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REGISTERED NUMBER: 09913867 (England and Wales)









Strategic Report,

Report of the Director and

Audited Financial Statements

for the Year Ended 30 June 2021

for

Magi Enterprises UK Limited

Magi Enterprises UK Limited (Registered number: 09913867)






Contents of the Financial Statements
for the Year Ended 30 June 2021




Page

Company Information 1

Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 4

Statement of Profit or Loss 7

Statement of Profit or Loss and Other Comprehensive
Income

8

Statement of Financial Position 9

Statement of Changes in Equity 10

Statement of Cash Flows 11

Notes to the Statement of Cash Flows 12

Notes to the Financial Statements 13


Magi Enterprises UK Limited

Company Information
for the Year Ended 30 June 2021







DIRECTOR: R Q R Cromb





REGISTERED OFFICE: 28 Church Road
Stanmore
Middlesex
HA7 4XR





REGISTERED NUMBER: 09913867 (England and Wales)





AUDITORS: Parker Cavendish
Chartered Accountants
Registered Auditor
28 Church Road
Stanmore
Middlesex
HA7 4XR

Magi Enterprises UK Limited (Registered number: 09913867)

Strategic Report
for the Year Ended 30 June 2021

The director presents his strategic report for the year ended 30 June 2021.

ON BEHALF OF THE BOARD:





R Q R Cromb - Director


20 April 2022

Magi Enterprises UK Limited (Registered number: 09913867)

Report of the Director
for the Year Ended 30 June 2021

The director presents his report with the financial statements of the company for the year ended 30 June 2021.

DIVIDENDS
No dividends will be distributed for the year ended 30 June 2021.

FUTURE DEVELOPMENTS
During the last two years due to Covid, the company has been unable to expand its business in the UK. As the world recovers from the pandemic, the plan is to increase the on-line sales in the UK and open a few stores expanding business in the UK.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTOR
R Q R Cromb held office during the whole of the period from 1 July 2020 to the date of this report.

GOING CONCERN
After making enquiries, the directors have formed judgement, at the time of approving the financial statements, that there is reasonable expectation that the company has adequate resources to continue to operate for the foreseeable future. For this reason, the directors continue to adopt the 'going concern' basis in preparing these financial statements.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with International Financial Reporting Standards as adopted by the European Union. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Parker Cavendish, are deemed to be reappointed under Section 487(2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:





R Q R Cromb - Director


20 April 2022

Report of the Independent Auditors to the Members of
Magi Enterprises UK Limited

Opinion
We have audited the financial statements of Magi Enterprises UK Limited (the 'company') for the year ended 30 June 2021 which comprise the Statement of Profit or Loss, the Statement of Profit or Loss and Other Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the European Union.

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 June 2021 and of its profit for the year then ended;
-have been properly prepared in accordance with IFRSs as adopted by the European Union; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Report of the Independent Auditors to the Members of
Magi Enterprises UK Limited


Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- identification of laws and regulations applicable to the company which may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment and health & safety legislation;

- assessing the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal and other relevant correspondence;

- discussions with the management on consideration of known or suspected instances of non-compliance with laws and regulations and fraud;

- evaluation of internal controls designed to prevent and detect irregularities;

- performing analytical procedures to identify any unusual or unexpected relationships;

- testing journal entries to identify unusual transactions;

- assessing whether there was evidence of bias by the management in relation to accounting estimates;

- investigating the rationale behind significant or unusual transactions;

- agreeing financial statement disclosures to underlying supporting documentation; and

- enquiring of management as to actual and potential litigation and claims.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Magi Enterprises UK Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Raymond Rubenstein (Senior Statutory Auditor)
for and on behalf of Parker Cavendish
Chartered Accountants
Registered Auditor
28 Church Road
Stanmore
Middlesex
HA7 4XR

20 April 2022

Magi Enterprises UK Limited (Registered number: 09913867)

Statement of Profit or Loss
for the Year Ended 30 June 2021

2021 2020
Notes £    £   

CONTINUING OPERATIONS
Revenue 119,752 305,884

Cost of sales (113,069 ) (291,900 )
GROSS PROFIT 6,683 13,984

Other operating income 18,338 -
Administrative expenses 30,711 (39,039 )
OPERATING PROFIT/(LOSS) 55,732 (25,055 )

Finance costs 4 - (749 )
PROFIT/(LOSS) BEFORE INCOME TAX 5 55,732 (25,804 )

Income tax 6 127,383 -
PROFIT/(LOSS) FOR THE YEAR 183,115 (25,804 )

Magi Enterprises UK Limited (Registered number: 09913867)

Statement of Profit or Loss and Other Comprehensive Income
for the Year Ended 30 June 2021

2021 2020
£    £   

PROFIT/(LOSS) FOR THE YEAR 183,115 (25,804 )

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME/(LOSS)
FOR THE YEAR

183,115

(25,804

)

Magi Enterprises UK Limited (Registered number: 09913867)

Statement of Financial Position
30 June 2021

2021 2020
Notes £    £   
ASSETS
NON-CURRENT ASSETS
Investments 7 2,944,637 2,944,637
Deferred tax 13 127,383 -
3,072,020 2,944,637
CURRENT ASSETS
Trade and other receivables 8 87,671 108,682
Cash and cash equivalents 9 89,978 13,432
177,649 122,114
TOTAL ASSETS 3,249,669 3,066,751
EQUITY
SHAREHOLDERS' EQUITY
Called up share capital 10 2,375,720 2,375,720
Retained earnings 11 (1,299,539 ) (1,482,654 )
TOTAL EQUITY 1,076,181 893,066
LIABILITIES
NON-CURRENT LIABILITIES
Trade and other payables 12 2,158,260 2,158,802
CURRENT LIABILITIES
Trade and other payables 12 15,228 14,883
TOTAL LIABILITIES 2,173,488 2,173,685
TOTAL EQUITY AND LIABILITIES 3,249,669 3,066,751


The financial statements were approved by the director and authorised for issue on 20 April 2022 and were signed by:





R Q R Cromb - Director


Magi Enterprises UK Limited (Registered number: 09913867)

Statement of Changes in Equity
for the Year Ended 30 June 2021

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 1 July 2019 2,375,720 (1,456,850 ) 918,870

Changes in equity
Total comprehensive loss - (25,804 ) (25,804 )
Balance at 30 June 2020 2,375,720 (1,482,654 ) 893,066

Changes in equity
Total comprehensive income - 183,115 183,115
Balance at 30 June 2021 2,375,720 (1,299,539 ) 1,076,181

Magi Enterprises UK Limited (Registered number: 09913867)

Statement of Cash Flows
for the Year Ended 30 June 2021

2021 2020
£    £   
Cash flows from operating activities
Cash generated from operations 1 76,546 (110,776 )
Interest paid - (749 )
Net cash from operating activities 76,546 (111,525 )

Increase/(decrease) in cash and cash equivalents 76,546 (111,525 )
Cash and cash equivalents at beginning
of year

2

13,432

124,957

Cash and cash equivalents at end of year 2 89,978 13,432

Magi Enterprises UK Limited (Registered number: 09913867)

Notes to the Statement of Cash Flows
for the Year Ended 30 June 2021

1. RECONCILIATION OF PROFIT/(LOSS) BEFORE INCOME TAX TO CASH GENERATED FROM OPERATIONS
2021 2020
£    £   
Profit/(loss) before income tax 55,732 (25,804 )
Group loans 8,134 -
Finance costs - 749
63,866 (25,055 )
Decrease/(increase) in trade and other receivables 12,335 (102,820 )
Increase in trade and other payables 345 17,099
Cash generated from operations 76,546 (110,776 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 30 June 2021
30.6.21 1.7.20
£    £   
Cash and cash equivalents 89,978 13,432
Year ended 30 June 2020
30.6.20 1.7.19
£    £   
Cash and cash equivalents 13,432 124,957

Magi Enterprises UK Limited (Registered number: 09913867)

Notes to the Financial Statements
for the Year Ended 30 June 2021


1. STATUTORY INFORMATION

Magi Enterprises UK 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 preparation
These financial statements have been prepared in accordance with International Financial Reporting Standards and IFRIC interpretations and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS. The financial statements have been prepared under the historical cost convention.

Adoption of interpretation and amendments to standards
The following new standards became effective on 1 January 2019:

-IFRS 16, Leases: The application of this new standard will have no significant impact on the company's
financial statements.


Preparation of consolidated financial statements
The financial statements contain information about Magi Enterprises UK Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400A of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Magi Enterprises Pty Limited, 8-14 Hall Street, Hawthorn East, Victoria, Australia 2123.

Critical accounting estimates and judgements
The preparation of financial statements in conformity with IFRS requires the use of judgements, estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period.

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The company makes estimates and assumptions concerning the future. The resulting accounting estimates may differ from the related actual results, however, there were no critical accounting estimates and judgements applied in the preparation of these financial statements.

Revenue recognition
Revenue is recognised at the fair value of the consideration receivable for the supply of management services, net of VAT.

Revenue in relation to clothing items and accessories is recognised on despatch of goods, net of VAT.

Cash and cash equivalents
Cash represents cash in hand and deposits held on demand with financial institutions. Cash equivalents are short-term, highly-liquid investments with original maturities of three months or less (as at their date of acquisition). Cash equivalents are readily convertible to known amounts of cash and subject to an insignificant risk of change in that cash value.

In the presentation of the Statement of Cash Flows, cash and cash equivalents also include bank overdrafts. Any such overdrafts are shown within borrowings under ‘current liabilities’ on the Statement of Financial Position.

Financial instruments
Financial liabilities
The Company has financial liabilities primarily in the form of trade and other payables. These liabilities are non-derivate financial liabilities with fixed or determinable payments that are not quoted in an active market.

Taxation
Current taxes are based on the results shown in the financial statements and are calculated according to local tax rules, using tax rates enacted or substantially enacted by the statement of financial position date.

Magi Enterprises UK Limited (Registered number: 09913867)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2021

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Investments
Subsidiaries
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

Acquisition-related costs are expensed as incurred.

Going concern
The current situation in relation to the COVID-19 outbreak and in common with other businesses, the company is expected to see a decline in earnings. While the effect of this pandemic cannot be predicted with any certainty, the company is still continuing to generate online sales and is expected to continue to do so for the foreseeable future. In addition the loan from the parent company will not be demanded for repayment for at least twelve months from approval of these financial statements. Accordingly, after making enquiries, the directors have formed judgement, at the time of approving the financial statements, that there is reasonable expectation that the company has adequate resources to continue to operate for the next twelve months. For these reasons, the directors continue to adopt the 'going concern' basis in preparing these financial statements.

Impairment
At each balance sheet date, the company reviews the carrying amounts of its tangible and intangible assets with finite lives to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (cash-generating unit) is reduced to its recoverable amount. Impairment losses are recognised as an expense immediately, unless the relevant asset is land or buildings at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Where an impairment loss subsequently reverses, the carrying amount of the asset (cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (cash-generating unit) in prior years. A reversal of an impairment loss is recognised as income immediately, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

3. EMPLOYEES AND DIRECTORS
2021 2020
£    £   
Wages and salaries - 162,499

The average number of employees during the year was as follows:
2021 2020

Management and administration - 1

2021 2020
£    £   
Director's remuneration - -

4. NET FINANCE COSTS
2021 2020
£    £   
Finance costs:
Loan interest - 749

Magi Enterprises UK Limited (Registered number: 09913867)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2021

5. PROFIT/(LOSS) BEFORE INCOME TAX

The profit before income tax (2020 - loss before income tax) is stated after charging/(crediting):
2021 2020
£    £   
Cost of inventories recognised as expense 113,069 291,900
Auditors' remuneration 6,350 6,500
Taxation compliance services 1,000 1,250
Other non- audit services 1,838 1,763
Foreign exchange differences (52,814 ) 22,292

6. INCOME TAX

Analysis of tax income
2021 2020
£    £   
Deferred tax (127,383 ) -
Total tax income in statement of profit or loss (127,383 ) -

Factors affecting the tax expense
The tax assessed for the year is lower (2020 - higher) than the standard rate of corporation tax in the UK. The difference is explained below:

2021 2020
£    £   
Profit/(loss) before income tax 55,732 (25,804 )
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of
19% (2020 - 19%)

10,589

(4,903

)

Effects of:
Losses relieved (10,589 ) -
Losses surrendered to group - 4,761
Loan interest - 142
Defered tax asset (127,383 ) -
Tax income (127,383 ) -

7. INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 July 2020
and 30 June 2021 2,944,637
NET BOOK VALUE
At 30 June 2021 2,944,637
At 30 June 2020 2,944,637

Magi Enterprises UK Limited (Registered number: 09913867)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2021

7. INVESTMENTS - continued

The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Magi Enterprises Lanka (Private) Limited
Registered office: Suduwella Kaluaggala Hanwella, Sri Lanka
Nature of business: Manufacturing of garments
%
Class of shares: holding
Ordinary 100.00
2021 2020
£    £   
Aggregate capital and reserves 1,718,726 1,400,052
Profit for the year 559,385 105,253

Kookai SAS
Registered office: 6-10 Boulevard Foch, Epinay-sur-Seine, 93800, France
Nature of business: Sale of female fashion clothing and accessories
%
Class of shares: holding
Ordinary 100.00
31/8/21 31/8/20
£    £   
Aggregate capital and reserves 10,108,988 10,186,115
Profit/(loss) for the year 482,863 (18,398,419 )

Kookai Iberia SL
Registered office: Polígon Industrial de Pont-Xetmar, Carrer N, 17844 Cornellà del Terri, Girona, España
Nature of business: Sale of female fashion clothing and accessories
%
Class of shares: holding
Ordinary 100.00
31/8/21 31/8/20
£    £   
Aggregate capital and reserves 1,478,875 753,259
Loss for the year (117,482 ) (68,417 )

Kookai Suisse SARL
Registered office: Route de la Corniche 2, Batiment SC-B, 1066 Epalinges
Nature of business: Sale of female fashion clothing and accessories
%
Class of shares: holding
Ordinary 100.00
31/8/21 31/8/20
£    £   
Aggregate capital and reserves 1,791,133 2,018,359
Loss for the year (90,171 ) (290,050 )

8. TRADE AND OTHER RECEIVABLES

2021 2020
£    £   
Current:
Amounts owed by group undertakings 86,110 94,786
Other debtors - 4,537
VAT 1,561 9,359
87,671 108,682

Magi Enterprises UK Limited (Registered number: 09913867)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2021

9. CASH AND CASH EQUIVALENTS

2021 2020
£    £   
Cash in hand 100 100
Bank accounts 89,878 13,332
89,978 13,432

10. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 2021 2020
value: £    £   
100 Ordinary £1 2,375,720 2,375,720

11. RESERVES
Retained
earnings
£   

At 1 July 2020 (1,482,654 )
Profit for the year 183,115
At 30 June 2021 (1,299,539 )


12. TRADE AND OTHER PAYABLES

2021 2020
£    £   
Current:
Trade creditors 7,071 6,883
Accruals and deferred income 8,157 8,000
15,228 14,883

Non-current:
Amounts owed to group undertakings 2,158,260 2,158,802

Aggregate amounts 2,173,488 2,173,685

The director considers that the carrying value of trade and other payables approximates their fair value.

13. DEFERRED TAX

2021 2020
£    £   
Deferred tax asset (127,383 ) -
Balance at 30 June (127,383 ) -

Magi Enterprises UK Limited (Registered number: 09913867)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2021

14. ULTIMATE PARENT COMPANY

Magi Enterprises UK Limited is a 100% owned subsidiary of Magi Enterprises Pty Limited, which is incorporated in Australia.

The smallest and largest group for which Magi Enterprises UK Limited is a member for which group financial statements are prepared is Magi Enterprises Pty Limited. Copies of the group financial statements for Magi Enterprises Pty Limited can be obtained from 8-14 Hall Street, Hawthorn East, Victoria 3213, Australia and at Companies House.

15. CONTINGENT LIABILITIES

A cross guarantee held by the bank in favour of National Australia Bank Limited and its group company members has been given by the Company for all monies owing. At 30 June 2021, bank borrowings of group company members covered by the Company’s cross guarantee amounted to £10,844,519 (2020: £11,871,347).

The charge held by National Australia Bank Limited has been subsequently satisfied after the year end on 1 November 2021.

16. RELATED PARTY DISCLOSURES

At the year end, the company owed its related undertakings as follows:

Parent company, Magi Enterprises Pty Limited: £2,158,260 (2020: £2,158,802). Interest is payable at a rate of Libor + 1.5% on the outstanding loan balance. Interest payable for the year is £Nil (2020: £Nil).

At the year end, the company was owed by its related undertakings as follows:

Fellow subsidiary, Kookai SAS owed £86,110 (2020: owed £94,786). Interest is payable at a rate of Libor + 1.5% on the outstanding balance owed to Kookai SAS.Interest payable for the year is £Nil (2020: £749).

17. EVENTS AFTER THE REPORTING PERIOD

During the last two years due to Covid, the company has been unable to expand its business in the UK. As the world recovers from the pandemic, the plan is to increase the on-line sales in the UK and open a few stores expanding business in the UK.

18. ULTIMATE CONTROLLING PARTY

The company is controlled by the director.