Acorah Software Products - Accounts Production 16.0.110 false true true false 27 March 2023 31 December 2023 31 December 2023 14759760 Mr Aton Soumache Mr Paul Trijbits Ms Laura Douras false iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 14759760 2023-03-26 14759760 2023-12-31 14759760 2023-03-27 2023-12-31 14759760 frs-core:CurrentFinancialInstruments 2023-12-31 14759760 frs-core:Non-currentFinancialInstruments 2023-12-31 14759760 frs-core:ComputerEquipment 2023-12-31 14759760 frs-core:ComputerEquipment 2023-03-27 2023-12-31 14759760 frs-core:ComputerEquipment 2023-03-26 14759760 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-27 2023-12-31 14759760 frs-core:FurnitureFittings 2023-12-31 14759760 frs-core:FurnitureFittings 2023-03-27 2023-12-31 14759760 frs-core:FurnitureFittings 2023-03-26 14759760 frs-core:OtherResidualIntangibleAssets 2023-12-31 14759760 frs-core:OtherResidualIntangibleAssets 2023-03-27 2023-12-31 14759760 frs-core:OtherResidualIntangibleAssets 2023-03-26 14759760 frs-core:ShareCapital 2023-12-31 14759760 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 14759760 frs-bus:PrivateLimitedCompanyLtd 2023-03-27 2023-12-31 14759760 frs-bus:FilletedAccounts 2023-03-27 2023-12-31 14759760 frs-bus:SmallEntities 2023-03-27 2023-12-31 14759760 frs-bus:AuditExempt-NoAccountantsReport 2023-03-27 2023-12-31 14759760 frs-bus:SmallCompaniesRegimeForAccounts 2023-03-27 2023-12-31 14759760 1 2023-03-27 2023-12-31 14759760 frs-bus:Director1 2023-03-27 2023-12-31 14759760 frs-bus:Director2 2023-03-27 2023-12-31 14759760 frs-bus:Director3 2023-03-27 2023-12-31 14759760 frs-countries:EnglandWales 2023-03-27 2023-12-31
Registered number: 14759760
Magical Productions Limited
Unaudited Financial Statements
For the Period 27 March 2023 to 31 December 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 14759760
31 December 2023
Notes £ £
FIXED ASSETS
Intangible Assets 4 56,049
Tangible Assets 5 3,042
59,091
CURRENT ASSETS
Debtors 6 20,355
Cash at bank and in hand 101,354
121,709
Creditors: Amounts Falling Due Within One Year 7 (211,156 )
NET CURRENT ASSETS (LIABILITIES) (89,447 )
TOTAL ASSETS LESS CURRENT LIABILITIES (30,356 )
Creditors: Amounts Falling Due After More Than One Year 8 (759,306 )
NET LIABILITIES (789,662 )
CAPITAL AND RESERVES
Called up share capital 9 198
Profit and Loss Account (789,860 )
SHAREHOLDERS' FUNDS (789,662)
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For the period ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Paul Trijbits
Director
27/11/2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Magical Productions Limited is a private company, limited by shares, incorporated in England & Wales, registered number 14759760 . The registered office is 3rd Floor, 14 Little Portland Street, London, W1W 8BN.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The financial statements have been prepared on a going concern basis as, in the opnion of the directors, the company will continue to receive support from the parent company for a period in excess of twelve months from the approval date of these accounts.
2.3. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are amortised to the profit and loss account over their estimated economic life.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 3 years
Computer Equipment 3 years
2.6. Leasing and Hire Purchase Contracts
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.
2.7. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.8. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.9. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the period was: 5
5
4. Intangible Assets
Other
£
Cost
As at 27 March 2023 97,083
As at 31 December 2023 97,083
Amortisation
As at 27 March 2023 -
Provided during the period 41,034
As at 31 December 2023 41,034
Net Book Value
As at 31 December 2023 56,049
As at 27 March 2023 97,083
Expenditure on development activities is capitalised if the product or process is technically and commerically feasible and the Company intends and has the techincal ability and sufficient respurces to complete development, future economic benefits are probable and if the Company can measure reliably the expenditure attributable to the intangible asset during its development. Development activities involve a plan or design for the production of new or substantially improved product. The expenditure capitalised includes the cost of material, direct labour, and an appropriate proportion of overheads.
Capitailsed developemnt expenditure is amortised over the economic life of the product. Capitalised development expenditure is impaired when future economic benefits are not probable or the Company no longer has the techincal ability or sufficient resourse to complete development.
Capitalised development expenditure is stated at cost less accumulated amortisation and less accumulated impairment losses.
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5. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 27 March 2023 2,000 917 2,917
Additions 300 1,873 2,173
As at 31 December 2023 2,300 2,790 5,090
Depreciation
As at 27 March 2023 - - -
Provided during the period 1,333 715 2,048
As at 31 December 2023 1,333 715 2,048
Net Book Value
As at 31 December 2023 967 2,075 3,042
As at 27 March 2023 2,000 917 2,917
6. Debtors
31 December 2023
£
Due within one year
Other debtors 20,355
7. Creditors: Amounts Falling Due Within One Year
31 December 2023
£
Trade creditors 20,670
Amounts owed to group undertakings 83,041
Other creditors 81,309
Taxation and social security 26,136
211,156
8. Creditors: Amounts Falling Due After More Than One Year
31 December 2023
£
Amounts owed to participating interests 759,306
9. Share Capital
31 December 2023
£
Allotted, Called up and fully paid 198
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10. Parent Undertaking and Controlling Party
The company's immediate and parent undertaking is The Magical Society by Joann Sfar SAS. The Magical Society by Joann Sfar SAS was incorporated in France. Copies of the group accounts may be obtained from the secretary, 92 Rue du Faubourg Saint-Antoine, 75012 Paris, France. The controlling party is Aton Soumache who controls 51% of the shares of The Magical Society by Joann Sfar SAS.
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