ACCOUNTS - Final Accounts preparation

Registered number: 14999537

MAGNA STUDIOS LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2023


MAGNA STUDIOS LIMITED REGISTERED NUMBER:14999537

BALANCE SHEET

AS AT 31 DECEMBER 2023

		2023
Note		£

Fixed assets
Tangible assets	4		3,278
			3,278
Current assets
Debtors: amounts falling due within one year	5	746,258
Cash at bank and in hand	6	579,304
		1,325,562
Creditors: amounts falling due within one year	7	(1,200,254)
Net current assets			125,308
Total assets less current liabilities			128,586
Provisions for liabilities
Deferred tax	9	(820)
			(820)
Net assets			127,766

Capital and reserves
Called up share capital	10	10
Profit and loss account		127,756
		127,766

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MAGNA STUDIOS LIMITED REGISTERED NUMBER:14999537

BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2023

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 period 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 profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

T Benski

Director

Date: 29 September 2025

The notes on pages 3 to 8 form part of these financial statements.

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MAGNA STUDIOS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2023

1.	General information

Magna Studios Limited is a private company, limited by shares, registered in England and Wales, registration numbe 14999537. The registered office address is Elsley Court, 20-22 Great Titchfield Street, London, W1W 8BE.

The company was incorporated on 12 July 2023 and commenced trading on 7 September 2023.

The principal activity of the company is that of motion picture, television and video production related services.

A written resolution was passed on 11 April 2025 to shorten the accounting reference date of the company from 31 December 2024 to 31 December 2023.
A written resolution was passed on 29 September 2023 to change the company name from Lumina Studios Group (UK) Limited to Magna Studios Limited.

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.

2.2

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is pound sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses that relate to borrowings and cash are presented in the profit and loss account within 'administrative expenses'. All other foreign exchange gains and losses are presented in profit and loss account.

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MAGNA STUDIOS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

2.3

Turnover

Recharged income is recognised when the corresponding expenses have been incurred on behalf of another entity.

Turnover from a contract to provide production and creation of contentis 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 turnover 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.

2.4

Interest income

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

2.5

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

2.6

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. 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 corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

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MAGNA STUDIOS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

2.7

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.

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:

Computer equipment

33%

straight line

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.

2.8

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.

2.9

Cash

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

2.10

Creditors

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

2.11

Financial instruments

The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors, trade and other creditors and loans with related parties.
Derivatives, including forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for foreign exchange derivatives.

Employees

The average monthly number of employees, including directors, during the period was 5.

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MAGNA STUDIOS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2023

4.	Tangible fixed assets

		Computer equipment
		£
	Cost
	Additions	3,389
	At 31 December 2023	3,389
	Depreciation
	Charge for the period	111
	At 31 December 2023	111
	Net book value
	At 31 December 2023	3,278

Debtors

					2023
					£


	Trade debtors	55,862
	Amounts owed by connected entities	144,563
	Other debtors	29,984
	Prepayments and accrued income	515,849
		746,258

6.	Cash
		2023
		£

	Cash at bank	579,304

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MAGNA STUDIOS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2023

7.	Creditors: amounts falling due within one year
		2023
		£

	Trade creditors	505,329
	Amounts owed to connected entities	55,993
	Corporation tax	4,441
	Other taxation and social security	231,412
	Other creditors	1,129
	Accruals	401,083
	Financial instruments	867
		1,200,254

8.	Financial instruments
		2023
		£

	Financial assets
	Financial assets measured at fair value through profit or loss	579,304

	Financial liabilities
	Derivative financial instruments measured at fair value through profit or loss held as part of a trading portfolio	(867)

The company is party to foreign exchange financial instruments in the management of exchange rate exposure. The instrument purchased is denominated in customer's principal currency.

9.	Deferred taxation

		2023
		£

	Charged to profit or loss	820
	At end of year	820

	The deferred taxation balance is made up as follows:
					2023
					£

Fixed asset timing differences

820

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MAGNA STUDIOS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2023

10.	Share capital
		2023
		£

		Allotted, called up and fully paid

		1,000 ordinary shares of £0.01 each	10

1,000 ordinary shares of £0.01 each were issued on incorporation.

11.	Pension commitments

The company operates a defined contribution scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £450. Included in other creditors at the period end there is an amount payable of £900.

12.	Related party transactions
	No disclosure has been made of transactions with other wholly owned group companies in accordance with FRS 102 Section 1A paragraph 1AC.35 as the company is itself a wholly owned subsidiary of Lumina Studios Group Limited.

13.	Post balance sheet events

After the period end, the company had future minimum lease payments due under non-cancellable operating leases of £327,500.

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