REGISTERED NUMBER: 04959361 (England and Wales)

MAGTEC ELECTRIC GATES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

10

Chartered Certified Accountants' Report

11

DIRECTORS:

C Patrone

Mrs M Patrone

SECRETARY:

Mrs M Patrone

REGISTERED OFFICE:

4 Bank Court

Weldon Road

Loughborough

Leicestershire

LE11 5RF

REGISTERED NUMBER:

04959361 (England and Wales)

ACCOUNTANTS:

Essex Abel Ltd

4 Bank Court

Weldon Road

Loughborough

Leicestershire

LE11 5RF

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

232,678

281,912

232,678

281,912

CURRENT ASSETS

Stocks

59,311

76,370

Debtors

6

611,819

497,770

Cash at bank and in hand

467,938

348,091

1,139,068

922,231

CREDITORS

Amounts falling due within one year

7

625,422

456,060

NET CURRENT ASSETS

513,646

466,171

TOTAL ASSETS LESS CURRENT LIABILITIES

746,324

748,083

CREDITORS

Amounts falling due after more than one year

8

(71,127

)

(157,552

)

PROVISIONS FOR LIABILITIES

(38,112

)

(39,659

)

NET ASSETS

637,085

550,872

CAPITAL AND RESERVES

Called up share capital

120

120

Retained earnings

636,965

550,752

SHAREHOLDERS' FUNDS

637,085

550,872

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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 Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 31 October 2025 and were signed on its behalf by:

C Patrone - Director

1.	STATUTORY INFORMATION

Magtec Electric Gates Limited is a private company, limited by shares, registered in England and Wales. The company's registered office address is given in the company information section and it's principal place of business is 25 Highmeres Road, Leicester, Leicestershire.

The presentation currency of the financial statements is in Pounds Sterling (£)

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value.

Significant judgements and estimates

In the application of the company's accounting policies, which are described in the accounting policies below, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates which could result in a material adjustment to the carrying amounts of assets or liabilities affected in future periods.

Judgements

In preparing these financial statements, the directors have made the following judgements, which have the most significant effect on the amounts recognised in the financial statements:

Estimates and assumptions

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The Company based its assumptions and estimates on parameters available when the financial statements were prepared. Existing circumstances and assumptions about future developments; however, may change due to market changes or circumstances arising that are beyond the control of the Company. Such changes are reflected in the assumptions when they occur.

Turnover

Turnover represents the fair value of consideration receivable for the sale of goods and services in the ordinary course of business, excluding value added tax and trade discounts.

Revenue is recognised when it is probable that the economic benefits associated with the transaction will flow to the company and the amount of revenue can be measured reliably.

The company's main sources of revenue are as follows:

Sale of Goods

Revenue from the sale of gates and related products is recognised when the goods have been delivered to the customer and the risks and rewards of ownership have transferred.

Installations

Revenue from installation services is recognised when the installation is complete and the customer has accepted the work.

Maintenance Contracts

Revenue from maintenance and service contracts is recognised on a straight-line basis over the duration of the contract, as the services are provided evenly over time.

Income received in advance of the service period is included in deferred income, while amounts relating to work performed but not yet invoiced are included in accrued income.

Customer Deposits

Deposits received from customers prior to delivery or installation are recorded as deferred income until the related goods or services have been provided.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.

Plant and machinery

-

25% on cost and 15% on cost

Fixtures and fittings

-

15% on cost

Motor vehicles

-

25% on reducing balance

Stocks

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans to/from related parties.

Debt instruments, like loans and other accounts receivable and payable, are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payment discounted at a market rate of interest for a similar debt instrument.

Trade and other debtors

Trade and other debtors are initially recognised at the transaction price and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the debtors are stated at cost less impairment losses for bad and doubtful debts.

A provision for impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of debtors. The amount of the provision is determined as the difference between the asset's carrying amount and the present value of estimated future cash flows, and is recognised in the profit & loss in operating expenses.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

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.

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 22 (2024 - 20 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 July 2024

and 30 June 2025

67,000

AMORTISATION

At 1 July 2024

and 30 June 2025

67,000

NET BOOK VALUE

At 30 June 2025

-

At 30 June 2024

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 July 2024

507,222

Additions

56,193

Disposals

(14,704

)

At 30 June 2025

548,711

DEPRECIATION

At 1 July 2024

225,310

Charge for year

96,160

Eliminated on disposal

(5,437

)

At 30 June 2025

316,033

NET BOOK VALUE

At 30 June 2025

232,678

At 30 June 2024

281,912

Fixed assets, included in the above, which are held under hire purchase contracts and finance leases are as follows:

Plant and

machinery

etc

£

COST

At 1 July 2024

302,812

Additions

52,757

Disposals

(14,704

)

Transfer to ownership

(14,746

)

At 30 June 2025

326,119

DEPRECIATION

At 1 July 2024

99,646

Charge for year

73,512

Eliminated on disposal

(5,437

)

Transfer to ownership

(12,880

)

At 30 June 2025

154,841

NET BOOK VALUE

At 30 June 2025

171,278

At 30 June 2024

203,166

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

113,790

165,279

Amounts owed by group undertakings

450,383

287,572

Other debtors

47,646

44,919

611,819

497,770

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Hire purchase contracts and finance leases (see note 9)

102,740

40,584

Trade creditors

130,713

124,786

Taxation and social security

218,618

225,603

Other creditors

173,351

65,087

625,422

456,060

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Hire purchase contracts and finance leases (see note 9)

71,127

157,552

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

Finance leases

2025

2024

2025

2024

£

£

£

£

Net obligations repayable:

Within one year

63,750

16,438

38,990

24,146

Between one and five years

8,870

57,872

62,257

99,680

72,620

74,310

101,247

123,826

Non-cancellable

operating leases

2025

2024

£

£

Within one year

30,789

31,977

Between one and five years

60,673

91,463

91,462

123,440

10.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Hire purchase contracts and finance leases

173,867

198,136

The hire purchase and finance leases are secured on the assets to which it relates.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Magtec Electric Gates Limited for the year ended 30 June 2025 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Magtec Electric Gates Limited, as a body, in accordance with the terms of our engagement letter dated 9 August 2013. Our work has been undertaken solely to prepare for your approval the financial statements of Magtec Electric Gates Limited and state those matters that we have agreed to state to the Board of Directors of Magtec Electric Gates Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at

https://www.accaglobal.com/gb/en/technical-activities/technical-resources-

search/2009/october/factsheet-163-audit-exempt-companies.html.

To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Magtec Electric Gates Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Magtec Electric Gates Limited. You consider that Magtec Electric Gates Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Magtec Electric Gates Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Essex Abel Ltd

4 Bank Court

Weldon Road

Loughborough

Leicestershire

LE11 5RF

5 November 2025