Magic International Limited Filleted accounts for Companies House (small and micro)
Magic International Limited Filleted accounts for Companies House (small and micro)
COMPANY REGISTRATION NUMBER:
03688932
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Statement of Financial Position |
2021 |
2020 |
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Note |
£ |
£ |
Fixed assets
Intangible assets |
5 |
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Tangible assets |
6 |
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---- |
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Current assets
Stocks |
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Debtors |
7 |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
8 |
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Net current assets |
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Total assets less current liabilities |
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Provisions
Taxation including deferred tax |
(
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(
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Net assets |
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Capital and reserves
Called up share capital |
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Profit and loss account |
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Shareholders funds |
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In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
Directors' responsibilities:
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The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
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Statement of Financial Position (continued) |
These financial statements were approved by the
board of directors
and authorised for issue on
24 November 2021
, and are signed on behalf of the board by:
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Director |
Company registration number:
03688932
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Notes to the Financial Statements |
Year ended 31 March 2021
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Elizabeth House, 54-58 High Street, Edgware, Middx, HA8 7TT.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
Revenue recognition
Income tax
Foreign currencies
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Patents |
- |
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If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Computer & Ancilliary Equipment |
- |
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Fixtures, Fittings & Equipment |
- |
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Impairment of fixed assets
Stocks
Provisions
Financial instruments
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
1
(2020:
1
).
5.
Intangible assets
Goodwill |
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£ |
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Cost |
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At 1 April 2020 and 31 March 2021 |
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Amortisation |
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At 1 April 2020 and 31 March 2021 |
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Carrying amount |
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At 31 March 2021 |
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At 31 March 2020 |
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6.
Tangible assets
Plant and machinery |
Fixtures and fittings |
Total |
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£ |
£ |
£ |
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Cost |
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At 1 April 2020 and 31 March 2021 |
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Depreciation |
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At 1 April 2020 and 31 March 2021 |
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Carrying amount |
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At 31 March 2021 |
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At 31 March 2020 |
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7.
Debtors
2021 |
2020 |
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£ |
£ |
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Trade debtors |
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– |
Other debtors |
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------- |
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8.
Creditors:
amounts falling due within one year
2021 |
2020 |
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£ |
£ |
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Trade creditors |
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– |
Corporation tax |
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– |
Other creditors |
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9.
Contingencies
The directors have deferred taking remuneration due to them for the time being. The notional amount deferred at 31 March 2021 including employers national insurance was £2,931,696. (2020: £2,713,200).
10.
Directors' advances, credits and guarantees
The amount due by the company to
P E Lang
at 31 March 2021 was £135,036 (2020 - £127,817).
11.
Ultimate controlling party
The company is under the ultimate control of P E Lang, a director and shareholder of the company.