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REGISTERED NUMBER: 04212783 (England and Wales)









Unaudited Financial Statements

for the Year Ended 31 May 2024

for

MAGIC QUID LIMITED

MAGIC QUID LIMITED (REGISTERED NUMBER: 04212783)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MAGIC QUID LIMITED

Company Information
for the Year Ended 31 May 2024







DIRECTORS: R W Hawley
Mrs H J Hawley





SECRETARY: J Roddison FCA





REGISTERED OFFICE: The Old Workshop
1 Ecclesall Road South
Sheffield
South Yorkshire
S11 9PA





REGISTERED NUMBER: 04212783 (England and Wales)





ACCOUNTANTS: Brown McLeod Ltd
Chartered Accountants
The Old Workshop
1 Ecclesall Road South
Sheffield
S11 9PA

MAGIC QUID LIMITED (REGISTERED NUMBER: 04212783)

Balance Sheet
31 May 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 129,462 142,705
Investments 5 9 9
129,471 142,714

CURRENT ASSETS
Debtors 6 72,850 120,297
Cash at bank 333,488 353,305
406,338 473,602
CREDITORS
Amounts falling due within one year 7 14,036 14,781
NET CURRENT ASSETS 392,302 458,821
TOTAL ASSETS LESS CURRENT
LIABILITIES

521,773

601,535

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 521,673 601,435
SHAREHOLDERS' FUNDS 521,773 601,535

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

MAGIC QUID LIMITED (REGISTERED NUMBER: 04212783)

Balance Sheet - continued
31 May 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 November 2024 and were signed on its behalf by:





Mrs H J Hawley - Director


MAGIC QUID LIMITED (REGISTERED NUMBER: 04212783)

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

Magic Quid Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance, 25% on cost and 10% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 2 ) .

MAGIC QUID LIMITED (REGISTERED NUMBER: 04212783)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 June 2023 291,706
Additions 4,724
At 31 May 2024 296,430
DEPRECIATION
At 1 June 2023 149,001
Charge for year 17,967
At 31 May 2024 166,968
NET BOOK VALUE
At 31 May 2024 129,462
At 31 May 2023 142,705

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 June 2023
and 31 May 2024 9
NET BOOK VALUE
At 31 May 2024 9
At 31 May 2023 9

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

No Xcuse Limited
Registered office: The Old Workshop, 1 Ecclesall Road South, Sheffield, S11 9PA
Nature of business: Band touring
%
Class of shares: holding
Ordinary £1 100.00
31.5.24 31.5.23
£    £   
Aggregate capital and reserves 13,048 6,941
Profit for the year 16,107 133,159

MAGIC QUID LIMITED (REGISTERED NUMBER: 04212783)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

5. FIXED ASSET INVESTMENTS - continued

Associated company

Let's Ballad Ltd
Registered office: The Old Workshop, 1 Ecclesall Road South, Sheffield, S11 9PA
Nature of business: Merchandise sales
%
Class of shares: holding
Ordinary £1 50.00
30.9.23 30.9.22
£    £   
Aggregate capital and reserves 19,833 12,327
Profit for the year 18,256 3,523

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade debtors 22,710 100,013
Other debtors 50,140 20,284
72,850 120,297

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade creditors 216 9,643
Taxation and social security 10,359 3,105
Other creditors 3,461 2,033
14,036 14,781

8. ULTIMATE CONTROLLING PARTY

The controlling party is R W Hawley.