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Registered Number: 10623282
England and Wales

 

 

 

INTERNATIONAL MAGIC GROUP LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 March 2022

End date: 28 February 2023
Directors Adam Rodgers
Stefan Endress
Registered Number 10623282
Registered Office 14 FAIRFIELD PARK ROAD
BATH SOMERSET
BA1 6JN
Accountants Worth Knowing Accountants Ltd
7 Bell Yard
London
WC2A 2JR
1
Director's report and financial statements
The directors present his/her/their annual report and the financial statements for the year ended 28 February 2023.
Principal activities
Principal activity of the company during the financial was of Artistic creation & Other service activities not elsewhere classified
Directors
The directors who served the company throughout the year were as follows:
Adam Rodgers
Stefan Endress
Statement of directors' responsibilities
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations and in accordance with United Kingdom Generally Accepted Accounting Practice.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to :
  • select suitable accounting policies and then apply them consistently
  • make judgements and accounting estimates that are reasonable and prudent
  • state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements and
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are 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 them to ensure that the financial statements comply with the Companies Act 2006. The directors are 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.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom, governing the preparation and dissemination of financial statements, may differ from legislation in other jurisdictions

This report was approved by the board and signed on its behalf by:


----------------------------------
Adam Rodgers
Director

Date approved: 29 November 2023
2
Accountant’s report
You consider that the company is exempt from an audit for the year ended 28 February 2023 . You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.
In accordance with your instructions, we have prepared the accounts which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us.
We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts.
Worth Knowing Accountants Ltd
28 February 2023



....................................................
Worth Knowing Accountants Ltd
7 Bell Yard
London
WC2A 2JR
29 November 2023
3
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 16,786    10,714 
Investments 4 354    1,291 
17,140    12,005 
Current assets      
Debtors 5 151,809    14,231 
Cash at bank and in hand 140,173    282,053 
291,982    296,284 
Creditors: amount falling due within one year 6 (72,508)   (75,598)
Net current assets 219,474    220,686 
 
Total assets less current liabilities 236,614    232,691 
Provisions for liabilities 7 (423)   (2,036)
Net assets 236,191    230,655 
 

Capital and reserves
     
Called up share capital 2    2 
Profit and loss account 236,189    230,653 
Shareholder's funds 236,191    230,655 
 


For the year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. 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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 29 November 2023 and were signed on its behalf by:


-------------------------------
Adam Rodgers
Director
4
  Equity share capital   Retained Earnings   Total
£ £ £
At 01 March 2021 2  54,096  54,098 
Profit for the year 203,196  203,196 
Total comprehensive income for the year 203,196  203,196 
Dividends (26,639) (26,639)
Total investments by and distributions to owners (26,639) (26,639)
At 28 February 2022 2  230,653  230,655 
At 01 March 2022 2  230,652  230,654 
Profit for the year 74,037  74,037 
Total comprehensive income for the year 74,037  74,037 
Dividends (68,500) (68,500)
Total investments by and distributions to owners (68,500) (68,500)
At 28 February 2023 2  236,189  236,191 
5
General Information
INTERNATIONAL MAGIC GROUP LIMITED is a private company, limited by shares, registered in England and Wales, registration number 10623282, registration address 14 FAIRFIELD PARK ROAD, BATH SOMERSET, BA1 6JN.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.
Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Fixtures and Fittings 25% Reducing Balance
Computer Equipment 33.33% Reducing Balance
Fixed asset investments
Fixed asset investments are stated at cost less provision for any permanent diminution in value.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 2 (2022 : 2).
3.

Tangible fixed assets

Cost or valuation Fixtures and Fittings   Computer Equipment   Total
  £   £   £
At 01 March 2022 2,675    17,694    20,369 
Additions 2,602    8,465    11,067 
Disposals    
At 28 February 2023 5,277    26,159    31,436 
Depreciation
At 01 March 2022 1,486    8,169    9,655 
Charge for year 395    4,600    4,995 
On disposals    
At 28 February 2023 1,881    12,769    14,650 
Net book values
Closing balance as at 28 February 2023 3,396    13,390    16,786 
Opening balance as at 01 March 2022 1,189    9,525    10,714 


4.

Investments

Cost Other investments other than loans   Total
  £   £
At 01 March 2022  
Additions 354    354 
Transfer to/from tangible fixed assets  
Disposals  
At 28 February 2023 354    354 

5.

Debtors: amounts falling due within one year

2023
£
  2022
£
Trade Debtors 93,204    13,856 
Amount Owed by Participating Interests 44,508   
Other Debtors 14,097    375 
151,809    14,231 

6.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors 1,189    18 
Corporation Tax 63,423    45,682 
PAYE & Social Security 5,120   
Accrued Expenses 2,045    2,100 
Directors' Current Accounts 442    695 
VAT 289    27,103 
72,508    75,598 

7.

Provisions for liabilities

2023
£
  2022
£
Deferred Tax   2,036 
Pension Provisions 423   
423    2,036 

6