MAGICLICK UK LTD - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 06463165 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2022

for

MAGICLICK UK LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M J Lusted

M Kalaora

REGISTERED OFFICE:

65 Leadenhall Street

London

EC3A 2AD

REGISTERED NUMBER:

06463165 (England and Wales)

ACCOUNTANTS:

J.D. Bregman & Co Limited

First Floor

Spitalfields House

Stirling Way

Borehamwood

Hertfordshire

WD6 2FX

FIXED ASSETS

Tangible assets

4

59,669

70,025

CURRENT ASSETS

Debtors

5

253,637

268,770

Cash at bank

320,502

142,361

574,139

411,131

CREDITORS

Amounts falling due within one year

6

(355,983

)

(215,288

)

NET CURRENT ASSETS

218,156

195,843

TOTAL ASSETS LESS CURRENT LIABILITIES

277,825

265,868

CREDITORS

Amounts falling due after more than one year

7

(29,663

)

(63,420

)

NET ASSETS

248,162

202,448

CAPITAL AND RESERVES

Called up share capital

8

400

400

Capital redemption reserve

600

600

Retained earnings

247,162

201,448

SHAREHOLDERS' FUNDS

248,162

202,448

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 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 30 March 2023 and were signed on its behalf by:

M J Lusted - Director

1.	STATUTORY INFORMATION

MAGICLICK UK LTD 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.

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

-

20% on cost

Plant and machinery etc

-

33% on cost and 25% on cost

Government grants

Government grants are recognised in income when received.

Financial instruments

The company has elected to apply the provisions of Schedule 1A of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset , with the net amounts presented in the financial statements , when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at

transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and

preference shares that are classified as debt, are initially recognised at transaction price unless the

arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2021 - 17 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2022

63,068

85,343

148,411

Additions

-

4,757

4,757

At 31 December 2022

63,068

90,100

153,168

DEPRECIATION

At 1 January 2022

26,223

52,163

78,386

Charge for year

6,307

8,806

15,113

At 31 December 2022

32,530

60,969

93,499

NET BOOK VALUE

At 31 December 2022

30,538

29,131

59,669

At 31 December 2021

36,845

33,180

70,025

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Trade debtors

150,652

142,037

Other debtors

102,985

126,733

253,637

268,770

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Bank loans and overdrafts

10,000

10,000

Hire purchase contracts

24,267

24,267

Trade creditors

8,690

2,464

Taxation and social security

116,793

96,824

Other creditors

196,233

81,733

355,983

215,288

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.22

31.12.21

£

£

Bank loans

25,000

35,000

Hire purchase contracts

4,663

28,420

29,663

63,420

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.22

31.12.21

value:

£

£

1

Ordinary

400

400

400