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REGISTERED NUMBER: 04429756 (England and Wales)












Magnet Contracts Limited

Unaudited Financial Statements

for the Year Ended 31 May 2024






Magnet Contracts Limited (Registered number: 04429756)






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




Page

Company information 1

Balance sheet 2

Notes to the financial statements 4


Magnet Contracts Limited

Company Information
for the Year Ended 31 May 2024







Director: J L Donbavand





Secretary: Mrs L Beech





Registered office: 9 Hollybank Rise
Dukinfield
Cheshire
SK16 5EG





Registered number: 04429756 (England and Wales)





Accountants: Warr & Co Limited
Chartered Accountants
Mynshull House
78 Churchgate
Stockport
Cheshire
SK1 1YJ

Magnet Contracts Limited (Registered number: 04429756)

Balance Sheet
31 May 2024

31.5.24 31.5.23
Notes £    £    £    £   
Fixed assets
Tangible assets 4 405 137

Current assets
Debtors 5 12,607 17,094
Cash at bank and in hand 152,415 168,112
165,022 185,206
Creditors
Amounts falling due within one year 6 6,392 6,868
Net current assets 158,630 178,338
Total assets less current liabilities 159,035 178,475

Capital and reserves
Called up share capital 7 100 100
Retained earnings 158,935 178,375
Shareholders' funds 159,035 178,475

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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 Contracts Limited (Registered number: 04429756)

Balance Sheet - continued
31 May 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 30 January 2025 and were signed by:





J L Donbavand - Director


Magnet Contracts Limited (Registered number: 04429756)

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

1. Statutory information

Magnet Contracts 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.

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 value added tax.

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 - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance

Pension costs and other post-retirement benefits
The company does not operate a company pension scheme but makes contributions to a personal pension scheme of the director. Contributions payable for the year are charged in the profit and loss account.

3. Employees and directors

The average number of employees during the year was 1 (2023 - 1 ) .

Magnet Contracts Limited (Registered number: 04429756)

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

4. Tangible fixed assets
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
Cost
At 1 June 2023 1,089 1,581 2,670
Additions - 482 482
Disposals - (449 ) (449 )
At 31 May 2024 1,089 1,614 2,703
Depreciation
At 1 June 2023 1,077 1,456 2,533
Charge for year 3 132 135
Eliminated on disposal - (370 ) (370 )
At 31 May 2024 1,080 1,218 2,298
Net book value
At 31 May 2024 9 396 405
At 31 May 2023 12 125 137

5. Debtors: amounts falling due within one year
31.5.24 31.5.23
£    £   
Trade debtors 12,502 16,193
Accrued income - 755
Prepayments 105 146
12,607 17,094

6. Creditors: amounts falling due within one year
31.5.24 31.5.23
£    £   
Corporation tax 69 803
Social security and other taxes 129 219
VAT 3,007 3,457
Directors' current accounts 1,669 412
Accrued expenses 1,518 1,977
6,392 6,868

Magnet Contracts Limited (Registered number: 04429756)

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

7. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.24 31.5.23
value: £    £   
100 Ordinary £1 100 100