whats this kids film called?

I can remember watching a fgilm when i was younger about a boy and a group of friends who wish there was no parents in the world and they dissapear, they have this lamp and when they use it it gives them power like to make wishes, i cant remember all of it other than there is a bully who tries to get hold of the lamp and he manages to get it and steals it, making a small palace with a gold chair inside i think, then there is a battle and the lamp thing turns red meaning there is to much bad magic or something..

i wantched it so long ago when i was a child and i would really like to watch it again.

it along the lines of one wish to many... but a newer version in colour

please help!!

its not the mommy market or trading mom