REGISTERED NUMBER: 05032201 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2025

for

MAG Orthotics Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M Guest

Mrs L M Guest

SECRETARY:

Mrs L M Guest

REGISTERED OFFICE:

Unit 31

Jessops Riverside

800 Brightside Lane

Sheffield

S9 2RX

REGISTERED NUMBER:

05032201 (England and Wales)

ACCOUNTANTS:

Hawson Jefferies

Suite 4

164-170 Queens Road

Sheffield

South Yorkshire

S2 4DH

FIXED ASSETS

Tangible assets

4

773,435

772,443

Investments

5

-

100

773,435

772,543

CURRENT ASSETS

Stocks

135,802

119,659

Debtors

6

254,024

221,661

Cash at bank

80,558

18,044

470,384

359,364

CREDITORS

Amounts falling due within one year

7

382,750

287,165

NET CURRENT ASSETS

87,634

72,199

TOTAL ASSETS LESS CURRENT LIABILITIES

861,069

844,742

CREDITORS

Amounts falling due after more than one year

8

(222,812

)

(270,153

)

PROVISIONS FOR LIABILITIES

(43,097

)

(53,226

)

NET ASSETS

595,160

521,363

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

595,158

521,361

595,160

521,363

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 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 4 September 2025 and were signed on its behalf by:

M Guest - Director

Mrs L M Guest - Director

1.	STATUTORY INFORMATION

MAG Orthotics Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

not provided

Long leasehold

-

2% on cost

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

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

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 36 (2024 - 35 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

Long

Plant and

property

leasehold

machinery

£

£

£

COST

At 1 April 2024

356,132

263,901

409,193

Additions

11,212

13,774

24,955

At 31 March 2025

367,344

277,675

434,148

DEPRECIATION

At 1 April 2024

-

46,660

260,721

Charge for year

-

5,553

40,322

At 31 March 2025

-

52,213

301,043

NET BOOK VALUE

At 31 March 2025

367,344

225,462

133,105

At 31 March 2024

356,132

217,241

148,472

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 1 April 2024

84,188

84,817

1,198,231

Additions

10,262

-

60,203

At 31 March 2025

94,450

84,817

1,258,434

DEPRECIATION

At 1 April 2024

68,355

50,052

425,788

Charge for year

4,645

8,691

59,211

At 31 March 2025

73,000

58,743

484,999

NET BOOK VALUE

At 31 March 2025

21,450

26,074

773,435

At 31 March 2024

15,833

34,765

772,443

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2024

100

Disposals

(100

)

At 31 March 2025

-

NET BOOK VALUE

At 31 March 2025

-

At 31 March 2024

100

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade debtors

227,397

218,661

Other debtors

26,627

3,000

254,024

221,661

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Bank loans and overdrafts

23,139

13,836

Hire purchase contracts

19,698

19,720

Trade creditors

90,813

71,490

Taxation and social security

149,429

139,457

Other creditors

99,671

42,662

382,750

287,165

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.25

31.3.24

£

£

Bank loans

222,812

250,547

Hire purchase contracts

-

19,606

222,812

270,153

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

222,812

250,547