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Registered Number: 13370036
England and Wales

 

 

 

MAGMAWORKS LTD



Unaudited Financial Statements
 


Period of accounts

Start date: 01 January 2024

End date: 31 December 2024

Magmaworks Ltd
Contents Page
For the year ended 31 December 2024
 
 		 Notes
 		 2024
£		   2023
£
Fixed assets      
Tangible fixed assets 3 2,625    4,983 
2,625    4,983 
Current assets      
Debtors 4 29,826    33,785 
Cash at bank and in hand 4,119    6,089 
33,945    39,874 
Creditors: amount falling due within one year 5 (3,412)   (8,540)
Net current assets 30,533    31,334 
 
Total assets less current liabilities 33,158    36,317 
Creditors: amount falling due after more than one year 6 (182,426)   (144,832)
Net assets (149,268)   (108,515)
 

Capital and reserves 		     
Called up share capital 7 1    1 
Profit and loss account (149,269)   (108,516)
Shareholders' funds (149,268)   (108,515)
 


For the 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.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the director on 24 September 2025 and were signed by:


-------------------------------
A Wall
Director
1
General Information
Magmaworks Ltd is a private company, limited by shares, registered in England and Wales, registration number 13370036, registration address 5 Myrtle Street, Liverpool, Merseyside, L7 7DN.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Going concern basis
The company is currently supported by a connected company. The 'intercompany' balance owed to the connected company is on a long term basis. Therefore the director is satisfied that, at the time of approval of the financial statements, there is no significant concern that the company will be unable to continue operating. On this basis, the director considers it appropriate to prepare the financial statements on a going concern basis.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Leasehold Property Improvements 33% Straight Line
Fixtures and Fittings 33% Straight Line
Computer Equipment 33% Straight Line
2.

Average number of employees

Average number of employees during the year was 0 (2023 : 0).
3.

Tangible fixed assets

Cost or valuation Leasehold Property Improvements   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £
At 01 January 2024 -    921    4,093    5,014 
Additions 7,398    132    -    7,530 
Disposals -    -    -    - 
At 31 December 2024 7,398    1,053    4,093    12,544 
Depreciation
At 01 January 2024 2,466    919    4,044    7,429 
Charge for year 2,441    7    42    2,490 
On disposals -    -    -    - 
At 31 December 2024 4,907    926    4,086    9,919 
Net book values
Closing balance as at 31 December 2024 2,491    127    7    2,625 
Opening balance as at 01 January 2024 4,932    2    49    4,983 


4.

Debtors: amounts falling due within one year

2024
£		   2023
£
Prepayments & Accrued Income 0    8,605 
Other Debtors 5,426    5,426 
VAT 24,400    19,754 
29,826    33,785 

5.

Creditors: amount falling due within one year

2024
£		   2023
£
Trade Creditors 1,030    7,190 
Accrued Expenses 2,382    1,350 
3,412    8,540 

6.

Creditors: amount falling due after more than one year

2024
£		   2023
£
Other Creditors 182,426    144,832 
182,426    144,832 

7.

Share Capital

Allotted, called up and fully paid
2024
£		   2023
£
1 Ordinary share of £1.00 each 1    1 
1    1 

2