Magiboards_Limited - Accounts

MAGIBOARDS LIMITED - Company Information

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Company Registration No. 05534989 (England and Wales)

Magiboards Limited

Unaudited Abbreviated Financial Statements

for the Year Ended 31 December 2014

MAGIBOARDS LIMITED

CONTENTS

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 4

MAGIBOARDS LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 DECEMBER 2014

- 1 -

2014

2013

Notes

Fixed assets

Tangible assets

51,259

23,565

Current assets

Stocks

145,048

149,164

Debtors

292,767

197,235

Cash at bank and in hand

21,614

2,513

459,429

348,912

Creditors: amounts falling due within one year

(466,929)

(364,178)

Net current liabilities

(7,500)

(15,266)

Total assets less current liabilities

43,759

8,299

Creditors: amounts falling due after more than one year

(16,546)

Provisions for liabilities

(8,152)

19,061

8,299

Capital and reserves

Called up share capital

Profit and loss account

19,059

8,297

Shareholders' funds

19,061

8,299

MAGIBOARDS LIMITED

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

31 DECEMBER 2014

- 2 -

For the financial year ended 31 December 2014 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 21 May 2015

Mr E Van der Stap

Director

Company Registration No. 05534989

MAGIBOARDS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2014

- 3 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

1.2

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.3

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2005, is being amortised evenly over its estimated useful life of 5 years.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Land and buildings Leasehold

10% on cost

Plant and machinery

25% on cost & 25% reducing balance

Computer equipment

33% on cost & 25% on cost

Fixtures, fittings & equipment

25% on cost & 25% reducing balance

Motor vehicles

25% on cost

1.5

Leasing and hire purchase commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

1.6

Stock

Stock is valued at the lower of cost and net realisable value.

1.7

Pensions

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

1.8

Deferred taxation

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

1.9

Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

MAGIBOARDS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2014

- 4 -

Fixed assets

Intangible assets

Tangible assets

Total

Cost

At 1 January 2014

62,575

103,315

165,890

Additions

38,052

At 31 December 2014

62,575

141,367

203,942

Depreciation

At 1 January 2014

62,575

79,749

142,324

Charge for the year

10,359

At 31 December 2014

62,575

90,108

152,683

Net book value

At 31 December 2014

51,259

At 31 December 2013

23,565

Creditors: amounts falling due within one year

The aggregate amount of creditors for which security has been given amounted to £202,514 (2013 - £132,895).

Share capital

2014

2013

Allotted, called up and fully paid

2 Ordinary shares of £1 each