MAGIC FOODS LIMITED Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 05704213

MAGIC FOODS LIMITED

Filleted Unaudited Financial Statements

31 December 2024

MAGIC FOODS LIMITED

Statement of Financial Position

31 December 2024

	2024		2023
Note	£	£	£

Fixed assets

Tangible assets	5		63,619	53,575

Current assets

Stocks		110,650	132,450
Debtors	6	28,996	26,649
Cash at bank and in hand		38,469	11,183
		---------	---------
		178,115	170,282

Creditors: amounts falling due within one year	7	75,036		77,715
		---------		---------
Net current assets			103,079	92,567
			---------	---------
Total assets less current liabilities			166,698	146,142

Creditors: amounts falling due after more than one year	8	18,944	29,065
		---------	---------
Net assets		147,754	117,077
		---------	---------

Capital and reserves

Called up share capital	300	300
Profit and loss account	147,454	116,777
	---------	---------
Shareholders funds	147,754	117,077
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

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

MAGIC FOODS LIMITED

Statement of Financial Position (continued)

31 December 2024

These financial statements were approved by the board of directors and authorised for issue on 30 September 2025 , and are signed on behalf of the board by:

Mrs S Dervish

Director

Company registration number: 05704213

MAGIC FOODS LIMITED

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 792 Wickham Road, Croydon, Surrey, CR0 8EA.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

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

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and Machinery	-	25% reducing balance
Fixture and fitting	-	25% reducing balance
Commercial Vehicle	-	20% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 8 (2023: 8 ).

5. Tangible assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£
Cost
At 1 January 2024	236,841	17,410	50,023	304,274
Additions	10,250	–	19,500	29,750
	---------	--------	--------	---------
At 31 December 2024	247,091	17,410	69,523	334,024
	---------	--------	--------	---------
Depreciation
At 1 January 2024	187,127	16,563	47,009	250,699
Charge for the year	14,991	212	4,503	19,706
	---------	--------	--------	---------
At 31 December 2024	202,118	16,775	51,512	270,405
	---------	--------	--------	---------
Carrying amount
At 31 December 2024	44,973	635	18,011	63,619
	---------	--------	--------	---------
At 31 December 2023	49,714	847	3,014	53,575
	---------	--------	--------	---------

6. Debtors

	2024	2023
	£	£
Trade debtors	3,282	3,039
Other debtors	25,714	23,610
	--------	--------
	28,996	26,649
	--------	--------

7. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	838	–
Trade creditors	2,061	3,401
Corporation tax	11,549	10,135
Social security and other taxes	8,988	18,494
Other creditors	51,600	45,685
	--------	--------
	75,036	77,715
	--------	--------

8. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Bank loans and overdrafts	18,944	29,065
	--------	--------

9. Directors' advances, credits and guarantees

	2024	2023
	£	£
(Advances)/Credits
Director Loan Accounts	47,650	40,900
	--------	--------