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REGISTERED NUMBER: 06841035 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

MAGPIE LIMITED

MAGPIE LIMITED (REGISTERED NUMBER: 06841035)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024










Page

Balance Sheet 1

Notes to the Financial Statements 2


MAGPIE LIMITED (REGISTERED NUMBER: 06841035)

BALANCE SHEET
31 DECEMBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 2,980 -
Tangible assets 5 8,652 10,679
11,632 10,679

CURRENT ASSETS
Stocks 4,100 3,281
Debtors 6 133,554 234,127
Cash at bank 61,107 69,403
198,761 306,811
CREDITORS
Amounts falling due within one year 7 50,619 51,453
NET CURRENT ASSETS 148,142 255,358
TOTAL ASSETS LESS CURRENT LIABILITIES 159,774 266,037

CREDITORS
Amounts falling due after more than one year 8 (5,274 ) (15,651 )

PROVISIONS FOR LIABILITIES 9 (2,150 ) (2,600 )
NET ASSETS 152,350 247,786

CAPITAL AND RESERVES
Called up share capital 1,010 1,010
Retained earnings 151,340 246,776
152,350 247,786

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 July 2025 and were signed on its behalf by:





M Sutton - Director


MAGPIE LIMITED (REGISTERED NUMBER: 06841035)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024


1. STATUTORY INFORMATION

Magpie Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 06841035

Registered office: Unit 1
Albert Drive
Burgess Hill
West Sussex
RH15 9TN

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents the sale of wholesale goods.

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- 25% reducing balance
Fixtures and fittings- 25% reducing balance
Motor vehicles- 25% reducing balance
Computer equipment- 25% reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 year 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.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website costs are being amortised evenly over its estimated useful life of ten years.

MAGPIE LIMITED (REGISTERED NUMBER: 06841035)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


3. EMPLOYEES

The average number of employees during the year was 3 (2023 - 3 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
Additions 3,005
At 31 December 2024 3,005
AMORTISATION
Charge for year 25
At 31 December 2024 25
NET BOOK VALUE
At 31 December 2024 2,980

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 January 2024 3,234 7,656 25,285 36,175
Additions - - 656 656
At 31 December 2024 3,234 7,656 25,941 36,831
DEPRECIATION
At 1 January 2024 2,765 2,928 19,803 25,496
Charge for year 117 1,182 1,384 2,683
At 31 December 2024 2,882 4,110 21,187 28,179
NET BOOK VALUE
At 31 December 2024 352 3,546 4,754 8,652
At 31 December 2023 469 4,728 5,482 10,679

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 10,983 17,384
Other debtors - 226
Directors' current accounts 85,710 155,119
Tax 26,121 60,758
VAT 10,129 -
Prepayments and accrued income 611 640
133,554 234,127

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,376 10,120
Trade creditors 15,222 13,616
Tax 14,022 9,629
Social security and other taxes 794 1,813
VAT - 10,148
Other creditors 10,205 6,127
50,619 51,453

MAGPIE LIMITED (REGISTERED NUMBER: 06841035)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 5,274 10,375
Bank loans - 2-5 years - 5,276
5,274 15,651

9. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 2,150 2,600

Deferred
tax
£   
Balance at 1 January 2024 2,600
Movement in provision (450 )
Balance at 31 December 2024 2,150

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors existed during the years ended 31 December 2024 and
31 December 2023:

2024 2023
£ £

Balance outstanding at start of year 155,119 203,283
Amounts advanced 86,894 107,674
Amounts repaid (156,303 ) (155,838 )
Balance outstanding at end of year 85,710 155,119

Directors loans are provided at an interest rate of 2.25% and are repayable on demand.