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REGISTERED NUMBER: 01320035 (England and Wales)















Magnet (Finance) Limited

Unaudited Financial Statements

for the Year Ended 31 July 2024






Magnet (Finance) Limited (Registered number: 01320035)






Contents of the Financial Statements
for the year ended 31 July 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Magnet (Finance) Limited

Company Information
for the year ended 31 July 2024







DIRECTORS: Mrs AE Seery
Mrs RL McLoughlin
Mrs HJ Mitchell
MT Seery





SECRETARY: Mrs AE Seery





REGISTERED OFFICE: 3 Moor Field
Whalley
Clitheroe
Lancashire
BB7 9SA





REGISTERED NUMBER: 01320035 (England and Wales)





ACCOUNTANTS: McMillan & Co LLP
Chartered Accountants
28 Eaton Avenue
Matrix Office Park
Buckshaw Village
Chorley
Lancashire
PR7 7NA

Magnet (Finance) Limited (Registered number: 01320035)

Balance Sheet
31 July 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 965,052 965,052

CURRENT ASSETS
Cash at bank 210 483

CREDITORS
Amounts falling due within one year 5 19,500 20,500
NET CURRENT LIABILITIES (19,290 ) (20,017 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

945,762

945,035

CREDITORS
Amounts falling due after more than one
year

6

580,824

579,012
NET ASSETS 364,938 366,023

CAPITAL AND RESERVES
Called up share capital 7 100 100
Fair value reserve 8 355,699 355,699
Retained earnings 9,139 10,224
SHAREHOLDERS' FUNDS 364,938 366,023

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

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

The directors acknowledge their 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 (Finance) Limited (Registered number: 01320035)

Balance Sheet - continued
31 July 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 Board of Directors and authorised for issue on 18 February 2025 and were signed on its behalf by:





MT Seery - Director


Magnet (Finance) Limited (Registered number: 01320035)

Notes to the Financial Statements
for the year ended 31 July 2024

1. STATUTORY INFORMATION

Magnet (Finance) 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 amounts in the financial statements have been rounded to the nearest £1.

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 interest received, rents receivable and net invoiced sales of services, 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.
Fixtures and fittings - 15% on reducing balance
Computer equipment - 33% on cost

Financial instruments
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Basic financial assets, which include debtors, prepayments and bank balances, are initially measured at transaction price and are subsequently carried at cost unless the arrangement indicates otherwise and then the asset is measured at the present value of the future receipts discounted at a market rate of interest. Basic financial liabilities, which include creditors, accruals, bank loans and group borrowings, are initially recognised at transaction price and are subsequently carried at cost unless the arrangement indicates otherwise and then the liability is measured at the present value of the future obligations discounted at a market rate of interest.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


Magnet (Finance) Limited (Registered number: 01320035)

Notes to the Financial Statements - continued
for the year ended 31 July 2024

2. ACCOUNTING POLICIES - continued
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.

Investment properties
In accordance with Statement of Standard Accounting Practice No. 19, certain of the company's properties are held for long-term investment and are included in the Balance Sheet at their open market values. The surplus or deficit on revaluation of such properties are transferred to the investment property revaluation reserve. Depreciation is not provided in respect of freehold investment properties. This policy represents a departure from the requirements of the Companies Act, which requires depreciation to be provided on all fixed assets. The directors consider that this policy is necessary in order that the Financial Statements may give a true and fair view because current values and changes in current values are of prime importance rather than the calculation of systematic annual depreciation. Depreciation is only one of many factors reflected in the valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Fixtures
Investment and Computer
properties fittings equipment Totals
£ £ £ £
COST
At 1 August 2023
and 31 July 2024 965,052 4,342 1,052 970,446
DEPRECIATION
At 1 August 2023
and 31 July 2024 - 4,342 1,052 5,394
NET BOOK VALUE
At 31 July 2024 965,052 - - 965,052
At 31 July 2023 965,052 - - 965,052

Investment properties have been valued by the directors at market value as at 31 July 2024. If the properties had not been revalued they would have been included at cost of £609,353 (2023: £609,353).

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Other creditors 19,500 20,500

Magnet (Finance) Limited (Registered number: 01320035)

Notes to the Financial Statements - continued
for the year ended 31 July 2024

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£ £
Other creditors 580,824 579,012

Included within other creditors are amounts of £579,012 (2023 £580,824) due to a director. This amount is unsecured, interest free and has no fixed repayment date.

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
100 Ordinary £1 100 100

8. RESERVES
Fair value
reserve
£
At 1 August 2023
and 31 July 2024 355,699

9. RELATED PARTY DISCLOSURES

In the director's opinion the company is controlled by Mrs RL McLoughlin and Mrs HJ Mitchell.