MAGNIFI GLOBAL LIMITED |
Notes to the Accounts |
for the year ended 31 December 2024 |
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1 |
Accounting policies |
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Basis of preparation |
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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). |
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Turnover |
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.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. |
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Debtors |
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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. |
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Creditors |
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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. |
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Taxation |
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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. |
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Pensions |
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The company contributes to individual personal pension arrangements. |
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2 |
Employees |
2024 |
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2023 |
Number |
Number |
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Average number of persons employed by the company |
1 |
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1 |
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3 |
Debtors |
2024 |
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2023 |
£ |
£ |
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Trade debtors |
2,040 |
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426 |
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Other debtors |
963 |
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2 |
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3,003 |
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428 |
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4 |
Creditors: amounts falling due within one year |
2024 |
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2023 |
£ |
£ |
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Director's loan account |
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32,549 |
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17,385 |
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Taxation and social security costs |
- |
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2,354 |
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Other creditors |
2,400 |
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2,800 |
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34,949 |
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22,539 |
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5 |
Related party transactions |
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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. |
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6 |
Controlling party |
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The company is controlled by the director, Mr. C. Goldblatt. |
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7 |
Other information |
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MAGNIFI GLOBAL LIMITED is a private company limited by shares and incorporated in England. Its registered office is: |
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Littlebrook Farm, |
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Haslemere Road, |
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Brook, |
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Godalming |
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GU8 5LB. |