House of Magnetix Promotions Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02031033 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30th November 2019

for

House of Magnetix Promotions Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M James

Mrs S James

Mrs A J Birch

SECRETARY:

Mrs S James

REGISTERED OFFICE:

Trios House

Reform Road

Maidenhead

Berkshire

SL6 8BY

REGISTERED NUMBER:

02031033 (England and Wales)

ACCOUNTANTS:

Hannaways

Trios House

Reform Road

Maidenhead

Berkshire

SL6 8BY

FIXED ASSETS

Tangible assets

4

-

49

CURRENT ASSETS

Stocks

5

6,387

10,001

Debtors

6

9,201

8,499

Cash at bank

21,908

16,842

37,496

35,342

CREDITORS

Amounts falling due within one year

7

11,895

10,124

NET CURRENT ASSETS

25,601

25,218

TOTAL ASSETS LESS CURRENT LIABILITIES

25,601

25,267

CAPITAL AND RESERVES

Called up share capital

8

4

4

Retained earnings

9

25,597

25,263

SHAREHOLDERS' FUNDS

25,601

25,267

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th November 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th November 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 6th February 2020 and were signed on its behalf by:

Mrs A J Birch - Director

1.	STATUTORY INFORMATION

House of Magnetix Promotions 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.

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 cost

Fixtures and fittings

-

25% on cost

Computer equipment

-

33% on cost

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 Statement of Income and Retained

Earnings, 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet

date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction.

Exchange differences are taken into account in arriving at the operating result.

Short term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction

cost. Any losses from impairment are recognised in the profit and loss account.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2018 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1st December 2018

and 30th November 2019

19,091

7,304

4,913

31,308

DEPRECIATION

At 1st December 2018

19,091

7,304

4,864

31,259

Charge for year

-

-

49

49

At 30th November 2019

19,091

7,304

4,913

31,308

NET BOOK VALUE

At 30th November 2019

-

-

-

-

At 30th November 2018

-

-

49

49

5.

STOCKS

2019

2018

£

£

Stocks

6,387

10,001

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

8,495

7,623

Prepayments

706

876

9,201

8,499

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

2,160

2,131

Corporation tax

8

5

Social security and other taxes

2,531

792

Directors' current accounts

6,226

6,226

Accrued expenses

970

970

11,895

10,124

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

4

Ordinary

£1

4

4

9.

RESERVES

Retained

earnings

£

At 1st December 2018

25,263

Profit for the year

334

At 30th November 2019

25,597

10.	ULTIMATE CONTROLLING PARTY

The company was controlled in the current and previous period by the directors Mr M James and Mrs S James, by virtue of

their controlling interest in the ordinary share capital of the company.