Accounts filed on 31-03-2015
Accounts filed on 31-03-2015
trueMagic International Limited036889322015-03-31-864781-880053-205017-325139151134659613554780-205017-325139124000124000-81017-201139-86253-2133691444852958175823282448417183100005470047815275655236122302506747827304752Basis of accounting
The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
The accounts have been prepared on the going concern basis which assumes financial support from its directors will be continued for at least 12 months from the date of approval of these financial statements.
Turnover
Turnover represents amount receivable for goods and services net of VAT and trade discounts.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over
the useful economic life of that asset as follows:
Patents-Over 3 years
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance
for obsolete and slow moving items.
Net realisable value is the anticipated sales proceeds less any cost of disposals.
Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.
Fixed Assets
All fixed assets are initially recorded at cost.
Plant & MachineryStraight line0.2000Fixtures & FittingsStraight line0.2000
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
19366119366119115518618349724340743407406773865520222370682370682318322248386994Ordinary A shares108100.01108108Ordinary B shares43180.014326Ordinary A shares0.0110810810810Ordinary B shares0.0143264318The rights of the different classes of shares are as follows:
-"A" shareholders have the right to attend and vote at any general meeting; and
-"B" shareholders have the right to attend but not speak or vote at any general meeting unless a resolution is to be passed which affects their shareholders rights or on wind-up of the company. 2015-07-28P E Langtruetruetruetruexbrli:sharesiso4217:GBPxbrli:pureMagic International Limited2014-04-012015-03-31Magic International Limited2013-04-012014-03-31Magic International Limited2013-03-31Magic International Limited2014-03-31Magic International Limited2014-03-31Magic International Limited2015-03-31 2015-09-09
