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Company Registration No. 10020983 (England and Wales)
MAGNIFICENT GIFTS LTD Unaudited accounts for the year ended 31 March 2025
MAGNIFICENT GIFTS LTD Unaudited accounts Contents
Page
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MAGNIFICENT GIFTS LTD Company Information for the year ended 31 March 2025
Director
Simon Bulman
Company Number
10020983 (England and Wales)
Registered Office
4 Lon Maldwyn Llansantffraid Powys SY22 6FH
Accountants
Accounts and Returns Ltd 26 Smith St Warwick CV34 4HS
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MAGNIFICENT GIFTS LTD Statement of financial position as at 31 March 2025
2025 
2024 
Notes
£ 
£ 
Fixed assets
Tangible assets
713 
951 
Current assets
Inventories
5,367 
8,029 
Debtors
- 
443 
Cash at bank and in hand
74 
2,273 
5,441 
10,745 
Creditors: amounts falling due within one year
(6,264)
(2,035)
Net current (liabilities)/assets
(823)
8,710 
Net (liabilities)/assets
(110)
9,661 
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
(210)
9,561 
Shareholders' funds
(110)
9,661 
For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 25 April 2025 and were signed on its behalf by
Simon Bulman Director Company Registration No. 10020983
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MAGNIFICENT GIFTS LTD Notes to the Accounts for the year ended 31 March 2025
1
Statutory information
MAGNIFICENT GIFTS LTD is a private company, limited by shares, registered in England and Wales, registration number 10020983. The registered office is 4 Lon Maldwyn, Llansantffraid, Powys, SY22 6FH.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% Reducing Balance
4
Tangible fixed assets
Plant & machinery 
£ 
Cost or valuation
At cost 
At 1 April 2024
3,400 
At 31 March 2025
3,400 
Depreciation
At 1 April 2024
2,449 
Charge for the year
238 
At 31 March 2025
2,687 
Net book value
At 31 March 2025
713 
At 31 March 2024
951 
5
Debtors
2025 
2024 
£ 
£ 
Amounts falling due within one year
Trade debtors
- 
443 
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MAGNIFICENT GIFTS LTD Notes to the Accounts for the year ended 31 March 2025
6
Creditors: amounts falling due within one year
2025 
2024 
£ 
£ 
Trade creditors
858 
984 
Loans from directors
5,406 
1,051 
6,264 
2,035 
7
Transactions with related parties
During the year, the company received a loan amounting to £5,406 from a member of key management personnel. The loan is to be repaid on demand and interest-free. At the balance sheet date, the loan was still outstanding and is presented within creditors: amounts falling due within one year.
8
Average number of employees
During the year the average number of employees was 1 (2024: 1).
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