2022-06-012023-05-312023-05-31false05822080MAGSCAPES 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MAGSCAPES LIMITED

Registered Number
05822080
(England and Wales)

Unaudited Financial Statements for the Year ended
31 May 2023

MAGSCAPES LIMITED
Company Information
for the year from 1 June 2022 to 31 May 2023

Directors

COLLYER, Jennifer Allen
LEE, Jeremy Adrian

Company Secretary

LEE, Jeremy Adrian

Registered Address

5 Albemarle Way
London
EC1V 4JB

Registered Number

05822080 (England and Wales)
MAGSCAPES LIMITED
Balance Sheet as at
31 May 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets3309873
309873
Current assets
Stocks13,01513,509
Debtors4,8917,350
17,90620,859
Creditors amounts falling due within one year5(39,898)(34,227)
Net current assets (liabilities)(21,992)(13,368)
Total assets less current liabilities(21,683)(12,495)
Creditors amounts falling due after one year6(17,403)(22,700)
Net assets(39,086)(35,195)
Capital and reserves
Called up share capital200200
Profit and loss account(39,286)(35,395)
Shareholders' funds(39,086)(35,195)
The financial statements were approved and authorised for issue by the Board of Directors on 16 February 2024, and are signed on its behalf by:
LEE, Jeremy Adrian
Director
Registered Company No. 05822080
MAGSCAPES LIMITED
Notes to the Financial Statements
for the year ended 31 May 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Finance costs
Finance costs charged to the profit or loss include interest expense calculated using the effective interest method from FRS 102:11, finance charges on finance leases, and exchange differences on foreign currency borrowings where these are treated as an adjustment to interest costs.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Straight line (years)
Office Equipment5
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
Trade and other 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.
Trade and other 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.
2.Average number of employees

20232022
Average number of employees during the year11
3.Tangible fixed assets

Total

£
Cost or valuation
At 01 June 2219,482
At 31 May 2319,482
Depreciation and impairment
At 01 June 2218,609
Charge for year564
At 31 May 2319,173
Net book value
At 31 May 23309
At 31 May 22873
4.Debtors: amounts due within one year

2023

2022

££
Other debtors4,8917,350
Total4,8917,350
5.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables3685,773
Bank borrowings and overdrafts11,52114,099
Taxation and social security-3,795
Other creditors28,00910,560
Total39,89834,227
6.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts17,40322,700
Total17,40322,700