Magic Stitch Limited

	Page
Accountant's Report	1
Balance Sheet	2—3
Notes to the Financial Statements	4—5

Report to the director on the preparation of the unaudited statutory accounts of Magic Stitch Limited for the year ended 31 January 2026

In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of Magic Stitch Limited for the year ended 31 January 2026 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the accounting records and from information and explanations you have given to us.

As a practising member of the Institute of Financial Accountants (IFA), we are subject to its ethical and other professional requirements which are detailed at https://www.ifa.org.uk/about-us/acting-in-the-public-interest/memberregulations.

This report is made solely to the director of Magic Stitch Limited , as a body, in accordance with the terms of our engagement letter dated 01 March 2022. Our work has been undertaken solely to prepare for your approval the accounts of Magic Stitch Limited and state those matters that we have agreed to state to the director of Magic Stitch Limited , as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Magic Stitch Limited and its director, as a body, for our work or for this report.

It is your duty to ensure that Magic Stitch Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Magic Stitch Limited . You consider that Magic Stitch Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit of the accounts of Magic Stitch Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.

Irina Inayat

13 October 2026

Penn Accounts Limited

13 Austin Friars

London

EC2N 2HE

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Magic Stitch Limited

Balance Sheet

As At 31 January 2026

Balance Sheet

Registered number: 07121568

		2026		2025
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		-		(1 )

			-		(1 )
CURRENT ASSETS
Debtors	5	15,522		11,489
Cash at bank and in hand		128,533		123,026

		144,055		134,515
Creditors: Amounts Falling Due Within One Year	6	(41,054 )		(32,653 )

NET CURRENT ASSETS (LIABILITIES)			103,001		101,862

TOTAL ASSETS LESS CURRENT LIABILITIES			103,001		101,861

NET ASSETS			103,001		101,861

CAPITAL AND RESERVES
Called up share capital	7		100		100
Profit and Loss Account			102,901		101,761

SHAREHOLDERS' FUNDS			103,001		101,861

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Magic Stitch Limited

Balance Sheet (continued)

As At 31 January 2026

For the year ending 31 January 2026 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 Damian Marceliano Poma

Director

13 October 2026

The notes on pages 4 to 5 form part of these financial statements.

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Magic Stitch Limited

Notes to the Financial Statements

For The Year Ended 31 January 2026

Notes to the Financial Statements

1. General Information

Magic Stitch Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07121568 . The registered office is 23 Earl's Court, London, W8 6EB.

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.

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:

Plant & Machinery	20% on cost
Fixtures & Fittings	33.33% reducing balance
Computer Equipment	33.33% reducing balance

2.4. 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 years 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 assets reflect 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 and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

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Magic Stitch Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 January 2026

3. Average Number of Employees

Average number of employees, including directors, during the year was: 9 (2025: 9)

4. Tangible Assets

	Plant & Machinery	Fixtures & Fittings	Computer Equipment	Total
	£	£	£	£
Cost
As at 1 February 2025	13,281	462	1,431	15,174

As at 31 January 2026	13,281	462	1,431	15,174

Depreciation
As at 1 February 2025	13,281	462	1,432	15,175
Provided during the period	-	-	(1 )	(1 )

As at 31 January 2026	13,281	462	1,431	15,174

Net Book Value
As at 31 January 2026	-	-	-	-

As at 1 February 2025	-	-	(1 )	(1 )

5. Debtors

	2026	2025
	£	£
Due within one year
Trade debtors	11,247	7,952
Prepayments and accrued income	4,275	3,537

	15,522	11,489

6. Creditors: Amounts Falling Due Within One Year

	2026	2025
	£	£
Trade creditors	-	2,149
Corporation tax	4,560	2,010
Other taxes and social security	4,676	3,093
VAT	14,793	12,134
Net wages	5,193	4,891
Credit Card	616	268
Other creditors (S)	171	6,482
Accruals and deferred income	1,777	1,480
Director's loan account	9,268	146

	41,054	32,653

7. Share Capital

	2026	2025
	£	£
Allotted, Called up and fully paid	100	100

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