House of Magnetix Promotions Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02031033 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30th November 2021

for

House of Magnetix Promotions Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

D R Badger

R A Gage

Mrs C Jones

REGISTERED OFFICE:

Trios House

Reform Road

Maidenhead

Berkshire

SL6 8BY

BUSINESS ADDRESS:

Exeter Airport Business Park

Clyst Honiton

Exeter

Devon

EX5 2UL

REGISTERED NUMBER:

02031033 (England and Wales)

ACCOUNTANTS:

Hannaways

Trios House

Reform Road

Maidenhead

Berkshire

SL6 8BY

CURRENT ASSETS

Stocks

5

-

6,123

Debtors

6

-

16,074

Cash at bank

10,148

9,292

10,148

31,489

CREDITORS

Amounts falling due within one year

7

7,188

14,181

NET CURRENT ASSETS

2,960

17,308

TOTAL ASSETS LESS CURRENT LIABILITIES

2,960

17,308

CAPITAL AND RESERVES

Called up share capital

8

4

4

Retained earnings

9

2,956

17,304

SHAREHOLDERS' FUNDS

2,960

17,308

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th November 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th November 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25th April 2022 and were signed on its behalf by:

Mrs C Jones - Director

1.	STATUTORY INFORMATION

House of Magnetix Promotions 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.

Tangible fixed assets

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

Plant and machinery

-

25% on cost

Fixtures and fittings

-

25% on cost

Computer equipment

-

33% on cost

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.

Stocks

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

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

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 transaction. Exchange differences are taken into account in arriving at the operating result.

Short term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction cost. Any losses from impairment are recognised in the profit and loss account.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2020 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1st December 2020

19,091

7,304

4,913

31,308

Disposals

(19,091

)

(7,304

)

(4,913

)

(31,308

)

At 30th November 2021

-

-

-

-

DEPRECIATION

At 1st December 2020

19,091

7,304

4,913

31,308

Eliminated on disposal

(19,091

)

(7,304

)

(4,913

)

(31,308

)

At 30th November 2021

-

-

-

-

NET BOOK VALUE

At 30th November 2021

-

-

-

-

At 30th November 2020

-

-

-

-

5.

STOCKS

2021

2020

£

£

Stocks

-

6,123

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

-

15,302

Prepayments

-

772

-

16,074

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

852

557

Social security and other taxes

100

5,018

Other creditors

5,726

-

Directors' current accounts

-

7,806

Accrued expenses

510

800

7,188

14,181

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

4

Ordinary

£1

4

4

9.

RESERVES

Retained

earnings

£

At 1st December 2020

17,304

Deficit for the year

(14,348

)

At 30th November 2021

2,956

10.	ULTIMATE CONTROLLING PARTY

The company was controlled in the current and previous period by the directors by virtue of their controlling interest in the ordinary share capital of the company.