ACCOUNTS - Final Accounts

MAGNA MEDICAL LIMITED - Company Information

Caseware UK (AP4) 2016.0.181 2016.0.181 2016-12-312016-12-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetrueServices to the medical industryfalse2016-01-01 06452785 2016-01-01 2016-12-31 06452785 2015-01-01 2015-12-31 06452785 2016-12-31 06452785 2015-12-31 06452785 c:Director1 2016-01-01 2016-12-31 06452785 d:CurrentFinancialInstruments 2016-12-31 06452785 d:CurrentFinancialInstruments 2015-12-31 06452785 d:CurrentFinancialInstruments d:WithinOneYear 2016-12-31 06452785 d:CurrentFinancialInstruments d:WithinOneYear 2015-12-31 06452785 d:ShareCapital 2016-12-31 06452785 d:ShareCapital 2015-12-31 06452785 d:RetainedEarningsAccumulatedLosses 2016-12-31 06452785 d:RetainedEarningsAccumulatedLosses 2015-12-31 06452785 c:FRS102 2016-01-01 2016-12-31 06452785 c:AuditExempt-NoAccountantsReport 2016-01-01 2016-12-31 06452785 c:FullAccounts 2016-01-01 2016-12-31 06452785 c:PrivateLimitedCompanyLtd 2016-01-01 2016-12-31 iso4217:GBP xbrli:pure

Registered number: 06452785

MAGNA MEDICAL LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

MAGNA MEDICAL LIMITED

REGISTERED NUMBER: 06452785

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2016

		2016		2015
Note		£		£


Current assets
Debtors: amounts falling due within one year	4	215,099		4,118
Cash at bank and in hand		39,056		87,090
		254,155		91,208
Creditors: amounts falling due within one year	5	(222,731)		(81,077)
Net current assets			31,424		10,131
Total assets less current liabilities			31,424		10,131

Net assets			31,424		10,131

Capital and reserves
Called up share capital	2	2
Profit and loss account	31,422	10,129
	31,424	10,131

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 September 2017.

K E V Jollie

Director

The notes on pages 2 to 4 form part of these financial statements.

Page 1

MAGNA MEDICAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

1.Accounting policies

1.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The presentational currency of the Company is GBP.

The following principal accounting policies have been applied:

1.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

1.3

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

1.4

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

1.5

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

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MAGNA MEDICAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

1.Accounting policies (continued)

1.6

Finance costs

Finance costs are charged to the Profit and loss account over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

1.7

Interest income

Interest income is recognised in the Profit and loss account using the effective interest method.

1.8

Taxation

Tax is recognised in the Profit and loss account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

2.	General information

The Company is a private company, limited by shares and registered in England.
Its registered number is: 06452785
Its Registered Office is:
Invision House
Wilbury Way
Hitchin
Hertfordshire
SG4 0TY

Employees

The average monthly number of employees, including directors, during the year was 2 (2015 -2).

Debtors

					2016	2015
					£	£


Amounts owed by joint ventures and associated undertakings	174,460	3,452
Other debtors	40,639	666
	215,099	4,118

Page 3

MAGNA MEDICAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

5.	Creditors: Amounts falling due within one year
		2016	2015
		£	£

Trade creditors	213,256	16,446
Amounts owed to joint ventures	-	60,479
Corporation tax	6,694	1,371
Other creditors	781	781
Accruals and deferred income	2,000	2,000
	222,731	81,077

6.	First time adoption of FRS 102 The policies applied under the entity's previous accounting framework are not materially different to FRS 102 and have not impacted on equity or profit or loss.

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