MAG HOMES LIMITED - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08260675 (England)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2019

FOR

MAG HOMES LIMITED

Page

Company Information

1

Statement of Financial Position

2

to

3

Notes to the Financial Statements

4

to

6

DIRECTOR:

M Teague

REGISTERED OFFICE:

4a Garden Close

Exeter

EX2 5PA

REGISTERED NUMBER:

08260675 (England)

ACCOUNTANTS:

M J Evans & Co

Minerva Way

Brunel Road

Newton Abbot

Devon

TQ12 4PJ

FIXED ASSETS

Tangible assets

4

2,183

2,911

CURRENT ASSETS

Stocks

79,292

67,991

Debtors

5

9,323

-

Cash at bank

46,824

-

135,439

67,991

CREDITORS

Amounts falling due within one year

6

(7,701

)

(39,088

)

NET CURRENT ASSETS

127,738

28,903

TOTAL ASSETS LESS CURRENT LIABILITIES

129,921

31,814

CREDITORS

Amounts falling due after more than one year

7

(186,094

)

(55,881

)

NET LIABILITIES

(56,173

)

(24,067

)

CAPITAL AND RESERVES

Called up share capital

10

1

Retained earnings

(56,183

)

(24,068

)

SHAREHOLDERS' FUNDS

(56,173

)

(24,067

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2019 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 31 October 2020 and were signed by:

M Teague - Director

1.	STATUTORY INFORMATION

MAG HOMES LIMITED is a private company, limited by shares , registered in England. 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 etc

-

25% on reducing balance

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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.

Going concern

The company’s balance sheet shows a net liability position. However, the director considers the company can continue to rely upon his own support and support of the company’s bankers to ensure that its liabilities can be settled when they fall due. Accordingly, these financial statements have been prepared on a going concern basis and do not include any provision for adjustments that may become necessary if the support referred to above were withdrawn.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2018 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

Cost

At 1 November 2018

and 31 October 2019

10,982

Depreciation

At 1 November 2018

8,071

Charge for year

728

At 31 October 2019

8,799

Net book value

At 31 October 2019

2,183

At 31 October 2018

2,911

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Other debtors

9,323

-

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

-

35,289

Hire purchase contracts

-

753

Taxation and social security

344

1,046

Other creditors

7,357

2,000

7,701

39,088

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Other creditors

186,094

55,881

8.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank overdraft

-

10,289

Bank loans

-

25,000

Mortgage

128,448

-

128,448

35,289

Mr M Teague has provided a personal guarantee in respect of the Company bank loans and overdraft.

A mortgage has been obtained and is secured against 4A Garden Close, a property developed by the company..