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Registered Number: 10623282
England and Wales

 

 

 

INTERNATIONAL MAGIC GROUP LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 March 2023

End date: 29 February 2024
Directors Adam Rodgers
Stefan Endress
Registered Number 10623282
Registered Office 14 FAIRFIELD PARK ROAD
BATH SOMERSET
BA1 6JN
Accountants Worth Knowing Accountants Ltd
7 Bell Yard
London
WC2A 2JR
1
Director's report and financial statements
The directors present his/her/their annual report and the financial statements for the year ended 29 February 2024
Principal activities
Principal activity of the company during the financial was of Artistic creation & other service activities not elsewhere classified.
Directors
The directors who served the company throughout the year were as follows:
Adam Rodgers
Stefan Endress
Statement of directors' responsibilities
The directors are responsible for preparing the directors’ report and the financial statements in accordance with applicable law and regulation.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to
  • select suitable accounting policies and then apply them consistently
  • make judgments and accounting estimates that are reasonable and prudent
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business


The directors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. The directors are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

This report was approved by the board and signed on its behalf by:


----------------------------------
Adam Rodgers
Director

Date approved: 22 October 2024
2
Accountant’s report
You consider that the company is exempt from an audit for the year ended 29 February 2024 . You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.
In accordance with your instructions, we have prepared the accounts which comprise 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 accounting records of the company and on the basis of information and explanations you have given to us.
We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts.
Worth Knowing Accountants Ltd
29 February 2024



....................................................
Worth Knowing Accountants Ltd
7 Bell Yard
London
WC2A 2JR
22 October 2024
3
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 11,474    16,786 
Investments   354 
11,474    17,140 
Current assets      
Debtors 4 78,405    151,809 
Cash at bank and in hand 4,109    140,173 
82,514    291,982 
Creditors: amount falling due within one year 5 (29,286)   (72,508)
Net current assets 53,228    219,474 
 
Total assets less current liabilities 64,702    236,614 
Provisions for liabilities 6   (423)
Net assets 64,702    236,191 
 

Capital and reserves
     
Called up share capital 2    2 
Profit and loss account 64,700    236,189 
Shareholders' funds 64,702    236,191 
 


For the year ended 29 February 2024 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 22 October 2024 and were signed on its behalf by:


-------------------------------
Adam Rodgers
Director
4
  Equity share capital   Retained Earnings   Total
£ £ £
At 01 March 2022 2  230,652  230,654 
Profit for the year 74,037  74,037 
Total comprehensive income for the year 74,037  74,037 
Dividends (68,500) (68,500)
Total investments by and distributions to owners (68,500) (68,500)
At 28 February 2023 2  236,189  236,191 
At 01 March 2023 2  236,189  236,191 
Profit for the year (129,489) (129,489)
Total comprehensive income for the year (129,489) (129,489)
Dividends (42,000) (42,000)
Total investments by and distributions to owners (42,000) (42,000)
At 29 February 2024 2  64,700  64,702 
5
General Information
INTERNATIONAL MAGIC GROUP LIMITED is a private company, limited by shares, registered in England and Wales, registration number 10623282, registration address 14 FAIRFIELD PARK ROAD, BATH SOMERSET, BA1 6JN.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
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
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:
Fixtures and Fittings 25% Reducing Balance
Computer Equipment 33.33% Reducing Balance
Fixed asset investments
Fixed asset investments are stated at cost less provision for any permanent diminution in value.
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 2 (2023 : 2).
3.

Tangible fixed assets

Cost or valuation Fixtures and Fittings   Computer Equipment   Total
  £   £   £
At 01 March 2023 5,277    26,159    31,436 
Additions    
Disposals    
At 29 February 2024 5,277    26,159    31,436 
Depreciation
At 01 March 2023 1,881    12,769    14,650 
Charge for year 849    4,463    5,312 
On disposals    
At 29 February 2024 2,730    17,232    19,962 
Net book values
Closing balance as at 29 February 2024 2,547    8,927    11,474 
Opening balance as at 01 March 2023 3,396    13,390    16,786 


4.

Debtors: amounts falling due within one year

2024
£
  2023
£
Trade Debtors 3,152    93,204 
Amount Owed by Participating Interests 44,508    44,508 
Other Debtors 14,097    14,097 
Corporation Tax 15,481   
VAT 1,167   
78,405    151,809 

5.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors 12,841    1,189 
Amounts Owed to Participating Interests 15,380   
Corporation Tax   63,423 
PAYE & Social Security   5,120 
Accrued Expenses 800    2,045 
Directors' Current Accounts 265    442 
VAT   289 
29,286    72,508 

6.

Provisions for liabilities

2024
£
  2023
£
Pension Provisions   423 
  423 

6