MAG HOMES LIMITED - Accounts to registrar (filleted) - small 18.2
MAG HOMES LIMITED - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2018 |
FOR |
MAG HOMES LIMITED |
MAG HOMES LIMITED (Registered number: 08260675) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2018 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 | to | 3 |
Notes to the Financial Statements | 4 | to | 6 |
MAG HOMES LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 OCTOBER 2018 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Minerva Way |
Brunel Road |
Newton Abbot |
Devon |
TQ12 4PJ |
MAG HOMES LIMITED (Registered number: 08260675) |
STATEMENT OF FINANCIAL POSITION |
31 OCTOBER 2018 |
2018 | 2017 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 | ( |
) | ( |
) |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
6 |
( |
) |
( |
) |
NET (LIABILITIES)/ASSETS | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
The director acknowledges his 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. |
MAG HOMES LIMITED (Registered number: 08260675) |
STATEMENT OF FINANCIAL POSITION - continued |
31 OCTOBER 2018 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director on |
MAG HOMES LIMITED (Registered number: 08260675) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2018 |
1. | STATUTORY INFORMATION |
MAG HOMES LIMITED is a |
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 |
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 |
Plant and machinery etc | - |
Stocks |
Work in progress is valued at the lower of cost and net realisable value. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling |
costs in bringing stocks to their present location and condition. |
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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the statement of financial position 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. |
MAG HOMES LIMITED (Registered number: 08260675) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2018 |
2. | ACCOUNTING POLICIES - continued |
Going concern |
The company’s balance sheet shows a net liability position. However, the director considers the |
company can continue to rely upon his own support and support of the company’s bankers to ensure |
that its liabilities can be settled when they fall due. Accordingly, these financial statements have been |
prepared on a going concern basis and do not include any provision for adjustments that may become |
necessary if the support referred to above were withdrawn. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
Cost |
At 1 November 2017 |
and 31 October 2018 |
Depreciation |
At 1 November 2017 |
Charge for year |
At 31 October 2018 |
Net book value |
At 31 October 2018 |
At 31 October 2017 |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2018 | 2017 |
£ | £ |
Hire purchase contracts |
Other creditors |
MAG HOMES LIMITED (Registered number: 08260675) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2018 |
7. | SECURED DEBTS |
The following secured debts are included within creditors: |
2018 | 2017 |
£ | £ |
Bank overdraft |
Bank loans |
Mr M Teague has provided a personal guarantee in respect of the Company bank loans and overdraft. |