Super Magic Bean Limited 11290483 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is that of Retail sale via mail order houses or via Internet Digita Accounts Production Advanced 6.30.9574.0 true 11290483 2022-04-01 2023-03-31 11290483 2023-03-31 11290483 bus:OrdinaryShareClass1 bus:OtherShareType 2023-03-31 11290483 bus:OrdinaryShareClass2 bus:OtherShareType 2023-03-31 11290483 core:CurrentFinancialInstruments 2023-03-31 11290483 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 11290483 core:Goodwill 2023-03-31 11290483 core:OfficeEquipment 2023-03-31 11290483 bus:SmallEntities 2022-04-01 2023-03-31 11290483 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 11290483 bus:FullAccounts 2022-04-01 2023-03-31 11290483 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 11290483 bus:RegisteredOffice 2022-04-01 2023-03-31 11290483 bus:Director1 2022-04-01 2023-03-31 11290483 bus:OrdinaryShareClass1 bus:OtherShareType 2022-04-01 2023-03-31 11290483 bus:OrdinaryShareClass2 bus:OtherShareType 2022-04-01 2023-03-31 11290483 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 11290483 core:Goodwill 2022-04-01 2023-03-31 11290483 core:OfficeEquipment 2022-04-01 2023-03-31 11290483 countries:England 2022-04-01 2023-03-31 11290483 2022-03-31 11290483 core:Goodwill 2022-03-31 11290483 core:OfficeEquipment 2022-03-31 11290483 2021-04-01 2022-03-31 11290483 2022-03-31 11290483 bus:OrdinaryShareClass1 bus:OtherShareType 2022-03-31 11290483 bus:OrdinaryShareClass2 bus:OtherShareType 2022-03-31 11290483 core:CurrentFinancialInstruments 2022-03-31 11290483 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 11290483 core:Goodwill 2022-03-31 11290483 core:OfficeEquipment 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 11290483

Super Magic Bean Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Super Magic Bean Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Super Magic Bean Limited

Company Information

Director

Mr John Marlen-Summers

Registered office

12 Beech Range
Levenshulme
Manchester
M19 2EU

Accountants

KRW Accountants Limited
The Mill
Pury Hill Business Park
Alderton Road
Towcester
NN12 7LS

 

Super Magic Bean Limited

(Registration number: 11290483)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

4,000

8,000

Tangible assets

5

3,609

4,156

 

7,609

12,156

Current assets

 

Debtors

6

12,101

9,190

Cash at bank and in hand

 

131,234

129,291

 

143,335

138,481

Creditors: Amounts falling due within one year

7

(121,911)

(120,004)

Net current assets

 

21,424

18,477

Net assets

 

29,033

30,633

Capital and reserves

 

Called up share capital

100

100

Retained earnings

28,933

30,533

Shareholders' funds

 

29,033

30,633

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Super Magic Bean Limited

(Registration number: 11290483)
Balance Sheet as at 31 March 2023

Approved and authorised by the director on 28 November 2023
 

.........................................
Mr John Marlen-Summers
Director

 

Super Magic Bean Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
12 Beech Range
Levenshulme
Manchester
M19 2EU
England

These financial statements were authorised for issue by the director on 28 November 2023.

The company registration number is 11290483

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Super Magic Bean Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

20% Straight line

Goodwill

Goodwill is amortised over its useful life, which shall not exceed five years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. The company subsequently considers the recoverable value of the trade debtors. When assessing impairment of trade debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Super Magic Bean Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2022 - 3).

 

Super Magic Bean Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2022

20,000

20,000

At 31 March 2023

20,000

20,000

Amortisation

At 1 April 2022

12,000

12,000

Amortisation charge

4,000

4,000

At 31 March 2023

16,000

16,000

Carrying amount

At 31 March 2023

4,000

4,000

At 31 March 2022

8,000

8,000

5

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 April 2022

5,702

5,702

Additions

645

645

At 31 March 2023

6,347

6,347

Depreciation

At 1 April 2022

1,546

1,546

Charge for the year

1,192

1,192

At 31 March 2023

2,738

2,738

Carrying amount

At 31 March 2023

3,609

3,609

At 31 March 2022

4,156

4,156

 

Super Magic Bean Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

6

Debtors

Current

2023
£

2022
£

Trade debtors

8,607

7,690

Other debtors

3,494

1,500

 

12,101

9,190

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

43,601

55,112

Taxation and social security

30,348

20,106

Accruals and deferred income

1,800

1,188

Other creditors

46,162

43,598

121,911

120,004

 

Super Magic Bean Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A of £1 each

50

50

50

50

Ordinary B of £1 each

50

50

50

50

 

100

100

100

100