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Registered number: 08344968
Magic Notion Ltd
Unaudited Financial Statements
For The Year Ended 31 January 2024
ChadSan Limited
Castle House
Castle Street
Guildford
GU1 3UW
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 08344968
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 196 1,581
Tangible Assets 5 2,979 3,890
3,175 5,471
CURRENT ASSETS
Debtors 6 5,176 8,955
Cash at bank and in hand - 50,932
5,176 59,887
Creditors: Amounts Falling Due Within One Year 7 (53,268 ) (16,983 )
NET CURRENT ASSETS (LIABILITIES) (48,092 ) 42,904
TOTAL ASSETS LESS CURRENT LIABILITIES (44,917 ) 48,375
NET (LIABILITIES)/ASSETS (44,917 ) 48,375
CAPITAL AND RESERVES
Called up share capital 8 1 1
Profit and Loss Account (44,918 ) 48,374
SHAREHOLDERS' FUNDS (44,917) 48,375
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For the year ending 31 January 2024 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 his 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
Mr Benjamin Morris
Director
11th October 2024
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Magic Notion Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 08344968 . The registered office is Castle House, Castle Street, Guildford, GU1 3UW.
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.
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. Intangible Fixed Assets and Amortisation - Other Intangible
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. Patents and licences are being amortised evenly over their estimated useful life of ten years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Computer Equipment 50% on cost
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2023: 2)
5 2
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4. Intangible Assets
Other
£
Cost
As at 1 February 2023 2,297
Disposals (1,805 )
As at 31 January 2024 492
Amortisation
As at 1 February 2023 716
Provided during the period 230
Disposals (650 )
As at 31 January 2024 296
Net Book Value
As at 31 January 2024 196
As at 1 February 2023 1,581
5. Tangible Assets
Computer Equipment
£
Cost
As at 1 February 2023 17,149
Additions 1,904
Disposals (2,661 )
As at 31 January 2024 16,392
Depreciation
As at 1 February 2023 13,259
Provided during the period 2,757
Disposals (2,603 )
As at 31 January 2024 13,413
Net Book Value
As at 31 January 2024 2,979
As at 1 February 2023 3,890
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6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 2,383 6,582
Other debtors 2,793 2,373
5,176 8,955
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 21,149 4,870
Bank loans and overdrafts 15,551 -
Other creditors 12,889 12,113
Taxation and social security 3,679 -
53,268 16,983
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
9. Dividends
2024 2023
£ £
On equity shares:
Interim dividend paid 1,000 2,000
10. Ultimate Controlling Party
The company's ultimate controlling party is Mr R Franke by virtue of his ownership of 100% of the issued share capital in the company.
11. Going Concern
As at the balance sheet data the company has net liabilities. These financial statement have been prepared on the going concern basis, on the understanding that the directors and shareholders will continue to support the company for the foreseeable future.
At the time the dividend was paid the director was not aware that there were insufficient profits available for distribution and the director acknowledges that no further distributions can be made until there are sufficient profits available for that purpose. 
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