1 January 2024 false No description of principal activity Taxfiler 2024.6 15363525business:PrivateLimitedCompanyLtd2024-01-012024-12-31 153635252023-12-31 153635252024-01-012024-12-31 15363525business:AuditExempt-NoAccountantsReport2024-01-012024-12-31 15363525business:FilletedAccounts2024-01-012024-12-31 153635252024-12-31 15363525business:Director12024-01-012024-12-31 15363525business:Director22024-01-012024-12-31 15363525business:RegisteredOffice2024-01-012024-12-31 15363525core:WithinOneYear2024-12-31 15363525core:ShareCapitalcore:PreviouslyStatedAmount2024-12-31 15363525core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2024-12-31 15363525core:PreviouslyStatedAmount2024-12-31 15363525business:SmallEntities2024-01-012024-12-31 15363525countries:EnglandWales2024-01-012024-12-31 15363525core:ComputerEquipment2024-01-012024-12-31 15363525core:ComputerEquipment2023-12-31 15363525core:ComputerEquipment2024-12-31 iso4217:GBP xbrli:pure
Company Registration No. 15363525 (England and Wales)
Magnetic Mortgage Solutions Limited Unaudited accounts for the year ended 31 December 2024
Magnetic Mortgage Solutions Limited Unaudited accounts Contents
Page
- 2 -
Magnetic Mortgage Solutions Limited Company Information for the year ended 31 December 2024
Directors
Christian Fenwick Niall Clerk
Company Number
15363525 (England and Wales)
Registered Office
Clavering House Business Centre Clavering Place Newcastle upon Tyne Tyne and Wear NE1 3NG England
Accountants
Genesis Accountants G21 Amber Court William Armstrong Drive Newcastle Upon Tyne NE4 7YA
- 3 -
Magnetic Mortgage Solutions Limited Statement of financial position as at 31 December 2024
2024 
Notes
£ 
Fixed assets
Tangible assets
916 
Current assets
Cash at bank and in hand
15,303 
Creditors: amounts falling due within one year
(11,155)
Net current assets
4,148 
Net assets
5,064 
Capital and reserves
Called up share capital
130 
Profit and loss account
4,934 
Shareholders' funds
5,064 
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 26 February 2025 and were signed on its behalf by
Christian Fenwick Director Company Registration No. 15363525
- 4 -
Magnetic Mortgage Solutions Limited Notes to the Accounts for the year ended 31 December 2024
1
Statutory information
Magnetic Mortgage Solutions Limited is a private company, limited by shares, registered in England and Wales, registration number 15363525. The registered office is Clavering House Business Centre, Clavering Place, Newcastle upon Tyne, Tyne and Wear, NE1 3NG, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
33.3% Reducing Balance
4
Tangible fixed assets
Computer equipment 
£ 
Cost or valuation
At cost 
At 1 January 2024
- 
Additions
1,212 
At 31 December 2024
1,212 
Depreciation
Charge for the year
296 
At 31 December 2024
296 
Net book value
At 31 December 2024
916 
5
Creditors: amounts falling due within one year
2024 
£ 
Taxes and social security
6,555 
Loans from directors
4,600 
11,155 
- 5 -
Magnetic Mortgage Solutions Limited Notes to the Accounts for the year ended 31 December 2024
6
Average number of employees
During the year the average number of employees was 1.
- 6 -