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Registered number: 3800101
Magna Electronics Ltd
Financial Statements
For The Year Ended 31 August 2024
PBS Hereford Ltd
Hereford House
3 Offa Street
Hereford
Herefordshire
HR1 2LL
Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 3800101
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 724,533 291,829
724,533 291,829
CURRENT ASSETS
Stocks 6 32,398 31,821
Debtors 7 664,757 646,793
Cash at bank and in hand 242,034 374,160
939,189 1,052,774
Creditors: Amounts Falling Due Within One Year 8 (220,274 ) (235,862 )
NET CURRENT ASSETS (LIABILITIES) 718,915 816,912
TOTAL ASSETS LESS CURRENT LIABILITIES 1,443,448 1,108,741
Creditors: Amounts Falling Due After More Than One Year 9 (139,251 ) (39,617 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (51,196 ) (62,787 )
NET ASSETS 1,253,001 1,006,337
CAPITAL AND RESERVES
Called up share capital 11 9,000 9,000
Profit and Loss Account 1,244,001 997,337
SHAREHOLDERS' FUNDS 1,253,001 1,006,337
Page 1
Page 2
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Mark Herbert
Director
29 November 2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Magna Electronics Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 3800101 . The registered office is 9 Harrow Road, Plough Lane, Hereford, HR4 0EH.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 5 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold Not being depreciated
Plant & Machinery a mixture of 33%, 25% and 15% on reducing basis
Motor Vehicles 25% straight line basis
Fixtures & Fittings 25& reducing basis
Computer Equipment 33% reducing basis
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.7. Taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 14 (2023: 14)
14 14
Page 3
Page 4
4. Intangible Assets
Goodwill
£
Cost
As at 1 September 2023 120,035
As at 31 August 2024 120,035
Amortisation
As at 1 September 2023 120,035
As at 31 August 2024 120,035
Net Book Value
As at 31 August 2024 -
As at 1 September 2023 -
5. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 September 2023 - 737,665 33,787 7,556
Additions 454,519 82,645 49,904 -
Disposals - - (33,787 ) -
As at 31 August 2024 454,519 820,310 49,904 7,556
Depreciation
As at 1 September 2023 - 448,142 33,787 7,556
Provided during the period - 142,555 10,063 -
Disposals - - (33,787 ) -
As at 31 August 2024 - 590,697 10,063 7,556
Net Book Value
As at 31 August 2024 454,519 229,613 39,841 -
As at 1 September 2023 - 289,523 - -
Computer Equipment Total
£ £
Cost
As at 1 September 2023 30,747 809,755
Additions - 587,068
Disposals - (33,787 )
As at 31 August 2024 30,747 1,363,036
...CONTINUED
Page 4
Page 5
Depreciation
As at 1 September 2023 28,441 517,926
Provided during the period 1,746 154,364
Disposals - (33,787 )
As at 31 August 2024 30,187 638,503
Net Book Value
As at 31 August 2024 560 724,533
As at 1 September 2023 2,306 291,829
6. Stocks
2024 2023
£ £
Stock 32,398 31,821
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 316,094 298,130
316,094 298,130
Due after more than one year
Amounts owed by other participating interests 348,663 348,663
348,663 348,663
664,757 646,793
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 24,750 48,760
Trade creditors 77,593 41,224
Bank loans and overdrafts 22,000 7,800
Corporation tax - 46,979
Other taxes and social security 8,163 6,441
VAT 56,182 47,336
Accruals and deferred income 3,683 1,498
Director's loan account 27,903 35,824
220,274 235,862
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts - 24,750
Bank loans 139,251 14,867
139,251 39,617
Page 5
Page 6
10. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 24,750 48,760
Later than one year and not later than five years - 24,750
24,750 73,510
24,750 73,510
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 9,000 9,000
Page 6