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REGISTERED NUMBER: 10256748 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 JANUARY 2023 TO 30 DECEMBER 2023

FOR

MAGNIFY BRANDS LIMITED

MAGNIFY BRANDS LIMITED (REGISTERED NUMBER: 10256748)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 JANUARY 2023 TO 30 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MAGNIFY BRANDS LIMITED

COMPANY INFORMATION
FOR THE PERIOD 1 JANUARY 2023 TO 30 DECEMBER 2023







DIRECTORS: M B Lovatt
Mrs A J Lovatt





REGISTERED OFFICE: Unit B1F
Fairoaks Airport
Chobham
Surrey
GU24 8HU





REGISTERED NUMBER: 10256748 (England and Wales)





ACCOUNTANTS: L E Marshall & Co
Chartered Accountants
Unit B1F
Fairoaks Airport
Chobham
Surrey
GU24 8HU

MAGNIFY BRANDS LIMITED (REGISTERED NUMBER: 10256748)

BALANCE SHEET
30 DECEMBER 2023

30.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 52,340 55,015

CURRENT ASSETS
Debtors 5 164,995 124,114
Cash at bank 44,621 87,748
209,616 211,862
CREDITORS
Amounts falling due within one year 6 42,432 41,737
NET CURRENT ASSETS 167,184 170,125
TOTAL ASSETS LESS CURRENT
LIABILITIES

219,524

225,140

CREDITORS
Amounts falling due after more than one
year

7

(35,968

)

(40,968

)

PROVISIONS FOR LIABILITIES (13,085 ) (13,754 )
NET ASSETS 170,471 170,418

CAPITAL AND RESERVES
Called up share capital 101 101
Retained earnings 170,370 170,317
SHAREHOLDERS' FUNDS 170,471 170,418

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 December 2023.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

MAGNIFY BRANDS LIMITED (REGISTERED NUMBER: 10256748)

BALANCE SHEET - continued
30 DECEMBER 2023


The 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.

The financial statements were approved by the Board of Directors and authorised for issue on 25 October 2024 and were signed on its behalf by:





M B Lovatt - Director


MAGNIFY BRANDS LIMITED (REGISTERED NUMBER: 10256748)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 JANUARY 2023 TO 30 DECEMBER 2023

1. STATUTORY INFORMATION

Magnify Brands Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the going concern concept. As with many businesses involved in the travel and tourism sector COVID has had a detrimental affect on results. Accordingly the director has agreed to underwrite the business for the foreseeable future.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on cost
Fixtures and fittings - 25% on reducing balance
Computer equipment - 33% on cost

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 1 (2022 - 1 ) .

MAGNIFY BRANDS LIMITED (REGISTERED NUMBER: 10256748)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2023 TO 30 DECEMBER 2023

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 25,667 2,217 50,171 1,032 79,087
Additions 6,650 333 45,500 1,923 54,406
Disposals - (300 ) (50,171 ) (799 ) (51,270 )
At 30 December 2023 32,317 2,250 45,500 2,156 82,223
DEPRECIATION
At 1 January 2023 10,133 772 12,543 624 24,072
Charge for period 6,464 402 11,375 714 18,955
Eliminated on disposal - (131 ) (12,543 ) (470 ) (13,144 )
At 30 December 2023 16,597 1,043 11,375 868 29,883
NET BOOK VALUE
At 30 December 2023 15,720 1,207 34,125 1,288 52,340
At 31 December 2022 15,534 1,445 37,628 408 55,015

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.12.23 31.12.22
£    £   
Trade debtors 45,979 63,592
Amounts owed by associates - 3,599
Other debtors 119,016 56,923
164,995 124,114

Included in other debtors is a loan of £57,000 made to the director and interest will be charged.

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.12.23 31.12.22
£    £   
Bank loans and overdrafts 5,000 5,000
Trade creditors 3,813 1,335
Taxation and social security 32,119 33,902
Other creditors 1,500 1,500
42,432 41,737

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.12.23 31.12.22
£    £   
Bank loans 35,968 40,968