Magicbaby Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 07003666 (England and Wales)

Unaudited Financial Statements

for the Period 1 September 2023 to 31 December 2023

for

Magicbaby Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr P L Dabek

Mr D Pumfrett

REGISTERED OFFICE:

Unit 7 Brookfields Way

Manvers

Rotherham

South Yorkshire

S63 5DL

REGISTERED NUMBER:

07003666 (England and Wales)

FIXED ASSETS

Tangible assets

4

86,822

102,981

CURRENT ASSETS

Stocks

1,567,761

1,645,067

Debtors

5

1,046,030

885,201

Cash at bank

232,382

381,918

2,846,173

2,912,186

CREDITORS

Amounts falling due within one year

6

805,354

874,771

NET CURRENT ASSETS

2,040,819

2,037,415

TOTAL ASSETS LESS CURRENT LIABILITIES

2,127,641

2,140,396

CREDITORS

Amounts falling due after more than one year

7

(2,751

)

(4,976

)

PROVISIONS FOR LIABILITIES

(21,705

)

(25,745

)

NET ASSETS

2,103,185

2,109,675

CAPITAL AND RESERVES

Called up share capital

9

20,000

20,000

Retained earnings

10

2,083,185

2,089,675

SHAREHOLDERS' FUNDS

2,103,185

2,109,675

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2023 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 28 March 2024 and were signed on its behalf by:

Mr P L Dabek - Director

1.	STATUTORY INFORMATION

Magicbaby 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.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

33% on reducing balance, 25% on cost, 25% on reducing balance and 20% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the period 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 period 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 period was 16 (2023 - 16 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 September 2023

243,791

Disposals

(41,179

)

At 31 December 2023

202,612

DEPRECIATION

At 1 September 2023

140,810

Charge for period

12,407

Eliminated on disposal

(37,427

)

At 31 December 2023

115,790

NET BOOK VALUE

At 31 December 2023

86,822

At 31 August 2023

102,981

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

Plant and

machinery

etc

£

COST

At 1 September 2023

and 31 December 2023

26,991

DEPRECIATION

At 1 September 2023

7,638

Charge for period

1,613

At 31 December 2023

9,251

NET BOOK VALUE

At 31 December 2023

17,740

At 31 August 2023

19,353

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.23

31.8.23

£

£

Trade debtors

689,255

480,389

Amounts owed by group undertakings

278,319

282,756

Other debtors

78,456

122,056

1,046,030

885,201

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.23

31.8.23

£

£

Hire purchase contracts

6,675

6,675

Trade creditors

555,139

719,081

Taxation and social security

207,045

101,824

Other creditors

36,495

47,191

805,354

874,771

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.23

31.8.23

£

£

Hire purchase contracts

2,751

4,976

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.23

31.8.23

£

£

Hire purchase contracts

9,426

11,651

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.23

31.8.23

value:

£

£

20,000

Ordinary

£1

20,000

20,000

10.

RESERVES

Retained

earnings

£

At 1 September 2023

2,089,675

Deficit for the period

(6,490

)

At 31 December 2023

2,083,185