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REGISTERED NUMBER: SC207848 (Scotland)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2024

FOR

MAGNUS ELECTRICAL SERVICES LIMITED

MAGNUS ELECTRICAL SERVICES LIMITED (REGISTERED NUMBER: SC207848)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 October 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MAGNUS ELECTRICAL SERVICES LIMITED

COMPANY INFORMATION
for the Year Ended 31 October 2024







DIRECTOR: C Murray





REGISTERED OFFICE: 6-8 Achamore Road
Glasgow
G15 8QS





REGISTERED NUMBER: SC207848 (Scotland)





ACCOUNTANTS: Kean Jarman & Company
Chartered Accountants
27 Ingram Street
Glasgow
G1 1HA

MAGNUS ELECTRICAL SERVICES LIMITED (REGISTERED NUMBER: SC207848)

BALANCE SHEET
31 October 2024

31.10.24 31.10.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 237,687 188,692

CURRENT ASSETS
Stocks 170,644 74,814
Debtors 5 486,174 562,980
Cash at bank 1,656,449 1,651,620
2,313,267 2,289,414
CREDITORS
Amounts falling due within one year 6 878,425 1,077,661
NET CURRENT ASSETS 1,434,842 1,211,753
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,672,529

1,400,445

CREDITORS
Amounts falling due after more than one year 7 (88,562 ) (32,943 )

PROVISIONS FOR LIABILITIES (34,295 ) (26,967 )
NET ASSETS 1,549,672 1,340,535

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,549,572 1,340,435
SHAREHOLDERS' FUNDS 1,549,672 1,340,535

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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.

MAGNUS ELECTRICAL SERVICES LIMITED (REGISTERED NUMBER: SC207848)

BALANCE SHEET - continued
31 October 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 27 February 2025 and were signed by:





C Murray - Director


MAGNUS ELECTRICAL SERVICES LIMITED (REGISTERED NUMBER: SC207848)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 October 2024

1. STATUTORY INFORMATION

Magnus Electrical Services Limited is a private company, limited by shares , registered in Scotland. 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 discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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

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.

MAGNUS ELECTRICAL SERVICES LIMITED (REGISTERED NUMBER: SC207848)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 83 (2023 - 83 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 November 2023 17,247 452,928 33,531 503,706
Additions - 157,722 - 157,722
Disposals - (106,006 ) - (106,006 )
At 31 October 2024 17,247 504,644 33,531 555,422
DEPRECIATION
At 1 November 2023 17,082 270,163 27,769 315,014
Charge for year 42 75,747 1,441 77,230
Eliminated on disposal - (74,509 ) - (74,509 )
At 31 October 2024 17,124 271,401 29,210 317,735
NET BOOK VALUE
At 31 October 2024 123 233,243 4,321 237,687
At 31 October 2023 165 182,765 5,762 188,692

MAGNUS ELECTRICAL SERVICES LIMITED (REGISTERED NUMBER: SC207848)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 November 2023 277,137
Additions 151,722
Transfer to ownership (153,745 )
At 31 October 2024 275,114
DEPRECIATION
At 1 November 2023 142,856
Charge for year 56,695
Transfer to ownership (94,524 )
At 31 October 2024 105,027
NET BOOK VALUE
At 31 October 2024 170,087
At 31 October 2023 134,281

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.24 31.10.23
£    £   
Trade debtors 481,208 558,014
Prepayments and accrued income 4,966 4,966
486,174 562,980

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.24 31.10.23
£    £   
Hire purchase contracts (see note 8) 51,977 60,869
Trade creditors 336,566 459,211
Tax 87,284 77,106
Social security and other taxes 82,926 88,618
VAT 126,276 172,328
Accrued expenses 193,396 219,529
878,425 1,077,661

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.10.24 31.10.23
£    £   
Hire purchase contracts (see note 8) 88,562 32,943

MAGNUS ELECTRICAL SERVICES LIMITED (REGISTERED NUMBER: SC207848)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2024

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.10.24 31.10.23
£    £   
Gross obligations repayable:
Within one year 62,020 68,208
Between one and five years 108,785 38,423
170,805 106,631

Finance charges repayable:
Within one year 10,043 7,339
Between one and five years 20,223 5,480
30,266 12,819

Net obligations repayable:
Within one year 51,977 60,869
Between one and five years 88,562 32,943
140,539 93,812

Non-cancellable operating leases
31.10.24 31.10.23
£    £   
Within one year 12,000 12,000
Between one and five years 48,000 48,000
In more than five years 552,000 564,000
612,000 624,000

9. SECURED DEBTS

The following secured debts are included within creditors:

31.10.24 31.10.23
£    £   
Hire purchase contracts 140,539 93,812

10. ULTIMATE CONTROLLING PARTY

The controlling party is C Murray.