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REGISTERED NUMBER: 06664153 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2024

for

Magnet Insurance Services Ltd

Magnet Insurance Services Ltd (Registered number: 06664153)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Magnet Insurance Services Ltd

Company Information
for the Year Ended 31 December 2024







DIRECTOR: Mr A M Bound





REGISTERED OFFICE: Newark Beacon
Cafferata Way
Newark
Nottinghamshire
NG24 2TN





REGISTERED NUMBER: 06664153 (England and Wales)





ACCOUNTANTS: BPSL
Brooms Professional Services Limited
Chartered Certified Accountants
Broom House
39/43 London Road
Hadleigh, Benfleet
Essex
SS7 2QL

Magnet Insurance Services Ltd (Registered number: 06664153)

Balance Sheet
31 December 2024

31.12.24 31.12.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 33,000 44,000
Tangible assets 5 4,263 3,408
37,263 47,408

CURRENT ASSETS
Debtors 6 91,280 82,974
Cash at bank and in hand 161,901 95,598
253,181 178,572
CREDITORS
Amounts falling due within one year 7 69,242 77,849
NET CURRENT ASSETS 183,939 100,723
TOTAL ASSETS LESS CURRENT
LIABILITIES

221,202

148,131

PROVISIONS FOR LIABILITIES 8 1,066 852
NET ASSETS 220,136 147,279

CAPITAL AND RESERVES
Called up share capital 10,000 10,000
Retained earnings 210,136 137,279
SHAREHOLDERS' FUNDS 220,136 147,279

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Magnet Insurance Services Ltd (Registered number: 06664153)

Balance Sheet - continued
31 December 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 31 January 2025 and were signed by:





Mr A M Bound - Director


Magnet Insurance Services Ltd (Registered number: 06664153)

Notes to the Financial Statements
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

Magnet Insurance Services 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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of businesses acquired in the past, is being amortised over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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 - 33% on cost and 15% on cost

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 11 (2023 - 10 ) .

Magnet Insurance Services Ltd (Registered number: 06664153)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2024
and 31 December 2024 55,000
AMORTISATION
At 1 January 2024 11,000
Amortisation for year 11,000
At 31 December 2024 22,000
NET BOOK VALUE
At 31 December 2024 33,000
At 31 December 2023 44,000

5. TANGIBLE FIXED ASSETS
Fixtures
and
fittings Equipment Totals
£    £    £   
COST
At 1 January 2024 8,575 44,227 52,802
Additions - 4,487 4,487
At 31 December 2024 8,575 48,714 57,289
DEPRECIATION
At 1 January 2024 8,562 40,832 49,394
Charge for year 13 3,619 3,632
At 31 December 2024 8,575 44,451 53,026
NET BOOK VALUE
At 31 December 2024 - 4,263 4,263
At 31 December 2023 13 3,395 3,408

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Trade debtors 91,280 82,974

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Trade creditors 4,588 11,328
Tax 56,808 59,405
Social security and other taxes 5,249 4,583
Other creditors 1,397 1,333
Accrued expenses 1,200 1,200
69,242 77,849

Magnet Insurance Services Ltd (Registered number: 06664153)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

8. PROVISIONS FOR LIABILITIES
31.12.24 31.12.23
£    £   
Deferred tax 1,066 852

Deferred
tax
£   
Balance at 1 January 2024 852
Profit and loss account 214
Balance at 31 December 2024 1,066

9. RELATED PARTY DISCLOSURES

As the director is a shareholder, the dividends of £88,000 (2023: £88,000) is paid to the director.

During the previous year, 4000 Ordinary shares were bought back by the Company and cancelled.