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REGISTERED NUMBER: 12432013 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 January 2023

for

Magpies System Ltd

Magpies System Ltd (Registered number: 12432013)






Contents of the Financial Statements
for the Year Ended 31 January 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Magpies System Ltd

Company Information
for the Year Ended 31 January 2023







DIRECTORS: Mr K J Brewer
Miss K McEntee





REGISTERED OFFICE: 8th Floor
Elizabeth House
54-58 High Street
Edgware
Middlesex
HA8 7EJ





REGISTERED NUMBER: 12432013 (England and Wales)





ACCOUNTANTS: Selwyn Miles & Company
Certified Practising Accountants
8th Floor
Elizabeth House
54-58 High Street
Edgware
Middlesex
HA8 7EJ

Magpies System Ltd (Registered number: 12432013)

Balance Sheet
31 January 2023

31.1.23 31.1.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 5,353 3,401

CURRENT ASSETS
Debtors 5 1,650 2,750
Cash at bank 32,923 35,540
34,573 38,290
CREDITORS
Amounts falling due within one year 6 25,635 27,018
NET CURRENT ASSETS 8,938 11,272
TOTAL ASSETS LESS CURRENT
LIABILITIES

14,291

14,673

CAPITAL AND RESERVES
Called up share capital 7 100 100
Retained earnings 8 14,191 14,573
SHAREHOLDERS' FUNDS 14,291 14,673

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 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 9 October 2023 and were signed on its behalf by:



Mr K J Brewer - Director



Miss K McEntee - Director


Magpies System Ltd (Registered number: 12432013)

Notes to the Financial Statements
for the Year Ended 31 January 2023

1. STATUTORY INFORMATION

Magpies System 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.

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.
Equipment - 25% on reducing balance

Taxation
Taxation for the year comprises current 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 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.

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 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Equipment
£   
COST
At 1 February 2022 5,456
Additions 3,737
At 31 January 2023 9,193
DEPRECIATION
At 1 February 2022 2,055
Charge for year 1,785
At 31 January 2023 3,840
NET BOOK VALUE
At 31 January 2023 5,353
At 31 January 2022 3,401

Magpies System Ltd (Registered number: 12432013)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.23 31.1.22
£    £   
Trade debtors 1,650 2,750

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.23 31.1.22
£    £   
Tax 5,054 10,779
Directors' current accounts 18,301 13,988
Accrued expenses 2,280 2,251
25,635 27,018

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.1.23 31.1.22
value: £    £   
100 Ordinary £1 100 100

8. RESERVES
Retained
earnings
£   

At 1 February 2022 14,573
Profit for the year 24,618
Dividends (25,000 )
At 31 January 2023 14,191