M-A-G Designs Limited - Limited company accounts 16.1
M-A-G Designs Limited - Limited company accounts 16.1
| REGISTERED NUMBER: |
| Report of the Director and |
| Unaudited Financial Statements for the Year Ended 31 December 2015 |
| for |
| M-A-G Designs Limited |
| M-A-G Designs Limited (Registered number: 03727083) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2015 |
| Page |
| Company Information | 1 |
| Report of the Director | 2 |
| Income Statement | 3 |
| Other Comprehensive Income | 4 |
| Balance Sheet | 5 |
| Statement of Changes in Equity | 6 |
| Notes to the Financial Statements | 7 |
| Reconciliation of Equity | 8 |
| Reconciliation of Loss | 10 |
| M-A-G Designs Limited |
| Company Information |
| for the Year Ended 31 December 2015 |
| DIRECTOR: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 2nd Floor, Victory House |
| 99-101 Regent Street |
| London |
| London |
| W1B 4EZ |
| M-A-G Designs Limited (Registered number: 03727083) |
| Report of the Director |
| for the Year Ended 31 December 2015 |
| The director presents her report with the financial statements of the company for the year ended 31 December 2015. |
| PRINCIPAL ACTIVITY |
| The principal activity of the company in the year under review was that of interior design and decoration |
| DIRECTOR |
| This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small |
| companies. |
| ON BEHALF OF THE BOARD: |
| M-A-G Designs Limited (Registered number: 03727083) |
| Income Statement |
| for the Year Ended 31 December 2015 |
| 31.12.15 | 31.12.14 |
| Notes | £ | £ |
| TURNOVER |
| Cost of sales |
| GROSS PROFIT |
| Administrative expenses |
| OPERATING PROFIT/(LOSS) | ( |
) |
| Interest payable and similar expenses |
| PROFIT/(LOSS) BEFORE TAXATION | ( |
) |
| Tax on profit/(loss) | ( |
) |
| PROFIT/(LOSS) FOR THE FINANCIAL YEAR | ( |
) |
| M-A-G Designs Limited (Registered number: 03727083) |
| Other Comprehensive Income |
| for the Year Ended 31 December 2015 |
| 31.12.15 | 31.12.14 |
| Notes | £ | £ |
| PROFIT/(LOSS) FOR THE YEAR | ( |
) |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
| M-A-G Designs Limited (Registered number: 03727083) |
| Balance Sheet |
| 31 December 2015 |
| 31.12.15 | 31.12.14 |
| Notes | £ | £ |
| CURRENT ASSETS |
| Stocks |
| Debtors: amounts falling due within one year | 4 |
| Cash at bank | ( |
) |
| CREDITORS |
| Amounts falling due within one year | 5 |
| NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
| CAPITAL AND RESERVES |
| Called up share capital | 6 |
| Retained earnings | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) |
| The director acknowledges her 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 were approved by the director on |
| M-A-G Designs Limited (Registered number: 03727083) |
| Statement of Changes in Equity |
| for the Year Ended 31 December 2015 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1 January 2014 |
| Changes in equity |
| Total comprehensive income | - | ( |
) | ( |
) |
| Balance at 31 December 2014 | ( |
) | ( |
) |
| Changes in equity |
| Total comprehensive income | - |
| Balance at 31 December 2015 |
| M-A-G Designs Limited (Registered number: 03727083) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2015 |
| 1. | STATUTORY INFORMATION |
| M-A-G Designs Limited is a |
| 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 |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
| value added tax and other sales taxes. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and |
| slow moving items. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
| balance sheet date. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.15 | 31.12.14 |
| £ | £ |
| Other debtors |
| VAT |
| 5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.15 | 31.12.14 |
| £ | £ |
| Trade creditors |
| Tax | ( |
) |
| Directors' current accounts | 1,548 | 4,333 |
| 6. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.12.15 | 31.12.14 |
| value: | £ | £ |
| Ordinary | £ 1 | 1,000 | 1,000 |
| M-A-G Designs Limited (Registered number: 03727083) |
| Reconciliation of Equity |
| 1 January 2014 |
| (Date of Transition to FRS 102) |
| Effect of |
| UK | transition |
| GAAP | to FRS 102 | FRS 102 |
| Notes | £ | £ | £ |
| CURRENT ASSETS |
| Stocks | 6,258 | 6,258 |
| Debtors | 5,543 | 5,543 |
| Cash at bank | 1,433 | 1,433 |
| 13,234 | 13,234 |
| CREDITORS |
| Amounts falling due within one year | (7,299 | ) | (7,299 | ) |
| NET CURRENT ASSETS | 5,935 | 5,935 |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
5,935 |
5,935 |
| NET ASSETS | 5,935 | 5,935 |
| CAPITAL AND RESERVES |
| Called up share capital | 1,000 | 1,000 |
| Retained earnings | 4,935 | 4,935 |
| SHAREHOLDERS' FUNDS | 5,935 | 5,935 |
| M-A-G Designs Limited (Registered number: 03727083) |
| Reconciliation of Equity - continued |
| 31 December 2014 |
| Effect of |
| UK | transition |
| GAAP | to FRS 102 | FRS 102 |
| Notes | £ | £ | £ |
| CURRENT ASSETS |
| Stocks | 6,258 | 6,258 |
| Debtors | 3,114 | 3,114 |
| Cash at bank | 1,220 | 1,220 |
| 10,592 | 10,592 |
| CREDITORS |
| Amounts falling due within one year | (12,134 | ) | (12,134 | ) |
| NET CURRENT LIABILITIES | (1,542 | ) | (1,542 | ) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
(1,542 |
) |
(1,542 |
) |
| NET LIABILITIES | (1,542 | ) | (1,542 | ) |
| CAPITAL AND RESERVES |
| Called up share capital | 1,000 | 1,000 |
| Retained earnings | (2,542 | ) | (2,542 | ) |
| SHAREHOLDERS' FUNDS | (1,542 | ) | (1,542 | ) |
| M-A-G Designs Limited (Registered number: 03727083) |
| Reconciliation of Loss |
| for the Year Ended 31 December 2014 |
| Effect of |
| UK | transition |
| GAAP | to FRS 102 | FRS 102 |
| £ | £ | £ |
| TURNOVER | 1,145 | 1,145 |
| Administrative expenses | (10,359 | ) | (10,359 | ) |
| OPERATING LOSS | (9,214 | ) | (9,214 | ) |
| and |
| LOSS BEFORE TAXATION | (9,214 | ) | (9,214 | ) |
| Tax on loss | 1,737 | 1,737 |
| LOSS FOR THE FINANCIAL YEAR | (7,477 | ) | (7,477 | ) |