Magnus Murray Family Solutions Ltd
Magnus Murray Family Solutions Ltd
Registered number: SC469908
Financial Statements
For The Year Ended 28 February 2019
Gillespie's
Magnus Murray Family Solutions Ltd
Financial Statements
For The Year Ended 28 February 2019
Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—5 |
Magnus Murray Family Solutions Ltd
Balance Sheet
As at
28 February 2019
Balance Sheet
Registered number:
SC469908
For the year ending 28 February 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2019 | 2018 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Intangible Assets | 5 |
|
|
||
| Tangible Assets | 6 |
|
|
||
|
|
|
||||
| CURRENT ASSETS | |||||
| Debtors | 7 |
|
|
||
| Cash at bank and in hand |
|
|
|||
|
|
|
||||
| Creditors: Amounts Falling Due Within One Year | 8 |
( |
( |
||
| NET CURRENT ASSETS (LIABILITIES) |
( |
( |
|||
| TOTAL ASSETS LESS CURRENT LIABILITIES |
|
|
|||
| NET ASSETS |
|
|
|||
| CAPITAL AND RESERVES | |||||
| Called up share capital | 9 |
|
|
||
| Profit and Loss Account |
|
|
|||
| SHAREHOLDERS' FUNDS | 53,682 | 41,326 | |||
Page 1
Magnus Murray Family Solutions Ltd
Balance Sheet (continued)
As at
28 February 2019
Directors' responsibilities:
-
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. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
|
|
|
|
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Magnus Murray Family Solutions Ltd
Notes to the Financial Statements
For The Year Ended 28 February 2019
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Turnover represents net invoiced value of services provided.
1.3.
Intangible Fixed Assets and Amortisation - Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of ten years.
1.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Fixtures & Fittings |
|
| Office Equipment |
|
1.5.
Taxation
Corporation tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3.
Average Number of Employees
Average number of employees, including directors, during the year was as follows:
| 2019 | 2018 | ||
|---|---|---|---|
| Sales, marketing and distribution |
|
|
|
|
|
|
||
Page 3
Magnus Murray Family Solutions Ltd
Notes to the Financial Statements (continued)
For The Year Ended 28 February 2019
5.
Intangible Assets
| Goodwill | |||
|---|---|---|---|
| £ | |||
| Cost | |||
| As at |
|
||
| As at |
|
||
| Amortisation | |||
| As at |
|
||
| Provided during the period |
|
||
| As at |
|
||
| Net Book Value | |||
| As at |
|
||
| As at |
|
||
6.
Tangible Assets
| Fixtures & Fittings | Office Equipment | Total | |
|---|---|---|---|
| £ | £ | £ | |
| Cost | |||
| As at |
|
|
|
| As at |
|
|
|
| Depreciation | |||
| As at |
|
|
|
| Provided during the period |
|
|
|
| As at |
|
|
|
| Net Book Value | |||
| As at |
|
|
|
| As at |
|
|
|
7.
Debtors
| 2019 | 2018 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors |
|
|
|
| Other debtors |
|
|
|
| Directors' loan accounts | 14,286 | - | |
|
|
|
||
Page 4
Magnus Murray Family Solutions Ltd
Notes to the Financial Statements (continued)
For The Year Ended 28 February 2019
8.
Creditors: Amounts Falling Due Within One Year
| 2019 | 2018 | ||
|---|---|---|---|
| £ | £ | ||
| Corporation tax |
|
|
|
| Other taxes and social security |
|
|
|
| Other creditors |
|
|
|
| Accruals and deferred income |
|
|
|
| Directors' loan accounts | - |
|
|
|
|
|
||
10.
Dividends
| 2019 | 2018 | ||
|---|---|---|---|
| £ | £ | ||
| On equity shares: | |||
| Final dividend paid |
|
|
|
| 20,980 | 14,000 | ||
11.
Related Party Transactions
Mr M & Mrs T Murray
Directors loan account
Included within other debtors is an overdrawn directors loan account balance of £14,286 (2018 - £18,957 credit balance). This loan is unsecured, interest free and has been repaid within 9 months.
12.
Ultimate Controlling Party
Mr M & Mrs T Murray own 100% of the share capital of the company and therefore have joint control.
13.
General Information
Magnus Murray Family Solutions Ltd is a private company, limited by shares, incorporated in Scotland, registered number SC469908 . The registered office is 33 Leslie Street, Blairgowrie, Perthshire, PH10 6AW.
Page 5