Magic International Limited Small abbreviated accounts

Magic International Limited Small abbreviated accounts

MAGIC INTERNATIONAL LIMITED - Company Information

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COMPANY REGISTRATION NUMBER 03688932
MAGIC INTERNATIONAL LIMITED
UNAUDITED ABBREVIATED ACCOUNTS
31 March 2016
ELLIOT, WOOLFE & ROSE
Chartered Accountants
Equity House
128-136 High Street
Edgware
Middlesex
HA8 7TT
MAGIC INTERNATIONAL LIMITED
ABBREVIATED BALANCE SHEET
31 March 2016
2016
2015
Note
£
£
£
£
FIXED ASSETS
2
Intangible assets
1
2,506
Tangible assets
1,790
2,730
-------
-------
1,791
5,236
CURRENT ASSETS
Stocks
22,208
10,000
Debtors
15,336
417
Cash at bank and in hand
62,102
47,815
---------
---------
99,646
58,232
CREDITORS: Amounts falling due within one year
171,874
144,485
----------
----------
NET CURRENT LIABILITIES
( 72,228)
( 86,253)
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
( 70,437)
( 81,017)
CREDITORS: Amounts falling due after more than one year
50,000
124,000
----------
----------
( 120,437)
( 205,017)
----------
----------
CAPITAL AND RESERVES
Called up equity share capital
3
151
151
Share premium account
659,613
659,613
Profit and loss account
( 780,201)
( 864,781)
----------
----------
DEFICIT
( 120,437)
( 205,017)
----------
----------
For the year ended 31 March 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These abbreviated accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime.
These abbreviated accounts were approved by the directors and authorised for issue on 24 September 2016 , and are signed on their behalf by:
P E Lang Director
Company Registration Number: 03688932
MAGIC INTERNATIONAL LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
YEAR ENDED 31 MARCH 2016
1. ACCOUNTING POLICIES
Basis of accounting
The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015). The accounts have been prepared on the going concern basis which assumes financial support from its directors will be continued for at least 12 months from the date of approval of these financial statements.
Turnover
Turnover represents amount receivable for goods and services net of VAT and trade discounts.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Patents-Over 3 years
Fixed assets
All fixed assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Computer & Ancillary Equipment - 20% Straight line
Fixtures, Fittings & Equipment - 20% Straight line
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Net realisable value is the anticipated sales proceeds less any cost of disposals.
Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.
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 the transaction. Exchange differences are taken into account in arriving at the operating profit.
2. FIXED ASSETS
Intangible Assets
Tangible Assets
Total
£
£
£
COST
At 1 April 2015
193,661
43,407
237,068
Additions
–
502
502
----------
---------
----------
At 31 March 2016
193,661
43,909
237,570
----------
---------
----------
DEPRECIATION
At 1 April 2015
191,155
40,677
231,832
Charge for year
2,505
1,442
3,947
----------
---------
----------
At 31 March 2016
193,660
42,119
235,779
----------
---------
----------
NET BOOK VALUE
At 31 March 2016
1
1,790
1,791
----
-------
-------
At 31 March 2015
2,506
2,730
5,236
-------
-------
-------
3. SHARE CAPITAL
Allotted, called up and fully paid:
2016
2015
No.
£
No.
£
Ordinary A shares shares of £ 0.01 each
10,810
108
10,810
108
Ordinary B shares shares of £ 0.01 each
4,318
43
4,318
43
---------
----
---------
----
15,128
151
15,128
151
---------
----
---------
----
The rights of the different classes of shares are as follows: - "A" shareholders have the right to attend and vote at any general meeting; and - "B" shareholders have the right to attend but not speak or vote at any general meeting unless a resolution is to be passed which affects their shareholders rights or on wind-up of the company.
MAGIC INTERNATIONAL LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTORS ON THE
PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF
MAGIC INTERNATIONAL LIMITED
YEAR ENDED 31 MARCH 2016
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abbreviated accounts of Magic International Limited for the year ended 31 March 2016 which comprise the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/regulations.
This report is made solely to the Board of Directors of Magic International Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the abbreviated accounts of Magic International Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 02/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Magic International Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Magic International Limited has kept adequate accounting records and to prepare statutory abbreviated accounts that give a true and fair view of the assets, liabilities, financial position and profit of Magic International Limited. You consider that Magic International Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the abbreviated accounts of Magic International Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory abbreviated accounts.
ELLIOT, WOOLFE & ROSE Chartered Accountants
Equity House 128-136 High Street Edgware Middlesex HA8 7TT
24 September 2016