Registered number
06662632
Mazuma GB Limited
Filleted Accounts
31 March 2023
Mazuma GB Limited
Registered number: 06662632
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 386,260 325,531
Tangible assets 4 10,035 21,222
396,295 346,753
Current assets
Stocks 5,422 6,241
Debtors 5 376,594 363,405
Cash at bank and in hand 55,162 41,703
437,178 411,349
Creditors: amounts falling due within one year 6 (213,972) (107,393)
Net current assets 223,206 303,956
Total assets less current liabilities 619,501 650,709
Creditors: amounts falling due after more than one year 7 (220,994) (79,167)
Provisions for liabilities - (3,458)
Net assets 398,507 568,084
Capital and reserves
Called up share capital 1,142 1,142
Share premium 299,862 299,862
Profit and loss account 97,503 267,080
Shareholders' funds 398,507 568,084
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S Hughes
Director
Approved by the board on 14 September 2023
Mazuma GB Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 27 33
3 Intangible fixed assets £
Cost
At 1 April 2022 344,453
Additions 66,052
At 31 March 2023 410,505
Amortisation
At 1 April 2022 18,922
Provided during the year 5,323
At 31 March 2023 24,245
Net book value
At 31 March 2023 386,260
At 31 March 2022 325,531
The cost of the development of proprietary technology is not subject to amortisation. All other intangible assets are being written off over their useful economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022 322,036
At 31 March 2023 322,036
Depreciation
At 1 April 2022 300,814
Charge for the year 11,187
At 31 March 2023 312,001
Net book value
At 31 March 2023 10,035
At 31 March 2022 21,222
5 Debtors 2023 2022
£ £
Trade debtors 51,877 41,179
Amounts owed by group undertakings and undertakings in which the company has a participating interest 270,144 260,000
Deferred tax asset 42,042 -
Other debtors 12,531 62,226
376,594 363,405
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 99,397 25,000
Trade creditors 11,754 21,286
Corporation Tax - (40,105)
Taxation and social security costs 57,306 84,932
Other creditors 45,515 16,280
213,972 107,393
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 220,994 79,167
8 Related party transactions
Mazuma GB Limited is irrevocably authorised under the debenture created to act as the agent
for both Mazuma GB Limited and its subsidiary Dragon House Bridgend Limited.
9 Controlling party
The ultimate controlling parties are deemed to be L Cohen and S Hughes by virtue of their majority shareholding.
10 Other information
Mazuma GB Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
Dragon House
Princes Way
Bridgend Industrial Estate
Bridgend
CF31 3AQ
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