Company Registration No. 12179889 (England and Wales)
MORTGAGE MAGICK LTD
Final accounts
for the period from 29 August 2019 to 31 August 2020
MORTGAGE MAGICK LTD
Final accounts
Contents
MORTGAGE MAGICK LTD
Company Information
for the period from 29 August 2019 to 31 August 2020
Directors
TANJIR SUGAR
PRADIP LOTLECAR
DR MOONMOON KALAM
AMENA HAQUE
SIR ANTHONY BALDRY
Company Number
12179889 (England and Wales)
Registered Office
UNIT - 8, RAINHAM HOUSE
MANOR WAY
RAINHAM
RM13 8RE
UNITED KINGDOM
Accountants
DKA Accounting Ltd.
East Wing, Castle House
Dawson Road
Milton Keynes
Buckinghamshire
MK1 1QY
MORTGAGE MAGICK LTD
Statement of financial position
as at
31 August 2020
Intangible assets
3,018,999
Cash at bank and in hand
3,696
Creditors: amounts falling due within one year
(18,356)
Net current liabilities
(12,320)
Total assets less current liabilities
3,007,879
Creditors: amounts falling due after more than one year
(3,029,999)
Called up share capital
10,000
Profit and loss account
(32,120)
Shareholders' funds
(22,120)
For the period ending 31 August 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 23 May 2021 and were signed on its behalf by
TANJIR SUGAR
Director
Company Registration No. 12179889
MORTGAGE MAGICK LTD
Notes to the Accounts
for the period from 29 August 2019 to 31 August 2020
MORTGAGE MAGICK LTD is a private company, limited by shares, registered in England and Wales, registration number 12179889. The registered office is UNIT - 8, RAINHAM HOUSE, MANOR WAY, RAINHAM, RM13 8RE, UNITED KINGDOM.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention.
The accounts are presented in £ sterling.
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the
acquisition date.
Research expenditure is written off in the year in which it is incurred.
Development expenditure incurred is capitalised as an intangible asset only when all of the following
criteria are met:
It is technically feasible to complete the intangible asset so that it will be available for use or sale;
There is the intention to complete the intangible asset and use or sell it;
There is the ability to use or sell the intangible asset;
The use or sale of the intangible asset will generate probable future economic benefits;
There are adequate technical, financial and other resources available to complete the development
and to use or sell the intangible asset; and
The expenditure attributable to the intangible asset during its development can be measured reliably.
Expenditure that does not meet the above criteria is expensed as incurred
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
Straight line method - 25%
MORTGAGE MAGICK LTD
Notes to the Accounts
for the period from 29 August 2019 to 31 August 2020
4
Intangible fixed assets
Other
At 31 August 2020
3,018,999
At 31 August 2020
3,018,999
5
Tangible fixed assets
Computer equipment
Cost or valuation
At cost
Charge for the period
400
6
Debtors: amounts falling due within one year
2020
7
Creditors: amounts falling due within one year
2020
Loans from directors
(8,260)
8
Creditors: amounts falling due after more than one year
2020
Other creditors
2,979,999
MORTGAGE MAGICK LTD
Notes to the Accounts
for the period from 29 August 2019 to 31 August 2020
Allotted, called up and fully paid:
10,000 Ordinary shares of £1 each
10,000
10
Average number of employees
During the period the average number of employees was 2.