Magenta Orchard Limited - Accounts to registrar (filleted) - small 18.2
Magenta Orchard Limited - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 March 2019 |
for |
Magenta Orchard Limited |
Magenta Orchard Limited (Registered number: 03106123) |
Contents of the Financial Statements |
for the Year Ended 31 March 2019 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Magenta Orchard Limited |
Company Information |
for the Year Ended 31 March 2019 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANT: |
Gable End |
Sparrow Hall Business Park |
Leighton Road |
Edlesborough |
Bedfordshire |
LU6 2ES |
Magenta Orchard Limited (Registered number: 03106123) |
Balance Sheet |
31 March 2019 |
2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 8 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
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 by: |
Magenta Orchard Limited (Registered number: 03106123) |
Notes to the Financial Statements |
for the Year Ended 31 March 2019 |
1. | STATUTORY INFORMATION |
Magenta Orchard 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 |
Fixtures and fittings | - |
Computer equipment | - |
Investment properties |
In accordance with Statement of Standard Accounting Practice No. 19, certain of the company's properties are |
held for long-term investment and are included in the Balance Sheet at their open market values. The |
surplus(es) or deficit(s) on annual revaluation of such properties are transferred to the investment property |
revaluation reserve. Depreciation is not provided in respect of freehold investment properties. Leasehold |
investment properties are not amortised where the unexpired term is over twenty years. |
This policy represents a departure from statutory accounting principles, which require depreciation to be |
provided an all fixed assets. The directors consider that this policy is necessary in order that the accounts may |
give a true and fair view because current values and changes in current values are of prime importance rather |
than the calculation of systematic annual depreciation. Depreciation is only one of many factors reflected in the |
annual valuation and the amount which might otherwise have been shown cannot be separately identified or |
quantified. |
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. |
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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet 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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Magenta Orchard Limited (Registered number: 03106123) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2018 |
and 31 March 2019 |
DEPRECIATION |
At 1 April 2018 |
Charge for year |
At 31 March 2019 |
NET BOOK VALUE |
At 31 March 2019 |
At 31 March 2018 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2018 |
and 31 March 2019 |
NET BOOK VALUE |
At 31 March 2019 |
At 31 March 2018 |
Fair value at 31 March 2019 is represented by: |
£ |
Valuation in 2002 | 35,777 |
Valuation in 2014 | 350,000 |
Cost | 314,223 |
700,000 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Taxation and social security |
Other creditors |
Magenta Orchard Limited (Registered number: 03106123) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
8. | RESERVES |
Revaluation |
reserve |
£ |
At 1 April 2018 |
and 31 March 2019 |
9. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
During the year dividends were paid to the directors R C Morley and Mrs I E Morley totalling £70,000 (2018: |
£70,000) |
10. | ULTIMATE CONTROLLING PARTY |
As a result of the company being jointly owned by the two directors, equally, there is no ultimate controlling party. |