Abbreviated Company Accounts - FABRIC MAGIC LIMITED

FABRIC MAGIC LIMITED - Company Information

07777257 FABRIC MAGIC LIMITED 2015-03-31 false 2014-10-01 2015-03-31 true 07777257 2014-10-01 2015-03-31 07777257 2015-03-31 07777257 2014-09-30 07777257 uk-gaap-cd-bus:Director1 2014-10-01 2015-03-31 07777257 uk-gaap-cd-bus:Director2 2014-10-01 2015-03-31 uk-gaap-cd-bus:OrdinaryShareClass1 2014-10-01 2015-03-31 uk-gaap-cd-bus:OrdinaryShareClass1 2015-03-31 uk-gaap-cd-bus:OrdinaryShareClass1 2014-09-30 uk-gaap-cd-bus:OrdinaryShareClass2 2014-10-01 2015-03-31 uk-gaap-cd-bus:OrdinaryShareClass2 2015-03-31 uk-gaap-cd-bus:OrdinaryShareClass2 2014-09-30 iso4217:GBP shares

Registered Number 07777257

FABRIC MAGIC LIMITED

Abbreviated Accounts

31 March 2015

FABRIC MAGIC LIMITED Registered Number 07777257

Abbreviated Balance Sheet as at 31 March 2015

	Notes	31/03/2015	30/09/2014
		£	£
Fixed assets
Intangible assets	2	9,000	-
		9,000	-
Current assets
Stocks		98,144	-
Cash at bank and in hand		300	100
		98,444	100
Creditors: amounts falling due within one year		(116,723)	-
Net current assets (liabilities)		(18,279)	100
Total assets less current liabilities		(9,279)	100
Total net assets (liabilities)		(9,279)	100
Capital and reserves
Called up share capital	3	100	100
Profit and loss account		(9,379)	-
Shareholders' funds		(9,279)	100

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.

Approved by the Board on 23 December 2015

And signed on their behalf by:
Elizabeth Machin, Director

FABRIC MAGIC LIMITED Registered Number 07777257

Notes to the Abbreviated Accounts for the period ended 31 March 2015

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

Turnover policy
Turnover represents amounts receivable for goods sold before the balance sheet date, net of VAT and trade discounts.

Tangible assets depreciation policy
Tangible 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:
Equipment and fittings 100% per annum
IT assets 100% per annum

Intangible assets amortisation policy
Acquired goodwill is amortised in equal annual instalments over its estimated useful economic life of 5 years.

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

2Intangible fixed assets

	£
Cost
At 1 October 2014	-
Additions	10,000
Disposals	-
Revaluations	-
Transfers	-
At 31 March 2015	10,000
Amortisation
At 1 October 2014	-
Charge for the year	1,000
On disposals	-
At 31 March 2015	1,000
Net book values
At 31 March 2015	9,000
At 30 September 2014	-

3Called Up Share Capital
Allotted, called up and fully paid:

	31/03/2015 £	30/09/2014 £
50 A Ordinary shares of £1 each	50	50
50 B Ordinary shares of £1 each	50	50