28,386
Other creditors 505 13,697
18,280 42,083

8. PROVISIONS FOR LIABILITIES
30.11.24 30.11.23
£    £   
Deferred tax 15,775 26,198

Magnetix Limited (Registered number: SC681153)

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

8. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 December 2023 26,198
Provided during year (10,423 )
Balance at 30 November 2024 15,775

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Magnetix Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Magnetix Limited for the year ended 30 November 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Magnetix Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Magnetix Limited and state those matters that we have agreed to state to the Board of Directors of Magnetix Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Magnetix Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Magnetix Limited. You consider that Magnetix Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Magnetix Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Atkinson Donnelly LLP
1 Cambuslang Court
Cambuslang
Glasgow
Strathclyde
G32 8FH


27 January 2025