Registration number:
Prepared for the registrar
for the
Period from 28 November 2022 to 30 September 2023
Paul Simon Magic Group Holdings Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Paul Simon Magic Group Holdings Ltd
Company Information
Directors |
M Michael S Oliver |
Registered office |
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Accountants |
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Paul Simon Magic Group Holdings Ltd
(Registration number: 14508887)
Balance Sheet as at 30 September 2023
Note |
2023 |
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Fixed assets |
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Investment property |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
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Net current liabilities |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
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Retained earnings |
539,533 |
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Shareholders' funds |
539,633 |
For the financial period ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
Director
Paul Simon Magic Group Holdings Ltd
Notes to the Unaudited Financial Statements for the Period from 28 November 2022 to 30 September 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.
The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.
Group accounts not prepared
Going concern
The company's rental income exceeds its borrowing costs and the directors expect that this will continue to be the case going forward. Whilst the bank loan is due for repayment in September 2026, the directors expect to be able to refinance the loan as required at that date.
Judgements and estimation uncertainty
These financial statements do not contain any significant judgements or estimation uncertainty. |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company. The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.
Tax
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Investment property
Investments
Investments in subsidiaries are measured at cost less accumulated impairment.
Paul Simon Magic Group Holdings Ltd
Notes to the Unaudited Financial Statements for the Period from 28 November 2022 to 30 September 2023
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Financial instruments
Classification
Recognition and measurement
Paul Simon Magic Group Holdings Ltd
Notes to the Unaudited Financial Statements for the Period from 28 November 2022 to 30 September 2023
Financial instruments (continued)
Impairment
A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.
For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was as follows:
28 November 2022 to 30 September 2023 |
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Average number of employees |
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Paul Simon Magic Group Holdings Ltd
Notes to the Unaudited Financial Statements for the Period from 28 November 2022 to 30 September 2023
Investment properties |
£ |
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Transfers from group companies and at 30 September 2023 |
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There has been no valuation of investment property by an independent valuer.
Investments |
2023 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost and carrying amount |
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Additions and at 30 September 2023 |
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Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
2023 |
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Subsidiary undertakings |
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England and Wales |
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England and Wales |
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Subsidiary undertakings |
Magic Living Limited The principal activity of Magic Living Limited is |
Magic Homes Ltd. The principal activity of Magic Homes Ltd. is |
Both Magic Living Limited and Magic Homes Ltd. have the same registered office as Paul Simon Magic Group Holdings Ltd.
Debtors |
2023 |
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Amounts owed by related parties |
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Other debtors |
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Paul Simon Magic Group Holdings Ltd
Notes to the Unaudited Financial Statements for the Period from 28 November 2022 to 30 September 2023
Creditors |
Note |
2023 |
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Due within one year |
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Amounts due to group undertakings |
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Social security and other taxes |
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Other payables |
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Accruals and deferred income |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
Non-current loans and borrowings
2023 |
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Bank borrowings |
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The loans are secured and are repayable in full in September 2026.
Included in bank loans are debt costs of £353,300, which are being amortised over the length of the loan.
Share capital |
Allotted, called up and fully paid shares
30 September 2023 |
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No. |
£ |
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50 |
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50 |
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499,998 of Ordinary A shares of £0.0001 and 499,998 of Ordinary B shares of £0.0001 were allotted upon incorporation.
New shares allotted
During the period, 2 Ordinary A shares having an aggregate nominal value of £0.0001 were allotted for an aggregate consideration of £0.01. These shares were allotted on 8 March 2023. |
During the period, 2 Ordinary B shares having an aggregate nominal value of £0.0001 were allotted for an aggregate consideration of £0.01. These shares were allotted on 8 March 2023. |
Parent and ultimate parent undertaking |
Disclosure under Section 444(5B) CA 2006 |
As permitted by Section 444 CA 2006, these accounts do not contain a copy of the company’s Profit and Loss account or a copy of the Directors’ Report. These accounts are unaudited.