Magnetic Productions Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: SC422760 (Scotland)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 30 APRIL 2016

FOR

MAGNETIC PRODUCTIONS LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTORS:

Angela Kathleen Hutcheson Murray

Maureen Vivien Murray

SECRETARY:

Maureen Vivien Murray

REGISTERED OFFICE:

24 Beresford Terrace

Ayr

KA7 2EG

REGISTERED NUMBER:

SC422760 (Scotland)

ACCOUNTANTS:

Stewart Gilmour & Co.,

Chartered Accountants

3rd Floor, St George's Buildings

5 St Vincent Place

Glasgow

G1 2DH

BANKERS:

Clydesdale Bank plc

Charing Cross Branch

1 Woodside Crescent

Glasgow

G3 7UL

FIXED ASSETS

Intangible assets

2

-

2,500

Tangible assets

3

1,510

1,888

1,510

4,388

CURRENT ASSETS

Cash at bank

60,193

35,858

CREDITORS

Amounts falling due within one year

61,301

39,446

NET CURRENT LIABILITIES

(1,108

)

(3,588

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

402

800

PROVISIONS FOR LIABILITIES

302

377

NET ASSETS

100

423

CAPITAL AND RESERVES

Called up share capital

4

100

Retained earnings

-

323

SHAREHOLDERS' FUNDS

100

423

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2016 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 17 January 2017 and were signed on its behalf by:

Angela Kathleen Hutcheson Murray - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015) and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents net invoiced sales of services, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of four years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and equipment

-

20% on reducing balance

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 May 2015

and 30 April 2016

10,000

AMORTISATION

At 1 May 2015

7,500

Amortisation for year

2,500

At 30 April 2016

10,000

NET BOOK VALUE

At 30 April 2016

-

At 30 April 2015

2,500

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 May 2015

and 30 April 2016

3,450

DEPRECIATION

At 1 May 2015

1,562

Charge for year

378

At 30 April 2016

1,940

NET BOOK VALUE

At 30 April 2016

1,510

At 30 April 2015

1,888

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

100

Ordinary

£1

100