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Company No: 14063232 (England and Wales)

MAGIC BEANS DEVELOPMENTS LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

MAGIC BEANS DEVELOPMENTS LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

MAGIC BEANS DEVELOPMENTS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 April 2024
MAGIC BEANS DEVELOPMENTS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 April 2024
Note 30.04.2024 30.04.2023
£ £
Fixed assets
Investments 3 60 0
60 0
Current assets
Stocks 233,754 234,118
Debtors 4 572,805 0
Cash at bank and in hand 87 44,345
806,646 278,463
Creditors: amounts falling due within one year 5 ( 649,649) ( 119,816)
Net current assets 156,997 158,647
Total assets less current liabilities 157,057 158,647
Net assets 157,057 158,647
Capital and reserves
Called-up share capital 6 100 100
Profit and loss account 156,957 158,547
Total shareholders' funds 157,057 158,647

For the financial year ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Magic Beans Developments Limited (registered number: 14063232) were approved and authorised for issue by the Board of Directors on 30 January 2025. They were signed on its behalf by:

Michael David Sommerfeld
Director
MAGIC BEANS DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
MAGIC BEANS DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Magic Beans Developments Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Bishop Fleming, Salt Quay House 4 North East Quay, Sutton Harbour, Plymouth, PL4 0BN, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

Year ended
30.04.2024
Period from
22.04.2022 to
30.04.2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Fixed asset investments

Investments in subsidiaries

30.04.2024
£
Cost
At 01 May 2023 0
Additions 60
At 30 April 2024 60
Carrying value at 30 April 2024 60
Carrying value at 30 April 2023 0

4. Debtors

30.04.2024 30.04.2023
£ £
Trade debtors 2,000 0
Amounts owed by own subsidiaries 570,805 0
572,805 0

5. Creditors: amounts falling due within one year

30.04.2024 30.04.2023
£ £
Trade creditors 0 3,607
Amounts owed to directors 645,600 74,900
Accruals 4,000 3,000
Taxation and social security 49 38,309
649,649 119,816

6. Called-up share capital

30.04.2024 30.04.2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

7. Related party transactions

Transactions with the entity's directors

30.04.2024 30.04.2023
£ £
Amounts owed to directors 645,540 74,900

The balances are repayable on demand and interest free.