Company Registration No. 14213463 (England and Wales)
Magna & Co Development Ltd
Unaudited accounts
for the year ended 31 July 2025
Magna & Co Development Ltd
Unaudited accounts
Contents
Magna & Co Development Ltd
Company Information
for the year ended 31 July 2025
Company Number
14213463 (England and Wales)
Accountants
Flexie Accountants Ltd
117 Glenfiled Road
Leicester
Leicestershire
LE3 6DH
Magna & Co Development Ltd
Statement of financial position
as at 31 July 2025
Called up share capital not paid
99
99
Tangible assets
1,192,174
1,192,174
Cash at bank and in hand
(2,689)
2,337
Creditors: amounts falling due within one year
(484,345)
(370,184)
Net current liabilities
(276,280)
(167,093)
Total assets less current liabilities
915,993
1,025,180
Creditors: amounts falling due after more than one year
(1,104,334)
(1,137,263)
Net liabilities
(188,341)
(112,083)
Called up share capital
99
99
Profit and loss account
(188,440)
(112,182)
Shareholders' funds
(188,341)
(112,083)
For the year ending 31 July 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
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 and authorised for issue on 28 April 2026 and were signed on its behalf by
Temitope AFOLABI
Director
Company Registration No. 14213463
Magna & Co Development Ltd
Notes to the Accounts
for the year ended 31 July 2025
Magna & Co Development Ltd is a private company, limited by shares, registered in England and Wales, registration number 14213463.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
These financial statements for the year ended 31 July 2025 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 August 2023.
The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously.
The nature of these changes and their impact on opening equity and profit for the comparative period are explained in the notes below.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
4
Tangible fixed assets
Land & buildings
At 1 August 2024
1,192,174
Magna & Co Development Ltd
Notes to the Accounts
for the year ended 31 July 2025
Amounts falling due within one year
Accrued income and prepayments
510
510
Other debtors
210,244
200,244
6
Creditors: amounts falling due within one year
2025
2024
Taxes and social security
(2,080)
(4,656)
Other creditors
365,240
374,840
Loans from directors
120,785
-
7
Creditors: amounts falling due after more than one year
2025
2024
Other creditors
1,104,334
1,137,263
8
Average number of employees
During the year the average number of employees was 0 (2024: 0).