Company Registration No. 05952530 (England and Wales)
MAGIC TOYZ LTD
Unaudited accounts
for the year ended 31 March 2023
MAGIC TOYZ LTD
Unaudited accounts
Contents
MAGIC TOYZ LTD
Company Information
for the year ended 31 March 2023
Directors
Natasha Shazia AMIN
Mohammad Aslam BHATTI
Company Number
05952530 (England and Wales)
Registered Office
UNIT 17, ACCESS 4:20 NEW HYTHE BUSINESS
BELLINGHAM WAY
AYLESFORD
KENT
ME20 7HP
UNITED KINGDOM
Accountants
Faruk Ahmed FCCA
9 Priory Close
Churchfields
London
E18 2QT
MAGIC TOYZ LTD
Statement of financial position
as at 31 March 2023
Tangible assets
2,906
3,418
Investments
433,022
566,223
Inventories
615,000
578,013
Debtors
2,635,333
2,569,781
Cash at bank and in hand
323,741
525,912
Creditors: amounts falling due within one year
(792,295)
(1,134,244)
Net current assets
2,781,779
2,539,462
Total assets less current liabilities
3,217,707
3,109,103
Provisions for liabilities
Other provisions
-
(50,000)
Net assets
3,217,707
3,059,103
Called up share capital
100
100
Profit and loss account
3,217,607
3,059,003
Shareholders' funds
3,217,707
3,059,103
For the 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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts 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 FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 22 December 2023 and were signed on its behalf by
Mohammad Aslam BHATTI
Director
Company Registration No. 05952530
MAGIC TOYZ LTD
Notes to the Accounts
for the year ended 31 March 2023
MAGIC TOYZ LTD is a private company, limited by shares, registered in England and Wales, registration number 05952530. The registered office is UNIT 17, ACCESS 4:20 NEW HYTHE BUSINESS , BELLINGHAM WAY, AYLESFORD, KENT, ME20 7HP, UNITED KINGDOM.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
15% Reducing Balance
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
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Tangible fixed assets
Land & buildings
Plant & machinery
Total
Cost or valuation
At cost
At cost
At 1 April 2022
87,512
61,168
148,680
At 31 March 2023
87,512
61,168
148,680
At 1 April 2022
87,512
57,750
145,262
Charge for the year
-
512
512
At 31 March 2023
87,512
58,262
145,774
At 31 March 2023
-
2,906
2,906
At 31 March 2022
-
3,418
3,418
MAGIC TOYZ LTD
Notes to the Accounts
for the year ended 31 March 2023
5
Investments
Other investments
Valuation at 1 April 2022
566,223
Valuation at 31 March 2023
433,022
Company has made further investment of £49,999 in listed shares. It has a gain of £11,560 and loss of £194,761 from trading activities resulting a net loss of £183,200.
Amounts falling due within one year
Trade debtors
703,156
636,387
Other debtors
1,932,177
1,933,394
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Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
2,097
-
Trade creditors
278,559
571,990
Taxes and social security
110,197
160,812
Other creditors
401,442
401,442
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Average number of employees
During the year the average number of employees was 9 (2022: 9).