Registered number
13767632
MAGNIFI GLOBAL LIMITED
Filleted Accounts
31 December 2024
MAGNIFI GLOBAL LIMITED
Registered number: 13767632
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Current assets
Debtors 3 3,003 428
Cash at bank and in hand 2,188 2,681
5,191 3,109
Creditors: amounts falling due within one year 4 (34,949) (22,539)
Net current liabilities (29,758) (19,430)
Net liabilities (29,758) (19,430)
Capital and reserves
Called up share capital 2 2
Profit and loss account (29,760) (19,432)
Shareholders' funds (29,758) (19,430)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr. C. Goldblatt
Director
Approved by the board on 27 January 2025
MAGNIFI GLOBAL LIMITED
Notes to the Accounts
for the year ended 31 December 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
.Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
The company contributes to individual personal pension arrangements.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Debtors 2024 2023
£ £
Trade debtors 2,040 426
Other debtors 963 2
3,003 428
4 Creditors: amounts falling due within one year 2024 2023
£ £
Director's loan account 32,549 17,385
Taxation and social security costs - 2,354
Other creditors 2,400 2,800
34,949 22,539
5 Related party transactions
The directors' loan and current accounts represents amounts due from the Company to the directors for money advanced to the company. The directors appreciate that these sums are technically repayable on demand but would not be repaid to the detriment of the Company's financial position and the trading figure is based on their continued support by these loans.
6 Controlling party
The company is controlled by the director, Mr. C. Goldblatt.
7 Other information
MAGNIFI GLOBAL LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Littlebrook Farm,
Haslemere Road,
Brook,
Godalming
GU8 5LB.
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