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REGISTERED NUMBER: 08031688 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 June 2024

for

Magna Welding Limited

Magna Welding Limited (Registered number: 08031688)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

Company information 1

Balance sheet 2

Notes to the financial statements 4


Magna Welding Limited

Company Information
for the Year Ended 30 June 2024







Directors: Mr. N S Whitticks
Mr. N Leigh





Registered office: 6 George Street
Driffield
East Yorkshire
YO25 6RA





Registered number: 08031688 (England and Wales)





Accountants: Ullyott Limited
6 George Street
Driffield
East Yorkshire
YO25 6RA

Magna Welding Limited (Registered number: 08031688)

Balance Sheet
30 June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 22,689 30,253

CURRENT ASSETS
Stocks 42,350 38,561
Debtors 5 120,709 119,562
Cash at bank 8,597 17,801
171,656 175,924
CREDITORS
Amounts falling due within one year 6 148,378 126,085
NET CURRENT ASSETS 23,278 49,839
TOTAL ASSETS LESS CURRENT
LIABILITIES

45,967

80,092

CREDITORS
Amounts falling due after more than one
year

7

(10,744

)

(20,742

)

PROVISIONS FOR LIABILITIES (4,311 ) (5,799 )
NET ASSETS 30,912 53,551

CAPITAL AND RESERVES
Called up share capital 8 101 101
Retained earnings 30,811 53,450
SHAREHOLDERS' FUNDS 30,912 53,551

Magna Welding Limited (Registered number: 08031688)

Balance Sheet - continued
30 June 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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.

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 25 March 2025 and were signed on its behalf by:





Mr. N S Whitticks - Director


Magna Welding Limited (Registered number: 08031688)

Notes to the Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

Magna Welding 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.

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.
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance

STOCKS
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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.

Magna Welding Limited (Registered number: 08031688)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued

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 15 (2023 - 14 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 July 2023
and 30 June 2024 76,748 39,985 2,317 119,050
DEPRECIATION
At 1 July 2023 53,274 35,342 181 88,797
Charge for year 5,869 1,161 534 7,564
At 30 June 2024 59,143 36,503 715 96,361
NET BOOK VALUE
At 30 June 2024 17,605 3,482 1,602 22,689
At 30 June 2023 23,474 4,643 2,136 30,253

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 120,709 115,760
VAT - 3,802
120,709 119,562

Magna Welding Limited (Registered number: 08031688)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors 38,383 51,645
Corporation tax 4,422 10,030
Social security and other taxes 60,116 30,705
VAT 7,471 -
Other loans 9,500 9,500
Directors' current accounts 7,522 11,466
Accrued expenses 10,964 2,739
148,378 126,085

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 10,000 10,000
Bank loans - 2-5 years 744 10,742
10,744 20,742

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100
1 A Ordinary £1 1 1
101 101