Caseware UK (AP4) 2023.0.135 2023.0.135 true100accountancy and taxation servicesfalse2023-04-0195trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 08675358 2023-12-18 08675358 2023-04-01 2023-12-18 08675358 2022-04-01 2023-03-31 08675358 2023-03-31 08675358 c:Director1 2023-04-01 2023-12-18 08675358 d:Buildings d:ShortLeaseholdAssets 2023-04-01 2023-12-18 08675358 d:Buildings d:ShortLeaseholdAssets 2023-12-18 08675358 d:Buildings d:ShortLeaseholdAssets 2023-03-31 08675358 d:FurnitureFittings 2023-04-01 2023-12-18 08675358 d:FurnitureFittings 2023-12-18 08675358 d:FurnitureFittings 2023-03-31 08675358 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2023-12-18 08675358 d:ComputerEquipment 2023-04-01 2023-12-18 08675358 d:ComputerEquipment 2023-12-18 08675358 d:ComputerEquipment 2023-03-31 08675358 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-04-01 2023-12-18 08675358 d:OwnedOrFreeholdAssets 2023-04-01 2023-12-18 08675358 d:Goodwill 2023-04-01 2023-12-18 08675358 d:Goodwill 2023-12-18 08675358 d:Goodwill 2023-03-31 08675358 d:CurrentFinancialInstruments 2023-12-18 08675358 d:CurrentFinancialInstruments 2023-03-31 08675358 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-18 08675358 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 08675358 d:ShareCapital 2023-12-18 08675358 d:ShareCapital 2023-03-31 08675358 d:SharePremium 2023-12-18 08675358 d:SharePremium 2023-03-31 08675358 d:RetainedEarningsAccumulatedLosses 2023-12-18 08675358 d:RetainedEarningsAccumulatedLosses 2023-03-31 08675358 d:AcceleratedTaxDepreciationDeferredTax 2023-12-18 08675358 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 08675358 c:FRS102 2023-04-01 2023-12-18 08675358 c:AuditExempt-NoAccountantsReport 2023-04-01 2023-12-18 08675358 c:FullAccounts 2023-04-01 2023-12-18 08675358 c:PrivateLimitedCompanyLtd 2023-04-01 2023-12-18 08675358 d:WithinOneYear 2023-12-18 08675358 d:WithinOneYear 2023-03-31 08675358 d:BetweenOneFiveYears 2023-12-18 08675358 d:BetweenOneFiveYears 2023-03-31 08675358 d:MoreThanFiveYears 2023-12-18 08675358 d:MoreThanFiveYears 2023-03-31 08675358 2 2023-04-01 2023-12-18 08675358 e:PoundSterling 2023-04-01 2023-12-18 iso4217:GBP xbrli:pure
Registered number: 08675358













          Magma Partners Limited
          Unaudited
          Financial statements
          For the 9 Month period ended Ended 18 December 2023















           img4210.png

 
Magma Partners Limited
Registered number:08675358

Balance Sheet
As at 18 December 2023

18 December
31 March
2023
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
-
-

Tangible assets
 5 
183,576
207,488

  
183,576
207,488

Current assets
  

Debtors: amounts falling due within one year
 6 
2,747,014
2,146,922

Cash at bank and in hand
 7 
1,363,557
881,510

  
4,110,571
3,028,432

Creditors: amounts falling due within one year
 8 
(1,623,688)
(1,689,570)

Net current assets
  
 
 
2,486,883
 
 
1,338,862

Total assets less current liabilities
  
2,670,459
1,546,350

Provisions for liabilities
  

Deferred tax
  
(28,272)
-

  
 
 
(28,272)
 
 
-

Net assets
  
2,642,187
1,546,350


Capital and reserves
  

Called up share capital 
  
105
105

Share premium account
  
149,994
149,994

Profit and loss account
  
2,492,088
1,396,251

  
2,642,187
1,546,350


Page 1

 
Magma Partners Limited
Registered number:08675358
    
Balance Sheet (continued)
As at 18 December 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the 9 Month period ended in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 August 2024.




___________________________
M A Tuckwell
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
Magma Partners Limited
 
 
Notes to the Financial Statements
For the 9 Month period ended Ended 18 December 2023

1.


General information

Magma Partners Limited ('the company') is a private company limited by shares, incorporated in the United Kingdom in England and Wales under the Companies Act. The address of the registered office is given on the company information page. The nature of the company's operations and its principal activities is that of  accountancy and taxation services.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
Magma Partners Limited
 
 
Notes to the Financial Statements
For the 9 Month period ended Ended 18 December 2023

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Current and deferred taxation

The tax expense for the 9 Month period ended comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 4

 
Magma Partners Limited
 
 
Notes to the Financial Statements
For the 9 Month period ended Ended 18 December 2023

2.Accounting policies (continued)

 
2.7

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
5
years

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
10%
Straight line
Fixtures and fittings
-
20%
Straight line
Computer equipment
-
20%
Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5

 
Magma Partners Limited
 
 
Notes to the Financial Statements
For the 9 Month period ended Ended 18 December 2023

2.Accounting policies (continued)

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the 9 Month period ended was 100 (2023 - 95).

Page 6

 
Magma Partners Limited
 
 
Notes to the Financial Statements
For the 9 Month period ended Ended 18 December 2023

4.


Intangible assets






Goodwill

£



Cost


At 1 April 2023
1,584,000



At 18 December 2023

1,584,000



Amortisation


At 1 April 2023
1,584,000



At 18 December 2023

1,584,000



Net book value



At 18 December 2023
-



At 31 March 2023
-



Page 7

 
Magma Partners Limited
 
 
Notes to the Financial Statements
For the 9 Month period ended Ended 18 December 2023

5.


Tangible fixed assets







Short-term leasehold property
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost


At 1 April 2023
118,731
158,289
721,624
998,644


Additions
3,530
7,137
31,372
42,039


Disposals
-
-
(427)
(427)


Transfers between classes
49,013
(49,013)
-
-



At 18 December 2023

171,274
116,413
752,569
1,040,256



Depreciation


At 1 April 2023
115,645
106,294
569,217
791,156


Charge for the 9 Month period ended on owned assets
18,526
11,344
35,654
65,524


Transfers between classes
9,737
(9,737)
-
-



At 18 December 2023

143,908
107,901
604,871
856,680



Net book value



At 18 December 2023
27,366
8,512
147,698
183,576



At 31 March 2023
3,086
51,995
152,407
207,488

Page 8

 
Magma Partners Limited
 
 
Notes to the Financial Statements
For the 9 Month period ended Ended 18 December 2023

6.


Debtors

18 December
31 March
2023
2023
£
£


Trade debtors
448,619
567,411

Amounts owed by group undertakings
1,568,796
1,081,022

Other debtors
51,001
55,756

Prepayments and accrued income
678,598
424,482

Tax recoverable
-
18,251

2,747,014
2,146,922


Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.


7.


Cash and cash equivalents

18 December
31 March
2023
2023
£
£

Cash at bank and in hand
1,363,557
881,510

1,363,557
881,510


Page 9

 
Magma Partners Limited
 
 
Notes to the Financial Statements
For the 9 Month period ended Ended 18 December 2023

8.


Creditors: Amounts falling due within one year

18 December
31 March
2023
2023
£
£

Trade creditors
239,241
165,732

Amounts owed to group undertakings
62,612
612,037

Corporation tax
522,575
165,472

Other taxation and social security
405,605
393,617

Other creditors
29,396
35,062

Accruals and deferred income
364,259
317,650

1,623,688
1,689,570


Amounts owed to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.


9.


Deferred taxation






2023


£






Charged to profit or loss
(28,272)



At end of year
(28,272)

The deferred taxation balance is made up as follows:

18 December
31 March
2023
2023
£
£


Accelerated capital allowances
(28,272)
-

(28,272)
-

Page 10

 
Magma Partners Limited
 
 
Notes to the Financial Statements
For the 9 Month period ended Ended 18 December 2023

10.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £197,284 (2023 - £284,279) . Contributions totalling £29,374 (2023 - £35,062) were payable to the fund at the balance sheet date and are included in creditors.


11.


Commitments under operating leases

At 18 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

18 December
31 March
2023
2023
£
£


Not later than 1 year
253,415
277,418

Later than 1 year and not later than 5 years
321,631
492,262

Later than 5 years
-
8,917

575,046
778,597


12.
Controlling Party

At 18 December 2023, the immediate parent undertaking is Magma Partners Holdings Limited, a company incorporated in United Kingdom and registered in England and Wales. Copies of the financial statements for Magma Partners Holdings Limited can be obtained from its registered office, 2 Chamberlain Square. Paradise Circus, Birmingham,
B3 3AX.
At 18 December 2023, the ultimate parent undertaking is Magma Partners Group Limited, a company incorporated in United Kingdom and registered in England and Wales.
At 18 December 2023, the Directors considered there to be no ultimate controlling party.


 
Page 11