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Registered Number: 02699075
England and Wales

 

 

 

THE MAGIC TOUCH (G.B.) LIMITED


Abridged Accounts
 


Period of accounts

Start date: 01 June 2023

End date: 31 May 2024
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 4 1,002,277    998,395 
1,002,277    998,395 
Current assets      
Stocks 948,183    1,249,875 
Debtors 289,580    290,972 
Cash at bank and in hand 1,392,835    1,151,752 
2,630,598    2,692,599 
Creditors: amount falling due within one year (891,651)   (954,318)
Net current assets 1,738,947    1,738,281 
 
Total assets less current liabilities 2,741,224    2,736,676 
Creditors: amount falling due after more than one year (22,635)   (8,090)
Net assets 2,718,589    2,728,586 
 

Capital and reserves
     
Called up share capital 5 2    2 
Reserves 6 560,287    560,287 
Profit and loss account 2,158,300    2,168,297 
Shareholders' funds 2,718,589    2,728,586 
 


For the year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 05 July 2024 and were signed on its behalf by:


-------------------------------
James Nicol
Director
1
General Information
The Magic Touch (G.B.) Limited is a private company, limited by shares, registered in England and Wales, registration number 02699075, registration address Unit 4 Apex Business Centre, Boscombe Road, Dunstable, LU5 4SB.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the income statement on a straight line basis.
Research and development expenditure
Research and development expenditure is charged to the income statement in the period in which it is incurred.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Land and Buildings 2 Straight Line
Motor Vehicles 25 Reducing Balance
Fixtures and Fittings 25 Reducing Balance
Computer Equipment 25 Reducing Balance
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.

Average number of employees


Average number of employees during the year was 23 (2023 : 25).
3.

Intangible fixed assets

Cost Goodwill   Total
  £   £
At 01 June 2023 16,500    16,500 
Additions  
Disposals  
At 31 May 2024 16,500    16,500 
Amortisation
At 01 June 2023 16,500    16,500 
Charge for year  
On disposals  
At 31 May 2024 16,500    16,500 
Net book values
At 31 May 2024  
At 31 May 2023  


4.

Tangible fixed assets

Cost or valuation Land and Buildings   Motor Vehicles   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £   £
At 01 June 2023 987,000    202,251    259,845    151,444    1,600,540 
Additions   43,508    2,721    8,639    54,868 
Disposals   (11,083)       (11,083)
At 31 May 2024 987,000    234,676    262,566    160,083    1,644,325 
Depreciation
At 01 June 2023 102,581    120,914    242,704    135,946    602,145 
Charge for year 7,912    30,934    5,275    6,034    50,155 
On disposals   (10,252)       (10,252)
At 31 May 2024 110,493    141,596    247,979    141,980    642,048 
Net book values
Closing balance as at 31 May 2024 876,507    93,080    14,587    18,103    1,002,277 
Opening balance as at 01 June 2023 884,419    81,337    17,141    15,498    998,395 


5.

Share Capital

Allotted, called up and fully paid
2024
£
  2023
£
2 Class A shares of £1.00 each  
 

2