Magnifico I.T. Services Limited - Period Ending 2020-08-31
Magnifico I.T. Services Limited - Period Ending 2020-08-31
Registration number:
Magnifico I.T. Services Limited
for the Year Ended 31 August 2020
Magnifico I.T. Services Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Magnifico I.T. Services Limited
Company Information
Director |
Mr S Mukherjee |
Company secretary |
Mrs S Mukherjee |
Registered office |
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Accountants |
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Magnifico I.T. Services Limited
(Registration number: 04462111)
Balance Sheet as at 31 August 2020
Note |
2020 |
2019 |
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Fixed assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
10 |
10 |
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Profit and loss account |
251,652 |
333,897 |
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Total equity |
251,662 |
333,907 |
Magnifico I.T. Services Limited
(Registration number: 04462111)
Balance Sheet as at 31 August 2020
For the financial year ending 31 August 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Director
Magnifico I.T. Services Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2020
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
England
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Magnifico I.T. Services Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2020
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Office equipment |
25% reducing balance |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Magnifico I.T. Services Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2020
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 September 2019 |
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At 31 August 2020 |
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Depreciation |
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At 1 September 2019 |
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At 31 August 2020 |
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Carrying amount |
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At 31 August 2020 |
- |
- |
Investments |
2020 |
2019 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 September 2019 |
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Provision |
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Carrying amount |
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At 31 August 2020 |
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At 31 August 2019 |
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Magnifico I.T. Services Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2020
Debtors |
Note |
2020 |
2019 |
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Trade debtors |
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- |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Other debtors |
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- |
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Creditors |
Creditors: amounts falling due within one year
2020 |
2019 |
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Due within one year |
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Trade creditors |
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- |
Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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