Magi-Cut Software Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01698588 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2020

for

MAGI-CUT SOFTWARE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

J R Wiltshire

REGISTERED OFFICE:

Bath House

6-8 Bath Street

Redcliffe

Bristol

BS1 6HL

REGISTERED NUMBER:

01698588 (England and Wales)

ACCOUNTANTS:

Haines Watts

Chartered Accountants

6 - 8 Bath Street

Bristol

BS1 6HL

FIXED ASSETS

Tangible assets

3

6,889

6,414

CURRENT ASSETS

Stocks

40,107

22,051

Debtors

4

276,168

277,145

Cash at bank and in hand

2,290,228

1,797,188

2,606,503

2,096,384

CREDITORS

Amounts falling due within one year

5

(175,602

)

(176,722

)

NET CURRENT ASSETS

2,430,901

1,919,662

TOTAL ASSETS LESS CURRENT LIABILITIES

2,437,790

1,926,076

CAPITAL AND RESERVES

Called up share capital

6

80

80

Capital redemption reserve

20

20

Retained earnings

2,437,690

1,925,976

SHAREHOLDERS' FUNDS

2,437,790

1,926,076

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Profit and loss has not been delivered.

The financial statements were approved and authorised for issue by the director and authorised for issue on 28 May 2020 and were signed by:

J R Wiltshire - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small

Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and

Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary

amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on the historical cost convention. The principal accounting

policies adopted are set out below.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company

has adequate resources to continue in operational existence for the foreseeable future. Thus the directors

continue to adopt the going concern basis of accounting in preparing the financial statements.

The impact of the Coronavirus is an unknown risk, but the company has comforting in the strength of its cash

reserves, and does not believe there is any need to take advantage of the government Covid-19 support at this

time.

Turnover

Turnover represents the total invoice value, excluding value added tax, of sales made during the year and

derives from the provision of goods and services falling within the company's ordinary activities.

Tangible fixed assets

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

Fixtures, fittings and equipment

-

20% on cost

Computer equipment

-

33% on cost

Stocks

Stocks are stated at the lower of cost and net realisable value. Cost comprises direct materials and where

applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their

present location and condition.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred

in marketing, selling and distribution.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid

investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown

within borrowings in current liabilities.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12

'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are

recognised when the company becomes party to the contractual provisions of the instrument. Financial assets

and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally

enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise

the asset and settle the liability simultaneously.

Basic financial assets, which include trade and other debtors, amounts due from group undertakings and cash

and bank balances, are initially measured at transaction price including transaction costs and are subsequently

carried at amortised cost. Financial assets are derecognised only when the contractual rights to the cash flows

from the asset expire or are settled, or when the company transfers the financial asset and substantially all the

risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are

retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an

unrelated third party.

Basic financial liabilities, including trade and other creditors and amounts due to group undertakings are

initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the

debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial

liabilities are derecognised when, and only when, the company's contractual obligations are discharged,

cancelled, or they expire.

Taxation

Taxation for the year comprises current tax. Tax is recognised in the Profit and loss, except to the extent that it

relates to items recognised in other comprehensive income or directly in equity.

Current 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.

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.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2019 - 13 ) .

3.	TANGIBLE FIXED ASSETS

Fixtures,

fittings

and

Computer

equipment

equipment

Totals

£

£

£

COST

At 1 April 2019

7,033

124,917

131,950

Additions

-

6,547

6,547

At 31 March 2020

7,033

131,464

138,497

DEPRECIATION

At 1 April 2019

5,905

119,631

125,536

Charge for year

435

5,637

6,072

At 31 March 2020

6,340

125,268

131,608

NET BOOK VALUE

At 31 March 2020

693

6,196

6,889

At 31 March 2019

1,128

5,286

6,414

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

233,671

243,289

Other debtors

14,779

14,611

VAT

-

1,631

Prepayments and accrued income

27,718

17,614

276,168

277,145

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

5,351

10,817

Tax

137,451

138,834

Social security and other taxes

21,851

20,321

VAT

3,041

-

Other creditors

4,908

3,650

Accruals and deferred income

3,000

3,100

175,602

176,722

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

80

Ordinary

£1

80

80