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REGISTERED NUMBER: 05844767 (England and Wales)

















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024

FOR

MAG EQUIPMENT LIMITED

MAG EQUIPMENT LIMITED (REGISTERED NUMBER: 05844767)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MAG EQUIPMENT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2024







DIRECTORS: M A Dennis
K Kendell





SECRETARY: M A Dennis





REGISTERED OFFICE: Barnard Buildings
Rutland Street
Bradford
West Yorkshire
BD4 7EA





REGISTERED NUMBER: 05844767 (England and Wales)





ACCOUNTANTS: Cresswells
12 Market Street
Hebden Bridge
West Yorkshire
HX7 6AD

MAG EQUIPMENT LIMITED (REGISTERED NUMBER: 05844767)

BALANCE SHEET
31ST DECEMBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 2,967 4,834
Tangible assets 5 274,908 308,444
277,875 313,278

CURRENT ASSETS
Stocks 518,954 506,858
Debtors 6 1,171,787 939,771
Cash at bank and in hand 773,106 381,352
2,463,847 1,827,981
CREDITORS
Amounts falling due within one year 7 1,863,389 1,293,273
NET CURRENT ASSETS 600,458 534,708
TOTAL ASSETS LESS CURRENT
LIABILITIES

878,333

847,986

CREDITORS
Amounts falling due after more than one
year

8

(77,452

)

(195,911

)

PROVISIONS FOR LIABILITIES 10 (68,618 ) (76,966 )
NET ASSETS 732,263 575,109

CAPITAL AND RESERVES
Called up share capital 11 42 42
Retained earnings 732,221 575,067
SHAREHOLDERS' FUNDS 732,263 575,109

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

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

MAG EQUIPMENT LIMITED (REGISTERED NUMBER: 05844767)

BALANCE SHEET - continued
31ST DECEMBER 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 Board of Directors and authorised for issue on 16th April 2025 and were signed on its behalf by:




M A Dennis - Director



K Kendell - Director


MAG EQUIPMENT LIMITED (REGISTERED NUMBER: 05844767)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2024

1. STATUTORY INFORMATION

Mag Equipment 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2007, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.
Land and buildings - 25% on reducing balance
Plant and machinery etc - 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 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.


MAG EQUIPMENT LIMITED (REGISTERED NUMBER: 05844767)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2024

2. ACCOUNTING POLICIES - continued
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.

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 30 (2023 - 25 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st January 2024
and 31st December 2024 37,345
AMORTISATION
At 1st January 2024 32,511
Amortisation for year 1,867
At 31st December 2024 34,378
NET BOOK VALUE
At 31st December 2024 2,967
At 31st December 2023 4,834

MAG EQUIPMENT LIMITED (REGISTERED NUMBER: 05844767)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2024

5. TANGIBLE FIXED ASSETS
Short Plant and Motor
leasehold machinery vehicles Totals
£    £    £    £   
COST
At 1st January 2024 9,919 67,432 356,385 433,736
Additions - 3,790 60,503 64,293
Disposals - (5,356 ) (24,765 ) (30,121 )
At 31st December 2024 9,919 65,866 392,123 467,908
DEPRECIATION
At 1st January 2024 9,337 31,535 84,420 125,292
Charge for year 146 9,411 78,737 88,294
Eliminated on disposal - (3,602 ) (16,984 ) (20,586 )
At 31st December 2024 9,483 37,344 146,173 193,000
NET BOOK VALUE
At 31st December 2024 436 28,522 245,950 274,908
At 31st December 2023 582 35,897 271,965 308,444

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1st January 2024 301,235
Additions 60,503
At 31st December 2024 361,738
DEPRECIATION
At 1st January 2024 47,388
Charge for year 74,806
At 31st December 2024 122,194
NET BOOK VALUE
At 31st December 2024 239,544
At 31st December 2023 253,847

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 386,240 264,403
Amounts owed by group undertakings 757,570 657,599
Other debtors 1,000 -
Prepayments and accrued income 26,977 17,769
1,171,787 939,771

MAG EQUIPMENT LIMITED (REGISTERED NUMBER: 05844767)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 49,359 60,237
Hire purchase contracts 117,927 99,724
Trade creditors 646,166 503,273
Amounts owed to group undertakings 77,788 60,000
Tax 89,814 29,729
Social security and other taxes 29,116 24,802
VAT 159,487 135,733
Other creditors 414,045 269,695
Invoice discounting 175,196 95,145
Directors' current accounts 9,086 9,079
Accrued expenses 95,405 5,856
1,863,389 1,293,273

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 1-2 years - 49,356
Hire purchase contracts 77,452 146,555
77,452 195,911

9. SECURED DEBTS

There are currently three charges related to the company against any future monies and liabilities.

10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 68,618 76,966

Deferred
tax
£   
Balance at 1st January 2024 76,966
Credit to Income Statement during year (8,348 )
Balance at 31st December 2024 68,618

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
42 50p Ordinary shares 0.50 42 42