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Registered Number: 07359917
England and Wales

 

 

 

MAGNETIC EYE FILMS LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 September 2023

End date: 31 August 2024
Directors Annalise Done
George Robert Done
Registered Number 07359917
Registered Office 5 Beckfords
Upper Basildon
Reading
Berkshire
RG8 8PB
1
Director's report and financial statements
The directors present their annual report and the financial statements for the year ended 31 August 2024
Principal activities
The principal activity of the company in the year under review was that of TV production. 
Directors
The directors who served the company throughout the year were as follows:
Annalise Done
George Robert Done

This report was approved by the board and signed on its behalf by:


----------------------------------
Annalise Done
Director
----------------------------------
George Robert Done
Director

Date approved: 27 November 2024
2
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 9,678    14,292 
9,678    14,292 
Current assets      
Debtors 4 56,409    18,361 
Cash at bank and in hand 332,763    450,270 
389,172    468,631 
Creditors: amount falling due within one year 5 (14,158)   (48,933)
Net current assets 375,014    419,698 
 
Total assets less current liabilities 384,692    433,990 
Provisions for liabilities 6 72    (385)
Net assets 384,764    433,605 
 

Capital and reserves
     
Called up share capital 2    2 
Profit and loss account 384,761    433,603 
Shareholders' funds 384,763    433,605 
 


For the year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 to the Registrar of Companies.
The financial statements were approved by the board of directors on 27 November 2024 and were signed on its behalf by:


-------------------------------
Annalise Done
Director
-------------------------------
George Robert Done
Director
3
General Information
Magnetic Eye Films Limited is a private company, limited by shares, registered in England and Wales, registration number 07359917, registration address 5 Beckfords , Upper Basildon, Reading, Berkshire , RG8 8PB.

The presentation currency is £ sterling.
1.

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.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.

Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.

Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer Equipment 33% Straight Line
Fixtures and Fittings 33% Straight Line
Plant and Machinery 33% Straight Line
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 0 (2023 : 0).
3.

Tangible fixed assets

Cost or valuation Plant and Machinery   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £
At 01 September 2023 91,231    1,460    31,136    123,827 
Additions     4,748    4,748 
Disposals      
At 31 August 2024 91,231    1,460    35,884    128,575 
Depreciation
At 01 September 2023 81,614    1,177    26,744    109,535 
Charge for year 5,068    110    4,184    9,362 
On disposals      
At 31 August 2024 86,682    1,287    30,928    118,897 
Net book values
Closing balance as at 31 August 2024 4,549    173    4,956    9,678 
Opening balance as at 01 September 2023 9,617    283    4,392    14,292 


4.

Debtors: amounts falling due within one year

2024
£
  2023
£
Trade Debtors 55,642    17,631 
Prepayments & Accrued Income 227    190 
Other Debtors 540    540 
56,409    18,361 

5.

Creditors: amount falling due within one year

2024
£
  2023
£
Social Security and Other Taxes 13,995    47,638 
Accrued Expenses   244 
Directors' Current Accounts 163    1,051 
14,158    48,933 

6.

Provisions for liabilities

2024
£
  2023
£
Deferred Tax (72)   385 
(72)   385 

7.

Related parties

During the year the company entered into the following transactions with related parties:
Transaction value - income/(expenses) Balance owed by/(owed to)
2024
£
 2023
£
 2024
£
 2023
£
Moss and Stone Ltd 540 540 

At the balance sheet date, Magnetic Eye Films Limited had an outstanding debtor balance with Moss and Stone Ltd, another company under the control of the director. The loan to Moss and Stone Ltd is non-interest bearing and repayable on demand.
4