Mags Worldwide Limited Small abbreviated accounts

MAGS WORLDWIDE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER 03901171

MAGS WORLDWIDE LIMITED

UNAUDITED ABBREVIATED ACCOUNTS

30 September 2016

HOLLINGS CROWE STORR LLP

Accountants

Abbey Chambers

46/48 Otley Road

Guiseley

Leeds

LS20 8AH

MAGS WORLDWIDE LIMITED

ABBREVIATED BALANCE SHEET

30 September 2016

		30 Sep 16		4 Apr 15
Note		£	£	£	£
FIXED ASSETS	2
Tangible assets			2,976		4,626

CURRENT ASSETS

Debtors	9,146		13,820
Cash at bank and in hand	15,244		5,958
	---------		---------
	24,390		19,778
CREDITORS: Amounts falling due within one year	26,299		22,603
	---------		---------
NET CURRENT LIABILITIES		( 1,909)		( 2,825)
		-------		-------
TOTAL ASSETS LESS CURRENT LIABILITIES		1,067		1,801
		-------		-------

CAPITAL AND RESERVES

Called up equity share capital	3	2	2
Profit and loss account		1,065	1,799
		-------	-------
SHAREHOLDERS' FUNDS		1,067	1,801
		-------	-------

For the period from 5th April 2015 to 30th September 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 period 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 19 June 2017 , and are signed on their behalf by:

Mrs M Shaw Director

Company Registration Number: 03901171

MAGS WORLDWIDE LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

PERIOD FROM 5TH APRIL 2015 TO 30TH SEPTEMBER 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).

Turnover

The turnover shown in the profit and loss account represents amounts invoiced during the period, exclusive of Value Added Tax.

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:

Fixtures & Fittings-20% Reducing balance

Equipment-25% Reducing balance

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.

2. FIXED ASSETS

	Tangible Assets
	£

COST

At 5th April 2015 and 30th September 2016	8,852
	-------

DEPRECIATION

At 5th April 2015	4,226
Charge for period	1,650
	-------
At 30th September 2016	5,876
	-------

NET BOOK VALUE

At 30th September 2016	2,976
	-------

At 4th April 2015	4,626
	-------

3. SHARE CAPITAL

Authorised share capital:

	30 Sep 16	4 Apr 15
	£	£
1,000 Ordinary shares of £ 1 each	1,000	1,000
	-------	-------

Allotted, called up and fully paid:

30 Sep 16 4 Apr 15

	No.	£	No.	£
Ordinary shares of £ 1 each	2	2	2	2
	----	----	----	----