The Magnet Consultant Ltd - Filleted accounts

The Magnet Consultant Ltd
Registered number:		16580161
Statement of Financial Position
as at 31 July 2026

Notes			2026
£
Fixed assets
Tangible assets	3		1,303

Current assets
Stocks		2,212
Debtors	4	43,517
Cash at bank and in hand		4,044
		49,773

Creditors: amounts falling due within one year	5	(64,458)

Net current liabilities			(14,685)

Net liabilities			(13,382)

Capital and reserves
Profit and loss account			(13,382)

Shareholder's funds			(13,382)

The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




A W Why
Director
Approved by the board on 28 October 2026

The Magnet Consultant Ltd
Notes to the Accounts
for the period from 14 July 2025 to 31 July 2026


1	Accounting policies

	Going concern
	The company had retained losses as at the balance sheet date which were not covered by the share capital of the company. The company is continuing to trade as the director of the company is funding the company in the form of a director’s loan. The director is planning to continue this financial support for the company for the foreseeable future. The financial statements have been prepared on a basis other than the going concern basis. The basis includes, where applicable, writing the company’s assets down to net realisable value. Provisions have also been made in respect of contracts which have become onerous at the reporting date.

	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Debtors
	Short term debtors are measured at transaction price, less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price. Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.


2	Employees and directors	2026
Number

	Average number of directors and persons employed by the company	1


3	Tangible fixed assets
			Plant and machinery etc
£
	Cost
	Additions		1,737
	At 31 July 2026		1,737

	Depreciation
	Charge for the period		434
	At 31 July 2026		434

	Net book value
	At 31 July 2026		1,303



4	Debtors	2026
£

	Trade debtors	5,142
	Prepayments	37,777
	Other debtors	598
		43,517


5	Creditors: amounts falling due within one year	2026
£

	Accruals	600
	Other creditors	63,858
		64,458


6	Other information

	The Magnet Consultant Ltd is a private company limited by shares and incorporated in England. Its registered office is:
	269 Farnborough Road
	Farnborough
	Hampshire
	GU14 7LY