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REGISTERED NUMBER: 06615498 (England and Wales)







Abridged Financial Statements for the Year Ended 30th June 2024

for

Magic Whiteboard Limited

Magic Whiteboard Limited (Registered number: 06615498)






Contents of the Financial Statements
for the Year Ended 30th June 2024




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


Magic Whiteboard Limited

Company Information
for the Year Ended 30th June 2024







DIRECTORS: N Westwood
Mrs N L Westwood





SECRETARY: Mrs N L Westwood





REGISTERED OFFICE: 95c Blackpole West Industrial Estate
Worcester
Worcestershire
WR3 8TJ





REGISTERED NUMBER: 06615498 (England and Wales)





ACCOUNTANTS: The Richards Sandy Partnership
Thorneloe House
25 Barbourne Road
Worcester
Worcestershire
WR1 1RU

Magic Whiteboard Limited (Registered number: 06615498)

Abridged Balance Sheet
30th June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 7,058 8,498
Investment property 6 1,210,000 1,078,117
1,217,058 1,086,615

CURRENT ASSETS
Stocks 60,136 64,316
Debtors 162,238 63,217
Cash at bank and in hand 171,898 140,715
394,272 268,248
CREDITORS
Amounts falling due within one year 84,265 45,242
NET CURRENT ASSETS 310,007 223,006
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,527,065

1,309,621

PROVISIONS FOR LIABILITIES 7 34,800 1,600
NET ASSETS 1,492,265 1,308,021

CAPITAL AND RESERVES
Called up share capital 53,337 53,337
Non-distributable reserve 8 98,883 -
Retained earnings 1,340,045 1,254,684
SHAREHOLDERS' FUNDS 1,492,265 1,308,021

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th June 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 Whiteboard Limited (Registered number: 06615498)

Abridged Balance Sheet - continued
30th June 2024


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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 30th June 2024 in accordance with Section 444(2A) of the Companies Act 2006.

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 6th February 2025 and were signed on its behalf by:





N Westwood - Director


Magic Whiteboard Limited (Registered number: 06615498)

Notes to the Financial Statements
for the Year Ended 30th June 2024

1. STATUTORY INFORMATION

Magic Whiteboard 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 as modified by the revaluation of certain assets.

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

GOODWILL
Goodwill, being the amount paid in connection with the acquisition of a business in 2008, is being amortised evenly over its estimated useful life of ten years.

INTANGIBLE ASSETS
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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 - 33% on reducing balance and 15% on reducing balance

INVESTMENT PROPERTY
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

STOCKS
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

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

Magic Whiteboard Limited (Registered number: 06615498)

Notes to the Financial Statements - continued
for the Year Ended 30th June 2024

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1st July 2023
and 30th June 2024 20,000
AMORTISATION
At 1st July 2023
and 30th June 2024 20,000
NET BOOK VALUE

At 30th June 2024 -
At 30th June 2023 -

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1st July 2023 46,430
Additions 1,943
At 30th June 2024 48,373
DEPRECIATION
At 1st July 2023 37,932
Charge for year 3,383
At 30th June 2024 41,315
NET BOOK VALUE
At 30th June 2024 7,058
At 30th June 2023 8,498

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st July 2023 1,078,117
Revaluations 131,883
At 30th June 2024 1,210,000
NET BOOK VALUE
At 30th June 2024 1,210,000
At 30th June 2023 1,078,117

Included in fair value of investment property is freehold land of £ 206,549 (2023 - £ 206,549 ) which is not depreciated.

Fair value at 30th June 2024 is represented by:
£   
Valuation in 2024 131,883
Cost 1,078,117
1,210,000

Magic Whiteboard Limited (Registered number: 06615498)

Notes to the Financial Statements - continued
for the Year Ended 30th June 2024

6. INVESTMENT PROPERTY - continued

If Investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 871,568 871,568

Investment property was valued on an open market basis on 30th June 2024 by the directors .

7. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 34,800 1,600

Deferred
tax
£   
Balance at 1st July 2023 1,600
Provided during year 33,200
Balance at 30th June 2024 34,800

8. RESERVES
Non-distributable
reserve
£   
Investment property 98,883

At 30th June 2024 98,883

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included in Creditors is a loan from the directors, Mr N Westwood and Mrs N L Westwood. It is interest free.

10. RELATED PARTY DISCLOSURES

Included within the accounts is a loan to MW Land and Property Ltd, this is a company with common directors and is registered in the United Kingdom. No interest is charged on this loan.