REGISTERED NUMBER: 11040511 (England and Wales)

MAGNET PLANT HIRE LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

T A Magnet

C A Magnet

REGISTERED OFFICE:

8 Church Green East

Redditch

Worcestershire

B98 8BP

REGISTERED NUMBER:

11040511 (England and Wales)

ACCOUNTANTS:

Charles Lovell & Co Limited

Chartered Certified Accountants

and Statutory Auditors

8 Church Green East

Redditch

Worcestershire

B98 8BP

FIXED ASSETS

Tangible assets

4

272,720

223,061

CURRENT ASSETS

Debtors

5

38,540

23,714

Cash at bank and in hand

32,795

25,933

71,335

49,647

CREDITORS

Amounts falling due within one year

6

212,123

188,320

NET CURRENT LIABILITIES

(140,788

)

(138,673

)

TOTAL ASSETS LESS CURRENT LIABILITIES

131,932

84,388

CREDITORS

Amounts falling due after more than one year

7

(28,866

)

(44,455

)

PROVISIONS FOR LIABILITIES

(20,194

)

(8,127

)

NET ASSETS

82,872

31,806

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

82,772

31,706

SHAREHOLDERS' FUNDS

82,872

31,806

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 Income Statement has not been delivered.

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

C A Magnet - Director

1.	STATUTORY INFORMATION

Magnet Plant Hire Ltd 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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

20% on 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.

3.	EMPLOYEES AND DIRECTORS

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

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 April 2024

388,133

43,218

500

431,851

Additions

118,727

19,500

-

138,227

Disposals

(35,594

)

-

-

(35,594

)

At 31 March 2025

471,266

62,718

500

534,484

DEPRECIATION

At 1 April 2024

199,952

8,338

500

208,790

Charge for year

64,580

9,939

-

74,519

Eliminated on disposal

(21,545

)

-

-

(21,545

)

At 31 March 2025

242,987

18,277

500

261,764

NET BOOK VALUE

At 31 March 2025

228,279

44,441

-

272,720

At 31 March 2024

188,181

34,880

-

223,061

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

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 April 2024

148,500

-

148,500

Additions

35,925

19,500

55,425

At 31 March 2025

184,425

19,500

203,925

DEPRECIATION

At 1 April 2024

31,049

-

31,049

Charge for year

36,099

1,219

37,318

At 31 March 2025

67,148

1,219

68,367

NET BOOK VALUE

At 31 March 2025

117,277

18,281

135,558

At 31 March 2024

117,451

-

117,451

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade debtors

28,923

17,622

Other debtors

9,617

6,092

38,540

23,714

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Bank loans and overdrafts

2,069

2,017

Hire purchase contracts

31,034

43,209

Trade creditors

3,774

16,082

Taxation and social security

8,301

540

Other creditors

166,945

126,472

212,123

188,320

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.25

31.3.24

£

£

Bank loans

350

2,417

Hire purchase contracts

28,516

42,038

28,866

44,455

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.25

31.3.24

£

£

Hire purchase contracts

59,550

85,247

Hire Purchase contracts are secured against the assets to which they relate.