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Registered number: 12492890










MAGENTA CHOOSE BETTER LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




















 
MAGENTA CHOOSE BETTER LIMITED
 
 
Company Information


Directors
S J Cunningham 
C C L M Quint 




Registered number
12492890



Registered office
15 Carlton Mansions
215 Randolph Avenue

London

W9 1NP




Independent auditors
Sayers Butterworth LLP
Chartered Accountant & Statutory Auditor

3rd Floor

12 Gough Square

London

EC4A 3DW





 
MAGENTA CHOOSE BETTER LIMITED
Registered number: 12492890

Balance sheet
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 4 
1,327
1,327

  
1,327
1,327

Current assets
  

Debtors: amounts falling due within one year
 5 
18,866
57,720

Cash at bank and in hand
  
618,093
-

  
636,959
57,720

Creditors: amounts falling due within one year
 6 
(401,281)
(47,940)

Net current assets
  
 
 
235,678
 
 
9,780

Total assets less current liabilities
  
237,005
11,107

  

Net assets
  
237,005
11,107


Capital and reserves
  

Called up share capital 
 7 
404
404

Profit and loss account
  
236,601
10,703

  
237,005
11,107


The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the Profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 October 2024.


S J Cunningham
Director

The notes on pages 2 to 7 form part of these financial statements.

Page 1

 
MAGENTA CHOOSE BETTER LIMITED
 
 
 
Notes to the financial statements
For the year ended 31 December 2023

1.


General information

Magenta Choose Better Limited is a private company limited by share capital, incorporated in England and Wales with registration number 12492890. The address of the registered office is 15 Carlton Mansions, 215 Randolph Avenue, London, W9 1NP.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Going concern

The financial statements have been prepared on the going concern basis as the directors consider this to be appropriate in light of the ongoing support from the subsidiary company. 

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 2

 
MAGENTA CHOOSE BETTER LIMITED
 
 
 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

Page 3

 
MAGENTA CHOOSE BETTER LIMITED
 
 
 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)


2.9
Financial instruments (continued)

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.11

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 4

 
MAGENTA CHOOSE BETTER LIMITED
 
 
 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.12

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.13

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

Page 5

 
MAGENTA CHOOSE BETTER LIMITED
 
 
 
Notes to the financial statements
For the year ended 31 December 2023

4.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
1,327



At 31 December 2023
1,327




Investments in subsidiary companies comprises 100% of the ordinary share capital in Magenta FZE, incorporated in UAE, and Magenta Consulting Limited incorporated in Jordan. Their registered address is Business-Centre. Al Shmoohk Building, UAQ Free Trade Zome, Umm Al Quwain, UAE.
Investments in subsidiary companies also comprises the sole membership of Magenta Consulting LLC, incorporated in USA. Their registered address is 9405 Ludgate Drive, Alexandria, Virginia 22309.


5.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
8,701
40,615

Other debtors
9,118
17,005

Called up share capital not paid
100
100

Prepayments and accrued income
947
-

18,866
57,720



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
6,795
4,440

Amounts owed to group undertakings
330,486
-

Corporation tax
-
5,125

Other creditors
29,750
-

Accruals and deferred income
34,250
38,375

401,281
47,940


Page 6

 
MAGENTA CHOOSE BETTER LIMITED
 
 
 
Notes to the financial statements
For the year ended 31 December 2023

7.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



4,040,000 (2022 - 4,040,000) Ordinary shares of £0.0001 each
404
404



8.


Related party transactions

The company has adopted the exemption permitted by paragraph 33.1A of FRS 102 and has not disclosed transactions with other group members, which are wholly owned subsidiaries.
During the period dividends of £323,654 (2022: £287,812) were paid to the directors.
During the period the Company operated loan accounts with the Directors. As at 31 December 2023, the Company owed the Directors £29,750 (2022: £nil). 


9.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 29 October 2024 by Hannah Clegg (Senior statutory auditor) on behalf of Sayers Butterworth LLP.

 
Page 7