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REGISTERED NUMBER: 06493880 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023

FOR

MAGIC COTE CLEANING UK LIMITED

MAGIC COTE CLEANING UK LIMITED (REGISTERED NUMBER: 06493880)

CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 28 February 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MAGIC COTE CLEANING UK LIMITED

COMPANY INFORMATION
for the Year Ended 28 February 2023







DIRECTORS: I F Carrison
A I Carrison





SECRETARY: I F Carrison





REGISTERED OFFICE: Unit 7, Dairycoates Industrial Estate
Wiltshire Road
Hull
HU4 6PA





REGISTERED NUMBER: 06493880 (England and Wales)





ACCOUNTANTS: Sowerby
Chartered Accountants
Beckside Court
Annie Reed Road
Beverley
East Yorkshire
HU17 0LF

MAGIC COTE CLEANING UK LIMITED (REGISTERED NUMBER: 06493880)

BALANCE SHEET
28 February 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 10,000 12,000
Tangible assets 5 376,275 280,556
386,275 292,556

CURRENT ASSETS
Stocks 10,000 475
Debtors 6 153,317 198,622
Cash at bank and in hand 20,025 80,872
183,342 279,969
CREDITORS
Amounts falling due within one year 7 165,662 150,095
NET CURRENT ASSETS 17,680 129,874
TOTAL ASSETS LESS CURRENT
LIABILITIES

403,955

422,430

CREDITORS
Amounts falling due after more than one year 8 (95,598 ) (78,168 )

PROVISIONS FOR LIABILITIES (52,500 ) (29,370 )
NET ASSETS 255,857 314,892

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 255,757 314,792
SHAREHOLDERS' FUNDS 255,857 314,892

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 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.

MAGIC COTE CLEANING UK LIMITED (REGISTERED NUMBER: 06493880)

BALANCE SHEET - continued
28 February 2023


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 1 November 2023 and were signed on its behalf by:





I F Carrison - Director


MAGIC COTE CLEANING UK LIMITED (REGISTERED NUMBER: 06493880)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 28 February 2023


1. STATUTORY INFORMATION

Magic Cote Cleaning Limited is a private company limited by shares and incorporated and domiciled in England. It has its registered office and principal place of business at Unit 7, Dairycoates Industrial Estate, Wiltshire Road, Hull, HU4 6PA.

The financial statements are presented in Sterling, which is the functional currency of the company.

The principal activity of the company is industrial cleaning.

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.

Having regard to liquidity risk, current market conditions and other factors affecting the company, the use of the going concern basis of accounting is appropriate as, in the opinion of the directors, there are no material uncertainties relating to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern.

Turnover
Turnover is the amount derived from ordinary activities, measured at the fair value of the consideration received or receivable. Turnover excludes value added tax and trade discounts.

Turnover from the sale of goods is recognised at the point of sale.

Turnover from services is recognised on completion of service, or when those services span the year end date, by reference to the stage of completion at the balance sheet date.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2008, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.
Land and buildings - over the period of the lease
Plant and machinery etc - 20% on cost and 15% on cost

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Stock is calculated on the first in first out basis.


MAGIC COTE CLEANING UK LIMITED (REGISTERED NUMBER: 06493880)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 28 February 2023


2. ACCOUNTING POLICIES - continued
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.

Taxation
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
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 year was 16 (2022 - 16 ) .

MAGIC COTE CLEANING UK LIMITED (REGISTERED NUMBER: 06493880)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 28 February 2023


4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 March 2022
and 28 February 2023 53,000
AMORTISATION
At 1 March 2022 41,000
Charge for year 2,000
At 28 February 2023 43,000
NET BOOK VALUE
At 28 February 2023 10,000
At 28 February 2022 12,000

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 March 2022 86,350 390,886 477,236
Additions - 172,382 172,382
Disposals - (6,207 ) (6,207 )
At 28 February 2023 86,350 557,061 643,411
DEPRECIATION
At 1 March 2022 3,925 192,755 196,680
Charge for year 1,963 74,700 76,663
Eliminated on disposal - (6,207 ) (6,207 )
At 28 February 2023 5,888 261,248 267,136
NET BOOK VALUE
At 28 February 2023 80,462 295,813 376,275
At 28 February 2022 82,425 198,131 280,556

MAGIC COTE CLEANING UK LIMITED (REGISTERED NUMBER: 06493880)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 28 February 2023


5. TANGIBLE FIXED ASSETS - continued

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

Plant and
machinery
etc
£   
COST
At 1 March 2022 25,641
Additions 57,089
At 28 February 2023 82,730
DEPRECIATION
At 1 March 2022 19,231
Charge for year 12,637
At 28 February 2023 31,868
NET BOOK VALUE
At 28 February 2023 50,862
At 28 February 2022 6,410

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 146,203 191,749
Other debtors 7,114 6,873
153,317 198,622

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 13,788 10,884
Hire purchase contracts (see note 9) 8,756 3,257
Trade creditors 31,645 20,006
Taxation and social security 62,231 112,007
Other creditors 49,242 3,941
165,662 150,095

MAGIC COTE CLEANING UK LIMITED (REGISTERED NUMBER: 06493880)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 28 February 2023


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 61,744 78,168
Hire purchase contracts (see note 9) 33,854 -
95,598 78,168

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 16,837 18,208

9. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2023 2022
£    £   
Net obligations repayable:
Within one year 8,756 3,257
Between one and five years 33,854 -
42,610 3,257

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 42,610 3,257

The hire purchase contracts are secured on the assets they are financing.