Caseware UK (AP4) 2023.0.135 2023.0.135 true0The principal activity of the LLP in the year under review was that of accountancy, audit, payroll and corporate finance services.2023-04-01false0trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. OC370086 2023-04-01 2023-12-18 OC370086 2022-04-01 2023-03-31 OC370086 2023-12-18 OC370086 2023-03-31 OC370086 c:CurrentFinancialInstruments 2023-12-18 OC370086 c:CurrentFinancialInstruments 2023-03-31 OC370086 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-18 OC370086 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 OC370086 d:FRS102 2023-04-01 2023-12-18 OC370086 d:AuditExempt-NoAccountantsReport 2023-04-01 2023-12-18 OC370086 d:FullAccounts 2023-04-01 2023-12-18 OC370086 d:LimitedLiabilityPartnershipLLP 2023-04-01 2023-12-18 OC370086 d:PartnerLLP2 2023-04-01 2023-12-18 OC370086 e:PoundSterling 2023-04-01 2023-12-18 iso4217:GBP xbrli:pure
Registered number: OC370086













          Magma Audit LLP
          Unaudited
          Financial statements
          For the 9 month period Ended 18 December 2023















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Magma Audit LLP
Registered number:OC370086

Balance Sheet
As at 18 December 2023

18 December
31 March
2023
2023
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
1,355,996
1,260,480

Cash at bank and in hand
 5 
138
-

  
1,356,134
1,260,480

Creditors: Amounts Falling Due Within One Year
 6 
(1,356,039)
(1,260,385)

  

Net assets
  
95
95


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
 7 
95
95

  

  
95
95


Total members' interests
  

Loans and other debts due to members
 7 
95
95

  
95
95


Page 1

 
Magma Audit LLP
Registered number:OC370086
    
Balance Sheet (continued)
As at 18 December 2023

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

The entity was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.

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

The entity has opted not to file the profit and loss account in accordance with the provisions applicable to entities subject to the small LLPs regime.

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

___________________________
V J Craig
Designated member

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
Magma Audit LLP
 
 
Notes to the Financial Statements
For the 9 month period Ended 18 December 2023

1.


General information

Magma Audit LLP is a limited liability partnership incorporated in England and Wales under the Limited Liability Partnerships Act. The address of the registered office is given in the information section. The nature of the LLP's operation and its principal activitywas that of accountancy, audit, payroll and corporate finance 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 LLP'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 LLP 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 LLP 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.

Page 3

 
Magma Audit LLP
 
 
Notes to the Financial Statements
For the 9 month period Ended 18 December 2023

2.Accounting policies (continued)

 
2.3

Division and distribution of profits

A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.

An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.

The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense in .

  
2.4

Taxation

The taxation payable on the LLP's profits is the personal liability of the member during the year. Consequently, neither the LLP nor related deferred taxation are accounted for in the financial statements.

 
2.5

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.

 
2.6

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.

 
2.7

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.

Page 4

 
Magma Audit LLP
 
 
Notes to the Financial Statements
For the 9 month period Ended 18 December 2023

3.


Employees

The entity has no employees (year ended 31 March 2023: none).


4.


Debtors

18 December
31 March
2023
2023
£
£


Trade debtors
691,370
819,771

Other debtors
664,626
440,709

1,355,996
1,260,480



5.


Cash and cash equivalents

18 December
31 March
2023
2023
£
£

Cash at bank and in hand
138
-

138
-



6.


Creditors: Amounts falling due within one year

18 December
31 March
2023
2023
£
£

Trade creditors
25,487
17,146

Amounts owed to group undertakings
1,099,495
1,081,022

Accruals and deferred income
231,057
162,217

1,356,039
1,260,385


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

Page 5

 
Magma Audit LLP
 
 
Notes to the Financial Statements
For the 9 month period Ended 18 December 2023

7.


Loans and other debts due to members


18 December
31 March
2023
2023
£
£



Other amounts due to members
95
95

95
95

Loans and other debts due to members may be further analysed as follows:

18 December
31 March
2023
2023
£
£



Falling due within one year
95
95

95
95

Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.


8.


Controlling party

There is no controlling party, as no one member has overall control, during the current or prior periods.

Page 6