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Registered Number: 07359917
England and Wales

 

 

 

MAGNETIC EYE FILMS LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 September 2022

End date: 31 August 2023
Directors Annalise Done
George Robert Done
Registered Number 07359917
Registered Office 5 Beckfords
Upper Basildon
Reading
Berkshire
RG8 8PB
1
Director's report and financial statements
The directors present their annual report and the financial statements for the year ended 31 August 2023
Principal activities
The principal activity of the company in the year under review was that of TV production. 
Directors
The directors who served the company throughout the year were as follows:
Annalise Done
George Robert Done

This report was approved by the board and signed on its behalf by:


----------------------------------
Annalise Done
Director
----------------------------------
George Robert Done
Director

Date approved: 05 March 2024
2
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 14,292    11,087 
14,292    11,087 
Current assets      
Debtors 4 18,361    106,149 
Cash at bank and in hand 450,270    335,782 
468,631    441,931 
Creditors: amount falling due within one year 5 (48,933)   (74,037)
Net current assets 419,698    367,894 
 
Total assets less current liabilities 433,990    378,981 
Provisions for liabilities 6 (385)   (48)
Net assets 433,605    378,933 
 

Capital and reserves
     
Called up share capital 2    2 
Profit and loss account 433,603    378,931 
Shareholder's funds 433,605    378,933 
 


For the year ended 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. 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.
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 to the Registrar of Companies.
The financial statements were approved by the board of directors on 05 March 2024 and were signed on its behalf by:


-------------------------------
Annalise Done
Director
-------------------------------
George Robert Done
Director
3
General Information
Magnetic Eye Films Limited is a private company, limited by shares, registered in England and Wales, registration number 07359917, registration address 5 Beckfords , Upper Basildon, Reading, Berkshire , RG8 8PB.

The presentation currency is £ sterling.
1.

Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.

Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

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.

Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery - 33% on cost 
Fixtures and fittings - 33% on cost
Computer equipment - 33% on cost 
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 0 (2022 : 0).
3.

Tangible fixed assets

Cost or valuation Plant and Machinery   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £
At 01 September 2022 82,207    1,127    28,233    111,567 
Additions 9,149    333    2,903    12,385 
Disposals (125)       (125)
At 31 August 2023 91,231    1,460    31,136    123,827 
Depreciation
At 01 September 2022 77,993    1,118    21,369    100,480 
Charge for year 3,746    59    5,375    9,180 
On disposals (125)       (125)
At 31 August 2023 81,614    1,177    26,744    109,535 
Net book values
Closing balance as at 31 August 2023 9,617    283    4,392    14,292 
Opening balance as at 01 September 2022 4,214    9    6,864    11,087 


4.

Debtors: amounts falling due within one year

2023
£
  2022
£
Trade Debtors 17,631    105,472 
Prepayments & Accrued Income 190    137 
Other Debtors 540    540 
18,361    106,149 

5.

Creditors: amount falling due within one year

2023
£
  2022
£
Social Security and Other Taxes 47,638    74,010 
Accrued Expenses 244   
Directors' Current Accounts 1,051    27 
48,933    74,037 

6.

Provisions for liabilities

2023
£
  2022
£
Deferred Tax 385    48 
385    48 

7.

Related parties

During the year the company entered into the following transactions with related parties:
Transaction value - income/(expenses) Balance owed by/(owed to)
2023
£
 2022
£
 2023
£
 2022
£
Moss and Stone Ltd 540 540 

At the balance sheet date, Magnetic Eye Films Limited had an outstanding debtor balance with Moss and Stone Ltd, another company under the control of the director. The loan to Moss and Stone Ltd is non-interest bearing and repayable on demand.
4