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Company Registration No. 07888458 (England and Wales)
Mango Magic Limited Unaudited accounts for the year ended 31 December 2023
Mango Magic Limited Unaudited accounts Contents
Page
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Mango Magic Limited Company Information for the year ended 31 December 2023
Director
Robert Charles Barty
Company Number
07888458 (England and Wales)
Registered Office
27 Cambridge Avenue West Wittering Chichester Hampshire PO20 8NE England
Accountants
Square Accounts Limited 5 Albert Road Southsea Hampshire PO5 2SE
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Chartered Certified Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Mango Magic Limited for the year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Mango Magic Limited for the year ended 31 December 2023 as set out on pages 5 - 9 from the Company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/uk/en/about-us/regulation/rulebook.html
This report is made solely to the Board of Directors of Mango Magic Limited, as a body, in accordance with the terms of our engagement letter dated 1 August 2023. Our work has been undertaken solely to prepare for your approval the accounts of Mango Magic Limited and state those matters that we have agreed to state to the Board of Directors of Mango Magic Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Mango Magic Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Mango Magic Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Mango Magic Limited. You consider that Mango Magic Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Mango Magic Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Square Accounts Limited Chartered Certified Accountants 5 Albert Road Southsea Hampshire PO5 2SE 9 April 2024
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Mango Magic Limited Statement of financial position as at 31 December 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Intangible assets
37,406 
37,406 
Tangible assets
2,885 
1,812 
Investments
5,425 
5,425 
45,716 
44,643 
Current assets
Debtors
2,520 
8,967 
Cash at bank and in hand
29,322 
58,359 
31,842 
67,326 
Creditors: amounts falling due within one year
(9,723)
(22,642)
Net current assets
22,119 
44,684 
Net assets
67,835 
89,327 
Capital and reserves
Called up share capital
1 
1 
Profit and loss account
67,834 
89,326 
Shareholders' funds
67,835 
89,327 
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 6 August 2024 and were signed on its behalf by
Robert Charles Barty Director Company Registration No. 07888458
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Mango Magic Limited Notes to the Accounts for the year ended 31 December 2023
1
Statutory information
Mango Magic Limited is a private company, limited by shares, registered in England and Wales, registration number 07888458. The registered office is 27 Cambridge Avenue, West Wittering, Chichester, Hampshire, PO20 8NE, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
1-3 years straight line
Intangible fixed assets
Intangible fixed assets (including purchased goodwill and patents) are included at historic cost less any impairment losses.
Investments
Investments are included at historic cost less any impairment losses.
Going concern
The financial statements have been prepared on a going concern basis.
Judgements
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements There are no judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies that have any significant effect on the amounts recognised in the financial statements.
Key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year.
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Mango Magic Limited Notes to the Accounts for the year ended 31 December 2023
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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
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.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges. Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
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.
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Mango Magic Limited Notes to the Accounts for the year ended 31 December 2023
4
Intangible fixed assets
Other 
£ 
Cost
At 1 January 2023
37,406 
At 31 December 2023
37,406 
Amortisation
At 1 January 2023
- 
At 31 December 2023
- 
Net book value
At 31 December 2023
37,406 
At 31 December 2022
37,406 
5
Tangible fixed assets
Computer equipment 
£ 
Cost or valuation
At cost 
At 1 January 2023
4,614 
Additions
2,081 
At 31 December 2023
6,695 
Depreciation
At 1 January 2023
2,802 
Charge for the year
1,008 
At 31 December 2023
3,810 
Net book value
At 31 December 2023
2,885 
At 31 December 2022
1,812 
6
Investments
Other investments 
£ 
Valuation at 1 January 2023
5,425 
Valuation at 31 December 2023
5,425 
7
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
2,520 
- 
Accrued income and prepayments
- 
8,967 
2,520 
8,967 
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Mango Magic Limited Notes to the Accounts for the year ended 31 December 2023
8
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
VAT
2,563 
11,002 
Taxes and social security
6,200 
10,740 
Accruals
960 
900 
9,723 
22,642 
9
Share capital
2023 
2022 
£ 
£ 
Allotted, called up and fully paid:
1 Ordinary shares of £1 each
1 
1 
10
Loans to directors
The director maintains an interest free loan with the company. The balance owed to the company was £nil as at 31 December 2022 (2021: £3,080).
11
Average number of employees
During the year the average number of employees was 1 (2022: 1).
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