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Registration number: 05517174

Magna Parva Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Magna Parva Limited

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Balance Sheet

4

Notes to the Unaudited Financial Statements

5 to 8

 

Magna Parva Limited

Company Information

Director

Mr Andrew John Bowyer

Registered office

Unit 8 The Courtyard
Goldsmith Way
Eliot Business Park
Nuneaton
Warwickshire
CV10 7RJ

Accountants

Pattinsons Business Services Limited 8 The Courtyard
Goldsmith Way
Eliot Business Park
Nuneaton
CV10 7RJ

 

Magna Parva Limited

Director's Report for the Year Ended 31 March 2024

The director presents his report and the financial statements for the year ended 31 March 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr Andrew John Bowyer

Mr Miles Warwick Ashcroft - Company secretary and director (ceased 17 November 2023)

Principal activity

The principal activity of the company is that of engineering services and products.

Going concern

The company ceased to trade on 31 March 2023 and the financial statements have been prepared on a basis other than that of the going concern basis. This basis includes, where applicable, writing the company’s assets down to net realisable value. Provisions have also been made in respect of contracts which have become onerous at the reporting date. No provision has been made for the future costs of terminating the business unless such costs were committed at the reporting date.

Small companies provision statement

This report has 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.

Approved by the director on 29 January 2025 and signed on its behalf by:

.........................................
Mr Andrew John Bowyer
Director

 

Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Magna Parva Limited
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Magna Parva Limited for the year ended 31 March 2024 as set out on pages 4 to 8 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Magna Parva Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Magna Parva Limited and state those matters that we have agreed to state to the Board of Directors of Magna Parva Limited, as a body. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Magna Parva Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Magna Parva Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Magna Parva Limited. You consider that Magna Parva 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 accounts of Magna Parva 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 accounts.

......................................

Pattinsons Business Services Limited
8 The Courtyard
Goldsmith Way
Eliot Business Park
Nuneaton
CV10 7RJ

29 January 2025

 

Magna Parva Limited

(Registration number: 05517174)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Current assets

 

Debtors

7

-

4,766

Cash at bank and in hand

 

7,327

3,829

 

7,327

8,595

Creditors: Amounts falling due within one year

8

(3,002)

(2,172)

Total assets less current liabilities

 

4,325

6,423

Provisions for liabilities

(289,213)

(289,213)

Net liabilities

 

(284,888)

(282,790)

Capital and reserves

 

Called up share capital

9

21,300

21,300

Capital redemption reserve

50,000

50,000

Retained earnings

(356,188)

(354,090)

Shareholders' deficit

 

(284,888)

(282,790)

For the financial year ending 31 March 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.

Approved and authorised by the director on 29 January 2025
 

.........................................

Mr Andrew John Bowyer
Director

 

Magna Parva Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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:
Unit 8 The Courtyard
Goldsmith Way
Eliot Business Park
Nuneaton
Warwickshire
CV10 7RJ
England

These financial statements were authorised for issue by the director on 29 January 2025.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Summary of disclosure exemptions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group..

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

 

Magna Parva Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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 & machinery

20 % on cost

Computer equipment

33% on cost

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.

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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

Financial instruments

Financial assets in the financial statements are recognised at purchase price paid and subsequently measured to fair value at the reporting period with gains and losses being recorded in profit or loss.

3

Staff numbers

The average number of persons employed by the company during the year, was 0 (2023 - 0).

 

Magna Parva Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Loss before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Amortisation expense

-

660

5

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 April 2023

6,600

6,600

At 31 March 2024

6,600

6,600

Amortisation

At 1 April 2023

6,600

6,600

At 31 March 2024

6,600

6,600

Carrying amount

At 31 March 2024

-

-

6

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

11,126

11,126

At 31 March 2024

11,126

11,126

Depreciation

At 1 April 2023

11,126

11,126

At 31 March 2024

11,126

11,126

Carrying amount

At 31 March 2024

-

-

 

Magna Parva Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Debtors

Note

2024
£

2023
£

Amounts owed by group undertakings and undertakings in which the company has a participating interest

-

256

Other debtors

 

-

4,510

 

-

4,766

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

1,585

-

Other creditors

 

1,417

2,172

 

3,002

2,172

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A of £0.10 each

750

75.00

750

75.00

Ordinary B of £0.10 each

750

75.00

750

75.00

Ordinary C of £0.10 each

750

75.00

750

75.00

Ordinary D of £0.10 each

750

75.00

750

75.00

Ordinary of £0.10 each

210,000

21,000.00

210,000

21,000.00

213,000

21,300.00

213,000

21,300.00

10

Reserves

2024
 £

2023
£

Distributable reserves

(356,187)

(354,090)

Non-distributable reserves

50,000

50,000

(306,187)

(304,090)