Registered number
07923202
Green Magic Co. UK Ltd
Filleted Accounts
31 July 2023
Green Magic Co. UK Ltd
Registered number: 07923202
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 562,500 625,000
Tangible assets 4 358,169 374,333
920,669 999,333
Current assets
Stocks 368,111 444,077
Debtors 5 71,112 54,397
Cash at bank and in hand 1,176,897 1,188,996
1,616,120 1,687,470
Creditors: amounts falling due within one year 6 (689,770) (767,997)
Net current assets 926,350 919,473
Total assets less current liabilities 1,847,019 1,918,806
Provisions for liabilities (4,833) (5,771)
Net assets 1,842,186 1,913,035
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,842,086 1,912,935
Shareholders' funds 1,842,186 1,913,035
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.
N Spelman
Director
Approved by the board on 23 April 2024
Green Magic Co. UK Ltd
Notes to the Accounts
for the year ended 31 July 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:
Freehold buildings over 50 years
Fixtures, fittings, tools and equipment 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.
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.
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 16 16
3 Intangible fixed assets
Goodwill Development costs Total
£ £ £
Cost
At 1 August 2022 1,250,000 30,089 1,280,089
At 31 July 2023 1,250,000 30,089 1,280,089
Amortisation
At 1 August 2022 625,000 30,089 655,089
Provided during the year 62,500 - 62,500
At 31 July 2023 687,500 30,089 717,589
Net book value
At 31 July 2023 562,500 - 562,500
At 31 July 2022 625,000 - 625,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.
Development costs were written off in equal annual instalments over their estimated useful life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 August 2022 422,076 137,657 559,733
Additions - 3,651 3,651
At 31 July 2023 422,076 141,308 563,384
Depreciation
At 1 August 2022 65,697 119,703 185,400
Charge for the year 12,270 7,545 19,815
At 31 July 2023 77,967 127,248 205,215
Net book value
At 31 July 2023 344,109 14,060 358,169
At 31 July 2022 356,379 17,954 374,333
5 Debtors 2023 2022
£ £
Trade debtors 34,483 17,173
Other debtors 36,629 37,224
71,112 54,397
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 14,405 25,554
Taxation and social security costs 223,312 271,452
Other creditors 452,053 470,991
689,770 767,997
7 Other information
Green Magic Co. UK Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Waltham Business Park, Brickyard Road
Swanmore
Southampton
SO32 2SA
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