Magnum Opus Repairs Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08905932 (England and Wales)

Report of the Directors and

Abridged Financial Statements for the Year Ended 29 February 2020

for

Magnum Opus Repairs Ltd

Page

Company Information

1

Report of the Directors

2

Abridged Balance Sheet

3

Notes to the Financial Statements

4

DIRECTORS:

L Sampson

R Tetley

REGISTERED OFFICE:

Unit 39 Westbrook Trading Estate

Westbrook Road

Trafford Park

Manchester

Greater Manchester

M17 1AY

REGISTERED NUMBER:

08905932 (England and Wales)

ACCOUNTANTS:

TH Accounting Solutions

Suite 7, Turner Business Centre

Greengate

Middleton

Greater Manchester

M24 1RU

The directors present their report with the financial statements of the company for the year ended 29 February 2020.

DIRECTORS

L Sampson has held office during the whole of the period from 1 March 2019 to the date of this report.

Other changes in directors holding office are as follows:

R Tetley - appointed 7 March 2019

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small

companies.

ON BEHALF OF THE BOARD:

L Sampson - Director

1 September 2020

FIXED ASSETS

Tangible assets

4

3,482

7,679

CURRENT ASSETS

Debtors

99,896

101,677

Cash at bank and in hand

29,805

24,724

129,701

126,401

CREDITORS

Amounts falling due within one year

80,763

59,865

NET CURRENT ASSETS

48,938

66,536

TOTAL ASSETS LESS CURRENT LIABILITIES

52,420

74,215

CAPITAL AND RESERVES

Called up share capital

10

10

Retained earnings

5

52,410

74,205

SHAREHOLDERS' FUNDS

52,420

74,215

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2020 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 29 February 2020 in accordance with Section 444(2A) of the Companies Act 2006.

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 and authorised for issue on 1 September 2020 and were signed on its behalf by:

L Sampson - Director

1.	STATUTORY INFORMATION

Magnum Opus Repairs Ltd 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.

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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

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 14 (2019 - 14 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 March 2019

14,276

Additions

2,959

Disposals

(10,910

)

At 29 February 2020

6,325

DEPRECIATION

At 1 March 2019

6,597

Charge for year

2,733

Eliminated on disposal

(6,487

)

At 29 February 2020

2,843

NET BOOK VALUE

At 29 February 2020

3,482

At 28 February 2019

7,679

5.

RESERVES

Retained

earnings

£

At 1 March 2019

74,205

Profit for the year

53,205

Dividends

(75,000

)

At 29 February 2020

52,410

6.	ULTIMATE CONTROLLING PARTY

The company is under the control of the directors by ther shareholding within the company.