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Registered number: 03777400
Magic Web Solutions Limited
Unaudited Financial Statements
For The Year Ended 31 May 2024
C K R
Chartered Certified Accountants
C K R House
70 East Hill
Dartford
Kent
DA1 1RZ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 03777400
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 760 1,014
760 1,014
CURRENT ASSETS
Debtors 5 - 7,800
Cash at bank and in hand 867,449 890,195
867,449 897,995
Creditors: Amounts Falling Due Within One Year 6 (31,608 ) (45,331 )
NET CURRENT ASSETS (LIABILITIES) 835,841 852,664
TOTAL ASSETS LESS CURRENT LIABILITIES 836,601 853,678
NET ASSETS 836,601 853,678
CAPITAL AND RESERVES
Called up share capital 7 100 100
Profit and Loss Account 836,501 853,578
SHAREHOLDERS' FUNDS 836,601 853,678
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For the year ending 31 May 2024 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 director acknowledges his 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 Vladimir Yakimenko
Director
4 January 2025
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Magic Web Solutions Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03777400 . The registered office is CKR House, 70 East Hill, Dartford, Kent, DA1 1RZ.
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. Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. 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:
Plant & Machinery 25% reducing balance basis
Computer Equipment 25% reducing balance basis
2.4. 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.
2.5. 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 year 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 asset reflects 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 3)
3 3
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4. Tangible Assets
Plant & Machinery Computer Equipment Total
£ £ £
Cost
As at 1 June 2023 20,580 1,207 21,787
As at 31 May 2024 20,580 1,207 21,787
Depreciation
As at 1 June 2023 19,852 921 20,773
Provided during the period 182 72 254
As at 31 May 2024 20,034 993 21,027
Net Book Value
As at 31 May 2024 546 214 760
As at 1 June 2023 728 286 1,014
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors - 7,800
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors (1 ) 4,065
Corporation tax - 5,079
VAT 4,388 9,690
Magic credit card 2,383 511
Accruals 2,100 1,900
Director's loan account 22,738 24,086
31,608 45,331
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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