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Registered number: 02634608










ANIMAGIC LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
ANIMAGIC LIMITED
REGISTERED NUMBER: 02634608

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
10,837
12,641

Current assets
  

Debtors: amounts falling due within one year
 5 
17,550
18,306

Cash at bank and in hand
  
51,106
45,664

  
68,656
63,970

Creditors: amounts falling due within one year
 6 
(79,655)
(90,620)

Net current liabilities
  
 
 
(10,999)
 
 
(26,650)

  

Net liabilities
  
(162)
(14,009)


Capital and reserves
  

Called up share capital 
 7 
10,000
10,000

Profit and loss account
  
(10,162)
(24,009)

  
(162)
(14,009)


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 statement of income and retained earnings 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 by: 




Denis J Russo
Director

Date: 29 November 2024

The notes on pages 2 to 5 form part of these financial statements.

Page 1

 
ANIMAGIC LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Animagic Limited is a private company, limited by shares, and incorporated in England and Wales. The address of its regietered office is 11 Sion Road, Twickenham, TW1 3DR.
The company's functional and presentational currency is Pounds Sterling (£).

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 following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on the going concern basis, which assumes that the company will continue in operation for the foreseeable future. One of the company's directors, who is the major creditor has confirmed that he will continue to maintain his financial support of the company, by deferment of the amounts due to him or otherwise.
In view of the above, the directors are satisfied that the company will have sufficient resources to enable it to continue in operation for a period of at least twelve months from the date of approval of these financial statements, and therefore it is appropriate to prepare the financial statements on a going concern basis.

 
2.3

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.

 
2.4

Interest income

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

Page 2

 
ANIMAGIC LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

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.


 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
15%
reducing balance
Computer equipment
-
25%
straight-line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.9

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 3

 
ANIMAGIC LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Creditors

Short-term creditors are measured at the transaction price.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 3).


4.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost 


At 1 January 2023
4,712
45,689
11,946
62,347


Additions
-
-
292
292



At 31 December 2023

4,712
45,689
12,238
62,639



Depreciation


At 1 January 2023
4,308
34,619
10,779
49,706


Charge for the year on owned assets
101
1,661
334
2,096



At 31 December 2023

4,409
36,280
11,113
51,802



Net book value



At 31 December 2023
303
9,409
1,125
10,837



At 31 December 2022
404
11,070
1,167
12,641

Page 4

 
ANIMAGIC LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£


Trade debtors
8,758
8,698

Other debtors
6,187
6,187

Prepayments and accrued income
2,605
3,421

17,550
18,306



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
102
4,410

Corporation tax
4,098
4,247

Other taxation and social security
3,555
3,686

Other creditors
51,033
63,660

Accruals and deferred income
20,867
14,617

79,655
90,620



7.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



10,000 Ordinary shares of £1 each
10,000
10,000



8.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £Nil (2022 - £14,583). No contributions were payable to the fund at the balance sheet date (2022 - £Nil).


9.


Related party transactions

At the balance sheet date, the balance due to the directors was £51,033 (2022 - £63,660).


Page 5