Magic Of Foresters Limited 10327769 false 2022-09-01 2023-08-31 2023-08-31 The principal activity of the company is the harvest of Christmas trees. Digita Accounts Production Advanced 6.30.9574.0 true true 10327769 2022-09-01 2023-08-31 10327769 2023-08-31 10327769 core:CurrentFinancialInstruments 2023-08-31 10327769 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 10327769 core:Non-currentFinancialInstruments 2023-08-31 10327769 core:Non-currentFinancialInstruments core:AfterOneYear 2023-08-31 10327769 core:PlantMachinery 2023-08-31 10327769 bus:SmallEntities 2022-09-01 2023-08-31 10327769 bus:AuditExemptWithAccountantsReport 2022-09-01 2023-08-31 10327769 bus:FilletedAccounts 2022-09-01 2023-08-31 10327769 bus:SmallCompaniesRegimeForAccounts 2022-09-01 2023-08-31 10327769 bus:RegisteredOffice 2022-09-01 2023-08-31 10327769 bus:Director1 2022-09-01 2023-08-31 10327769 bus:Director2 2022-09-01 2023-08-31 10327769 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 10327769 core:PlantMachinery 2022-09-01 2023-08-31 10327769 countries:EnglandWales 2022-09-01 2023-08-31 10327769 2022-08-31 10327769 core:PlantMachinery 2022-08-31 10327769 2021-09-01 2022-08-31 10327769 2022-08-31 10327769 core:CurrentFinancialInstruments 2022-08-31 10327769 core:CurrentFinancialInstruments core:WithinOneYear 2022-08-31 10327769 core:Non-currentFinancialInstruments 2022-08-31 10327769 core:Non-currentFinancialInstruments core:AfterOneYear 2022-08-31 10327769 core:PlantMachinery 2022-08-31 iso4217:GBP xbrli:pure

Registration number: 10327769

Magic Of Foresters Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2023

 

Magic Of Foresters Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Magic Of Foresters Limited

Company Information

Directors

Ms Toni Dicks

Mr Julian Stewart Hitch

Registered office

5 Ducketts Wharf
South Street
Bishop's Stortford
Hertfordshire
CM23 3AR

Accountants

Mansell & Co
Chartered Certified Accountants
5 Ducketts Wharf
South Street
Bishop's Stortford
Hertfordshire
CM23 3AR

 

Magic Of Foresters Limited

(Registration number: 10327769)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

10,540

13,143

Investments

5

16,000

16,000

 

26,540

29,143

Current assets

 

Debtors

6

16,233

17,040

Cash at bank and in hand

 

37

37

 

16,270

17,077

Creditors: Amounts falling due within one year

7

(140,524)

(140,524)

Net current liabilities

 

(124,254)

(123,447)

Total assets less current liabilities

 

(97,714)

(94,304)

Creditors: Amounts falling due after more than one year

7

(24,778)

(24,530)

Net liabilities

 

(122,492)

(118,834)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(122,592)

(118,934)

Shareholders' deficit

 

(122,492)

(118,834)

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 30 August 2024 and signed on its behalf by:
 

 

Magic Of Foresters Limited

(Registration number: 10327769)
Balance Sheet as at 31 August 2023

.........................................
Ms Toni Dicks
Director

 

Magic Of Foresters Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
5 Ducketts Wharf
South Street
Bishop's Stortford
Hertfordshire
CM23 3AR
England

These financial statements were authorised for issue by the Board on 30 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

 

Magic Of Foresters Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

 

Magic Of Foresters Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Magic Of Foresters Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

4

Tangible assets

Plant and machinery
£

Total
£

Cost or valuation

At 1 September 2022

28,890

28,890

At 31 August 2023

28,890

28,890

Depreciation

At 1 September 2022

15,747

15,747

Charge for the year

2,603

2,603

At 31 August 2023

18,350

18,350

Carrying amount

At 31 August 2023

10,540

10,540

At 31 August 2022

13,143

13,143

5

Investments

2023
£

2022
£

Other investments

16,000

16,000

6

Debtors

Current

2023
£

2022
£

Prepayments

-

807

Other debtors

16,233

16,233

 

16,233

17,040

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

-

2

Accruals and deferred income

-

1,480

Other creditors

140,524

139,042

140,524

140,524

 

Magic Of Foresters Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

24,778

24,530

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

24,778

24,530