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The Museum Of Witchcraft & Magic Limited

Annual Report and Financial Statements

for the Year Ended 31 October 2023

 

The Museum Of Witchcraft & Magic Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

The Museum Of Witchcraft & Magic Limited

Company Information

Director

Mr Simon Spencer Costin

Registered office

Alexander & Co Schooners Business Park
Bess Park Road
Wadebridge
Cornwall
PL27 6HB

Registered number

03196873 (England & Wales)

Accountants

Alexander & Co
AAT Licenced Accountant
Schooners Business Park
Bess Park Road
Wadebridge
Cornwall
PL27 6HB

 

The Museum Of Witchcraft & Magic Limited

(Registration number: 03196873)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

40,929

27,730

Current assets

 

Stocks

6

21,690

20,212

Debtors

7

9,022

8,090

Cash at bank and in hand

 

489,391

416,011

 

520,103

444,313

Creditors: Amounts falling due within one year

8

(35,488)

(29,838)

Net current assets

 

484,615

414,475

Total assets less current liabilities

 

525,544

442,205

Provisions for liabilities

(526)

(897)

Net assets

 

525,018

441,308

Capital and reserves

 

Called up share capital

9

28,601

28,601

Retained earnings

496,417

412,707

Shareholders' funds

 

525,018

441,308

For the financial year ending 31 October 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

The Museum Of Witchcraft & Magic Limited

(Registration number: 03196873)
Balance Sheet as at 31 October 2023

Approved and authorised by the director on 31 January 2024


 

.........................................

Mr Simon Spencer Costin
Director

 

The Museum Of Witchcraft & Magic Limited

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

1

General information

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

The address of its registered office is:
Alexander & Co Schooners Business Park
Bess Park Road
Wadebridge
Cornwall
PL27 6HB
United Kingdom

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.

Going concern

The financial statements have been prepared on a going concern basis.

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 and deferred 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.

 

The Museum Of Witchcraft & Magic Limited

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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

Improvements to property

not provided

Museum exhibits

20% on cost

Fixtures and fittings

15% on cost

Computer equipment

15% on cost

Motor Vehicles

20% reducing balance

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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

The Museum Of Witchcraft & Magic Limited

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

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 6 (2022 - 5).

4

Taxation

Tax charged/(credited) in the income statement

2023
 £

2022
 £

Current taxation

UK corporation tax

21,930

22,999

Deferred taxation

Arising from changes in tax rates and laws

(371)

(344)

Tax expense in the income statement

21,559

22,655

 

The Museum Of Witchcraft & Magic Limited

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

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Cost or valuation

At 1 November 2022

19,359

20,342

122,810

7,920

Additions

-

375

-

550

At 31 October 2023

19,359

20,717

122,810

8,470

Depreciation

At 1 November 2022

-

17,136

122,810

4,852

Charge for the year

-

1,792

-

751

At 31 October 2023

-

18,928

122,810

5,603

Carrying amount

At 31 October 2023

19,359

1,789

-

2,867

At 31 October 2022

19,359

3,206

-

3,068

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2022

3,495

173,926

Additions

19,395

20,320

At 31 October 2023

22,890

194,246

Depreciation

At 1 November 2022

1,398

146,196

Charge for the year

4,578

7,121

At 31 October 2023

5,976

153,317

Carrying amount

At 31 October 2023

16,914

40,929

At 31 October 2022

2,097

27,730

6

Stocks

2023
£

2022
£

Other inventories

21,690

20,212

 

The Museum Of Witchcraft & Magic Limited

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

7

Debtors

Current

2023
£

2022
£

Trade debtors

-

49

Prepayments

5,822

4,841

Other debtors

3,200

3,200

 

9,022

8,090

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

23,196

22,802

Accruals and deferred income

11,695

6,883

Other creditors

597

153

35,488

29,838

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

28,601

28,601

28,601

28,601

         

10

Deferred tax and other provisions

Deferred tax
£

Total
£

At 1 November 2022

897

897

Increase (decrease) in existing provisions

(371)

(371)

At 31 October 2023

526

526