Caseware UK (AP4) 2022.0.179 2022.0.179 2023-02-282023-02-282022-03-01falseNo description of principal activity11falsetrue 08956167 2022-03-01 2023-02-28 08956167 2021-01-01 2022-02-28 08956167 2023-02-28 08956167 2022-02-28 08956167 2021-01-01 08956167 c:Director2 2022-03-01 2023-02-28 08956167 d:Buildings 2022-03-01 2023-02-28 08956167 d:FurnitureFittings 2022-03-01 2023-02-28 08956167 d:FurnitureFittings 2023-02-28 08956167 d:FurnitureFittings 2022-02-28 08956167 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 08956167 d:CurrentFinancialInstruments 2023-02-28 08956167 d:CurrentFinancialInstruments 2022-02-28 08956167 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 08956167 d:CurrentFinancialInstruments d:WithinOneYear 2022-02-28 08956167 d:ShareCapital 2022-03-01 2023-02-28 08956167 d:ShareCapital 2023-02-28 08956167 d:ShareCapital 2021-01-01 2022-02-28 08956167 d:ShareCapital 2022-02-28 08956167 d:ShareCapital 2021-01-01 08956167 d:RetainedEarningsAccumulatedLosses 2022-03-01 2023-02-28 08956167 d:RetainedEarningsAccumulatedLosses 2023-02-28 08956167 d:RetainedEarningsAccumulatedLosses 2021-01-01 2022-02-28 08956167 d:RetainedEarningsAccumulatedLosses 2022-02-28 08956167 d:RetainedEarningsAccumulatedLosses 2021-01-01 08956167 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-02-28 08956167 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-02-28 08956167 c:FRS102 2022-03-01 2023-02-28 08956167 c:Audited 2022-03-01 2023-02-28 08956167 c:FullAccounts 2022-03-01 2023-02-28 08956167 c:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 08956167 c:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 iso4217:GBP xbrli:pure

Registered number: 08956167










MAGIC ROOMS ACCOMMODATION LTD










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 28 FEBRUARY 2023

 
MAGIC ROOMS ACCOMMODATION LTD
REGISTERED NUMBER: 08956167

STATEMENT OF FINANCIAL POSITION
AS AT 28 FEBRUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
69
207

  
69
207

Current assets
  

Debtors: amounts falling due within one year
 6 
133,524
242,753

Cash at bank and in hand
 7 
20,340
44,117

  
153,864
286,870

Creditors: amounts falling due within one year
 8 
(1,711,074)
(1,870,197)

Net current liabilities
  
 
 
(1,557,210)
 
 
(1,583,327)

Total assets less current liabilities
  
(1,557,141)
(1,583,120)

  

Net liabilities
  
(1,557,141)
(1,583,120)


Capital and reserves
  

Called up share capital 
  
250,000
250,000

Profit and loss account
  
(1,807,141)
(1,833,120)

  
(1,557,141)
(1,583,120)


The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




A Dotor Martin-Sanz
Director

Date: 18 September 2023

The notes on pages 4 to 9 form part of these financial statements.

Page 1

 
MAGIC ROOMS ACCOMMODATION LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 March 2022
250,000
(1,833,120)
(1,583,120)


Comprehensive income for the year

Profit for the year

-
25,979
25,979


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
25,979
25,979


Total transactions with owners
-
-
-


At 28 February 2023
250,000
(1,807,141)
(1,557,141)


The notes on pages 4 to 9 form part of these financial statements.

Page 2

 
MAGIC ROOMS ACCOMMODATION LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2021
250,000
(2,060,975)
(1,810,975)


Comprehensive income for the period

Profit for the period

-
227,855
227,855


Other comprehensive income for the period
-
-
-


Total comprehensive income for the period
-
227,855
227,855


Total transactions with owners
-
-
-


At 28 February 2022
250,000
(1,833,120)
(1,583,120)


The notes on pages 4 to 9 form part of these financial statements.

Page 3

 
MAGIC ROOMS ACCOMMODATION LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1.


General information

The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 8th Floor Becket House, 36 Old Jewry, London, EC2R 8DD

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

 
2.2

Going concern

The Company’s forecasts and projections show that the company is expected to have adequate funding to meet its operational working capital requirements for the foreseeable future. The ultimate controlling party has provided the necessary financial support to the company to ensure that it meets its liabilities and obligations as and when they fall due and has confirmed his agreement to continue doing so for a period of at least 12 months from the date of these financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 4

 
MAGIC ROOMS ACCOMMODATION LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

  
2.4

Revenue

Turnover is measured at the fair value of consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. 

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
25%
Straight Line
Fixtures and fittings
-
25%
Straight Line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 5

 
MAGIC ROOMS ACCOMMODATION LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Investments in non-derivative instruments that are equity to the issuer are measured:
at fair value with changes recognised in the Statement of Comprehensive Income if the shares are publicly traded or their fair value can otherwise be measured reliably;
at cost less impairment for all other investments.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Page 6

 
MAGIC ROOMS ACCOMMODATION LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, the directors are required to make judgments, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. These estimates and associated assumptions are based on historical experience and other factors that are recognised to be relevant. Actual results may differ from these estimates. These estimates include depreciation of tangible fixed assets.


4.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Employees
1
1


5.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 March 2022
18,562



At 28 February 2023

18,562



Depreciation


At 1 March 2022
18,355


Charge for the year on owned assets
138



At 28 February 2023

18,493



Net book value



At 28 February 2023
69



At 28 February 2022
207

Page 7

 
MAGIC ROOMS ACCOMMODATION LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

6.


Debtors

2023
2022
£
£


Trade debtors
57,058
21,696

Amounts owed by group undertakings
11,470
73,073

Other debtors
64,996
147,984

133,524
242,753



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
20,340
44,117

Less: bank overdrafts
-
(20,314)

20,340
23,803



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
-
20,314

Trade creditors
47,090
40,796

Amounts owed to group undertakings
1,650,957
1,711,856

Other taxation and social security
3,043
3,043

Other creditors
9,984
83,688

Deferred income and accruals
-
10,500

1,711,074
1,870,197



9.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
20,340
44,117



Page 8

 
MAGIC ROOMS ACCOMMODATION LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

10.


Related party transactions

Being a wholly owned subsidiary, the company has taken advantage of the exemptions as conferred by Financial Reporting Standard 1021A, Section 33 'Related Party Disclosures' not to disclose transactions with other members of the group headed by the Toolfactory SL.


11.


Controlling party

Magic Rooms Acomodation Limited is a wholly owned subsidiary of Aperture Travel S.L, a company incorporated in Spain. on 28 February 2022, the group entered into a joint venture with EL Corte Inglés S.A. and the company became part of the El Corte Inglés Group, headed by El Corte Inglés, S.A. The results of Magic Rooms Accommodation Limited are included in the consolidated financial statements of El Corte Inglés, S.A. which are available from: C/ Hermosilla, nº 112, Madrid, Spain. 


12.


Auditors' information

The auditors' report on the financial statements for the year ended 28 February 2023 was unqualified.

The audit report was signed on 18 September 2023 by Ian Palmer FCA (Senior Statutory Auditor) on behalf of Xeinadin Audit Limited.

 
Page 9