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Company Registration No. 12206174 (England and Wales)
MAGDRIVE LTD Unaudited accounts for the period from 1 August 2024 to 31 December 2025
MAGDRIVE LTD Unaudited accounts Contents
Page
Company information
3
Statement of financial position
4
Notes to the accounts
5
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MAGDRIVE LTD Company Information for the period from 1 August 2024 to 31 December 2025
Directors
Mark Yasu Stokes Dr. Thomas Albert Clayson Harald Nieder
Company Number
12206174 (England and Wales)
Registered Office
Unit 4 Bep-0 Building Thomson Avenue Harwell Oxford OX11 0GD United Kingdom
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MAGDRIVE LTD Statement of financial position as at 31 December 2025
2025
2024
Notes
£
£
Fixed assets
Tangible assets
4
1,669,501
430,825
Current assets
Inventories
28,700
-
Debtors
5
631,790
245,245
Cash at bank and in hand
2,303,935
236,484
2,964,425
481,729
Creditors: amounts falling due within one year
6
1,970
(1,040,293)
Net current assets/(liabilities)
2,966,395
(558,564)
Total assets less current liabilities
4,635,896
(127,739)
Creditors: amounts falling due after more than one year
7
(237,079)
-
Net assets/(liabilities)
4,398,817
(127,739)
Capital and reserves
Called up share capital
211
82
Share premium
8,194,632
1,514,653
Capital contribution reserve
978,319
-
Profit and loss account
(4,774,345)
(1,642,474)
Shareholders' funds
4,398,817
(127,739)
For the period ending 31 December 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.
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 July 2026 and were signed on its behalf by
Dr. Thomas Albert Clayson Director Company Registration No. 12206174
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MAGDRIVE LTD Notes to the Accounts for the period from 1 August 2024 to 31 December 2025
1
Statutory information
MAGDRIVE LTD is a private company, limited by shares, registered in England and Wales, registration number 12206174. The registered office is Unit 4 Bep-0 Building, Thomson Avenue, Harwell Oxford, OX11 0GD, United Kingdom.
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.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous period, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets. The company is the parent of a group due to its ownnership of Magdrive US Inc. As the group headed by the company qualifies as a small group, the company has taken advantage of the exemption in section 399 of the Companies Act 2006 not to prepare consolidated financial statements. These financial statements present information about the company as an individual undertaking and not about its group.
Presentation currency
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:
Plant & machinery
4
Fixtures & fittings
10
Computer equipment
4
Government grants
Government grants are recognised under the accrual model. Grants relating to revenue expenditure are recognised in income within other operating income on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. A grant is not recognised until there is reasonable assurance that the company will comply with the conditions attaching to it and that the grant will be received.
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MAGDRIVE LTD Notes to the Accounts for the period from 1 August 2024 to 31 December 2025
Share-based payments
The company operates an equity-settled share option scheme under which certain employees have been granted options over ordinary shares. Options were issued during the period with an exercise price of £0.0001 per share and vest over a four-year period from their vesting commencement date, conditional on continued employment. Once vested, options remain exercisable until the tenth anniversary of the date of grant. During the period, 100,000 options were granted. The charge to the profit and loss account in respect of equity-settled share-based payments for the period was £978,319 (period ended 31 July 2024: £nil), with a corresponding credit to reserves. The fair value of the options was measured using the Black-Scholes option pricing model. The options were issued during the period, with vesting commencement dates between September 2020 and February 2023. The weighted average fair value of the options was £10.13 per option
4
Tangible fixed assets
Plant & machinery
Fixtures & fittings
Computer equipment
Total
£
£
£
£
Cost or valuation
At cost
At cost
At cost
At 1 August 2024
21,130
454,391
64,920
540,441
Additions
688,857
781,730
63,168
1,533,755
At 31 December 2025
709,987
1,236,121
128,088
2,074,196
Depreciation
At 1 August 2024
16,278
62,425
30,913
109,616
Charge for the period
116,435
149,743
28,901
295,079
At 31 December 2025
132,713
212,168
59,814
404,695
Net book value
At 31 December 2025
577,274
1,023,953
68,274
1,669,501
At 31 July 2024
4,852
391,966
34,007
430,825
5
Debtors
2025
2024
£
£
Amounts falling due within one year
VAT
248,700
57,730
Trade debtors
10,800
-
Amounts due from group undertakings etc.
89,593
-
Accrued income and prepayments
97,151
-
Other debtors
185,546
187,515
631,790
245,245
6
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
-
272,955
Taxes and social security
-
33,176
Other creditors
-
734,162
Loans from directors
(1,970)
-
(1,970)
1,040,293
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MAGDRIVE LTD Notes to the Accounts for the period from 1 August 2024 to 31 December 2025
7
Creditors: amounts falling due after more than one year
2025
2024
£
£
Trade creditors
130,203
-
Other creditors
11,483
-
Taxes and social security
86,981
-
Accruals
8,412
-
237,079
-
8
Transactions with related parties
Magdrive LTD owns 100% of the shares in its subsidiary, Magdrive US Inc. At the period end £89,592 was due to the company from the subsidiary undertaking (period ended 31 July 2024: £nil)
9
Average number of employees
During the period the average number of employees was 30 (2024: 15).
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