MAGMA DESIGN LTD Accounts filed on 31-03-2015

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MAGMA DESIGN LTD

Company Registration Number:
03991841 (England and Wales)

Report of the Directors and Unaudited Financial Statements

Period of accounts

Start date: 01st April 2014

End date: 31st March 2015

SUBMITTED

Contents of the Financial Statements
for the Period Ended 31st March 2015


Company Information
Report of the Directors
Profit and Loss Account
Gains and Losses
Balance sheet
Notes to the Financial Statements

Company Information
for the Period Ended 31st March 2015

Director:		M A Wahli
		M Ortuno Prats



Company secretary:		M Ortuno Prats



Registered office:		117-119 Clerkenwell Road
		London



		EC1R 5BY




Company Registration Number:		03991841 (England and Wales)

Directors' Report Period Ended 31st March 2015

The directors present their report with the financial statements of the company for the period ended 31st March 2015

Principal activities
The principal activity of the company in the period under review was:
That of selling books and products.

Directors
The directors shown below have held office during the whole of the period from
01st April 2014 to 31st March 2015
M A Wahli
M Ortuno Prats

Results: Reflecting the recovery in the retail sector, sales have increased by 13% compared with last year. The company continues to design and market its own products for the wholesale and retail market which is helping its recovery.

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on 31 December 2015
And Signed On Behalf Of The Board By:

Name: M A Wahli
Status: Director

Profit and Loss Account

for the Period Ended 31st March 2015

	Notes	2015 £	2014 £
Turnover:		1,848,755	1,633,957
Cost of sales:		966,313	866,315
Gross profit or (loss):		882,442	767,642
Distribution costs:		2,513	5,954
Administrative expenses:	3, 4	874,423	760,185
Operating profit or (loss):	2	5,506	1,503
Interest receivable and similar income:		0	1,247
Interest payable and similar charges:		1,009	1,216
Profit or (loss) on ordinary activities before taxation:		4,497	1,534
Profit or (loss) for the financial year:		4,497	1,534

The notes form part of these financial statements

Statement of total recognised gains and losses
31st March 2015

Statement of total recognised gains and losses

The company does not have any gains and losses other than Profit and Loss for the period to report.

The notes form part of these financial statements

Balance sheet
As at 31st March 2015

	Notes	2015 £	2014 £
Fixed assets
Tangible assets:	5	56,600	0
Total fixed assets:		56,600	0
Current assets
Stocks:	6	236,033	190,087
Debtors:	7	119,025	101,505
Cash at bank and in hand:		36,092	37,499
Total current assets:		391,150	329,091
Creditors: amounts falling due within one year	8	352,568	264,906
Net current assets (liabilities):		38,582	64,185
Total assets less current liabilities:		95,182	64,185
Creditors: amounts falling due after more than one year:	9	66,183	39,683
Total net assets (liabilities):		28,999	24,502

The notes form part of these financial statements

Balance sheet
As at 31st March 2015
continued

	Notes	2015 £	2014 £
Capital and reserves
Called up share capital:	10	250,100	250,100
Profit and Loss account:	11	( 221,101 )	( 225,598 )
Total shareholders funds:		28,999	24,502

For the year ending 31 March 2015 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2008).

The financial statements were approved by the Board of Directors on 31 December 2015

SIGNED ON BEHALF OF THE BOARD BY:

Name: M A Wahli
Status: Director

The notes form part of these financial statements

Notes to the Financial Statements
for the Period Ended 31st March 2015

1. Accounting policies

Basis of measurement and preparation of accounts

The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Small Entities (Effective January 2015).

Turnover policy

Turnover represents income from sale of books and products.

Tangible fixed assets depreciation policy

Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost of each asset, less estimated residual value, over its expected useful life, as follows:- Furniture and office equipment 25% per annum on straight line basis

Valuation information and policy

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

Other accounting policies

Going Concern note - On 30 March 2013 the long term debt of £200,000 was converted into 200,000 ordinary shares of £1 each. This increased the ordinary share capital to £250,100 which will continue to provide the company with a secure and stable capital base for the future. Profitability of the company: Measures taken by the directors to reduce losses and return to profitability are beginning to take effect. This is reflected in the company making a profit for the last two years. For the reasons stated above, the directors are of the opinion that it is appropriate to prepare the company's accounts on a going concern basis.

Notes to the Financial Statements
for the Period Ended 31st March 2015

2 . Operating profit or (loss)

Operating profit or (loss) before tax as stated after charging the following.

	2015	2014
	£	£
Depreciation - owned assets:	5,180	0
Bad debts written off:	532	730

Notes to the Financial Statements
for the Period Ended 31st March 2015

3 . Directors' remuneration

	2015	2014
	£	£
Directors' remuneration:	86,346	84,240
TOTAL:	86,346	84,240

Notes to the Financial Statements
for the Period Ended 31st March 2015

4. Employees

	2015	2014
	£	£
Wages and salaries:	280,344	237,188
Social security costs:	24,300	21,725
Total staff costs:	304,644	258,913
Average number of employees including directors during the period:	21	18

Notes to the Financial Statements
for the Period Ended 31st March 2015

5. Tangible assets

	Land and buildings	Plant Machinery	Fixtures and fittings	Office Equipment	Motor vehicles	Total
Cost	£	£	£	£	£	£
At 01st April 2014:	-	-	0	-	-	0
Additions:	-	-	61,780	-	-	61,780
At 31st March 2015:	-	-	61,780	-	-	61,780
Depreciation
At 01st April 2014:	-	-	0	-	-	0
Charge for year:	-	-	5,180	-	-	5,180
At 31st March 2015:	-	-	5,180	-	-	5,180
Net book value
At 31st March 2015:	-	-	56,600	-	-	56,600
At 31st March 2014:	-	-	0	-	-	0

Notes to the Financial Statements
for the Period Ended 31st March 2015

6. Stocks

	2015	2014
	£	£
Finished goods and goods for resale:	236,033	190,087
Total:	236,033	190,087

Stock mainly consists of books and products for re-sale.

Notes to the Financial Statements
for the Period Ended 31st March 2015

7. Debtors

	2015	2014
	£	£
Trade debtors:	12,259	5,769
Other debtors:	44,935	43,448
Prepayments and accrued income:	61,831	52,288
Total:	119,025	101,505

Notes to the Financial Statements
for the Period Ended 31st March 2015

8. Creditors: amounts falling due within one year

	2015	2014
	£	£
Bank loans and overdrafts:	32,388	45,646
Trade creditors:	262,900	180,237
Taxation and social security:	26,477	18,331
Accruals and deferred income:	26,612	16,900
Other creditors:	4,191	3,792
Total:	352,568	264,906

The bank overdraft is secured by a floating charge over the assets of the company and by a personal guarantee of the director M A Wahli.

Notes to the Financial Statements
for the Period Ended 31st March 2015

9. Creditors: amounts falling due after more than one year

	2015	2014
	£	£
Other creditors:	66,183	39,683
Total:	66,183	39,683

Other creditors represents a shareholders loan, no interest was charged during the year on the unsecured loan. The loan is repayable when funds are available, subject to giving due consideration to the liquidity requirements of the company.

Notes to the Financial Statements
for the Period Ended 31st March 2015

10. Called up share capital

Allotted, called up and paid

Previous period			2014
Class	Number of shares	Nominal value per share	Total
Ordinary shares:	250,100	1.00 1.00	250,100
Total share capital:			250,100

Current period			2015
Class	Number of shares	Nominal value per share	Total
Ordinary shares:	250,100	1.00 1.00	250,100
Total share capital:			250,100

Notes to the Financial Statements
for the Period Ended 31st March 2015

11. Profit and loss account

	2015	2014
	£	£
Opening balance:	( 225,598 )	( 227,132 )
Profit or (loss) for the period:	4,497	1,534
Equity dividends paid:	0	0
Retained profit:	( 221,101 )	( 225,598 )

MAGMA DESIGN LTD Accounts filed on 31-03-2015