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REGISTERED NUMBER: 15166296 (England and Wales)














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: S Taylor
J E Taylor
J L Taylor
P E Hickin
B M L Daws





SECRETARY: J L Taylor





REGISTERED OFFICE: 9 Great Chesterford Court
London Road
Great Chesterford
Essex
CB10 1PF





REGISTERED NUMBER: 15166296 (England and Wales)





ACCOUNTANTS: Lanham and Company Limited
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 19,029

CURRENT ASSETS
Stocks 926,552
Debtors 5 80,940
Cash at bank 279,522
1,287,014
CREDITORS
Amounts falling due within one year 6 1,372,867
NET CURRENT LIABILITIES (85,853 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(66,824

)

CAPITAL AND RESERVES
Called up share capital 7 100
Retained earnings (66,924 )
SHAREHOLDERS' FUNDS (66,824 )

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

The members have not required the company to obtain an audit of its financial statements for the period ended 30 September 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.

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 20 May 2025 and were signed on its behalf by:





S Taylor - Director


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 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.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost and 25% on cost

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 2 .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
Additions 23,114
At 30 September 2024 23,114
DEPRECIATION
Charge for period 4,085
At 30 September 2024 4,085
NET BOOK VALUE
At 30 September 2024 19,029

5. DEBTORS
£   
Amounts falling due within one year:
Other debtors 58,663

Amounts falling due after more than one year:
Other debtors 22,277

Aggregate amounts 80,940

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 (4,757 )
Tax losses carried forward 27,034
22,277

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Trade creditors 4,146
Amounts owed to group undertakings 1,362,572
Taxation and social security 5,521
Other creditors 628
1,372,867

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal
value: £   
100 Ordinary £1 100

100 Ordinary shares of £1 were issued during the period for cash of £ 100 .

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 S Taylor.

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.






Lanham and Company Limited
Chartered Accountants
9 Great Chesterford Court
London Road
Great Chesterford
Essex
CB10 1PF


20 May 2025