IRIS Accounts Production v24.3.2.46 11437053 Board of Directors 1.6.23 31.5.24 31.5.24 false true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh114370532023-05-31114370532024-05-31114370532023-06-012024-05-31114370532022-05-31114370532022-06-012023-05-31114370532023-05-3111437053ns15:EnglandWales2023-06-012024-05-3111437053ns14:PoundSterling2023-06-012024-05-3111437053ns10:Director12023-06-012024-05-3111437053ns10:PrivateLimitedCompanyLtd2023-06-012024-05-3111437053ns10:SmallEntities2023-06-012024-05-3111437053ns10:AuditExempt-NoAccountantsReport2023-06-012024-05-3111437053ns10:SmallCompaniesRegimeForDirectorsReport2023-06-012024-05-3111437053ns10:SmallCompaniesRegimeForAccounts2023-06-012024-05-3111437053ns10:FullAccounts2023-06-012024-05-3111437053ns10:OrdinaryShareClass12023-06-012024-05-3111437053ns10:Director22023-06-012024-05-3111437053ns10:RegisteredOffice2023-06-012024-05-3111437053ns5:CurrentFinancialInstruments2024-05-3111437053ns5:CurrentFinancialInstruments2023-05-3111437053ns5:Non-currentFinancialInstruments2024-05-3111437053ns5:Non-currentFinancialInstruments2023-05-3111437053ns5:ShareCapital2024-05-3111437053ns5:ShareCapital2023-05-3111437053ns5:RetainedEarningsAccumulatedLosses2024-05-3111437053ns5:RetainedEarningsAccumulatedLosses2023-05-3111437053ns5:ComputerEquipment2023-06-012024-05-3111437053ns5:ComputerEquipment2023-05-3111437053ns5:ComputerEquipment2024-05-3111437053ns5:ComputerEquipment2023-05-3111437053ns5:WithinOneYearns5:CurrentFinancialInstruments2024-05-3111437053ns5:WithinOneYearns5:CurrentFinancialInstruments2023-05-3111437053ns10:OrdinaryShareClass12024-05-31
REGISTERED NUMBER: 11437053 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 May 2024

for

MAGNETIC ARCADE LTD

MAGNETIC ARCADE LTD (REGISTERED NUMBER: 11437053)






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


MAGNETIC ARCADE LTD

Company Information
for the year ended 31 May 2024







DIRECTORS: R Carone
M Van Beveren





REGISTERED OFFICE: 35 Chapter Rd
London
London
SE17 3ES





REGISTERED NUMBER: 11437053 (England and Wales)





ACCOUNTANTS: Plus Accounting
Chartered Accountants
Preston Park House
South Road
Brighton
East Sussex
BN1 6SB

MAGNETIC ARCADE LTD (REGISTERED NUMBER: 11437053)

Balance Sheet
31 May 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 448 883

CURRENT ASSETS
Debtors 5 - 23,797
Cash at bank 97 376
97 24,173
CREDITORS
Amounts falling due within one year 6 (98,878 ) (97,629 )
NET CURRENT LIABILITIES (98,781 ) (73,456 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(98,333

)

(72,573

)

CREDITORS
Amounts falling due after more than one
year

7

(459

)

(811

)
NET LIABILITIES (98,792 ) (73,384 )

CAPITAL AND RESERVES
Called up share capital 8 2 2
Retained earnings (98,794 ) (73,386 )
SHAREHOLDERS' FUNDS (98,792 ) (73,384 )

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.

MAGNETIC ARCADE LTD (REGISTERED NUMBER: 11437053)

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 19 February 2025 and were signed on its behalf by:





M Van Beveren - Director


MAGNETIC ARCADE LTD (REGISTERED NUMBER: 11437053)

Notes to the Financial Statements
for the year ended 31 May 2024

1. STATUTORY INFORMATION

Magnetic Arcade Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 represents the fair value of consideration received or receivable net of VAT and trade discounts.
Revenue from the service of video game development is recognised at the point of sale.

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% on cost

Financial instruments
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 entity after deducting all of its financial liabilities.

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.

Impairment
At each balance sheet date, the company reviews the carrying amount of its assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of an asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Going concern
The directors have agreed to support the company as necessary in the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

3. EMPLOYEES AND DIRECTORS

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

MAGNETIC ARCADE LTD (REGISTERED NUMBER: 11437053)

Notes to the Financial Statements - continued
for the year ended 31 May 2024

4. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 June 2023
and 31 May 2024 1,318
DEPRECIATION
At 1 June 2023 435
Charge for year 435
At 31 May 2024 870
NET BOOK VALUE
At 31 May 2024 448
At 31 May 2023 883

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors - 23,797

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 352 298
Other creditors 98,526 97,331
98,878 97,629

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 459 811

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2 Ordinary £1.00 2 2