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REGISTERED NUMBER: 04646299 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Think Magic Limited

Think Magic Limited (Registered number: 04646299)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Think Magic Limited

Company Information
for the Year Ended 31 March 2024







DIRECTOR: Mrs A C Windsor





REGISTERED OFFICE: 18 Cheadle Wood
Cheadle Hulme
Cheadle
Cheshire
SK8 6SS





REGISTERED NUMBER: 04646299 (England and Wales)





ACCOUNTANTS: J Davenport & Co. Ltd
Chartered Accountants
East Meats
White Knowle
Chinley
Derbyshire
SK23 6EA

Think Magic Limited (Registered number: 04646299)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 41 54
41 54

CURRENT ASSETS
Debtors 6 7,096 -
Cash at bank 7,502 1,338
14,598 1,338
CREDITORS
Amounts falling due within one year 7 15,576 6,455
NET CURRENT LIABILITIES (978 ) (5,117 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(937

)

(5,063

)

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings (939 ) (5,065 )
SHAREHOLDERS' FUNDS (937 ) (5,063 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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.

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 director and authorised for issue on 26 March 2025 and were signed by:





Mrs A C Windsor - Director


Think Magic Limited (Registered number: 04646299)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Think Magic 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.

The director has confirmed that she will continue to give financial support to the company until such time as its position improves. In addition the director has confirmed that she will not recall her loan within 12 months. The director considers that it is appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result if the financial support were withdrawn. The company has net liabilities at the year end.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Turnover
Turnover represents the value, net of value added tax where applicable and discounts, of agency fees receivable and entertainment services provided.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2007, is being amortised evenly over its estimated useful life of five 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 - 25% on reducing balance

Financial instruments
Financial instruments are classified, and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences residual interest in the assets of the company after deducting all of its 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.


Think Magic Limited (Registered number: 04646299)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 36,000
AMORTISATION
At 1 April 2023
and 31 March 2024 36,000
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

5. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1 April 2023
and 31 March 2024 4,008
DEPRECIATION
At 1 April 2023 3,954
Charge for year 13
At 31 March 2024 3,967
NET BOOK VALUE
At 31 March 2024 41
At 31 March 2023 54

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Other debtors 7,096 -

Think Magic Limited (Registered number: 04646299)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Due to Magicians 10,803 1,050
Directors' current accounts 573 2,585
Accrued expenses 4,200 2,820
15,576 6,455

8. RELATED PARTY DISCLOSURES

At 31 March 2024 the company owed £573 (2023 £2,585) to the director. No interest has been charged to the company in respect of this loan which is repayable on demand and classified in creditors due within one year.