Registered number
11729575
MA.GI.MI LTD
Filleted Accounts
31 December 2024
MA.GI.MI LTD
Registered number: 11729575
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 43,751 31,379
Current assets
Stocks 6,150 5,275
Debtors 4 - 155,192
Cash at bank and in hand 777,791 93,791
783,941 254,258
Creditors: amounts falling due within one year 5 (202,998) (100,788)
Net current assets 580,943 153,470
Total assets less current liabilities 624,694 184,849
Creditors: amounts falling due after more than one year 6 (455,213) (106,674)
Net assets 169,481 78,175
Capital and reserves
Called up share capital 300 300
Profit and loss account 169,181 77,875
Shareholders' funds 169,481 78,175
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Puzone Massimo
Director
Approved by the board on 22/05/0025
MA.GI.MI LTD
Notes to the Accounts
for the year ended 31 December 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery 18% RBM
Fixtures, fittings, tools and equipment 18% RBM
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 18 18
3 Tangible fixed assets
Furniture, Fixture & Fitting Plant and machinery etc Total
£ £ £
Cost
At 1 January 2024 43,877 17,195 61,072
Additions 19,975 3,333 23,308
At 31 December 2024 63,852 20,528 84,380
Depreciation
At 1 January 2024 20,864 8,829 29,693
Charge for the year 8,597 2,339 10,936
At 31 December 2024 29,461 11,168 40,629
Net book value
At 31 December 2024 34,391 9,360 43,751
At 31 December 2023 23,013 8,366 31,379
4 Debtors 2024 2023
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest - 155,192
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 9,904 25,499
Amounts owed to group undertakings and undertakings in which the company has a participating interest 63,169 -
Pension Payable 1,910 1,605
HMRC VAT Payable 63,151 14,709
Taxation and social security costs 64,864 34,975
Propsed Dividend - 24,000
202,998 100,788
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 323,586 23,581
Director Loan account 131,627 83,093
455,213 106,674
7 Other information
MA.GI.MI LTD is a private company limited by shares and incorporated in England. Its registered office is:
46 Nova Road
Croydon
England
CR0 2TL
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