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Registered number: 14012745
Magma Research Group Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 14012745
2024 2023
Notes £ £ £ £
CURRENT ASSETS
Debtors 4 480,746 422,901
480,746 422,901
Creditors: Amounts Falling Due Within One Year 5 (7,022 ) (2,800 )
NET CURRENT ASSETS (LIABILITIES) 473,724 420,101
TOTAL ASSETS LESS CURRENT LIABILITIES 473,724 420,101
NET ASSETS 473,724 420,101
CAPITAL AND RESERVES
Called up share capital 6 1 1
Profit and Loss Account 473,723 420,100
SHAREHOLDERS' FUNDS 473,724 420,101
Page 1
Page 2
For the year ending 31 March 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 Kaya Tilev
Director
29 October 2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Magma Research Group Limited is a private company, limited by shares, incorporated in England & Wales, registered number 14012745 . The registered office is 76 Wardour ST, Fifth Floor, London, W1F 0UR.
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. TTurnover is recognised at the fair value of the consideration received or receivable for products provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of video game licences is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch or download) , the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
2.3. Taxation
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
The company has claimed a Creative Industries tax credit to reduce the amount of tax payable which may result in an overall amount repayable to the company.
A deferred tax asset has not been recognised in relation to the losses available as the company cannot be certain that this asset will be used in the future.
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2023: 1)
- 1
4. Debtors
2024 2023
£ £
Due within one year
Corporation tax recoverable assets 480,746 422,900
Amounts owed by group undertakings - 1
480,746 422,901
Page 3
Page 4
5. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Accruals and deferred income 5,140 2,800
Amounts owed to parent undertaking 1,882 -
7,022 2,800
6. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
Page 4