Megfen Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 08358974 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2017

for

Megfen Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

J O'Reilly

SECRETARY:

REGISTERED OFFICE:

398 Coast Road

Pevensey Bay

East Sussex

BN24 6NY

REGISTERED NUMBER:

08358974 (England and Wales)

ACCOUNTANTS:

Stone's Accountancy Sussex Limited

398 Coast Road

Pevensey Bay

Pevensey

East Sussex

BN24 6NY

FIXED ASSETS

Intangible assets

4

-

1,000

Tangible assets

5

14,097

3,908

14,097

4,908

CURRENT ASSETS

Stocks

125

121

Debtors

6

4,552

1,072

Cash at bank and in hand

8,585

15,852

13,262

17,045

CREDITORS

Amounts falling due within one year

7

8,013

13,254

NET CURRENT ASSETS

5,249

3,791

TOTAL ASSETS LESS CURRENT LIABILITIES

19,346

8,699

CREDITORS

Amounts falling due after more than one year

8

11,910

-

NET ASSETS

7,436

8,699

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

7,435

8,698

SHAREHOLDERS' FUNDS

7,436

8,699

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 13 November 2017 and were signed by:

J O'Reilly - Director

1.	STATUTORY INFORMATION

Megfen Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company

Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 5000, is being amortised evenly over its estimated useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are

measured at cost less any accumulated amortisation and any accumulated impairment losses.

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 fittings

-

20% on reducing balance

Motor vehicles

-

20% on reducing balance

Stocks

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

obsolete and slow moving items.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2016

and 31 March 2017

5,000

AMORTISATION

At 1 April 2016

4,000

Charge for year

1,000

At 31 March 2017

5,000

NET BOOK VALUE

At 31 March 2017

-

At 31 March 2016

1,000

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 1 April 2016

5,100

2,500

7,600

Additions

-

14,672

14,672

Disposals

-

(2,500

)

(2,500

)

At 31 March 2017

5,100

14,672

19,772

DEPRECIATION

At 1 April 2016

2,152

1,540

3,692

Charge for year

589

2,934

3,523

Eliminated on disposal

-

(1,540

)

(1,540

)

At 31 March 2017

2,741

2,934

5,675

NET BOOK VALUE

At 31 March 2017

2,359

11,738

14,097

At 31 March 2016

2,948

960

3,908

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/17

31/3/16

£

£

Trade debtors

2,146

1,008

Deferred tax asset

2,406

-

Prepayments

-

64

4,552

1,072

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/17

31/3/16

£

£

Bank loans and overdrafts

136

-

Trade creditors

-

695

Tax

4,199

7,489

Social security and other taxes

(125

)

-

VAT

2,484

3,386

Directors' loan accounts

19

-

Accrued expenses

1,300

1,684

8,013

13,254

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/3/17

31/3/16

£

£

Other loans - 1-2 years

11,910

-

9.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

At the balance sheet date the loan account shown on the account is loaned to the company by the

director. The loan has not had interest applied and is repayable on demand.

10.	ULTIMATE CONTROLLING PARTY

The controlling party is J O'Reilly.