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REGISTERED NUMBER: 09107650 (England and Wales)










Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Magrath Security Limited

Magrath Security Limited (Registered number: 09107650)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Magrath Security Limited

Company Information
for the Year Ended 31 March 2024







DIRECTOR: M J Mills





REGISTERED OFFICE: 41 Upper
Green East
Mitcham
Surrey
CR4 2PF





REGISTERED NUMBER: 09107650 (England and Wales)





ACCOUNTANTS: Ledger Sparks Limited
Airport House
Suite 43-45
Purley Way
Croydon
CR0 0XZ

Magrath Security Limited (Registered number: 09107650)

Balance Sheet
31 March 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 4 2,000 4,000
Tangible assets 5 17,736 427
19,736 4,427

CURRENT ASSETS
Stocks 10,000 10,000
Debtors 6 11,975 32,654
Cash at bank 2,503 2
24,478 42,656
CREDITORS
Amounts falling due within one year 7 (68,311 ) (52,967 )
NET CURRENT LIABILITIES (43,833 ) (10,311 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(24,097

)

(5,884

)

CREDITORS
Amounts falling due after more than one year 8 (28,930 ) (23,664 )

PROVISIONS FOR LIABILITIES (3,086 ) -
NET LIABILITIES (56,113 ) (29,548 )

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 10 (56,114 ) (29,549 )
(56,113 ) (29,548 )

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

Magrath Security Limited (Registered number: 09107650)

Balance Sheet - continued
31 March 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 January 2025 and were signed by:





M J Mills - Director


Magrath Security Limited (Registered number: 09107650)

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

1. STATUTORY INFORMATION

Magrath Security Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


The principal activity of the company continued to be that of Key cutting service.

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 represents amounts receivable for goods and services net of VAT and trade discounts.

GOODWILL
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years

TANGIBLE FIXED ASSETS
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computer equipment25% straight Line
Motor vehicles25% straight Line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

STOCKS
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Magrath Security Limited (Registered number: 09107650)

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

2. ACCOUNTING POLICIES - continued

FINANCIAL INSTRUMENTS
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties, loan to related parties and investments in non-puttable ordinary shares.

TAXATION
The tax expense represents the sum of the tax currently payable and deferred tax.

CURRENT TAX
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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

PENSIONS
The Company operates a defined contribution pension plan for its employees. A defined contribution pension plan is a plan under which the Company pays fixed contributions into separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of Income and Retained Earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

PROVISIONS FOR LIABILITIES
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the Statement of income and retained earnings in the year that the Company becomes aware of the obligation and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in Balance sheet

GOING CONCERN
At the balance sheet date, liabilities exceed assets by £56,113 (2023 - £29,548). However the financial statements have been prepared on a going concern basis as the company has the continuing support from its directors and shareholders.The director are therefore satisfied that the financial statements have been correctly prepared on the going concern basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

Magrath Security Limited (Registered number: 09107650)

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

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 20,000
AMORTISATION
At 1 April 2023 16,000
Amortisation for year 2,000
At 31 March 2024 18,000
NET BOOK VALUE
At 31 March 2024 2,000
At 31 March 2023 4,000

5. TANGIBLE FIXED ASSETS
Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2023 6,000 4,639 10,639
Additions 21,557 - 21,557
Disposals (6,000 ) - (6,000 )
At 31 March 2024 21,557 4,639 26,196
DEPRECIATION
At 1 April 2023 6,000 4,212 10,212
Charge for year 4,042 206 4,248
Eliminated on disposal (6,000 ) - (6,000 )
At 31 March 2024 4,042 4,418 8,460
NET BOOK VALUE
At 31 March 2024 17,515 221 17,736
At 31 March 2023 - 427 427

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 9,572 13,894
Other debtors 2,403 18,760
11,975 32,654

The directors consider the carrying value of trade and other receivables approximate to their fair values.

Magrath Security Limited (Registered number: 09107650)

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

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 24,770 23,412
Finance leases (see note 9) 3,967 -
Trade creditors 15,659 10,580
Taxation and social security 3,364 11,229
Other creditors 20,551 7,746
68,311 52,967

The directors consider the carrying amounts of current liabilities approximate to their fair values.

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 20,004 23,664
Finance leases (see note 9) 8,926 -
28,930 23,664

The directors consider the carrying amounts of long-term liabilities approximate to their fair values

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Finance leases
2024 2023
£    £   
Net obligations repayable:
Within one year 3,967 -
Between one and five years 8,926 -
12,893 -

Non-cancellable operating leases
2024 2023
£    £   
Within one year 13,200 13,200
Between one and five years 1,100 14,300
14,300 27,500

Magrath Security Limited (Registered number: 09107650)

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

10. RESERVES

PROFIT AND LOSS RESERVES

The Profit and loss account comprises all current and prior period retained profit and losses after deducting any distributions made to the company's shareholders. This is a distributable reserve.

11. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £893 (2023 - £901).

Contribution totalling £174 (2023 - £174) were payable to fund at balance sheet date and are included in creditors.

12. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
M J Mills
Balance outstanding at start of year 7,394 14,170
Amounts advanced 2,170 3,924
Amounts repaid (21,816 ) (10,700 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (12,252 ) 7,394

13. RELATED PARTY TRANSACTIONS

At the balance sheet date included in other creditors were amounts due to the director of £12,252 (2023 - £7,394 in other debtors). This loan is interest free and repayable on demand.