Registered number
06662632
Mazuma GB Limited
Filleted Accounts
31 March 2024
Mazuma GB Limited
Registered number: 06662632
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 548,937 386,260
Tangible assets 4 23,539 10,035
572,476 396,295
Current assets
Stocks 4,882 5,422
Debtors 5 681,576 376,594
Cash at bank and in hand 2,651,283 55,162
3,337,741 437,178
Creditors: amounts falling due within one year 6 (184,729) (213,972)
Net current assets 3,153,012 223,206
Total assets less current liabilities 3,725,488 619,501
Creditors: amounts falling due after more than one year 7 (899,765) (220,994)
Net assets 2,825,723 398,507
Capital and reserves
Called up share capital 1,491 1,142
Share premium 2,549,596 299,862
Profit and loss account 274,636 97,503
Shareholders' funds 2,825,723 398,507
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S Hughes
Director
Approved by the board on 4 November 2024
Mazuma GB Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
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).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 33 27
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 410,505
Additions 168,000
At 31 March 2024 578,505
Amortisation
At 1 April 2023 24,245
Provided during the year 5,323
At 31 March 2024 29,568
Net book value
At 31 March 2024 548,937
At 31 March 2023 386,260
The cost of the development of proprietary technology is not subject to amortisation. All other intangible assets are being written off over their useful economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 322,036
Additions 24,242
At 31 March 2024 346,278
Depreciation
At 1 April 2023 312,001
Charge for the year 10,738
At 31 March 2024 322,739
Net book value
At 31 March 2024 23,539
At 31 March 2023 10,035
5 Debtors 2024 2023
£ £
Trade debtors 353,254 51,877
Amounts owed by group undertakings and undertakings in which the company has a participating interest 275,166 270,144
Deferred tax asset 42,042 42,042
Other debtors 11,114 12,531
681,576 376,594
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 99,397 99,397
Trade creditors 33,614 11,754
Taxation and social security costs 46,383 57,306
Other creditors 5,335 45,515
184,729 213,972
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 149,765 220,994
Other creditors 750,000 -
899,765 220,994
8 Related party transactions
Mazuma GB Limited is irrevocably authorised under the debenture created to act as the agent
for both Mazuma GB Limited and its subsidiary Dragon House Bridgend Limited.
9 Controlling party
The ultimate controlling parties are deemed to be L Cohen and S Hughes by virtue of their majority shareholding.
10 Other information
Mazuma GB Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
Dragon House
Princes Way
Bridgend Industrial Estate
Bridgend
CF31 3AQ
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