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Company registration number:
07436424
Magma Media Ltd
Unaudited Filleted Financial Statements for the year ended
30 November 2022
Magma Media Ltd
Report to the board of directors on the preparation of the unaudited statutory financial statements of Magma Media Ltd
Year ended
30 November 2022
As described on the statement of financial position, the Board of Directors of
Magma Media Ltd
are responsible for the preparation of the
financial statements
for the year ended
30 November 2022
, which comprise the income statement, statement of income and retained earnings, statement of financial position and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006.
In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Vincent Accountancy & Taxation Services Limited
Chartered Certified Accountants
14 The Cloisters
Littlehampton
West Sussex
BN17 5ST
United Kingdom
Date:
1 February 2024
Magma Media Ltd
Statement of Financial Position
30 November 2022
20222021
Note££
Fixed assets    
Intangible assets 5
24,030
  -  
Tangible assets 6
8,456
 
11,275
 
Investments 7
147,385
  -  
179,871
 
11,275
 
Current assets    
Debtors 8
16,859
 
347
 
Cash at bank and in hand
25,487
 
14,898
 
42,346
 
15,245
 
Creditors: amounts falling due within one year 9
(51,087
)
(11,858
)
Net current (liabilities)/assets
(8,741
)
3,387
 
Total assets less current liabilities 171,130   14,662  
Capital and reserves    
Called up share capital
102
 
102
 
Profit and loss account
171,028
 
14,560
 
Shareholders funds
171,130
 
14,662
 
For the year ending
30 November 2022
, 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 financial statements for the year in question in accordance with section 476;
  • The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
financial statements
have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
1 February 2024
, and are signed on behalf of the board by:
L Kerr
Director
Company registration number:
07436424
Magma Media Ltd
Notes to the Financial Statements
Year ended
30 November 2022

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
41 The Glen
,
Worthing
,
West Sussex
,
BN13 2AD
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Current tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Intangible assets

Intangible assets are initially measured at cost and are subsequently measured at cost less any accumulated amortisation and accumulated impairment losses or at a revalued amount. However, Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Any intangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Other intangible assets
25% reducing balance

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Office equipment
25% reducing balance

Fixed asset investments

Investments in subsidiaries, associates and joint ventures accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.
Investments in subsidiaries, associates and joint ventures accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income or profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.
Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Other fixed asset investments which are listed are measured at fair value with changes in fair value being recognised in profit or loss.
All other Investments held as fixed assets are initially recorded at cost, and are subsequently stated at cost less any accumulated impairment losses.

Impairment

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. Prior impairments are also reviewed for possible reversal at each reporting date.

4 Average number of employees

The average number of persons employed by the company during the year was
2
(2021:
2.00
).

5 Intangible assets

Other intangible assets
£
Cost  
At
1 December 2021
-  
Additions
32,040
 
At
30 November 2022
32,040
 
Amortisation  
At
1 December 2021
-  
Charge
8,010
 
At
30 November 2022
8,010
 
Carrying amount  
At
30 November 2022
24,030
 
At 30 November 2021 -  

6 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 December 2021
and
30 November 2022
26,606
 
Depreciation  
At
1 December 2021
15,331
 
Charge
2,819
 
At
30 November 2022
18,150
 
Carrying amount  
At
30 November 2022
8,456
 
At 30 November 2021
11,275
 

7 Investments

Other investments other than loans
£
Cost  
At
1 December 2021
-  
Additions
1,353,372
 
Disposals
(1,205,987
)
At
30 November 2022
147,385
 
Impairment  
At
1 December 2021
and
30 November 2022
-  
Carrying amount  
At
30 November 2022
147,385
 
At 30 November 2021 -  

8 Debtors

20222021
££
Trade debtors -  
216
 
Other debtors
16,859
 
131
 
16,859
 
347
 

9 Creditors: amounts falling due within one year

20222021
££
Trade creditors
1,740
 
224
 
Taxation and social security
46,198
 
2,981
 
Other creditors
3,149
 
8,653
 
51,087
 
11,858