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REGISTERED NUMBER: 10719967 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 September 2024

for

Magna Assets Ltd

Magna Assets Ltd (Registered number: 10719967)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 7

Magna Assets Ltd

Company Information
for the Year Ended 30 September 2024







DIRECTOR: M Chittenden





REGISTERED OFFICE: Arle Court
(Manor House)
Hatherley Lane
Cheltenham
GL51 6PN





REGISTERED NUMBER: 10719967 (England and Wales)





ACCOUNTANTS: Cartwrights
Chartered Accountants and Business Advisors
Regency House
33 Wood Street
Barnet
Hertfordshire
EN5 4BE

Magna Assets Ltd (Registered number: 10719967)

Balance Sheet
30 September 2024

30/9/24 30/9/23
Notes £    £    £   
FIXED ASSETS
Investments 4 1 1
Investment property 5 900,254 900,254
900,255 900,255

CURRENT ASSETS
Debtors 6 157,659 156,309
Cash at bank 3,485 1,107
161,144 157,416
CREDITORS
Amounts falling due within one year 7 1,056,922 1,053,371
NET CURRENT LIABILITIES (895,778 ) (895,955 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,477

4,300

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 4,377 4,200
4,477 4,300

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.

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.

Magna Assets Ltd (Registered number: 10719967)

Balance Sheet - continued
30 September 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 director and authorised for issue on 23 April 2025 and were signed by:





M Chittenden - Director


Magna Assets Ltd (Registered number: 10719967)

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

1. STATUTORY INFORMATION

Magna Assets Ltd 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.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

Magna Assets Ltd (Registered number: 10719967)

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

4. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 October 2023
and 30 September 2024 1
NET BOOK VALUE
At 30 September 2024 1
At 30 September 2023 1

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 October 2023
and 30 September 2024 900,254
NET BOOK VALUE
At 30 September 2024 900,254
At 30 September 2023 900,254

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/9/24 30/9/23
£    £   
Trade debtors 29 1,117
Amounts owed by group undertakings 134,925 130,725
Other debtors 22,705 24,467
157,659 156,309

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/9/24 30/9/23
£    £   
Trade creditors 457 180
Taxation and social security 2,416 -
Other creditors 1,054,049 1,053,191
1,056,922 1,053,371

Magna Assets Ltd (Registered number: 10719967)

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

8. SECURED DEBTS

The following secured debts are included within creditors:

30/9/24 30/9/23
£    £   

The above loan is secured by a first legal mortgage over the company's investment property. It carries an interest rate fixed at 7% and is due for repayment on 30/9/2022.

9. RELATED PARTY DISCLOSURES

At the balance sheet date, the company owed £12,006 (2023: £12,006) to Mr M Chittenden.

Included in other debtors is an amount of £21,000 owed by Eastgate Street Limited, a company under common control of the director (2023: £21,300).

Included in other creditors at the year end are the following amounts owing to companies controlled by the director, Mr M Chittenden;

20242023
The Ordnance Depot Ltd£8,050£8,050
Manor Studios Ltd£76,649£76,649
The Royal Hotel (Essex) Ltd£7,500£7,500
Heritage Rocks Ltd£250,000£250,000
MRM47 Ltd£3,958-


10. ULTIMATE CONTROLLING PARTY

The controlling party is M Chittenden.

Chartered Accountants' Report to the Director
on the Unaudited Financial Statements of
Magna Assets Ltd

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Magna Assets Ltd for the year ended 30 September 2024 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Magna Assets Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Magna Assets Ltd and state those matters that we have agreed to state to the director of Magna Assets Ltd in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Magna Assets Ltd and its director for our work or for this report.

It is your duty to ensure that Magna Assets Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Magna Assets Ltd. You consider that Magna Assets Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Magna Assets Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Cartwrights
Chartered Accountants and Business Advisors
Regency House
33 Wood Street
Barnet
Hertfordshire
EN5 4BE


23 April 2025