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COMPANY REGISTRATION NUMBER: 03026661
Proto Magic Innovations Limited
Filleted Unaudited Financial Statements
28 February 2023
Proto Magic Innovations Limited
Financial Statements
Year ended 28 February 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
2
Proto Magic Innovations Limited
Statement of Financial Position
28 February 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
79
98
Current assets
Debtors
6
37,505
41,916
Cash at bank and in hand
25,263
14,669
--------
--------
62,768
56,585
Creditors: amounts falling due within one year
7
37,634
31,154
--------
--------
Net current assets
25,134
25,431
--------
--------
Total assets less current liabilities
25,213
25,529
--------
--------
Net assets
25,213
25,529
--------
--------
Capital and reserves
Called up share capital
8
2
2
Profit and loss account
25,211
25,527
--------
--------
Shareholders funds
25,213
25,529
--------
--------
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 Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 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:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 27 November 2023 , and are signed on behalf of the board by:
I Ponting
G Dale
Director
Director
Company registration number: 03026661
Proto Magic Innovations Limited
Notes to the Financial Statements
Year ended 28 February 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 146 New London Road, Chelmsford, Essex, CM2 0AW.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Tools
-
14% straight line
Fixtures and Fittings
-
10% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Average number of employees
During the year the average number of employees was 2 (2022 - 2) which consisted of the directors only.
5. Tangible assets
Plant and machinery
Fixtures and fittings
Total
£
£
£
Cost
At 1 March 2022 and 28 February 2023
1,725
892
2,617
-------
----
-------
Depreciation
At 1 March 2022
1,725
794
2,519
Charge for the year
19
19
-------
----
-------
At 28 February 2023
1,725
813
2,538
-------
----
-------
Carrying amount
At 28 February 2023
79
79
-------
----
-------
At 28 February 2022
98
98
-------
----
-------
6. Debtors
2023
2022
£
£
Trade debtors
36,232
39,240
Prepayments and accrued income
1,170
1,161
Other debtors
103
1,515
--------
--------
37,505
41,916
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Accruals and deferred income
21,970
17,890
Amounts due to related undertakings
15,664
13,264
--------
--------
37,634
31,154
--------
--------
8. Called up share capital
Authorised share capital
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
1,000
1,000
1,000
1,000
-------
-------
-------
-------
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
2
2
----
----
----
----
9. Related party transactions
During the year the company incurred purchases of £204,512 (2022 - £165,362) from related parties, controlled by company directors. At the year end the company owed related parties £15,664 (2022 - £13,264) which are shown amongst creditors.