Magmatic Limited

Magmatic Limited is a small, holding company based in Bristol, UK, with an active status. Founded 22 years ago in 2003, the company employs nine people and holds £191,041 in assets. It operates from a virtual address, shared by forty-six other companies, and is managed by two directors and two owners. Magmatic is a regular importer of leather goods, travel bags, and animal harnesses, with 71 months of import activity recorded, and a regular exporter of furniture, lighting, and prefabricated buildings, with 101 months of export activity.

The company describes itself as an ASX-listed mining exploration company, focused on gold and copper discoveries in the East Lachlan region of Australia. Its website details several projects, including Wellington North, Parkes, and Myall, all targeting porphyry deposits. It seems to be actively seeking investors, with a section dedicated to recent announcements and a share price history. The company’s activities include drilling for gold and copper, and it highlights a strategic position in an emerging discovery hotspot.

Financially, Magmatic Limited’s recent performance paints a mixed picture. Cash reserves have decreased significantly, dropping 43% to £190,000. Convertible bonds in issue have increased dramatically, jumping from zero to £2.2 million, while creditors have surged by a staggering 910% to £2.2 million. Equity has remained relatively stable, but net assets and liabilities have stayed consistent. The company’s small size (meeting two of three conditions for being a small company) allows for flexibility, but the increase in creditors and decrease in cash could indicate financial strain. The company’s accounts are unaudited, and no auditor is mentioned.

The sharp increase in convertible bonds suggests a reliance on external funding, while the rise in creditors could be a result of increased business activity or delayed payments. It's likely the company is burning through cash to fund exploration activities, and the lack of a clear path to profitability could be a concern.

Registered in England/Wales under the registration number 04669286, with a registered address at BS8 1BQ, United Kingdom, Bristol, C/O Saffery Llp St Catherine's Court, Berkeley Place, Clifton.

WARNING:The numbers have been rounded for simplicity and may be inaccurate.Please, refer to the latest financial report for verification.