REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 July 2024 |
for |
MagnaCom Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 July 2024 |
for |
MagnaCom Limited |
MagnaCom Limited (Registered number: SC173621) |
Contents of the Financial Statements |
for the Year Ended 31 July 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
MagnaCom Limited |
Company Information |
for the Year Ended 31 July 2024 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
39 St Vincent Place |
Glasgow |
G1 2ER |
BANKERS: |
St Vincent Street |
Glasgow |
G2 5TU |
MagnaCom Limited (Registered number: SC173621) |
Balance Sheet |
31 July 2024 |
31.7.24 | 31.7.23 |
Notes | £ | £ |
CURRENT ASSETS |
Stocks |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
The financial statements were approved by the director and authorised for issue on |
MagnaCom Limited (Registered number: SC173621) |
Notes to the Financial Statements |
for the Year Ended 31 July 2024 |
1. | STATUTORY INFORMATION |
MagnaCom Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
The turnover shown in the profit and loss account represents revenue recognised by the company in respect of the sale of computer equipment and other associated peripherals as well as the provision of IT services exclusive of Value Added Tax and trade discounts. The company recognises revenue when it has the right to receive it. |
Stocks |
Stocks are valued at the lower of cost and selling price less costs to complete and sell. |
Financial instruments |
The company only has basic financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. |
Taxation |
Taxation for the year comprises current and deferred tax. |
The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. |
Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. |
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. |
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 |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.24 | 31.7.23 |
£ | £ |
Trade debtors |
MagnaCom Limited (Registered number: SC173621) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2024 |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.24 | 31.7.23 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
Included in other creditors is the director's current account which is unsecured, interest free and repayable on demand. |
6. | RELATED PARTY DISCLOSURES |
During the year, total dividends of £20,000 (2023 - £20,000) were paid to the director . |