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Registered number: 06016331
Magenta Photographic Studios Limited
Unaudited Financial Statements
For The Year Ended 30 November 2024
Beach Accountants Limited
Chartered Certified Accountants
10 Blue Sky Way
Monkton Business Park South
Hebburn
South Tyneside
NE31 2EQ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 06016331
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 156,059 154,138
156,059 154,138
CURRENT ASSETS
Debtors 5 27,326 62,065
Cash at bank and in hand 235,880 198,722
263,206 260,787
Creditors: Amounts Falling Due Within One Year 6 (31,864 ) (31,509 )
NET CURRENT ASSETS (LIABILITIES) 231,342 229,278
TOTAL ASSETS LESS CURRENT LIABILITIES 387,401 383,416
PROVISIONS FOR LIABILITIES
Deferred Taxation 7 (1,730 ) (1,327 )
NET ASSETS 385,671 382,089
CAPITAL AND RESERVES
Called up share capital 8 11 11
Profit and Loss Account 385,660 382,078
SHAREHOLDERS' FUNDS 385,671 382,089
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Page 2
For the year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has 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 Michael Slawski
Director
18/04/2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Magenta Photographic Studios Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06016331 . The registered office is The Mission Church, Hexham Road, Blucher Village, Newcastle, NE15 9SU.
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.
The financial statements are prepared in sterling, which is the functional currency of the entity.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. 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:
Freehold n/a
Fixtures & Fittings 20% Reducing Balance
2.4. Financial Instruments
Financial assets and liabilities are only offset in the statement of financial position when. and only when there exists a legally enforceable right to set off the recognise amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through the Profit and Loss Account, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled. b) the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset. or c) the Company. despite having retained some, but not all significant risks and rewards of ownership. has transferred control of the asset to another party.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
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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.
2.6. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.7. Functional currency
The company’s functional and presentation currency is Pounds Sterling (GBP), as all of its transactions are conducted in this currency. 
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Office and administration 2 2
2 2
4. Tangible Assets
Land & Property
Freehold Fixtures & Fittings Total
£ £ £
Cost
As at 1 December 2023 146,033 77,541 223,574
Additions - 4,428 4,428
As at 30 November 2024 146,033 81,969 228,002
Depreciation
As at 1 December 2023 - 69,436 69,436
Provided during the period - 2,507 2,507
As at 30 November 2024 - 71,943 71,943
...CONTINUED
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Net Book Value
As at 30 November 2024 146,033 10,026 156,059
As at 1 December 2023 146,033 8,105 154,138
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 26,277 61,235
Prepayments and accrued income 1,049 830
27,326 62,065
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 1,472 6
Corporation tax 2,480 1,616
Other taxes and social security 718 -
VAT 9,287 16,024
Other creditors 4,142 2,158
Accruals and deferred income 235 432
Director's loan account 13,530 11,273
31,864 31,509
The above Director's loan is unsecured, interest free and repayable on demand.
7. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Accelerated capital allowances 1,730 1,327
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 11 11
9. Directors Advances, Credits and Guarantees
Dividends paid to directors
2024 2023
£ £
Mr Michael Slawski 500 1,000
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