Magma Structures BP Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08233796 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2021

for

Magma Structures BP Limited

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

Mr A Shaw

Mr R D Roberts

REGISTERED OFFICE:

Magma House Trafalgar Wharf

Hamilton Road

Portsmouth

PO6 4PX

REGISTERED NUMBER:

08233796 (England and Wales)

ACCOUNTANTS:

Langricks (Holmfirth) Limited

4 Greenfield Road

Holmfirth

West Yorkshire

HD9 2JT

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Magma Structures BP Limited for the year ended 31 December 2021 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Magma Structures BP Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Magma Structures BP Limited and state those matters that we have agreed to state to the Board of Directors of Magma Structures BP Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Magma Structures BP Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Magma Structures BP Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Magma Structures BP Limited. You consider that Magma Structures BP Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Magma Structures BP Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Langricks (Holmfirth) Limited

4 Greenfield Road

Holmfirth

West Yorkshire

HD9 2JT

20 September 2022

FIXED ASSETS

Tangible assets

4

8,535

18,677

Investments

5

15,595

15,595

24,130

34,272

CURRENT ASSETS

Debtors

6

98,173

313,065

Cash at bank

35,525

397,136

133,698

710,201

CREDITORS

Amounts falling due within one year

7

151,669

510,778

NET CURRENT (LIABILITIES)/ASSETS

(17,971

)

199,423

TOTAL ASSETS LESS CURRENT LIABILITIES

6,159

233,695

PROVISIONS FOR LIABILITIES

-

150,000

NET ASSETS

6,159

83,695

CAPITAL AND RESERVES

Called up share capital

107

107

Retained earnings

6,052

83,588

6,159

83,695

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 September 2022 and were signed on its behalf by:

Mr R D Roberts - Director

1.	STATUTORY INFORMATION

Magma Structures BP Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date, and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Revenue recognition

Revenue is recognised in relation to the value of work carried out which is based on the project as a whole. Judgements are made on the timing of revenue recognition based on the percentage completion of the work, and the expected outcome of the contract.

Turnover

Turnover represents the total invoice value, excluding value added tax, of sales made during the period, less deferred income, and derives from the provision of goods and services falling within the company's ordinary activities.

In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year. Turnover in respect of long-term contracts and contracts for on-going services is recoginsed by reference to the stage of completion.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

33% on cost

Plant and machinery etc

-

33% on cost

Government grants

Grants of a revenue nature are credited to the Income Statement in the period to which they relate in accordance with the terms of the grant. Any accrued or deferred element of the grant is included in debtors or creditors as applicable.

Investments in subsidiaries

Fixed asset investments are stated at cost less provision for permanent diminution in value.

Basic financial instruments

Basic financial instruments are measured at amortised cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Other key sources of estimation uncertainty

Revenue recognition

The timing of revenue recognition is based on the risk and expected outcome of the contract. These estimates are based on management experience and expertise in the area.

Warranty provision

Management make their best estimate of the cost of warranty claims based on expected costs and likelihood of occurrence.

Warranty provision

The company makes a provision for warranty costs based on the directors best estimate of expected returns and costs of re-work.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - 8 ).

4.	TANGIBLE FIXED ASSETS

Fixtures

Short

Plant and

and

Computer

leasehold

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 January 2021

and 31 December 2021

13,875

489,896

23,602

152,835

680,208

DEPRECIATION

At 1 January 2021

13,875

478,014

23,145

146,497

661,531

Charge for year

-

6,199

238

3,705

10,142

At 31 December 2021

13,875

484,213

23,383

150,202

671,673

NET BOOK VALUE

At 31 December 2021

-

5,683

219

2,633

8,535

At 31 December 2020

-

11,882

457

6,338

18,677

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakin

£

COST

At 1 January 2021

and 31 December 2021

15,595

NET BOOK VALUE

At 31 December 2021

15,595

At 31 December 2020

15,595

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Trade debtors

34,714

291,790

Other debtors

63,459

21,275

98,173

313,065

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Payments on account

-

276,130

Trade creditors

115,001

165,335

Amounts owed to group undertakings

30,851

30,904

Taxation and social security

-

6,147

Other creditors

5,817

32,262

151,669

510,778