Green Magic Co. UK Ltd - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 07923202 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 July 2018

for

Green Magic Co. UK Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

7

DIRECTORS:

N Spelman

Mrs J E Spelman

S G Makinson

REGISTERED OFFICE:

Waltham Business Park

Brickyard Road

Swanmore

Southampton

SO32 2SA

REGISTERED NUMBER:

07923202 (England and Wales)

ACCOUNTANTS:

Alison Brooker

Chartered Accountant

19 Calmore Crescent

Calmore

Southampton

Hampshire

SO40 2RJ

FIXED ASSETS

Intangible assets

4

899,072

953,875

Tangible assets

5

422,386

436,284

1,321,458

1,390,159

CURRENT ASSETS

Stocks

412,591

381,577

Debtors

6

94,030

97,182

Cash at bank

231,469

137,563

738,090

616,322

CREDITORS

Amounts falling due within one year

7

320,134

332,180

NET CURRENT ASSETS

417,956

284,142

TOTAL ASSETS LESS CURRENT LIABILITIES

1,739,414

1,674,301

CREDITORS

Amounts falling due after more than one year

8

(736,564

)

(776,564

)

PROVISIONS FOR LIABILITIES

(10,442

)

(10,422

)

NET ASSETS

992,408

887,315

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

992,308

887,215

SHAREHOLDERS' FUNDS

992,408

887,315

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 22 March 2019 and were signed on its behalf by:

N Spelman - Director

1.	STATUTORY INFORMATION

Green Magic Co. UK Ltd is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on cost, 20% on cost and 10% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2017 - 16 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

Goodwill

assets

Totals

£

£

£

COST

At 1 August 2017

1,250,000

16,375

1,266,375

Additions

-

13,714

13,714

At 31 July 2018

1,250,000

30,089

1,280,089

AMORTISATION

At 1 August 2017

312,500

-

312,500

Charge for year

62,500

6,017

68,517

At 31 July 2018

375,000

6,017

381,017

NET BOOK VALUE

At 31 July 2018

875,000

24,072

899,072

At 31 July 2017

937,500

16,375

953,875

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 August 2017

402,264

100,908

503,172

Additions

-

10,462

10,462

At 31 July 2018

402,264

111,370

513,634

DEPRECIATION

At 1 August 2017

10,157

56,731

66,888

Charge for year

7,484

16,876

24,360

At 31 July 2018

17,641

73,607

91,248

NET BOOK VALUE

At 31 July 2018

384,623

37,763

422,386

At 31 July 2017

392,107

44,177

436,284

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.18

31.7.17

£

£

Trade debtors

62,828

65,446

Other debtors

31,202

31,736

94,030

97,182

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.18

31.7.17

£

£

Bank loans and overdrafts

-

34,141

Trade creditors

91,318

46,176

Taxation and social security

226,755

241,199

Other creditors

2,061

10,664

320,134

332,180

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.7.18

31.7.17

£

£

Other creditors

736,564

776,564

9.	ULTIMATE CONTROLLING PARTY

The controlling party is N Spelman.

The ultimate controlling party is N Spelman.

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the

Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Green Magic Co. UK Ltd for the year ended 31 July 2018 which comprise the Income Statement,

Balance Sheet and the related notes from the company's accounting records and from information and explanations you

have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Green Magic Co. UK Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Green Magic Co. UK Ltd and state those matters that we have agreed to state to the Board of Directors of Green Magic Co. UK Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Green Magic Co. UK Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Green Magic Co. UK Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Green Magic Co. UK Ltd. You consider that Green Magic Co. UK Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Green Magic Co. UK Ltd. 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 statutory financial statements.

Alison Brooker

Chartered Accountant

19 Calmore Crescent

Calmore

Southampton

Hampshire

SO40 2RJ

22 March 2019