Magna Capital Management Limited
Unaudited Financial Statements
For the year ended 31 December 2024
Pages for Filing with Registrar
Company Registration No. 12233299 (England and Wales)
Magna Capital Management Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 5
Magna Capital Management Limited
Balance Sheet
As at 31 December 2024
Page 1
2024
2023
Notes
$
$
$
$
Fixed assets
Investments
3
7,190,384
6,190,384
Current assets
Debtors
4
469,486
909,816
Cash at bank and in hand
14,440
10,439
483,926
920,255
Creditors: amounts falling due within one year
5
(7,590,058)
(7,039,130)
Net current liabilities
(7,106,132)
(6,118,875)
Net assets
84,252
71,509
Capital and reserves
Called up share capital
6
1,225
1,225
Profit and loss reserves
83,027
70,284
Total equity
84,252
71,509

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 15 September 2025 and are signed on its behalf by:
R J Benn
Director
Company Registration No. 12233299
Magna Capital Management Limited
Notes to the Financial Statements
For the year ended 31 December 2024
Page 2
1
Accounting policies
Company information

Magna Capital Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, 9 Appold Street, London, EC2A 2AP.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in US Dollars ($), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest US Dollar. The year end exchange rate is £1 to $1.2 6 (2023: £1 to $1.2 7).

The financial statements have been prepared under the historical cost convention modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

The company is dependent on the continuing financial support of its parent company which has confirmed it will continue to support the company for a least a year from the date of approval of these financial statements and accordingly the financial statements are prepared on a going concern basis. true

1.3
Turnover

Turnover represents the fair value of services provided during the period to clients. Turnover is

recognised as contract activity progresses and the right to consideration is earned. Fair value reflects the amount expected to be recoverable from clients and is based on services provided and expenses incurred, but excludes VAT.

1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

Magna Capital Management Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 3
1.5
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans and other debtors receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors

Short term trade creditors and other current creditors payable on demand are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Magna Capital Management Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 4
1.9
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
1
3
Fixed asset investments
2024
2023
$
$
Shares in group undertakings and participating interests
2,021,084
2,021,084
Loans to group undertakings and participating interests
5,169,300
4,169,300
7,190,384
6,190,384
Movements in fixed asset investments
Shares in subsidiaries
Loans
Total
$
$
$
Cost or valuation
At 1 January 2024
2,021,084
4,169,300
6,190,384
Adjustment
-
1,000,000
1,000,000
At 31 December 2024
2,021,084
5,169,300
7,190,384
Carrying amount
At 31 December 2024
2,021,084
5,169,300
7,190,384
At 31 December 2023
2,021,084
4,169,300
6,190,384

The adjustment relates to a correction/recategorization of related company balances with a corresponding adjustment to creditors.

Magna Capital Management Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 5
4
Debtors
2024
2023
Amounts falling due within one year:
$
$
Trade debtors
462,325
902,862
Other debtors
1,225
1,225
Prepayments and accrued income
5,936
5,729
469,486
909,816
5
Creditors: amounts falling due within one year
2024
2023
$
$
Trade creditors
150,221
154,998
Amounts owed to group undertakings
7,425,527
6,865,813
Corporation tax
3,589
5,422
Other creditors
1,800
1,800
Accruals and deferred income
8,921
11,097
7,590,058
7,039,130
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
$
$
Issued and fully paid
1000 ordinary shares of £1 each
1,000
1,000
1,225
1,225
7
Related party transactions
Transactions with related parties

The company has taken advantage of the exemption from disclosing transitions with members within a wholly owned group.

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