Acorah Software Products - Accounts Production 15.0.600 false true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 08366702 Miss Yin Ling Alice Kwan iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 08366702 2022-12-31 08366702 2023-12-31 08366702 2023-01-01 2023-12-31 08366702 frs-core:CurrentFinancialInstruments 2023-12-31 08366702 frs-core:Non-currentFinancialInstruments 2023-12-31 08366702 frs-core:ShareCapital 2023-12-31 08366702 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 08366702 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 08366702 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 08366702 frs-bus:SmallEntities 2023-01-01 2023-12-31 08366702 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 08366702 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 08366702 frs-bus:Director1 2023-01-01 2023-12-31 08366702 frs-countries:EnglandWales 2023-01-01 2023-12-31 08366702 2021-12-31 08366702 2022-12-31 08366702 2022-01-01 2022-12-31 08366702 frs-core:CurrentFinancialInstruments 2022-12-31 08366702 frs-core:Non-currentFinancialInstruments 2022-12-31 08366702 frs-core:ShareCapital 2022-12-31 08366702 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: 08366702
Mag Fashion Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Unik Accountancy Services Ltd
Unit 12
14 Southgate Road
London
Islington
N1 3LY
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—3
Page 1
Balance Sheet
Registered number: 08366702
2023 2022
Notes £ £ £ £
CURRENT ASSETS
Stocks 4 19,522 26,000
Debtors 5 4,737 13,060
Cash at bank and in hand 2,406 1,796
26,665 40,856
Creditors: Amounts Falling Due Within One Year 6 (215,930 ) (175,368 )
NET CURRENT ASSETS (LIABILITIES) (189,265 ) (134,512 )
TOTAL ASSETS LESS CURRENT LIABILITIES (189,265 ) (134,512 )
Creditors: Amounts Falling Due After More Than One Year 7 (73,497 ) (96,925 )
NET LIABILITIES (262,762 ) (231,437 )
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account (262,862 ) (231,537 )
SHAREHOLDERS' FUNDS (262,762) (231,437)
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 member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Miss Yin Ling Alice Kwan
Director
11 September 2024
The notes on pages 2 to 3 form part of these financial statements.
Page 1
Page 2
Notes to the Financial Statements
1. General Information
Mag Fashion Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08366702 . The registered office is Studio 34, Excel Apparels, 6-16 Arbutus Street, London, E8 4DT.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2022: )
1 -
4. Stocks
2023 2022
£ £
Inventory 19,522 26,000
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 21 21
Other debtors 4,716 13,039
4,737 13,060
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 2,195 8,823
Bank loans and overdrafts 21,552 21,857
Other creditors 174,013 126,518
Taxation and social security 18,170 18,170
215,930 175,368
Page 2
Page 3
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Loans - Crowd2Fund 44,398 96,925
Other creditors 29,099 -
73,497 96,925
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
Page 3