Magna Trading Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 06311529 (England and Wales)

MAGNA TRADING LIMITED

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2016

Page

Company Information

1

Abbreviated Balance Sheet

2

to

3

Notes to the Abbreviated Accounts

4

to

5

DIRECTORS:

G Davis

R M Nunn

T G Swanson

SECRETARY:

T G Swanson

REGISTERED OFFICE:

Unit 2, Viaduct Road

Gwaelod-Y-Garth

Taffs Well

Cardiff

CF15 9JN

REGISTERED NUMBER:

06311529 (England and Wales)

ACCOUNTANTS:

Gerald Thomas

Chartered Accountants

3 New Mill Court

Swansea Enterprise Park

Swansea

SA7 9FG

FIXED ASSETS

Tangible assets

2

140

795

CURRENT ASSETS

Stocks

78,815

50,890

Debtors

42,026

35,266

Cash at bank

8,104

20,892

128,945

107,048

CREDITORS

Amounts falling due within one year

121,064

102,048

NET CURRENT ASSETS

7,881

5,000

TOTAL ASSETS LESS CURRENT
LIABILITIES

8,021

5,795

CREDITORS

Amounts falling due after more than one
year

7,877

4,997

NET ASSETS

144

798

CAPITAL AND RESERVES

Called up share capital

3

Profit and loss account

141

795

SHAREHOLDERS' FUNDS

144

798

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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 28 April 2017 and were signed on its
behalf by:

R M Nunn - Director

1.	ACCOUNTING POLICIES

Accounting convention

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).

Turnover

Turnover is the amount derived from ordinary activities and stated after trade discounts, other sales

taxes and net of VAT. Revenue is recognised on the despatch of goods or provision of services to

customers.

Tangible fixed assets

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

Plant and machinery etc

-

20% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Cost includes purchase price less discounts where applicable. Net realisable value is based on

estimated selling price. Provision is made for obsolete and slow moving items where applicable.

Taxation

Current tax, including UK corporation tax and foreign tax, is provided at amounts expected to be

paid(or recovered) using the tax rates and laws that have been enacted or substantively enacted by the

balance sheet date.

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

the balance sheet date. Timing differences are differences between the company's taxable profits and

its results as stated in the financial statements that arise from the inclusion of gains and losses in tax

assessments in periods different from those in which they are recognised in the financial statements.

A net deferred tax asset is regarded as recoverable and therefore recognised only to the extent that,

on the basis of all available evidence, it can be regarded as more likely than not that there will be

suitable taxable profits from which the future reversal of the underlying timing differences can be

deducted.

Deferred tax is measured on a non-discounted basis.

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 transaction. Exchange differences are taken into account in arriving at

the operating result.

Charitable contributions

The annual profits of Magna Trading Limited are covenanted to Keystone Education Trust. This policy

is in line with the underlying Deed of Covenant, dated 20th July 2007.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 August 2015

1,318

Additions

495

Disposals

(1,673

)

At 31 July 2016

140

DEPRECIATION

At 1 August 2015

523

Eliminated on disposal

(523

)

At 31 July 2016

-

NET BOOK VALUE

At 31 July 2016

140

At 31 July 2015

795

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

3

Ordinary shares

£1

3