G. Maglio Property Services Ltd - Period Ending 2016-10-31

Registration number: 09253915

G. Maglio Property Services Ltd

Unaudited Abbreviated Accounts

for the Year Ended 31 October 2016
 

G. Maglio Property Services Ltd
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

G. Maglio Property Services Ltd
(Registration number: 09253915)
Abbreviated Balance Sheet at 31 October 2016

		Note			31 October 2016 £			31 October 2015 £
Fixed assets
Tangible fixed assets					4,570			5,214
Current assets
Debtors					21,992			19,271
Cash at bank and in hand					5,270			5,774
					27,262			25,045
Creditors: Amounts falling due within one year					(6,828)			(5,450)
Net current assets					20,434			19,595
Total assets less current liabilities					25,004			24,809
Provisions for liabilities					(914)			(1,042)
Net assets					24,090			23,767
Capital and reserves
Called up share capital		3			2			2
Profit and loss account					24,088			23,765
Shareholders' funds					24,090			23,767

For the year ending 31 October 2016 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 director acknowledges his 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 director on 13 February 2017

.........................................
Mr G N Maglio
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

G. Maglio Property Services Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 October 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Turnover

Turnover represents amounts chargeable in respect of the sale of services to customers.

Depreciation

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

Asset class	Depreciation method and rate
Motor vehicles	15% Reducing Balance

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 2

G. Maglio Property Services Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 October 2016
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 November 2015		6,135			6,135
At 31 October 2016		6,135			6,135
Depreciation
At 1 November 2015		921			921
Charge for the year		644			644
At 31 October 2016		1,565			1,565
Net book value
At 31 October 2016		4,570			4,570
At 31 October 2015		5,214			5,214

3	Share capital

Allotted, called up and fully paid shares

	31 October 2016						31 October 2015
		No.			£			No.			£
Ordinary shares of £1 each		2			2			2			2

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