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REGISTERED NUMBER: 01698588 (England and Wales)









Unaudited Financial Statements

for the Year Ended 31 March 2024

for

MAGI-CUT SOFTWARE LIMITED

MAGI-CUT SOFTWARE LIMITED (REGISTERED NUMBER: 01698588)

Contents of the Financial Statements
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MAGI-CUT SOFTWARE LIMITED

Company Information
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTOR: J R Wiltshire





REGISTERED OFFICE: Bath House
6-8 Bath Street
Redcliffe
Bristol
BS1 6HL





BUSINESS ADDRESS: St. Brandon's House
29 Great George Street
Bristol
BS1 5QT





REGISTERED NUMBER: 01698588 (England and Wales)





ACCOUNTANTS: Haines Watts
Chartered Accountants
6-8 Bath Street
Bristol
BS1 6HL

MAGI-CUT SOFTWARE LIMITED (REGISTERED NUMBER: 01698588)

Balance Sheet
31 MARCH 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 18,416 15,730

CURRENT ASSETS
Stocks 27,300 38,833
Debtors 5 252,992 335,842
Cash at bank and in hand 4,689,787 4,099,777
4,970,079 4,474,452
CREDITORS
Amounts falling due within one year 6 (259,049 ) (197,302 )
NET CURRENT ASSETS 4,711,030 4,277,150
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,729,446

4,292,880

CAPITAL AND RESERVES
Called up share capital 7 80 80
Capital redemption reserve 20 20
Retained earnings 4,729,346 4,292,780
SHAREHOLDERS' FUNDS 4,729,446 4,292,880

MAGI-CUT SOFTWARE LIMITED (REGISTERED NUMBER: 01698588)

Balance Sheet - continued
31 MARCH 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The 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 Profit and Loss has not been delivered.

The financial statements were approved and authorised for issue by the director and authorised for issue on 22 July 2024 and were signed by:





J R Wiltshire - Director


MAGI-CUT SOFTWARE LIMITED (REGISTERED NUMBER: 01698588)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 MARCH 2024


1. COMPANY INFORMATION

Magi-Cut Software Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The company's principal activities and nature of its operations are that of computer systems consultancy, software research and developement.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover
Turnover represents the total invoice value, excluding value added tax, of sales made during the year and derives from the provision of goods and services falling within the company's ordinary activities.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures, fittings and equipment - 20% on cost
Computer equipment - 33% on cost

Stocks
Stocks are stated at the lower of cost and net realisable value. Cost comprises direct materials and where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

MAGI-CUT SOFTWARE LIMITED (REGISTERED NUMBER: 01698588)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Financial assets
Basic financial assets, which include trade and other debtors, amounts due from group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Financial liabilities
Basic financial liabilities, including trade and other creditors and amounts due to group undertakings are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

Taxation
Taxation for the year comprises current tax. Tax is recognised in the Profit and Loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2023 - 9 ) .

MAGI-CUT SOFTWARE LIMITED (REGISTERED NUMBER: 01698588)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024


4. TANGIBLE FIXED ASSETS
Fixtures,
fittings
and Computer
equipment equipment Totals
£    £    £   
COST
At 1 April 2023 10,362 129,180 139,542
Additions 749 14,017 14,766
At 31 March 2024 11,111 143,197 154,308
DEPRECIATION
At 1 April 2023 7,813 115,999 123,812
Charge for year 815 11,265 12,080
At 31 March 2024 8,628 127,264 135,892
NET BOOK VALUE
At 31 March 2024 2,483 15,933 18,416
At 31 March 2023 2,549 13,181 15,730

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 203,495 297,179
Other debtors 19,547 11,568
VAT - 252
Prepayments and accrued income 29,950 26,843
252,992 335,842

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 10,023 872
Tax 211,040 164,626
Social security and other taxes 21,876 22,889
VAT 7,542 -
Other creditors 5,045 5,020
Directors' current accounts 348 780
Accruals and deferred income 3,175 3,115
259,049 197,302

MAGI-CUT SOFTWARE LIMITED (REGISTERED NUMBER: 01698588)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024


7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
80 Ordinary £1 80 80