Megfen Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08358974 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2020

for

Megfen Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

J O'Reilly

SECRETARY:

REGISTERED OFFICE:

398 Coast Road

Pevensey Bay

East Sussex

BN24 6NY

REGISTERED NUMBER:

08358974 (England and Wales)

ACCOUNTANTS:

Stone's Accountancy Sussex Limited

398 Coast Road

Pevensey Bay

Pevensey

East Sussex

BN24 6NY

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

8,287

9,662

8,287

9,662

CURRENT ASSETS

Stocks

1,240

4,510

Debtors

6

1,831

-

Cash in hand

10

300

3,081

4,810

CREDITORS

Amounts falling due within one year

7

30,800

24,315

NET CURRENT LIABILITIES

(27,719

)

(19,505

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(19,432

)

(9,843

)

CREDITORS

Amounts falling due after more than one year

8

(4,000

)

(6,637

)

PROVISIONS FOR LIABILITIES

-

(1,618

)

NET LIABILITIES

(23,432

)

(18,098

)

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

(23,433

)

(18,099

)

SHAREHOLDERS' FUNDS

(23,432

)

(18,098

)

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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 22 December 2020 and were signed by:

J O'Reilly - Director

1.	STATUTORY INFORMATION

Megfen Limited 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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 5000, is being amortised evenly over its estimated useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

20% on reducing balance

Computer equipment

-

20% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2019 - 1 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2019

and 31 March 2020

5,000

AMORTISATION

At 1 April 2019

and 31 March 2020

5,000

NET BOOK VALUE

At 31 March 2020

-

At 31 March 2019

-

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 April 2019

and 31 March 2020

5,100

14,672

799

20,571

DEPRECIATION

At 1 April 2019

3,590

7,160

159

10,909

Charge for year

567

680

128

1,375

At 31 March 2020

4,157

7,840

287

12,284

NET BOOK VALUE

At 31 March 2020

943

6,832

512

8,287

At 31 March 2019

1,510

7,512

640

9,662

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/20

31/3/19

£

£

Trade debtors

1,831

-

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/20

31/3/19

£

£

Bank loans and overdrafts

898

2,235

Trade creditors

14,537

12,532

Tax

5,942

4,030

Social security and other taxes

963

41

VAT

4,317

2,923

Directors' loan accounts

3,070

2,029

Accrued expenses

1,073

525

30,800

24,315

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/3/20

31/3/19

£

£

Other loans - 1-2 years

2,637

2,637

Other loans - 2-5 years

1,363

4,000

4,000

6,637

9.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

At the balance sheet date the loan account shown on the account is loaned to the company by the director. The loan has not had interest applied and is repayable on demand.

10.	ULTIMATE CONTROLLING PARTY

The controlling party is J O'Reilly.