La Magnolia Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07522283 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2019

for

LA MAGNOLIA LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr P Magnolia

Ms C De Siano

REGISTERED OFFICE:

8 - 12 Westcliff Arcade

Ramsgate

Kent

CT11 8LH

REGISTERED NUMBER:

07522283 (England and Wales)

ACCOUNTANTS:

MMP Limited

Chartered Certified Accountants

64 High Street

Broadstairs

Kent

CT10 1JT

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

28,436

34,774

28,436

34,774

CURRENT ASSETS

Stocks

13,662

13,549

Debtors

6

115,582

108,008

Cash in hand

853

922

130,097

122,479

CREDITORS

Amounts falling due within one year

7

124,268

122,440

NET CURRENT ASSETS

5,829

39

TOTAL ASSETS LESS CURRENT LIABILITIES

34,265

34,813

CREDITORS

Amounts falling due after more than one year

8

(22,666

)

(24,824

)

PROVISIONS FOR LIABILITIES

(4,780

)

(5,459

)

NET ASSETS

6,819

4,530

CAPITAL AND RESERVES

Called up share capital

9

2

2

Retained earnings

6,817

4,528

SHAREHOLDERS' FUNDS

6,819

4,530

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 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 applicable to companies subject to the small companies regime.

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 6 December 2019 and were signed on its behalf by:

Mr P Magnolia - Director

Ms C De Siano - Director

1.	STATUTORY INFORMATION

La Magnolia 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of three years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at

cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold

-

straight line over the term of the lease

Fixtures, fittings & equipment

-

20% 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.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's

pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2018 - 18 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2018

and 31 March 2019

27,000

AMORTISATION

At 1 April 2018

and 31 March 2019

27,000

NET BOOK VALUE

At 31 March 2019

-

At 31 March 2018

-

5.	TANGIBLE FIXED ASSETS

Fixtures,

Short

fittings

leasehold

& equipment

Totals

£

£

£

COST

At 1 April 2018

36,875

81,337

118,212

Additions

-

2,750

2,750

At 31 March 2019

36,875

84,087

120,962

DEPRECIATION

At 1 April 2018

32,292

51,146

83,438

Charge for year

2,500

6,588

9,088

At 31 March 2019

34,792

57,734

92,526

NET BOOK VALUE

At 31 March 2019

2,083

26,353

28,436

At 31 March 2018

4,583

30,191

34,774

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Other debtors

115,582

108,008

Included within Other Debtors is a loan of £107,282 (2018 : £91,482) to Magnolia & Twins Ltd, a

Company in which the Directors hold 50% of the issued share capital.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Bank loans and overdrafts

3,031

13,254

Trade creditors

27,116

34,220

Taxation and social security

38,569

52,695

Other creditors

55,552

22,271

124,268

122,440

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.19

31.3.18

£

£

Other creditors

22,666

24,824

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.19

31.3.18

value:

£

£

2

Ordinary

£1

2

2