Magic Missile Limited 07145562 false 2023-03-01 2024-02-29 2024-02-29 The principal activity of the company is the provision of software consultancy services. Digita Accounts Production Advanced 6.30.9574.0 true true 07145562 2023-03-01 2024-02-29 07145562 2024-02-29 07145562 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2024-02-29 07145562 bus:OrdinaryShareClass2 bus:Non-cumulativeShares 2024-02-29 07145562 core:RetainedEarningsAccumulatedLosses 2024-02-29 07145562 core:ShareCapital 2024-02-29 07145562 core:CurrentFinancialInstruments 2024-02-29 07145562 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 07145562 core:FurnitureFittingsToolsEquipment 2024-02-29 07145562 core:OtherPropertyPlantEquipment 2024-02-29 07145562 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2024-02-29 07145562 bus:SmallEntities 2023-03-01 2024-02-29 07145562 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 07145562 bus:FilletedAccounts 2023-03-01 2024-02-29 07145562 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 07145562 bus:RegisteredOffice 2023-03-01 2024-02-29 07145562 bus:Director1 2023-03-01 2024-02-29 07145562 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2023-03-01 2024-02-29 07145562 bus:OrdinaryShareClass2 bus:Non-cumulativeShares 2023-03-01 2024-02-29 07145562 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 07145562 bus:Agent1 2023-03-01 2024-02-29 07145562 core:FurnitureFittings 2023-03-01 2024-02-29 07145562 core:FurnitureFittingsToolsEquipment 2023-03-01 2024-02-29 07145562 core:OtherPropertyPlantEquipment 2023-03-01 2024-02-29 07145562 core:PlantMachinery 2023-03-01 2024-02-29 07145562 core:KeyManagementPersonnel 2023-03-01 2024-02-29 07145562 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-03-01 2024-02-29 07145562 countries:EnglandWales 2023-03-01 2024-02-29 07145562 2023-02-28 07145562 core:FurnitureFittingsToolsEquipment 2023-02-28 07145562 core:OtherPropertyPlantEquipment 2023-02-28 07145562 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-02-28 07145562 2022-03-01 2023-02-28 07145562 2023-02-28 07145562 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2023-02-28 07145562 bus:OrdinaryShareClass2 bus:Non-cumulativeShares 2023-02-28 07145562 core:RetainedEarningsAccumulatedLosses 2023-02-28 07145562 core:ShareCapital 2023-02-28 07145562 core:CurrentFinancialInstruments 2023-02-28 07145562 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 07145562 core:FurnitureFittingsToolsEquipment 2023-02-28 07145562 core:OtherPropertyPlantEquipment 2023-02-28 07145562 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-02-28 07145562 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-03-01 2023-02-28 07145562 2022-02-28 07145562 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-02-28 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 07145562

Magic Missile Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Magic Missile Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 9

 

Magic Missile Limited

Company Information

Director

Mr TJ Hastings

Registered office

6 Beverley Road South
St Annes
Lancashire
FY8 3JQ

Accountants

Crossley & Davis Chartered Accountants
Ground Floor, Seneca House
Links Point, Amy Johnson Way
Blackpool
Lancashire
FY4 2FF

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Magic Missile Limited
for the Year Ended 29 February 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Magic Missile Limited for the year ended 29 February 2024 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Magic Missile Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Magic Missile Limited and state those matters that we have agreed to state to the Board of Directors of Magic Missile Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Magic Missile Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Magic Missile Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Magic Missile Limited. You consider that Magic Missile Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Magic Missile Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Crossley & Davis Chartered Accountants
Ground Floor, Seneca House
Links Point, Amy Johnson Way
Blackpool
Lancashire
FY4 2FF

29 November 2024

 

Magic Missile Limited

(Registration number: 07145562)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

-

172

Current assets

 

Debtors

5

1,832

36,116

Cash at bank and in hand

 

7,080

6,853

 

8,912

42,969

Creditors: Amounts falling due within one year

6

(1,161)

(9,037)

Net current assets

 

7,751

33,932

Total assets less current liabilities

 

7,751

34,104

Provisions for liabilities

(43)

(43)

Net assets

 

7,708

34,061

Capital and reserves

 

Called up share capital

7

110

110

Retained earnings

7,598

33,951

Shareholders' funds

 

7,708

34,061

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 29 November 2024
 

 

Magic Missile Limited

(Registration number: 07145562)
Balance Sheet as at 29 February 2024

.........................................
Mr TJ Hastings
Director

 

Magic Missile Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
6 Beverley Road South
St Annes
Lancashire
FY8 3JQ
United Kingdom

These financial statements were authorised for issue by the director on 29 November 2024.

2

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 that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and 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.

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 tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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.

 

Magic Missile Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & machinery

33% straight line

Furniture & fittings

20% straight line

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Magic Missile Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 2).

 

Magic Missile Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 March 2023

8,840

19,418

28,258

At 29 February 2024

8,840

19,418

28,258

Depreciation

At 1 March 2023

8,840

19,246

28,086

Charge for the year

-

172

172

At 29 February 2024

8,840

19,418

28,258

Carrying amount

At 29 February 2024

-

-

-

At 28 February 2023

-

172

172

5

Debtors

Current

2024
£

2023
£

Trade debtors

1,536

-

Other debtors

296

36,116

 

1,832

36,116

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

200

8,287

Accruals and deferred income

750

750

Other creditors

211

-

1,161

9,037

 

Magic Missile Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

Ordinary B shares of £1 each

10

10

10

10

110

110

110

110

8

Related party transactions

Loans to related parties

2024

Key management
£

Total
£

At start of period

35,939

35,939

Repaid

(35,970)

(35,970)

Interest transactions

31

31

At end of period

-

-

2023

Key management
£

Total
£

At start of period

29,184

29,184

Advanced

35,537

35,537

Repaid

(29,184)

(29,184)

Interest transactions

402

402

At end of period

35,939

35,939

Terms of loans to related parties

Interest at the offical rate is charged on overdrawn loan account balances over £10,000.