Silverfin false false 31/10/2023 01/11/2022 31/10/2023 Joanna Eaton 23/10/2013 Michael Eaton 23/10/2013 31 July 2024 The principal activity of the company is that of event and software compliance consultancy. 08744553 2023-10-31 08744553 bus:Director1 2023-10-31 08744553 bus:Director2 2023-10-31 08744553 2022-10-31 08744553 core:CurrentFinancialInstruments 2023-10-31 08744553 core:CurrentFinancialInstruments 2022-10-31 08744553 core:ShareCapital 2023-10-31 08744553 core:ShareCapital 2022-10-31 08744553 core:RetainedEarningsAccumulatedLosses 2023-10-31 08744553 core:RetainedEarningsAccumulatedLosses 2022-10-31 08744553 core:Goodwill 2022-10-31 08744553 core:Goodwill 2023-10-31 08744553 core:OtherPropertyPlantEquipment 2022-10-31 08744553 core:OtherPropertyPlantEquipment 2023-10-31 08744553 bus:OrdinaryShareClass1 2023-10-31 08744553 bus:OrdinaryShareClass2 2023-10-31 08744553 2022-11-01 2023-10-31 08744553 bus:FilletedAccounts 2022-11-01 2023-10-31 08744553 bus:SmallEntities 2022-11-01 2023-10-31 08744553 bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 08744553 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 08744553 bus:Director1 2022-11-01 2023-10-31 08744553 bus:Director2 2022-11-01 2023-10-31 08744553 core:Goodwill core:TopRangeValue 2022-11-01 2023-10-31 08744553 core:OtherPropertyPlantEquipment 2022-11-01 2023-10-31 08744553 2021-11-01 2022-10-31 08744553 bus:OrdinaryShareClass1 2022-11-01 2023-10-31 08744553 bus:OrdinaryShareClass1 2021-11-01 2022-10-31 08744553 bus:OrdinaryShareClass2 2022-11-01 2023-10-31 08744553 bus:OrdinaryShareClass2 2021-11-01 2022-10-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 08744553 (England and Wales)

MAGIC INGREDIENT LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH THE REGISTRAR

MAGIC INGREDIENT LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2023

Contents

MAGIC INGREDIENT LIMITED

COMPANY INFORMATION

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2023
MAGIC INGREDIENT LIMITED

COMPANY INFORMATION (continued)

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2023
DIRECTORS Joanna Eaton
Michael Eaton
REGISTERED OFFICE Richard House
Winckley Square
Preston
PR1 3HP
United Kingdom
COMPANY NUMBER 08744553 (England and Wales)
ACCOUNTANT MHA
Richard House
9 Winckley Square
Preston
Lancashire
PR1 3HP
MAGIC INGREDIENT LIMITED

BALANCE SHEET

AS AT 31 OCTOBER 2023
MAGIC INGREDIENT LIMITED

BALANCE SHEET (continued)

AS AT 31 OCTOBER 2023
Note 31.10.2023 31.10.2022
£ £
Fixed assets
Tangible assets 4 1,571 1,964
1,571 1,964
Current assets
Debtors 5 141,386 144,733
Cash at bank and in hand 6 20,009 7,674
161,395 152,407
Creditors: amounts falling due within one year 7 ( 24,114) ( 25,925)
Net current assets 137,281 126,482
Total assets less current liabilities 138,852 128,446
Net assets 138,852 128,446
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account 138,752 128,346
Total shareholders' funds 138,852 128,446

For the financial year ending 31 October 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Magic Ingredient Limited (registered number: 08744553) were approved and authorised for issue by the Board of Directors on 31 July 2024. They were signed on its behalf by:

Joanna Eaton
Director
MAGIC INGREDIENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2023
MAGIC INGREDIENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Magic Ingredient Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Richard House, Winckley Square, Preston, PR1 3HP, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 5 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

2. Employees

31.10.2023 31.10.2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 November 2022 55,000 55,000
At 31 October 2023 55,000 55,000
Accumulated amortisation
At 01 November 2022 55,000 55,000
At 31 October 2023 55,000 55,000
Net book value
At 31 October 2023 0 0
At 31 October 2022 0 0

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 November 2022 4,586 4,586
At 31 October 2023 4,586 4,586
Accumulated depreciation
At 01 November 2022 2,622 2,622
Charge for the financial year 393 393
At 31 October 2023 3,015 3,015
Net book value
At 31 October 2023 1,571 1,571
At 31 October 2022 1,964 1,964

5. Debtors

31.10.2023 31.10.2022
£ £
Trade debtors 4,770 9,905
Corporation tax 1,533 1,533
Other debtors 135,083 133,295
141,386 144,733

6. Cash and cash equivalents

31.10.2023 31.10.2022
£ £
Cash at bank and in hand 20,009 7,674

7. Creditors: amounts falling due within one year

31.10.2023 31.10.2022
£ £
Taxation and social security 22,864 24,565
Other creditors 1,250 1,360
24,114 25,925

8. Called-up share capital

31.10.2023 31.10.2022
£ £
Allotted, called-up and fully-paid
50 A ordinary shares of £ 1.00 each 50 50
50 B ordinary shares of £ 1.00 each 50 50
100 100

9. Related party transactions

Transactions with the entity's directors

31.10.2023 31.10.2022
£ £
At the end of the period the directors owed the company 130,683 127,807

Amounts advanced to directors are repayable on demand and interest was charged during the year of 2.25%