| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 October 2024 |
| for |
| MAGA INVEST LIMITED |
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 October 2024 |
| for |
| MAGA INVEST LIMITED |
| MAGA INVEST LIMITED (Registered number: SC711715) |
| Contents of the Financial Statements |
| for the Year Ended 31 October 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Chartered Accountants' Report | 7 |
| MAGA INVEST LIMITED |
| Company Information |
| for the Year Ended 31 October 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Pavilion 3, Suite 2 |
| St James Business Park |
| Paisley |
| Renfrewshire |
| PA3 3BB |
| MAGA INVEST LIMITED (Registered number: SC711715) |
| Balance Sheet |
| 31 October 2024 |
| 31.10.24 | 31.10.23 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Investments | 4 |
| CURRENT ASSETS |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 5 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital | 6 |
| Fair value reserve | 7 | ( |
) |
| Retained earnings | 7 | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| 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. |
| MAGA INVEST LIMITED (Registered number: SC711715) |
| Balance Sheet - continued |
| 31 October 2024 |
| 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 |
| MAGA INVEST LIMITED (Registered number: SC711715) |
| Notes to the Financial Statements |
| for the Year Ended 31 October 2024 |
| 1. | STATUTORY INFORMATION |
| MAGA INVEST LIMITED is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Financial instruments |
| Trade and other debtors / creditors |
| Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument. |
| Cash and cash equivalents |
| Cash and cash equivalents comprise cash balances and call deposits. |
| For financial assets which include investments in non-convertible preference shares and non-puttable ordinary shares, where fair value can be measured reliably, the investment will be measured at fair value with changes in the fair value recognised in the profit and loss account. |
| Taxation |
| Taxation for the year 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 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| MAGA INVEST LIMITED (Registered number: SC711715) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2024 |
| 4. | FIXED ASSET INVESTMENTS |
| Listed |
| investments |
| £ |
| COST OR VALUATION |
| At 1 November 2023 |
| Additions |
| Disposals | ( |
) |
| Impairments | ( |
) |
| At 31 October 2024 |
| NET BOOK VALUE |
| At 31 October 2024 |
| At 31 October 2023 |
| Cost or valuation at 31 October 2024 is represented by: |
| Listed |
| investments |
| £ |
| Valuation in 2024 | 53,186 |
| Valuation in 2024 | 5,311 |
| 58,497 |
| If fixed asset investments had not been revalued they would have been included at the following historical cost: |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Cost | 87,368 | 80,048 |
| Fixed asset investments were valued on an open market basis on 31 October 2024 by Interactive Brokers UK Ltd . |
| 5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Tax |
| Directors' current accounts | 85,308 | 76,642 |
| Accruals and deferred income |
| 6. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.10.24 | 31.10.23 |
| value: | £ | £ |
| Ordinary | £1 | 100 | 100 |
| MAGA INVEST LIMITED (Registered number: SC711715) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2024 |
| 7. | RESERVES |
| Fair |
| Retained | value |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 1 November 2023 | ( |
) | (16,241 | ) |
| Deficit for the year | ( |
) | ( |
) |
| Revaluation reserve | 28,871 | (28,871 | ) | - |
| At 31 October 2024 | ( |
) | (26,552 | ) |
| 8. | RELATED PARTY DISCLOSURES |
| During the year under review, the directors offered financial support to the company by way of loans. These loans were provided at commercial rates with interest being applied annually in arrears. The balance due to the directors as at the balance sheet date was £85,309 [2023: £76,641]. There is no fixed term for repayment with the interest rate tracking the Bank of England Base rate. |
| Chartered Accountants' Report to the Board of Directors |
| on the Unaudited Financial Statements of |
| MAGA INVEST 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 MAGA INVEST LIMITED for the year ended 31 October 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 ICAS, we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts. |
| This report is made solely to the Board of Directors of MAGA INVEST 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 MAGA INVEST LIMITED and state those matters that we have agreed to state to the Board of Directors of MAGA INVEST LIMITED, as a body, in this report in accordance with the requirements of ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report. |
| It is your duty to ensure that MAGA INVEST 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 MAGA INVEST LIMITED. You consider that MAGA INVEST LIMITED is exempt from the statutory audit requirement for the year. |
| We have not been instructed to carry out an audit or a review of the financial statements of MAGA INVEST 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. |
| Pavilion 3, Suite 2 |
| St James Business Park |
| Paisley |
| Renfrewshire |
| PA3 3BB |