MAG Shopfitting Limited - Filleted accounts

Registered number

05165993

MAG Shopfitting Limited

Unaudited Filleted Accounts

31 March 2026

MAG Shopfitting Limited
Registered number:		05165993
Balance Sheet
as at 31 March 2026

Notes			2026			2025
£				£
Fixed assets
Tangible assets	4		2,472			3,291
Investments	5		210,000			210,000
			212,472			213,291

Current assets
Debtors	6	2,399			3,433
Cash at bank and in hand		3,375			15,842
		5,774			19,275

Creditors: amounts falling due within one year	7	(62,532)			(71,201)

Net current liabilities			(56,758)			(51,926)

Total assets less current liabilities			155,714			161,365

Creditors: amounts falling due after more than one year	8		(145,923)			(147,524)

Provisions for liabilities			(5,220)			(5,375)


Net assets			4,571			8,466

Capital and reserves
Called up share capital			100			100
Revaluation reserve	10		20,419			20,419
Profit and loss account			(15,948)			(12,053)

Shareholders' funds			4,571			8,466

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 members have 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 and delivered 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.



P G Hamilton
Director
Approved by the board on 23 October 2026

MAG Shopfitting Limited
Notes to the Accounts
for the year ended 31 March 2026


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Going concern
	The accounts have been prepared on the going concern basis as the directors have confirmed their continuing financial support to the company.

	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 and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. 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.

	Intangible fixed assets
	Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.

	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Plant and machinery	15% reducing balance
	Motor vehicles	25% reducing balance
	Computer Equipment	25% straight line

	Investments
	Investment properties are measured at fair value. Changes in fair value are included in the profit and loss account.

	Stocks
	Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice 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 (which is usually the invoice 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.

	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

	Leased assets
	A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.

	Pensions
	Contributions to defined contribution plans are expensed in the period to which they relate.


2	Employees			2026		2025
Number					Number

	Average number of persons employed by the company			2		2


3	Intangible fixed assets					£
	Goodwill:

	Cost
	At 1 April 2025					30,000
	At 31 March 2026					30,000

	Amortisation
	At 1 April 2025					30,000
	At 31 March 2026					30,000

	Net book value
	At 31 March 2026					-

	Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.


4	Tangible fixed assets
		Plant and machinery etc		Motor vehicles		Total
£			£		£
	Cost
	At 1 April 2025	8,200		29,773		37,973
	Disposals	(230)		-		(230)
	At 31 March 2026	7,970		29,773		37,743

	Depreciation
	At 1 April 2025	6,955		27,727		34,682
	Charge for the year	167		511		678
	On disposals	(89)		-		(89)
	At 31 March 2026	7,033		28,238		35,271

	Net book value
	At 31 March 2026	937		1,535		2,472
	At 31 March 2025	1,245		2,046		3,291


5	Investments

Other
investments
£
	Cost
	At 1 April 2025					210,000

	At 31 March 2026					210,000

	Historical cost
	At 1 April 2025					185,000
	At 31 March 2026					185,000

	Other investments relates to an investment property which is carried at its fair value. The fair value has been determined by the company's director, Mr P G Hamilton, and is based on the recent selling price of comparable properties.


6	Debtors			2026		2025
£					£

	Trade debtors			-		2,180
	Other debtors			2,399		1,253
				2,399		3,433


7	Creditors: amounts falling due within one year			2026		2025
£					£

	Bank loans and overdrafts			1,775		10,000
	Taxation and social security costs			87		83
	Other creditors			60,670		61,118
				62,532		71,201


8	Creditors: amounts falling due after one year			2026		2025
£					£

	Bank loans			145,923		147,524


9	Loans			2026		2025
£					£
	Creditors include:
	Amounts payable otherwise than by instalment falling due for payment after more than five years			145,923		145,287


	Secured bank loans			145,923		145,287

	The bank loan is secured on the investment property.


10	Undistributable reserve			2026		2025
£					£

	At 1 April 2025			20,419		4,219
	Gain on revaluation of land and buildings			-		20,000
	Deferred taxation arising on the revaluation of land and buildings			-		(3,800)

	At 31 March 2026			20,419		20,419

	The undistributable reserve arises from the revaluation of the investment property to fair value.

11	Related party transactions

	At 31 March 2026, the company owed its shareholders £57,291 (2025: £58,627). The company paid £2,000 interest on this loan during the previous year. No interest was charged during the current year. This loan is repayable on demand.


12	Other information

	MAG Shopfitting Limited is a private company limited by shares and incorporated in England. Its registered office is:
	Lindi
	5 Torbridge Road
	Plymouth
	PL7 4AX