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Registered number: 03592714









MAGUS RESEARCH LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2023

 
MAGUS RESEARCH LIMITED
 
 
COMPANY INFORMATION


Director
S Federman (appointed 17 July 2024)




Registered number
03592714



Registered office
45 Gresham Street

London

EC2V 7BG




Independent auditor
CLA Evelyn Partners Limited
Chartered Accountants & Statutory Auditor

45 Gresham Street

London

EC2V 7BG





 
MAGUS RESEARCH LIMITED
 

CONTENTS



Page
Statement of Financial Position
1 - 2
Notes to the Financial Statements
3 - 9


 
MAGUS RESEARCH LIMITED
REGISTERED NUMBER:03592714

STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
21,881
36,567

  
21,881
36,567

Current assets
  

Debtors: amounts falling due within one year
 6 
321,817
692,917

Cash at bank and in hand
  
708,774
422,860

  
1,030,591
1,115,777

Creditors: amounts falling due within one year
 7 
(7,827,868)
(7,374,848)

Net current liabilities
  
 
 
(6,797,277)
 
 
(6,259,071)

  

Net liabilities
  
(6,775,396)
(6,222,504)


Capital and reserves
  

Called up share capital 
  
13,246
13,246

Share premium account
  
637,423
637,423

Retained earnings
  
(7,426,065)
(6,873,173)

Shareholders' deficit
  
(6,775,396)
(6,222,504)


The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




S Federman
Director

Date: 26 July 2024
Page 1

 
MAGUS RESEARCH LIMITED
REGISTERED NUMBER:03592714
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JANUARY 2023


The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
MAGUS RESEARCH LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

1.


General information

Magus Research Limited is a private company, limited by shares, domiciled and incorporated in England and Wales (registered number: 03592714). The registered office address is 45 Gresham Street, London, EC2V 7BG.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company has net current liabilities of £6,797,277 (2022 - £6,259,071) and generated a loss of £552,892 (2022 - £87,450).
The Company is ultimately dependent on continued financial support from the immediate parent company and investor into the immediate parent company.
The director has obtained written confirmation of support from the parent company and investor into the immediate parent company, and confirmation that its intercompany debt will not be called upon in the 12 months from signing the accounts unless the Company has sufficient funds to make payment. Based on the group strategy, forecast and the support provided from the investor, the director believes it is appropriate to rely upon this support for a period of at least 12 months from the approval of the financial statements. As a result, they are of the view that a going concern basis should be adopted in preparing the financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 3

 
MAGUS RESEARCH LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Turnover is recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of turnover reflects the accrual of the right to consideration by reference to the value of work performed. The work not yet performed in respect of these contracts is included within creditors and deferred income.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures, fittings & equipment
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 4

 
MAGUS RESEARCH LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Financial instruments

Financial assets and financial liabilities are recognised in the Statement of Financial Position when the Company becomes a party to the contractual provisions of the instrument.
Trade and other debtors and creditors are classified as basic financial instruments and measured on initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the Company will not be able to collect all amounts due.
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank, short-term bank deposits with an original maturity of three months or less and bank overdrafts which are an integral part of the Company’s cash management.
Financial liabilities and equity instruments issued by the Company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities. Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs.

Page 5

 
MAGUS RESEARCH LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.10

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.


3.


Employees

The average monthly number of employees, including directors, during the year was 24 (2022 - 28).

Page 6

 
MAGUS RESEARCH LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

4.


Tangible fixed assets





Fixtures, fittings & equipment

£



Cost


At 1 February 2022
65,564


Additions
1,461



At 31 January 2023

67,025



Depreciation


At 1 February 2022
28,997


Charge for the year
16,147



At 31 January 2023

45,144



Net book value



At 31 January 2023
21,881



At 31 January 2022
36,567

Page 7

 
MAGUS RESEARCH LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

5.


Investments





Investments in subsidiary companies

£



Cost


At 1 February 2022
744,356



At 31 January 2023

744,356



Impairment


At 1 February 2022
744,356



At 31 January 2023

744,356



Net book value



At 31 January 2023
-



At 31 January 2022
-


6.


Debtors: Amounts falling due within one year

2023
2022
£
£


Trade debtors
221,233
613,165

Amounts owed by group undertakings
51,946
51,946

Prepayments and accrued income
48,638
27,806

321,817
692,917


Amounts owed by group undertakings are unsecured, interest free and are repayable on demand. 

Page 8

 
MAGUS RESEARCH LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
235,155
83,139

Amounts owed to group undertakings
5,898,991
5,497,521

Corporation tax
179,581
179,581

Other taxation and social security
215,168
15,760

Accruals and deferred income
1,298,973
1,598,847

7,827,868
7,374,848


Amounts owed to group undertakings are unsecured, interest free and are repayable on demand. 


8.


Related party transactions

The Company has taken advantage of the exemption in FRS 102 Section 33.1A to not disclose transactions with wholly owned group entities.


9.


Controlling party

The immediate parent undertaking is CrownPeak Intermediate Holdings, Inc., a company registered in Delaware, United States of America.
The smallest group of undertakings for which group accounts for the year ended 31 January 2023 have been drawn up, is that headed by CrownPeak Intermediate Holdings Inc. Copies of the group accounts are available from 1209 Orange Street, Wilmington, New Castle, Delaware 19801, USA.


10.


Auditor's information

The auditor's report on the financial statements for the year ended 31 January 2023 was unqualified.

In their report, the auditor emphasised the following matter without qualifying their report:
We draw attention to note 2.2 of the financial statements, which describes the Company's reliance on the support of the immediate parent company and investor into the immediate parent company.

The audit report was signed on 26 July 2024 by Chetan Mistry (Senior Statutory Auditor) on behalf of CLA Evelyn Partners Limited.

Page 9