Magnum Inc Limited Filleted accounts for Companies House (small and micro)

Magnum Inc Limited Filleted accounts for Companies House (small and micro)

MAGNUM INC. LIMITED - Company Information

Print Friendly Version

0 false false false false false false false false false true false false false false false false No description of principal activity 2019-12-01 Sage Accounts Production Advanced 2020 - FRS102_2019 1,900 1,900 xbrli:pure xbrli:shares iso4217:GBP 05991674 2019-12-01 2020-11-30 05991674 2020-11-30 05991674 2019-11-30 05991674 bus:Director3 2019-12-01 2020-11-30 05991674 core:WithinOneYear 2020-11-30 05991674 core:WithinOneYear 2019-11-30 05991674 core:ShareCapital 2020-11-30 05991674 core:ShareCapital 2019-11-30 05991674 core:RetainedEarningsAccumulatedLosses 2020-11-30 05991674 core:RetainedEarningsAccumulatedLosses 2019-11-30 05991674 bus:SmallEntities 2019-12-01 2020-11-30 05991674 bus:AuditExemptWithAccountantsReport 2019-12-01 2020-11-30 05991674 bus:FullAccounts 2019-12-01 2020-11-30 05991674 bus:SmallCompaniesRegimeForAccounts 2019-12-01 2020-11-30 05991674 bus:PrivateLimitedCompanyLtd 2019-12-01 2020-11-30 05991674 core:FurnitureFittingsToolsEquipment 2019-12-01 2020-11-30 05991674 core:FurnitureFittingsToolsEquipment 2020-11-30
COMPANY REGISTRATION NUMBER: 05991674
Magnum Inc Limited
Filleted Unaudited Financial Statements
30 November 2020
Magnum Inc Limited
Statement of Financial Position
30 November 2020
2020
2019
Note
£
£
£
Current assets
Debtors
5
22,000
–
Cash at bank and in hand
63
–
--------
----
22,063
–
Creditors: amounts falling due within one year
6
22,437
20,280
--------
--------
Net current liabilities
374
20,280
----
--------
Total assets less current liabilities
( 374)
( 20,280)
----
--------
Net liabilities
( 374)
( 20,280)
----
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 474)
( 20,380)
----
--------
Shareholders deficit
( 374)
( 20,280)
----
--------
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 Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 November 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 6 May 2021 , and are signed on behalf of the board by:
M J Edwards
Director
Company registration number: 05991674
Magnum Inc Limited
Notes to the Financial Statements
Year ended 30 November 2020
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 40 Kimbolton Road, Bedford, MK40 2NR. The company ceased to trade on 30th November 2020.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
33% straight line
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Tangible assets
Equipment
Total
£
£
Cost
At 1 December 2019 and 30 November 2020
1,900
1,900
-------
-------
Depreciation
At 1 December 2019 and 30 November 2020
1,900
1,900
-------
-------
Carrying amount
At 30 November 2020
–
–
-------
-------
At 30 November 2019
–
–
-------
-------
5. Debtors
2020
2019
£
£
Trade debtors
22,000
–
--------
----
6. Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans and overdrafts
–
187
Trade creditors
–
6,517
Other creditors
22,437
13,576
--------
--------
22,437
20,280
--------
--------