Company Registration No. 09284056 (England and Wales)
MAGNA FINANCIAL LIMITED
Unaudited accounts
for the year ended 31 March 2025
MAGNA FINANCIAL LIMITED
Unaudited accounts
Contents
MAGNA FINANCIAL LIMITED
Company Information
for the year ended 31 March 2025
Directors
Mr.Osman HANIF
Mr Saeed ABBASSI
Company Number
09284056 (England and Wales)
Registered Office
1 Knightsbridge Green
London
SW1X 7QA
UK
MAGNA FINANCIAL LIMITED
Statement of financial position
as at 31 March 2025
Investments
4,310,743
4,131,849
Cash at bank and in hand
326
26,786
Creditors: amounts falling due within one year
(77,103)
(73,781)
Net current (liabilities)/assets
(76,777)
34,722
Net assets
4,233,966
4,166,571
Called up share capital
10
10
Profit and loss account
4,233,956
4,166,561
Shareholders' funds
4,233,966
4,166,571
For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The members have agreed to the preparation of abridged accounts for the year in accordance with Section 444(2A).
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 3 November 2025 and were signed on its behalf by
Mr.Osman HANIF
Director
Company Registration No. 09284056
MAGNA FINANCIAL LIMITED
Notes to the Accounts
for the year ended 31 March 2025
MAGNA FINANCIAL LIMITED is a private company, limited by shares, registered in England and Wales, registration number 09284056. The registered office is 1 Knightsbridge Green, London, SW1X 7QA, UK.
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Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A – Small Entities, as applicable to the company. The financial statements have been prepared under the historical cost convention, and there were no material departures from the requirements of this standard during the reporting period.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Functional and Presentation Currency:
The financial statements are presented in pounds sterling (£), which is the company’s functional and presentation currency. Where necessary, amounts denominated in foreign currencies have been translated into pounds sterling using the prevailing average exchange rates for the reporting period, in accordance with FRS 102 Section 30 – Foreign Currency Translation.
Tangible fixed assets and depreciation:
There are no tangible fixed assets to report on during the period.
The company holds investments in stocks classified as fixed asset investments, which are stated at cost less any provision for impairment in value. The carrying value of the investments is reviewed annually to assess whether there is any indication of impairment. Where necessary, an impairment loss is recognized in the profit and loss account.
Accounting Policy
Fixed asset investments are initially recognized at cost, with subsequent adjustments made for impairment where the recoverable amount falls below the carrying value. The recoverable amount is determined as the higher of the fair value less costs to sell and the value in use.
Valuation Basis
For listed stocks, fair value is determined by reference to the market price at the reporting date. For unlisted stocks, fair value is based on the company’s estimation of the recoverable amount.
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Tangible fixed assets
Total
MAGNA FINANCIAL LIMITED
Notes to the Accounts
for the year ended 31 March 2025
Allotted, called up and fully paid:
10 Ordinary shares of £1 each
10
10
The company has complied with the workplace pension rules as defined by HMRC and The Pensions Regulator during the reporting period. All eligible uk employees have been assessed and enrolled in a qualifying workplace pension scheme, with contributions made in accordance with statutory requirements.
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Average number of employees
During the year the average number of employees was 4 (2024: 3).