REGISTERED NUMBER: 11033943 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31st December 2024

for

Magna Systems Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr P N Mellings

REGISTERED OFFICE:

14A Market Place

Uttoxeter

Staffordshire

ST14 8HP

REGISTERED NUMBER:

11033943 (England and Wales)

ACCOUNTANTS:

Rice & Co Limited

Chartered Accountants

14a Market Place

Uttoxeter

Staffordshire

ST14 8HP

FIXED ASSETS

Tangible assets

4

48,293

97,283

Investments

5

2,788

2,788

51,081

100,071

CURRENT ASSETS

Stocks

20,000

41,385

Debtors

6

386,399

668,926

Cash at bank

279,871

124,672

686,270

834,983

CREDITORS

Amounts falling due within one year

7

458,606

557,283

NET CURRENT ASSETS

227,664

277,700

TOTAL ASSETS LESS CURRENT LIABILITIES

278,745

377,771

CREDITORS

Amounts falling due after more than one year

8

(57,751

)

(111,016

)

PROVISIONS FOR LIABILITIES

-

(653

)

NET ASSETS

220,994

266,102

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

220,894

266,002

SHAREHOLDERS' FUNDS

220,994

266,102

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 30th September 2025 and were signed by:

Mr P N Mellings - Director

1.	STATUTORY INFORMATION

Magna Systems 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 and value added tax. Turnover is recognised when services have been provided resulting in the company obtaining the right to consideration.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Motor vehicles

-

25% on reducing balance

Office equipment

-

33% on cost

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 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.

Foreign currencies

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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 14 (2023 - 30 ) .

4.	TANGIBLE FIXED ASSETS

Motor

Office

vehicles

equipment

Totals

£

£

£

COST

At 1st January 2024

140,226

36,766

176,992

Additions

-

5,598

5,598

Disposals

(43,000

)

-

(43,000

)

At 31st December 2024

97,226

42,364

139,590

DEPRECIATION

At 1st January 2024

47,474

32,235

79,709

Charge for year

19,448

4,562

24,010

Eliminated on disposal

(12,422

)

-

(12,422

)

At 31st December 2024

54,500

36,797

91,297

NET BOOK VALUE

At 31st December 2024

42,726

5,567

48,293

At 31st December 2023

92,752

4,531

97,283

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1st January 2024

and 31st December 2024

2,788

NET BOOK VALUE

At 31st December 2024

2,788

At 31st December 2023

2,788

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

202,652

400,416

Amounts owed by group undertakings

-

28,073

Other debtors

183,747

240,437

386,399

668,926

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

5,738

5,684

Hire purchase contracts (see note 9)

13,795

13,871

Trade creditors

208,951

219,397

Amounts owed to group undertakings

-

28,073

Taxation and social security

19,187

214,156

Other creditors

210,935

76,102

458,606

557,283

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans

24,538

30,093

Hire purchase contracts (see note 9)

33,213

80,923

57,751

111,016

Amounts falling due in more than five years:

Repayable by instalments

Bank loans

2,315

7,870

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2024

2023

£

£

Gross obligations repayable:

Within one year

17,013

23,088

Between one and five years

34,004

94,078

51,017

117,166

Finance charges repayable:

Within one year

3,218

9,217

Between one and five years

791

13,155

4,009

22,372

Net obligations repayable:

Within one year

13,795

13,871

Between one and five years

33,213

80,923

47,008

94,794

Non-cancellable

operating leases

2024

2023

£

£

Within one year

5,820

21,608

Between one and five years

14,520

13,581

20,340

35,189

10.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Hire purchase contracts

47,008

94,794

Hire purchase contracts are secured by the asset to which they relate.

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31st December 2024 and 31st December 2023:

2024

2023

£

£

Mr P N Mellings

Balance outstanding at start of year

9,209

-

Amounts advanced

65,382

10,584

Amounts repaid

(74,591

)

(1,375

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

9,209

Mr J L Lake

Balance outstanding at start of year

11,745

-

Amounts advanced

7,282

11,745

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

19,027

11,745

Interest of £724 (2023 - £266) at a rate of 2.25% (2023 - 2.25%) was paid to the company in respect of these advances and there were no fixed terms for repayment.

12.	RELATED PARTY DISCLOSURES

During the year ended 31st December 2024 £2,595 (2023- £111,740) was charged to the company in respect of services provided by companies whose directors include the directors of Magna Systems Limited. Included in creditors due within one year at 31st December 2024 is £nil (2023- £10,097) owing to these companies.

Included in debtors at 31st December 2024 is £108,190 (2023- £100,571) owed by companies whose directors include the directors of Magna Systems Limited, and £nil (2023 - £30,000) owed by relatives of a director of Magna Systems Limited.

Included in creditors due within one year at 31st December 2024 is £131,665 (2023 - £nil) owed to Mr P N Mellings, a director of the company.