Magick LLP - Accounts to registrar (filleted) - small 18.2
Magick LLP - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 |
| FOR |
| MAGICK LLP |
| MAGICK LLP (REGISTERED NUMBER: OC318734) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the Year Ended 31 March 2021 |
| Page |
| General Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| MAGICK LLP |
| GENERAL INFORMATION |
| for the Year Ended 31 March 2021 |
| DESIGNATED MEMBERS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 10 London Mews |
| Paddington |
| London |
| W2 1HY |
| MAGICK LLP (REGISTERED NUMBER: OC318734) |
| BALANCE SHEET |
| 31 March 2021 |
| 31.3.21 | 31.3.20 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
7 |
| NET LIABILITIES ATTRIBUTABLE TO MEMBERS |
- |
- |
| LOANS AND OTHER DEBTS DUE TO MEMBERS |
- |
- |
| TOTAL MEMBERS' INTERESTS |
| Amounts due from members | 5 | (81,774 | ) | (57,604 | ) |
| The members acknowledge their responsibilities for: |
| (a) | ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the LLP 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 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP. |
| MAGICK LLP (REGISTERED NUMBER: OC318734) |
| BALANCE SHEET - continued |
| 31 March 2021 |
| In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered. |
| The financial statements were approved by the members of the LLP and authorised for issue on |
| MAGICK LLP (REGISTERED NUMBER: OC318734) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the Year Ended 31 March 2021 |
| 1. | STATUTORY INFORMATION |
| Magick LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| After reviewing the LLPs forecasts and projections, the partners have reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future. The LLP therefore continues to adopt the going concern basis in preparing its financial statements. |
| However due to the uncertainty surrounding the Covid-19 virus at the time of approval of these accounts the partners believe it is difficult to establish the long term impact this may have on the business. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Turnover represents training income receivable in the year net of discounts and VAT. |
| Rendering of services |
| Revenue for providing services are recognised when the training course has been completed. |
| Tangible fixed assets |
| Computer equipment | - |
| Financial instruments |
| The LLP only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors and loans to related parties. |
| The basic financial debtors and liabilities as listed above are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future payments / receipts discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment. An impairment review is undertaken annually at the balance sheet date. |
| 3. | EMPLOYEE INFORMATION |
| The average number of employees during the year was NIL (2020 - NIL). |
| MAGICK LLP (REGISTERED NUMBER: OC318734) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 March 2021 |
| 4. | TANGIBLE FIXED ASSETS |
| Computer |
| equipment |
| £ |
| COST |
| At 1 April 2020 |
| and 31 March 2021 |
| DEPRECIATION |
| At 1 April 2020 |
| Charge for year |
| At 31 March 2021 |
| NET BOOK VALUE |
| At 31 March 2021 |
| At 31 March 2020 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.3.21 | 31.3.20 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.3.21 | 31.3.20 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.3.21 | 31.3.20 |
| £ | £ |
| Bank loans |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans more 5 yr by instal | 867 | - |