Registered number
12069348
Magellan Science Limited
Unaudited Filleted Accounts
30 June 2024
Magellan Science Limited
Registered number: 12069348
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 3,497 1,411
Current assets
Debtors 4 1,343 811
Cash at bank and in hand 54,271 50,352
55,614 51,163
Creditors: amounts falling due within one year 5 (8,364) (4,960)
Net current assets 47,250 46,203
Net assets 50,747 47,614
Capital and reserves
Called up share capital 1 1
Profit and loss account 50,746 47,613
Shareholder's funds 50,747 47,614
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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. Joao Pedro Lourenco Rocha De Magalhaes
Director
Approved by the board on 12 March 2025
Magellan Science Limited
Notes to the Accounts
for the year ended 30 June 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 is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment 20% straight line basis
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Fixtures, fittings, tools and equipment
£
Cost
At 1 July 2023 2,389
Additions 2,544
At 30 June 2024 4,933
Depreciation
At 1 July 2023 978
Charge for the year 458
At 30 June 2024 1,436
Net book value
At 30 June 2024 3,497
At 30 June 2023 1,411
4 Debtors 2024 2023
£ £
Trade debtors 791 -
Other debtors 552 811
1,343 811
5 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 413 272
Other creditors 7,951 4,688
8,364 4,960
6 Other information
Magellan Science Limited is a private company limited by shares and incorporated in England. Its registered office is:
2 Hinksey Court
Church Way
Oxford
Oxfordshire
OX2 9SX
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