Magic Carpet Travel Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03045408 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 April 2019

for

MAGIC CARPET TRAVEL LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

Chartered Certified Accountants' Report

7

DIRECTOR:

Mrs Z Majidian

REGISTERED OFFICE:

337 Bath Road

Slough

Berkshire

SL1 5PR

BUSINESS ADDRESS:

11 The Poplars

Ascot

Berkshire

SL5 9HZ

REGISTERED NUMBER:

03045408 (England and Wales)

ACCOUNTANTS:

Masons

337 Bath Road

Slough

Berkshire

SL1 5PR

FIXED ASSETS

Tangible assets

5

2,729

3,606

CURRENT ASSETS

Debtors

1,421

28,968

Cash at bank

28,097

13,208

29,518

42,176

CREDITORS

Amounts falling due within one year

3,195

5,983

NET CURRENT ASSETS

26,323

36,193

TOTAL ASSETS LESS CURRENT LIABILITIES

29,052

39,799

CAPITAL AND RESERVES

Called up share capital

6

1

1

Retained earnings

29,051

39,798

SHAREHOLDERS' FUNDS

29,052

39,799

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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.

All the members have consented to the preparation of an abridged Statement of Income and Retained Earnings and an abridged Balance Sheet for the year ended 30 April 2019 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the director on 22 July 2019 and were signed by:

Mrs Z Majidian - Director

1.	STATUTORY INFORMATION

Magic Carpet Travel Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

The company makes estimates and assumptions concerning the future. The resulting accounting estimates and

judgements by definition, seldom equal the related actual results. There are no estimates and assumptions that

have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the

next financial period.

Turnover

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

value added tax and other sales taxes.

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

-

Straight line over 4 years

Financial instruments

The company only enters into basic financial instruments that result in the recognition of financial assets and

liabilities.

Short term debtors are measured at transaction price, less any impairment. Long term debtors and loan

receivable are measured initially at transaction price, net of transaction costs and are subsequently measured at

fair value using the effective interest method, less any impairment.

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice

of withdrawal. Cash equivalents are readily convertible to known amounts of cash with insignificant risk of

change in value.

Short term creditors are measured at transaction price. Long term creditors and loans are measured initially at

transaction price, net of transaction costs and are subsequently measured at fair value using the effective

interest method.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other

accounts receivable and payable, are initially measured at present value of the future cash flows and

subsequently at amortised cost using the effective interest method.

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2018 - 1 ) .

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 May 2018

9,910

Additions

1,873

At 30 April 2019

11,783

DEPRECIATION

At 1 May 2018

6,304

Charge for year

2,750

At 30 April 2019

9,054

NET BOOK VALUE

At 30 April 2019

2,729

At 30 April 2018

3,606

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.4.19

30.4.18

value:

£

£

1

Ordinary

£1

1

1

7.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 April 2019 and

30 April 2018:

30.4.19

30.4.18

£

£

Mrs Z Majidian

Balance outstanding at start of year

28,143

23,485

Amounts advanced

-

18,853

Amounts repaid

(28,143

)

(14,195

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

28,143

The following reproduces the text of the report prepared for the director 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 Abridged Income Statement and certain other primary

statements and the Report of the Director 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 Magic Carpet Travel Limited for the year ended 30 April 2019 which comprise the Abridged

Statement of Income and Retained Earnings, Abridged 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the director of Magic Carpet Travel Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Magic Carpet Travel Limited and state those matters that we have agreed to state to the director of Magic Carpet Travel Limited in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Magic Carpet Travel Limited 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 loss of Magic Carpet Travel Limited. You consider that Magic Carpet Travel Limited 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 Magic Carpet Travel 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 statutory financial statements.

Masons

337 Bath Road

Slough

Berkshire

SL1 5PR

22 July 2019