| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Period 26 September 2023 to 30 September 2024 |
| for |
| Magma Cars Limited |
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Period 26 September 2023 to 30 September 2024 |
| for |
| Magma Cars Limited |
| Magma Cars Limited (Registered number: 15166296) |
| Contents of the Financial Statements |
| for the Period 26 September 2023 to 30 September 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Chartered Accountants' Report | 6 |
| Magma Cars Limited |
| Company Information |
| for the Period 26 September 2023 to 30 September 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 9 Great Chesterford Court |
| London Road |
| Great Chesterford |
| Essex |
| CB10 1PF |
| Magma Cars Limited (Registered number: 15166296) |
| Balance Sheet |
| 30 September 2024 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT LIABILITIES | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
| CAPITAL AND RESERVES |
| Called up share capital | 7 |
| Retained earnings | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) |
| 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. |
| 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 |
| Magma Cars Limited (Registered number: 15166296) |
| Notes to the Financial Statements |
| for the Period 26 September 2023 to 30 September 2024 |
| 1. | STATUTORY INFORMATION |
| Magma Cars Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Going concern |
| The company's parent undertaking, Jet Investments Limited has provided loans to finance the startup of the business. These are included in creditors due within one year and at the year-end amounted to £1,362,572. Since the year-end further finance has been provided by Jet Investments Limited to facilitate moving to larger business premises and this has enabled the business to continue to grow and prosper in line with its financial forecast and budgets. This support is expected to continue for the foreseeable future and the going concern basis of accounting has therefore been used in preparing these financial statements. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable net of VAT payable under the used car margin scheme. |
| Revenue from the sale of cars is recognised when the significant risks and rewards of ownership have been passed to the buyer and the outcome of the transaction can be measured reliably. This will usually be on the transfer of legal ownership and delivery of the car to the customer. |
| Tangible fixed assets |
| Plant and machinery etc | - |
| Stocks |
| Stock is valued at the lower of cost and net realisable value. Cost includes the purchase price of the car and any repairs or parts purchased to prepare it for sale. |
| Financial instruments |
| Financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of the instrument. |
| Trade debtors and creditors are classed as basic financial instruments and are initially measured at transaction price. |
| Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and short-term deposits with an original maturity date of three months or less. |
| Loans and borrowings are classified as basic financial instruments and are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a financing transaction it is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument, unless exempt from such treatment. |
| Magma Cars Limited (Registered number: 15166296) |
| Notes to the Financial Statements - continued |
| for the Period 26 September 2023 to 30 September 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the period 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 period 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 |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the period was |
| 4. | TANGIBLE FIXED ASSETS |
| Plant and |
| machinery |
| etc |
| £ |
| COST |
| Additions |
| At 30 September 2024 |
| DEPRECIATION |
| Charge for period |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| 5. | DEBTORS |
| £ |
| Amounts falling due within one year: |
| Other debtors |
| Amounts falling due after more than one year: |
| Other debtors |
| Aggregate amounts |
| Magma Cars Limited (Registered number: 15166296) |
| Notes to the Financial Statements - continued |
| for the Period 26 September 2023 to 30 September 2024 |
| 5. | DEBTORS - continued |
| Deferred tax asset |
| £ |
| Accelerated capital allowances | ( |
) |
| Tax losses carried forward |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| 7. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal |
| value: | £ |
| Ordinary | £1 | 100 |
| 100 Ordinary shares of £1 were issued during the period |
| 8. | RELATED PARTY DISCLOSURES |
| Included in creditors due within one year is an interest free loan from the parent company of £1,362,572. |
| 9. | ULTIMATE CONTROLLING PARTY |
| The controlling party is Jet Investments Limited. |
| The ultimate controlling party is |
| Chartered Accountants' Report to the Board of Directors |
| on the Unaudited Financial Statements of |
| Magma Cars Limited |
| The following reproduces the text of the report prepared for the directors 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 Directors 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 Magma Cars Limited for the period 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 Board of Directors of Magma Cars Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Magma Cars Limited and state those matters that we have agreed to state to the Board of Directors of Magma Cars Limited, as a body, 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 Magma Cars Limited and its Board of Directors, as a body, for our work or for this report. |
| It is your duty to ensure that Magma Cars Limited 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 loss of Magma Cars Limited. You consider that Magma Cars Limited is exempt from the statutory audit requirement for the period. |
| We have not been instructed to carry out an audit or a review of the financial statements of Magma Cars Limited. 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. |
| Chartered Accountants |
| 9 Great Chesterford Court |
| London Road |
| Great Chesterford |
| Essex |
| CB10 1PF |