Abbreviated Company Accounts - MAGICMEDS LIMITED

06939897 MAGICMEDS LIMITED 2015-08-31 false 2014-09-01 2015-08-31 true 06939897 2014-09-01 2015-08-31 06939897 2015-08-31 06939897 2014-08-31 06939897 uk-gaap-cd-bus:Director1 2014-09-01 2015-08-31 06939897 uk-gaap-cd-bus:Director2 2014-09-01 2015-08-31 uk-gaap-cd-bus:OrdinaryShareClass1 2014-09-01 2015-08-31 uk-gaap-cd-bus:OrdinaryShareClass1 2015-08-31 uk-gaap-cd-bus:OrdinaryShareClass1 2014-08-31 iso4217:GBP shares

Registered Number 06939897

MAGICMEDS LIMITED

Abbreviated Accounts

31 August 2015

MAGICMEDS LIMITED Registered Number 06939897

Abbreviated Balance Sheet as at 31 August 2015

	Notes	2015	2014
		£	£
Fixed assets
Tangible assets	2	5,492	5,669
Investments	3	542	542
		6,034	6,211
Current assets
Stocks		92,783	112,393
Debtors		218,034	201,819
Cash at bank and in hand		7,917	9,499
		318,734	323,711
Creditors: amounts falling due within one year		(310,793)	(312,364)
Net current assets (liabilities)		7,941	11,347
Total assets less current liabilities		13,975	17,558
Creditors: amounts falling due after more than one year		(4,167)	(10,783)
Total net assets (liabilities)		9,808	6,775
Capital and reserves
Called up share capital	4	1,000	1,000
Profit and loss account		8,808	5,775
Shareholders' funds		9,808	6,775

For the year ending 31 August 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 12 May 2016

And signed on their behalf by:
Ragesh Vaghadia, Director

MAGICMEDS LIMITED Registered Number 06939897

Notes to the Abbreviated Accounts for the period ended 31 August 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 the total invoice value, excluding value added tax, of sales made during the year and derives from the provision of goods falling within the company’s ordinary activities. The revenue is recognised for the services as the services are performed.

Tangible assets depreciation policy
Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follow:
Fixtures, fittings and equipment – 15% per annum on reducing balance basis

Other accounting policies
Going Concern
The accounts have been prepared on the assumption that the company is able to carry on business as a going concern, which the directors consider appropriate having regard to the circumstances.

2Tangible fixed assets

	£
Cost
At 1 September 2014	11,860
Additions	1,654
Disposals	-
Revaluations	-
Transfers	-
At 31 August 2015	13,514
Depreciation
At 1 September 2014	6,191
Charge for the year	1,831
On disposals	-
At 31 August 2015	8,022
Net book values
At 31 August 2015	5,492
At 31 August 2014	5,669

3Fixed assets Investments
Fixed asset investments are stated at cost less provision for permanent diminution in value.

4Called Up Share Capital
Allotted, called up and fully paid:

	2015 £	2014 £
1,000 Ordinary shares of £1 each	1,000	1,000