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Company Registration No. 9965527 (England and Wales)
Magical Potions Ltd Unaudited accounts for the year ended 31 January 2024
Magical Potions Ltd Unaudited accounts Contents
Page
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Magical Potions Ltd Company Information for the year ended 31 January 2024
Director
Mr Bilal Jabbar
Company Number
9965527 (England and Wales)
Registered Office
Elsie Whiteley Innovation Centre C/O Pinnacle, Hopwood Lane Halifax HX1 5ER England
Accountants
Pinnacle Chartered Accountants & Tax Advisors The Elsie Whiteley Innovation Centre Hopwood Lane Halifax HX1 5ER
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Magical Potions Ltd Statement of financial position as at 31 January 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
5,569 
4,850 
Current assets
Debtors
11,094 
11,287 
Cash at bank and in hand
1,616 
1,853 
12,710 
13,140 
Creditors: amounts falling due within one year
(4,118)
(2,456)
Net current assets
8,592 
10,684 
Total assets less current liabilities
14,161 
15,534 
Provisions for liabilities
Deferred tax
(1,058)
(922)
Net assets
13,103 
14,612 
Capital and reserves
Called up share capital
10 
10 
Profit and loss account
13,093 
14,602 
Shareholders' funds
13,103 
14,612 
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 members have 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.
The members have agreed to the preparation of abridged accounts for the year in accordance with Section 444(2A).
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 17 October 2024 and were signed on its behalf by
Mr Bilal Jabbar Director Company Registration No. 9965527
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Magical Potions Ltd Notes to the Accounts for the year ended 31 January 2024
1
Statutory information
Magical Potions Ltd is a private company, limited by shares, registered in England and Wales, registration number 9965527. The registered office is Elsie Whiteley Innovation Centre, C/O Pinnacle, Hopwood Lane, Halifax, HX1 5ER, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts and rebates. 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.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% on cost
Fixtures & fittings
25% on cost
Computer equipment
25% on cost
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
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Magical Potions Ltd Notes to the Accounts for the year ended 31 January 2024
4
Tangible fixed assets
Total 
£ 
Cost or valuation
At 1 February 2023
8,962 
Additions
5,855 
Disposals
(5,730)
At 31 January 2024
9,087 
Depreciation
At 1 February 2023
4,112 
Charge for the year
2,272 
On disposals
(2,866)
At 31 January 2024
3,518 
Net book value
At 31 January 2024
5,569 
At 31 January 2023
4,850 
5
Deferred taxation
2024 
2023 
£ 
£ 
Accelerated capital allowances
1,058 
922 
2024 
2023 
£ 
£ 
Provision at start of year
922 
876 
Charged to the profit and loss account
136 
46 
Provision at end of year
1,058 
922 
6
Share capital
2024 
2023 
£ 
£ 
Allotted, called up and fully paid:
10 Ordinary shares of £1 each
10 
10 
7
Average number of employees
During the year the average number of employees was 2 (2023: 2).
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