Magellan Automotive Limited - Accounts to registrar (filleted) - small 18.2
Magellan Automotive Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 December 2019 |
| for |
| Magellan Automotive Limited |
| Magellan Automotive Limited (Registered number: 06765071) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2019 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Magellan Automotive Limited |
| Company Information |
| for the Year Ended 31 December 2019 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 1 Manor Court |
| 6 Barnes Wallis Road |
| Segensworth |
| Fareham |
| Hampshire |
| PO15 5TH |
| Magellan Automotive Limited (Registered number: 06765071) |
| Balance Sheet |
| 31 December 2019 |
| 31.12.19 | 31.12.18 |
| Notes | £ | £ |
| CURRENT ASSETS |
| Stocks |
| Debtors | 3 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 4 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| 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. |
| 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 director on |
| Magellan Automotive Limited (Registered number: 06765071) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2019 |
| 1. | STATUTORY INFORMATION |
| Magellan Automotive Limited is a |
| registered number and registered office address can be found on the Company Information page. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| The turnover shown in the profit and loss account represents revenue recognised by the company in respect of services |
| supplied during the period, exclusive of Value Added Tax and trade discounts. |
| Tangible fixed assets |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving |
| items. |
| Financial instruments |
| The company only enters into basic financial instruments transactions that result in the recognition of financial assets and |
| liabilities like trade and other accounts receivable and payable and loans to related parties. |
| Financial assets & financial liabilities are initially recognised at the transaction price including transaction costs and are |
| subsequently carried at amortised cost using the effective interest method. However, if the arrangement constitutes a |
| financing transaction then it is measured at the present value of the future receipts discounted at a market rate of interest. |
| Financial assets & financial liabilities classified as receivable within one year are not amortised. |
| 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. |
| Magellan Automotive Limited (Registered number: 06765071) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2019 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| 3. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.19 | 31.12.18 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 4. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.19 | 31.12.18 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |