Magic Milestones Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06261134 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 June 2020

for

Magic Milestones Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Ms S Chamberlain

J J Howard-Clarke

REGISTERED OFFICE:

Blackthorn House

St Pauls Square

Birmingham

West Midlands

B3 1RL

REGISTERED NUMBER:

06261134 (England and Wales)

ACCOUNTANTS:

Locke Williams Associates LLP

Chartered Accountants

Blackthorn House

St Pauls Square

Birmingham

West Midlands

B3 1RL

FIXED ASSETS

Intangible assets

4

56

56

Tangible assets

5

70,495

85,225

70,551

85,281

CURRENT ASSETS

Debtors

6

139,983

407,964

Cash at bank and in hand

7,989

11,554

147,972

419,518

CREDITORS

Amounts falling due within one year

7

98,482

321,132

NET CURRENT ASSETS

49,490

98,386

TOTAL ASSETS LESS CURRENT LIABILITIES

120,041

183,667

CREDITORS

Amounts falling due after more than one year

8

(103,033

)

(114,934

)

PROVISIONS FOR LIABILITIES

(13,353

)

(16,143

)

NET ASSETS

3,655

52,590

CAPITAL AND RESERVES

Called up share capital

10

1,657

1,657

Retained earnings

1,998

50,933

SHAREHOLDERS' FUNDS

3,655

52,590

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2020 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 19 November 2020 and were signed on its behalf by:

Ms S Chamberlain - Director

1.	STATUTORY INFORMATION

Magic Milestones 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured

at cost less any accumulated amortisation and any accumulated impairment losses.

Intellectual property are being amortised evenly over their estimated useful life of nil years.

Development costs are being amortised evenly over their estimated useful life of three years.

Development costs

Expenditure on research and development is charged to the profit and loss account in the year in

which it is incurred, except where it is incurred in respect of the development of major new products or

services, where the outcome of those projects is assessed as being reasonably certain as regards

viability and technical feasibility. Such expenditure is capitalised and amortised straight line over the

estimated period of sale for each product, commencing in the year that sales of the product or service

are first made.

Deferred development expenditure is reviewed at the end of each accounting period and where the

circumstances that justified the deferral of expenditure no longer apply, or are considered doubtful, the

expenditure, to the extent to which it is considered to be irrecoverable, is to be written off immediately

project by project.

Once the new products or services come online, the deferred development expenditure will be

amortised over its the expected economic useful life, to be determined on a project by project basis.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Motor vehicles

-

25% on cost

Computer equipment

-

33% on 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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.

Those held under hire purchase contracts are depreciated over their estimated useful lives. Those

held under finance leases are depreciated over their estimated useful lives or the lease term,

whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The

capital element of the future payments is treated as a liability.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2019 - 5 ) .

4.	INTANGIBLE FIXED ASSETS

Intellectual

Development

property

costs

Totals

£

£

£

COST

At 1 July 2019

and 30 June 2020

56

117,378

117,434

AMORTISATION

At 1 July 2019

and 30 June 2020

-

117,378

117,378

NET BOOK VALUE

At 30 June 2020

56

-

56

At 30 June 2019

56

-

56

5.	TANGIBLE FIXED ASSETS

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 July 2019

and 30 June 2020

98,345

9,348

107,693

DEPRECIATION

At 1 July 2019

14,142

8,326

22,468

Charge for year

14,143

587

14,730

At 30 June 2020

28,285

8,913

37,198

NET BOOK VALUE

At 30 June 2020

70,060

435

70,495

At 30 June 2019

84,203

1,022

85,225

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 July 2019

and 30 June 2020

98,345

DEPRECIATION

At 1 July 2019

14,142

Charge for year

14,143

At 30 June 2020

28,285

NET BOOK VALUE

At 30 June 2020

70,060

At 30 June 2019

84,203

6.

DEBTORS

30.6.20

30.6.19

£

£

Amounts falling due within one year:

Trade debtors

43,919

223,309

Amounts owed by participating interests

9,000

-

Other debtors

20,300

45,911

73,219

269,220

30.6.20

30.6.19

£

£

Amounts falling due after more than one year:

Amounts owed by group undertakings

-

138,744

Amounts owed by participating interests

66,764

-

66,764

138,744

Aggregate amounts

139,983

407,964

Included in trade debtors is £43,919 (2019 £205,000) of debt which is subject to invoice financing.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.20

30.6.19

£

£

Hire purchase contracts

10,392

13,931

Invoice financing advances

12,111

41,975

Trade creditors

14,558

158,253

Taxation and social security

31,987

69,385

Other creditors

29,434

37,588

98,482

321,132

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.6.20

30.6.19

£

£

Bank loans

50,000

-

Hire purchase contracts

53,033

59,888

Other creditors

-

55,046

103,033

114,934

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

9,167

-

9.	SECURED DEBTS

The following secured debts are included within creditors:

30.6.20

30.6.19

£

£

Other loans

-

86,768

Hire purchase contracts

63,425

-

Invoice financing advances

12,111

41,975

75,536

128,743

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.6.20

30.6.19

value:

£

£

156,250

Ordinary A

£0.01p

-

156

306,373

Ordinary A

£0.01p

156

-

156

156

Allotted and issued:

Number:

Class:

Nominal

30.6.20

30.6.19

value:

£

£

150,123

Ordinary B

£0.01p

-

1,501

306,373

Ordinary B

£0.01p

1,501

-

1,657

1,657

The following shares were reclassified and reissued during the year:

150,123 Ordinary B shares were reclassified to Ordinary A shares, the new share capital of Ordinary A

shares is now 306,373.

306,373 Ordinary B shares of £0.01p were issued for cash of £500.

11.	RELATED PARTY DISCLOSURES

During the year, the company made a loan to it's participating interest of £9,000. This is shown in

debtors due within one year and is repayable on demand. There is a long term loan of £66,764 to the

participating interest shown in debtors due after more than one year. This has no fixed repayment date.