Proto Magic Innovations Limited Filleted accounts for Companies House (small and micro)

Proto Magic Innovations Limited Filleted accounts for Companies House (small and micro)

PROTO MAGIC INNOVATIONS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03026661
Proto Magic Innovations Limited
Filleted Unaudited Financial Statements
28 February 2019
Proto Magic Innovations Limited
Financial Statements
Year ended 28 February 2019
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Proto Magic Innovations Limited
Statement of Financial Position
28 February 2019
2019
2018
Note
£
£
£
£
Fixed assets
Tangible assets
5
158
177
Current assets
Stocks
2,314
–
Debtors
6
91,205
97,126
Cash at bank and in hand
33,130
65,340
---------
---------
126,649
162,466
Creditors: amounts falling due within one year
7
100,188
139,836
---------
---------
Net current assets
26,461
22,630
--------
--------
Total assets less current liabilities
26,619
22,807
--------
--------
Net assets
26,619
22,807
--------
--------
Capital and reserves
Called up share capital
8
2
2
Profit and loss account
26,617
22,805
--------
--------
Shareholders funds
26,619
22,807
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Proto Magic Innovations Limited
Statement of Financial Position (continued)
28 February 2019
These financial statements were approved by the board of directors and authorised for issue on 3 September 2019 , and are signed on behalf of the board by:
I Ponting
G Dale
Director
Director
Company registration number: 03026661
Proto Magic Innovations Limited
Notes to the Financial Statements
Year ended 28 February 2019
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 146 New London Road, Chelmsford, Essex, CM2 0AW.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Tools
-
14% straight line
Fixtures and Fittings
-
10% straight line
Equipment
-
33 % straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Average number of employees
During the year the average number of employees was 2 (2018 - 2) which consisted of the directors only.
5. Tangible assets
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 March 2018 and 28 February 2019
1,725
892
431
3,048
-------
----
----
-------
Depreciation
At 1 March 2018
1,725
715
431
2,871
Charge for the year
–
19
–
19
-------
----
----
-------
At 28 February 2019
1,725
734
431
2,890
-------
----
----
-------
Carrying amount
At 28 February 2019
–
158
–
158
-------
----
----
-------
At 28 February 2018
–
177
–
177
-------
----
----
-------
6. Debtors
2019
2018
£
£
Trade debtors
90,731
96,108
Prepayments and accrued income
472
1,016
Other debtors
2
2
--------
--------
91,205
97,126
--------
--------
7. Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
83,693
126,304
Accruals and deferred income
1,785
1,490
Social security and other taxes
8,647
5,979
Amounts due to related undertakings
6,063
6,063
---------
---------
100,188
139,836
---------
---------
8. Called up share capital
Authorised share capital
2019
2018
No.
£
No.
£
Ordinary shares of £ 1 each
1,000
1,000.00
1,000
1,000.00
-------
----------
-------
----------
Issued, called up and fully paid
2019
2018
No.
£
No.
£
Ordinary shares of £ 1 each
2
2.00
2
2.00
----
-----
----
-----
9. Related party transactions
During the year the company incurred purchases of £118,776 (2018 - £195,261) from related parties, controlled by company directors. At the year end the company owed related parties £87,793 (2018 - £106,063) which are shown amongst creditors.