MAGENTA PROPERTIES LIMITED - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02723167 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

FOR

MAGENTA PROPERTIES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A J Egginton

Mrs S A Egginton

J A J Egginton

SECRETARY:

Mrs S A Eggington

REGISTERED OFFICE:

1 Chew Lodge

Tunbridge Road

Chew Magna

Bristol

BS40 8SX

REGISTERED NUMBER:

02723167 (England and Wales)

ACCOUNTANTS:

Keller & Co

367b Church Road

Frampton Cotterell

Bristol

BS36 2AQ

FIXED ASSETS

Tangible assets

4

1,609

2,495

Investment property

5

93,000

93,000

94,609

95,495

CURRENT ASSETS

Stocks

2,013,306

997,309

Debtors

6

15,242

92,518

Prepayments and accrued income

-

8,469

Cash at bank and in hand

102,082

125,094

2,130,630

1,223,390

CREDITORS

Amounts falling due within one year

7

(1,168,588

)

(84,131

)

NET CURRENT ASSETS

962,042

1,139,259

TOTAL ASSETS LESS CURRENT LIABILITIES

1,056,651

1,234,754

PROVISIONS FOR LIABILITIES

(285

)

(448

)

NET ASSETS

1,056,366

1,234,306

CAPITAL AND RESERVES

Called up share capital

3

3

Retained earnings

1,056,363

1,234,303

SHAREHOLDERS' FUNDS

1,056,366

1,234,306

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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

The financial statements were approved by the Board of Directors on 22 May 2019 and were signed on its behalf by:

A J Egginton - Director

1.	STATUTORY INFORMATION

MAGENTA PROPERTIES 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

Straight line over 3 years

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

fair value is recognised in profit or loss.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2017 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 January 2018

and 31 December 2018

1,666

5,197

7,772

14,635

DEPRECIATION

At 1 January 2018

1,666

3,052

7,422

12,140

Charge for year

-

536

350

886

At 31 December 2018

1,666

3,588

7,772

13,026

NET BOOK VALUE

At 31 December 2018

-

1,609

-

1,609

At 31 December 2017

-

2,145

350

2,495

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2018

and 31 December 2018

93,000

NET BOOK VALUE

At 31 December 2018

93,000

At 31 December 2017

93,000

Fair value at 31 December 2018 is represented by:

£

Valuation in 2015

(64,135

)

Cost

157,135

93,000

If the Investment property had not been revalued it would have been included at the following historical cost:

2018

2017

£

£

Cost

157,135

157,135

Investment property was valued on an open market basis on 1 January 2016 by a broker .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Other debtors

15,242

92,518

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

370,401

-

Trade creditors

60,125

50,949

Taxation and social security

1,738

5,551

Other creditors

736,324

27,631

1,168,588

84,131

8.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank loans

370,401

-

The bank loan is secured on 14 Long Ashton Road.

9.	RELATED PARTY DISCLOSURES