Magi-gifts.com Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 04770653 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 MAY 2014

FOR

MAGI-GIFTS.COM LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

Mrs M Rose

D Brown

SECRETARY:

Mrs M Rose

REGISTERED OFFICE:

193 Brockley Road

Brockley

SE4 2RS

REGISTERED NUMBER:

04770653 (England and Wales)

ACCOUNTANTS:

Shabbir & Co

Chartered Accountants

248 Brockley Road

Brockley

London

SE4 2SF

FIXED ASSETS

Tangible assets

2

4,515

5,977

CURRENT ASSETS

Stocks

46,660

50,500

Debtors

104

5,771

Cash in hand

444

85

47,208

56,356

CREDITORS

Amounts falling due within one year

15,594

29,346

NET CURRENT ASSETS

31,614

27,010

TOTAL ASSETS LESS CURRENT LIABILITIES

36,129

32,987

CAPITAL AND RESERVES

Called up share capital

3

2

2

Profit and loss account

36,127

32,985

SHAREHOLDERS' FUNDS

36,129

32,987

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2014 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 18 February 2015 and were signed on its behalf by:

D Brown - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

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 reducing balance

Stocks

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

slow moving items.

Deferred tax

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

balance sheet date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 June 2013

and 31 May 2014

8,399

DEPRECIATION

At 1 June 2013

2,422

Charge for year

1,462

At 31 May 2014

3,884

NET BOOK VALUE

At 31 May 2014

4,515

At 31 May 2013

5,977

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

2

Ordinary

1

2

2