Registered number
05557221
Magnet Construction Limited
Filleted Accounts
30 September 2024
Magnet Construction Limited
Registered number: 05557221
Balance Sheet
as at 30 September 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 754,174 758,551
Current assets
Debtors 4 6,570 12,615
Cash at bank and in hand 614,000 339,130
620,570 351,745
Creditors: amounts falling due within one year 5 (601,196) (518,451)
Net current assets/(liabilities) 19,374 (166,706)
Total assets less current liabilities 773,548 591,845
Creditors: amounts falling due after more than one year 6 (60,000) (40,000)
Net assets 713,548 551,845
Capital and reserves
Called up share capital 100 100
Profit and loss account 713,448 551,745
Shareholders' funds 713,548 551,845
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.
Yaroslav Kurant
Director
Approved by the board on 25 June 2025
Magnet Construction Limited
Notes to the Accounts
for the year ended 30 September 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 over 5 years
Fixtures, fittings, tools and equipment over 5 years
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.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 5 5
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 October 2023 734,488 7,253 38,117 779,858
Additions - - 2,066 2,066
At 30 September 2024 734,488 7,253 40,183 781,924
Depreciation
At 1 October 2023 - 6,896 14,411 21,307
Charge for the year - - 6,443 6,443
At 30 September 2024 - 6,896 20,854 27,750
Net book value
At 30 September 2024 734,488 357 19,329 754,174
At 30 September 2023 734,488 357 23,706 758,551
4 Debtors 2024 2023
£ £
Other debtors 6,570 12,615
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 68,680 86,597
Taxation and social security costs 66,949 72,330
Other creditors 465,567 359,524
601,196 518,451
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 60,000 40,000
7 Other information
Magnet Construction Limited is a private company limited by shares and incorporated in England. Its registered office is:
25 Berryhill
Eltham
SE9 1QP
Magnet Construction Limited 05557221 false 2023-10-01 2024-09-30 2024-09-30 VT Final Accounts July 2024 Yaroslav Kurant No description of principal activity 05557221 2022-10-01 2023-09-30 05557221 core:WithinOneYear 2023-09-30 05557221 core:AfterOneYear 2023-09-30 05557221 core:ShareCapital 2023-09-30 05557221 core:RetainedEarningsAccumulatedLosses 2023-09-30 05557221 2023-10-01 2024-09-30 05557221 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 05557221 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 05557221 bus:Director40 2023-10-01 2024-09-30 05557221 1 2023-10-01 2024-09-30 05557221 2 2023-10-01 2024-09-30 05557221 core:LandBuildings 2023-10-01 2024-09-30 05557221 core:PlantMachinery 2023-10-01 2024-09-30 05557221 core:Vehicles 2023-10-01 2024-09-30 05557221 countries:England 2023-10-01 2024-09-30 05557221 bus:FRS102 2023-10-01 2024-09-30 05557221 bus:FilletedAccounts 2023-10-01 2024-09-30 05557221 2024-09-30 05557221 core:WithinOneYear 2024-09-30 05557221 core:AfterOneYear 2024-09-30 05557221 core:ShareCapital 2024-09-30 05557221 core:RetainedEarningsAccumulatedLosses 2024-09-30 05557221 core:LandBuildings 2024-09-30 05557221 core:PlantMachinery 2024-09-30 05557221 core:Vehicles 2024-09-30 05557221 2023-09-30 05557221 core:LandBuildings 2023-09-30 05557221 core:PlantMachinery 2023-09-30 05557221 core:Vehicles 2023-09-30 iso4217:GBP xbrli:pure