Caseware UK (AP4) 2024.0.164 2024.0.164 2024-01-312024-01-31false22023-02-01falseNo description of principal activity2truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 05015014 2023-02-01 2024-01-31 05015014 2022-02-01 2023-01-31 05015014 2024-01-31 05015014 2023-01-31 05015014 c:Director2 2023-02-01 2024-01-31 05015014 d:Buildings d:LongLeaseholdAssets 2023-02-01 2024-01-31 05015014 d:Buildings d:LongLeaseholdAssets 2024-01-31 05015014 d:Buildings d:LongLeaseholdAssets 2023-01-31 05015014 d:FurnitureFittings 2023-02-01 2024-01-31 05015014 d:FurnitureFittings 2024-01-31 05015014 d:FurnitureFittings 2023-01-31 05015014 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 05015014 d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 05015014 d:CurrentFinancialInstruments 2024-01-31 05015014 d:CurrentFinancialInstruments 2023-01-31 05015014 d:Non-currentFinancialInstruments 2024-01-31 05015014 d:Non-currentFinancialInstruments 2023-01-31 05015014 d:CurrentFinancialInstruments d:WithinOneYear 2024-01-31 05015014 d:CurrentFinancialInstruments d:WithinOneYear 2023-01-31 05015014 d:Non-currentFinancialInstruments d:AfterOneYear 2024-01-31 05015014 d:Non-currentFinancialInstruments d:AfterOneYear 2023-01-31 05015014 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-01-31 05015014 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-01-31 05015014 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-01-31 05015014 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-01-31 05015014 d:ShareCapital 2024-01-31 05015014 d:ShareCapital 2023-01-31 05015014 d:RetainedEarningsAccumulatedLosses 2024-01-31 05015014 d:RetainedEarningsAccumulatedLosses 2023-01-31 05015014 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-01-31 05015014 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-01-31 05015014 c:FRS102 2023-02-01 2024-01-31 05015014 c:AuditExempt-NoAccountantsReport 2023-02-01 2024-01-31 05015014 c:FullAccounts 2023-02-01 2024-01-31 05015014 c:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 05015014 2 2023-02-01 2024-01-31 05015014 e:PoundSterling 2023-02-01 2024-01-31 iso4217:GBP xbrli:pure

Registered number: 05015014









MAGMA PICTURES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2024

 
MAGMA PICTURES LIMITED
REGISTERED NUMBER: 05015014

BALANCE SHEET
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
54,594
44,682

  
54,594
44,682

Current assets
  

Debtors: amounts falling due within one year
 5 
92,338
92,054

Cash at bank and in hand
 6 
278,359
234,411

  
370,697
326,465

Creditors: amounts falling due within one year
 7 
(132,460)
(94,568)

Net current assets
  
 
 
238,237
 
 
231,897

Total assets less current liabilities
  
292,831
276,579

Creditors: amounts falling due after more than one year
  
(30,184)
(35,837)

  

Net assets
  
262,647
240,742


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
262,645
240,740

  
262,647
240,742


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

Page 1

 
MAGMA PICTURES LIMITED
REGISTERED NUMBER: 05015014
    
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 11 April 2025.



J Walker
Director

Page 2

 
MAGMA PICTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


General information

Magma Pictures Limited is a private company limited by shares and incorporated in England and Wales. The principal place of business is 24 Fitzroy Square, London, W1T 6EP and the registered office is Regina House, 124 Finchley Road, London, NW3 5JS.  The principal activity of the company is motion picture and video production.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 
MAGMA PICTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)


2.3
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold improvements
-
10%
Fixtures, fittings & equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

 
2.6

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.9

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 4

 
MAGMA PICTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.10

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.11

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.



3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).


4.


Tangible fixed assets





Leasehold improvements
Fixtures, fittings & equipment
Total

£
£
£



Cost or valuation


At 1 February 2023
31,900
202,906
234,806


Additions
-
32,328
32,328



At 31 January 2024

31,900
235,234
267,134



Depreciation


At 1 February 2023
15,950
174,174
190,124


Charge for the year on owned assets
3,190
19,226
22,416



At 31 January 2024

19,140
193,400
212,540



Net book value



At 31 January 2024
12,760
41,834
54,594



At 31 January 2023
15,950
28,732
44,682

Page 5

 
MAGMA PICTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

5.


Debtors

2024
2023
£
£


Trade debtors
7,207
5,541

Other debtors
85,131
86,513

92,338
92,054



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
278,359
234,411

278,359
234,411



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
5,653
5,513

Corporation tax
62,096
42,294

Other taxation and social security
21,377
20,564

Other creditors
35,934
18,797

Accruals and deferred income
7,400
7,400

132,460
94,568



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
30,184
35,837

30,184
35,837


Page 6

 
MAGMA PICTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
5,653
5,513


5,653
5,513

Amounts falling due 1-2 years

Bank loans
5,796
5,653


5,796
5,653

Amounts falling due 2-5 years

Bank loans
24,388
30,184


24,388
30,184


35,837
41,350



10.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
278,359
234,411




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.


11.


Related party transactions

At the year end, the company was owed £69,953 (2023: £73,731) by Young Film Academy Limited.  The directors, E Boase and J Walker, are also directors of Young Film Academy Limited.
At the year end, the company was owed £15,178 (2023: £12,782) by Genie Film Limited. The directors, E Boase and J Walker, are also directors of Genie Film Limited.


12.


Controlling party

The company is under the joint control of the directors, E Boase and J Walker.

 
Page 7