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Registered Number: 11724691
England and Wales

 

 

 

WE ARE MAGIC NUMBER LTD


Unaudited Financial Statements
 


Period of accounts

Start date: 01 January 2023

End date: 31 December 2023
Directors William Glossop
Liam Dixon
Registered Number 11724691
Registered Office 6 Pritchard Street
Bristol
BS2 8RH
Accountants GD Matthews Chartered Certified Accountants
Shortwood Mead
Whitehouse Lane
Litton
BA3 4PS
1
Report to the directors on the preparation of the unaudited statutory accounts of We Are Magic Number Ltd for the year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of We Are Magic Number Ltd for the year ended 31 December 2023 which comprise of the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the company’s accounting records and from information and explanations you have given us
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://rulebook.accaglobal.com/
This report is made solely to the Board of Directors of We Are Magic Number Ltd, as a body, in accordance with the terms of our engagement letter dated 23 September 2024 Our work has been undertaken solely to prepare for your approval the accounts of We Are Magic Number Ltd and state those matters that we have agreed to state to the Board of Directors of We Are Magic Number Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than We Are Magic Number Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that We Are Magic Number Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of We Are Magic Number Ltd. You consider that We Are Magic Number Ltd is exempt from the statutory audit requirement for the year
We have not been instructed to carry out an audit or a review of the accounts of We Are Magic Number Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts
31 December 2023



....................................................
GD Matthews Chartered Certified Accountants
Shortwood Mead
Whitehouse Lane
Litton
BA3 4PS
23 September 2024
2
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 411,397    223,817 
411,397    223,817 
Current assets      
Debtors 4 162,872    186,477 
Cash at bank and in hand 1,404,302    340,993 
1,567,174    527,470 
Creditors: amount falling due within one year 5 (658,923)   (310,722)
Net current assets 908,251    216,748 
 
Total assets less current liabilities 1,319,648    440,565 
Creditors: amount falling due after more than one year 6 (17,500)   (36,267)
Accruals and deferred income (469,857)  
Provisions for liabilities 7 (102,849)   (42,525)
Net assets 729,442    361,773 
 

Capital and reserves
     
Called up share capital 100    100 
Profit and loss account 729,342    361,673 
Shareholders' funds 729,442    361,773 
 


For the year ended 31 December 2023 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 financial statements were approved by the board of directors on 23 September 2024 and were signed on its behalf by:


-------------------------------
William Glossop
Director
3
General Information
We Are Magic Number Ltd is a private company, limited by shares, registered in England and Wales, registration number 11724691, registration address 6 Pritchard Street , Bristol, BS2 8RH.

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.
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
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Current and deferred tax assets and liabilities are not discounted.
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
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:
Plant and Machinery 25% Straight Line
Motor Vehicles 25% Straight Line
Computer Equipment 25% Straight Line
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 9 (2022 : 6).
3.

Tangible fixed assets

Cost or valuation Plant and Machinery   Motor Vehicles   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £   £
At 01 January 2023 35,716    232,973      15,398    284,087 
Additions 37,535    212,135    1,693    22,348    273,711 
Disposals        
At 31 December 2023 73,251    445,108    1,693    37,746    557,798 
Depreciation
At 01 January 2023 7,994    49,164      3,112    60,270 
Charge for year 9,633    69,466    266    6,766    86,131 
On disposals        
At 31 December 2023 17,627    118,630    266    9,878    146,401 
Net book values
Closing balance as at 31 December 2023 55,624    326,478    1,427    27,868    411,397 
Opening balance as at 01 January 2023 27,722    183,809      12,286    223,817 


4.

Debtors: amounts falling due within one year

2023
£
  2022
£
Trade Debtors 153,776    182,797 
Prepayments & Accrued Income 7,500   
Other Debtors 1,596    3,680 
162,872    186,477 

5.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors 82,141    73,612 
Bank Loans & Overdrafts 10,000    10,000 
Corporation Tax 175,030    101,677 
PAYE & Social Security 219   
Other Creditors 15,165    7,301 
Obligations under HP/Financial Leases 8,767    19,935 
Directors' Current Accounts 159,571    94,031 
VAT 208,030    4,166 
658,923    310,722 

6.

Creditors: amount falling due after more than one year

2023
£
  2022
£
Bank Loans & Overdrafts 17,500    27,500 
Obligations Under HP/Financial Leases   8,767 
17,500    36,267 

7.

Provisions for liabilities

2023
£
  2022
£
Deferred Tax 102,849    42,525 
102,849    42,525 

8.

Director’s loan

Directors Loans

At the balance sheet date a total of £159,570 (2022: £94,030) was owed to the directors of the company. 
4