Creative Magic Studio Ltd 06684193 false 2022-09-01 2023-08-31 2023-08-31 The principal activity of the company is that of website design and marketing activities. Digita Accounts Production Advanced 6.30.9574.0 true true 06684193 2022-09-01 2023-08-31 06684193 2023-08-31 06684193 bus:Director2 1 2023-08-31 06684193 bus:OrdinaryShareClass1 2023-08-31 06684193 core:CurrentFinancialInstruments 2023-08-31 06684193 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 06684193 core:OfficeEquipment 2023-08-31 06684193 bus:SmallEntities 2022-09-01 2023-08-31 06684193 bus:AuditExemptWithAccountantsReport 2022-09-01 2023-08-31 06684193 bus:FullAccounts 2022-09-01 2023-08-31 06684193 bus:SmallCompaniesRegimeForAccounts 2022-09-01 2023-08-31 06684193 bus:RegisteredOffice 2022-09-01 2023-08-31 06684193 bus:Director1 2022-09-01 2023-08-31 06684193 bus:Director2 2022-09-01 2023-08-31 06684193 bus:Director2 1 2022-09-01 2023-08-31 06684193 bus:OrdinaryShareClass1 2022-09-01 2023-08-31 06684193 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 06684193 core:OfficeEquipment 2022-09-01 2023-08-31 06684193 countries:England 2022-09-01 2023-08-31 06684193 2022-08-31 06684193 bus:Director2 1 2022-08-31 06684193 core:OfficeEquipment 2022-08-31 06684193 2021-09-01 2022-08-31 06684193 2022-08-31 06684193 bus:Director2 1 2022-08-31 06684193 bus:OrdinaryShareClass1 2022-08-31 06684193 core:CurrentFinancialInstruments 2022-08-31 06684193 core:CurrentFinancialInstruments core:WithinOneYear 2022-08-31 06684193 core:OfficeEquipment 2022-08-31 06684193 bus:Director2 1 2021-09-01 2022-08-31 06684193 bus:Director2 1 2021-08-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 06684193

Creative Magic Studio Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2023

 

Creative Magic Studio Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Creative Magic Studio Ltd

Company Information

Directors

Mr Ian Edward Tack

Mrs Katherine Tack

Registered office

The Mill
Pury Hill Business Park
Alderton Road
Towcester
Northants
NN12 7LS

Accountants

KRW Accountants Ltd
Chartered Accountants & Tax Advisers
The Mill
Pury Hill Business Park
Alderton Road
Towcester
NN12 7LS

 

Creative Magic Studio Ltd

(Registration number: 06684193)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

181

242

Current assets

 

Debtors

5

5,258

6,925

Cash at bank and in hand

 

3,140

334

 

8,398

7,259

Creditors: Amounts falling due within one year

6

(8,228)

(7,196)

Net current assets

 

170

63

Net assets

 

351

305

Capital and reserves

 

Called up share capital

100

100

Retained earnings

251

205

Shareholders' funds

 

351

305

For the financial year ending 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:

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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 8 March 2024 and signed on its behalf by:
 

.........................................
Mrs Katherine Tack
Director

 

Creative Magic Studio Ltd

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

1

General information

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

The address of its registered office is:
The Mill
Pury Hill Business Park
Alderton Road
Towcester
Northants
NN12 7LS
United Kingdom

The principal place of business is:
21 Blisworth Mill
Gayton Road
Blisworth
NN7 3RZ

These financial statements were authorised for issue by the Board on 8 March 2024.

The company registration number is 06684193

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.

 

Creative Magic Studio Ltd

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

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 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.

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

Office equipment

25% 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. The company subsequently considers the recoverable value of the trade debtors. When assessing impairment of trade debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

 

Creative Magic Studio Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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 directors) during the year, was 1 (2022 - 1).

 

Creative Magic Studio Ltd

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

4

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 September 2022

3,015

3,015

At 31 August 2023

3,015

3,015

Depreciation

At 1 September 2022

2,773

2,773

Charge for the year

61

61

At 31 August 2023

2,834

2,834

Carrying amount

At 31 August 2023

181

181

At 31 August 2022

242

242

5

Debtors

Current

2023
£

2022
£

Trade debtors

4,853

3,254

Other debtors

405

3,671

 

5,258

6,925

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

-

510

Taxation and social security

7,058

6,113

Accruals and deferred income

1,170

573

8,228

7,196

 

Creative Magic Studio Ltd

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

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

8

Related party transactions

Transactions with directors

2023

At 1 September 2022
£

Advances to director
£

Repayments by director
£

At 31 August 2023
£

Mrs Katherine Tack

Directors loan account

3,671

14,700

(17,966)

405

         
       

 

2022

At 1 September 2021
£

Advances to director
£

Repayments by director
£

At 31 August 2022
£

Mrs Katherine Tack

Directors loan account

-

31,590

(27,919)

3,671