Company Registration No. 07888458 (England and Wales)
Mango Magic Limited
Unaudited accounts
for the year ended 31 December 2023
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
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
Mango Magic Limited
Statement of financial position
as at 31 December 2023
Intangible assets
37,406
37,406
Tangible assets
2,885
1,812
Cash at bank and in hand
29,322
58,359
Creditors: amounts falling due within one year
(9,723)
(22,642)
Net current assets
22,119
44,684
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
Mango Magic Limited
Notes to the Accounts
for the year ended 31 December 2023
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
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 (including purchased goodwill and patents) are included at historic cost less any impairment losses.
Investments are included at historic cost less any impairment losses.
The financial statements have been prepared on a going concern basis.
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.
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 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 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.
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.
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.
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.
Mango Magic Limited
Notes to the Accounts
for the year ended 31 December 2023
4
Intangible fixed assets
Other
At 31 December 2023
37,406
At 31 December 2023
37,406
At 31 December 2022
37,406
5
Tangible fixed assets
Computer equipment
6
Investments
Other investments
Valuation at 1 January 2023
5,425
Valuation at 31 December 2023
5,425
Amounts falling due within one year
Accrued income and prepayments
-
8,967
Mango Magic Limited
Notes to the Accounts
for the year ended 31 December 2023
8
Creditors: amounts falling due within one year
2023
2022
Taxes and social security
6,200
10,740
Allotted, called up and fully paid:
1 Ordinary shares of £1 each
1
1
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).