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Registered number: 07183418
Magnetic North Travel Ltd
Financial Statements
For The Year Ended 31 March 2025
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—4
Page 1
Balance Sheet
Registered number: 07183418
2025 2024
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 27,829 -
Tangible Assets 5 3,762 4,388
31,591 4,388
CURRENT ASSETS
Debtors 6 225,849 55,368
Cash at bank and in hand 298,854 181,138
524,703 236,506
Creditors: Amounts Falling Due Within One Year 7 (585,276 ) (158,272 )
NET CURRENT ASSETS (LIABILITIES) (60,573 ) 78,234
TOTAL ASSETS LESS CURRENT LIABILITIES (28,982 ) 82,622
NET (LIABILITIES)/ASSETS (28,982 ) 82,622
CAPITAL AND RESERVES
Called up share capital 8 44 44
Share premium account 19,941 19,941
Capital redemption reserve 56 56
Profit and Loss Account (49,023 ) 62,581
SHAREHOLDERS' FUNDS (28,982) 82,622
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 member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs L J Greenman
Director
13 August 2025
The notes on pages 2 to 4 form part of these financial statements.
Page 1
Page 2
Notes to the Financial Statements
1. General Information
Magnetic North Travel Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07183418 . The registered office is Magnetic North Travel Ltd, 50 Liverpool Street, London, EC2M 7PY.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are .... It is amortised to the profit and loss account over its estimated economic life of .... years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 33.3% Straight line
Computer Equipment 33.3% Straight line
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.
2.7. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.
Page 2
Page 3
3. Average Number of Employees
Average number of employees, including directors, during the year was: 7 (2024: 5)
7 5
4. Intangible Assets
Other
£
Cost
As at 1 April 2024 -
Additions 27,829
As at 31 March 2025 27,829
Net Book Value
As at 31 March 2025 27,829
As at 1 April 2024 -
5. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 April 2024 4,605 20,934 25,539
Additions - 1,437 1,437
As at 31 March 2025 4,605 22,371 26,976
Depreciation
As at 1 April 2024 3,190 17,961 21,151
Provided during the period 467 1,596 2,063
As at 31 March 2025 3,657 19,557 23,214
Net Book Value
As at 31 March 2025 948 2,814 3,762
As at 1 April 2024 1,415 2,973 4,388
6. Debtors
2025 2024
£ £
Due within one year
Prepayments and accrued income 215,012 43,804
Other debtors 6,430 11,564
Corporation tax recoverable assets 4,407 -
225,849 55,368
Page 3
Page 4
7. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Trade creditors 18,014 3,073
Corporation tax - 4,407
Other creditors 36,896 6,728
Accruals and deferred income 530,366 144,064
585,276 158,272
8. Share Capital
2025 2024
£ £
Allotted, Called up and fully paid 44 44
Page 4