The Magic Touch (G.B.) Limited - Accounts

The Magic Touch (G.B.) Limited - Accounts

THE MAGIC TOUCH (G.B.) LIMITED - Company Information

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Reports Dated : 14/10/2020
Registered Number: 02699075
England and Wales

 

 

 

THE MAGIC TOUCH (G.B.) LIMITED


Abridged Accounts
 


Period of accounts

Start date: 01 June 2019

End date: 31 May 2020

The Magic Touch (G.B.) Limited
Contents Page
For the year ended 31 May 2020
Report to the directors on the preparation of the unaudited statutory accounts of The Magic Touch (G.B.) Limited for the year ended 31 May 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of The Magic Touch (G.B.) Limited for the year ended 31 May 2020 which comprise of the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the company’s accounting records and from information and explanations you have given us
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://rulebook.accaglobal.com/
This report is made solely to the Board of Directors of The Magic Touch (G.B.) Limited, as a body, in accordance with the terms of our engagement letter dated 07 October 2020 Our work has been undertaken solely to prepare for your approval the accounts of The Magic Touch (G.B.) Limited and state those matters that we have agreed to state to the Board of Directors of The Magic Touch (G.B.) Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Magic Touch (G.B.) Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that The Magic Touch (G.B.) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of The Magic Touch (G.B.) Limited. You consider that The Magic Touch (G.B.) Limited is exempt from the statutory audit requirement for the year
We have not been instructed to carry out an audit or a review of the accounts of The Magic Touch (G.B.) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts
31 May 2020



....................................................
K & H Accountants
4 Furmston Court
Icknield Way
Letchworth Garden City
Hertfordshire
SG6 1UJ
24 August 2020
1
 
 		 Notes
 		 2020
£		   2019
£
Fixed assets      
Tangible fixed assets 2 780,949    805,164 
780,949    805,164 
Current assets      
Stocks 822,505    851,708 
Debtors 154,773    398,156 
Cash at bank and in hand 1,072,134    994,997 
2,049,412    2,244,861 
Creditors: amount falling due within one year (628,348)   (870,309)
Net current assets 1,421,064    1,374,552 
 
Total assets less current liabilities 2,202,013    2,179,716 
Net assets 2,202,013    2,179,716 
 

Capital and reserves 		     
Called up share capital 3 2    2 
Reserves 382,287    382,287 
Profit and loss account 1,819,724    1,797,427 
Shareholders funds 2,202,013    2,179,716 
 


For the year ended 31 May 2020 the company was entitled to exemption from audit under section 477 of the companies act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476
  2. The directors acknowledge their responsibilities for complying with the requirements of the companies act 2006 with respect to accounting records and the preparation of accounts
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 24 August 2020 and were signed on its behalf by:


--------------------------------
James Nicol
Director
2
General Information
The Magic Touch (G.B.) Limited is a private company, limited by shares, registered in England and Wales, registration number 02699075, registration address Unit 4 Apex Business Centre, Boscombe Road, Dunstable, LU5 4SB

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared on the going concern basis and under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sale taxes.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the income statement on a straight line basis.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.

Tangible fixed assets

Cost or valuation Land and Buildings   Motor Vehicles   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £   £
At 01 June 2019 809,000    177,950    239,155    134,997    1,361,102 
Additions -    -    1,188    1,309    2,497 
Disposals -    (29,823)   -    -    (29,823)
At 31 May 2020 809,000    148,127    240,343    136,306    1,333,776 
Depreciation
At 01 June 2019 73,813    140,477    227,536    114,112    555,938 
Charge for year 6,472    8,770    2,905    6,188    24,335 
On disposals -    (27,446)   -    -    (27,446)
At 31 May 2020 80,285    121,801    230,441    120,300    552,827 
Net book values
Closing balance as at 31 May 2020 728,715    26,326    9,902    16,006    780,949 
Opening balance as at 01 June 2019 735,187    37,473    11,619    20,885    805,164 


3.

Share Capital

Allotted
2020
£		   2019
£
2 Class A shares of £1.00 each 2    2 
2    2 

4.

Staff Costs

2020   2019
 
Average number of employees during the year Number   Number
Administration 20    20 
20    20 

3