Magna Scientific Ltd - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 08502811 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2017

FOR

MAGNA SCIENTIFIC LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M F Sanderson

K J Heap

SECRETARY:

M F Sanderson

REGISTERED OFFICE:

318 Manchester Road

Tyldesley

Manchester

M29 8NN

REGISTERED NUMBER:

08502811 (England and Wales)

ACCOUNTANTS:

Robson Laidler Accountants Limited

Fernwood House

Fernwood Road

Jesmond

Newcastle upon Tyne

NE2 1TJ

BANKERS:

TSB

2136 Coventry Road

Sheldon

Birmingham

West Midlands

B26 3JW

FIXED ASSETS

Tangible assets

4

233

367

CURRENT ASSETS

Stocks

2,850

2,850

Debtors

5

4,947

5,755

Cash at bank and in hand

2,259

1,347

10,056

9,952

CREDITORS

Amounts falling due within one year

6

31,478

34,956

NET CURRENT LIABILITIES

(21,422

)

(25,004

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(21,189

)

(24,637

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(21,289

)

(24,737

)

SHAREHOLDERS' FUNDS

(21,189

)

(24,637

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2017 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 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 Board of Directors on 21 December 2017 and were signed on its behalf by:

K J Heap - Director

1.	STATUTORY INFORMATION

Magna Scientific Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).

Rounding is to the nearest whole pound.

The company is not being wound up.

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.

The financial statements have been prepared on a going concern basis which, in the opinion of the

directors is the appropriate basis. The company's ability to continue trading is dependent upon the

ongoing support of its shareholders. In the event that the company is unable to continue trading,

adjustments would have to be made to reduce the value of assets to their recoverable amount.

Turnover

Turnover represents the sale of equipment and consumable products to the Laboratory, Dental,

Veterinary and Podiatry sector, excluding value added tax.

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

-

33% straight line basis

Stocks

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

obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

except to the extent that it relates to items recognised in other comprehensive income or directly in

equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

Deferred tax

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

the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that are

expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable

that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2016 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 May 2016

and 30 April 2017

400

DEPRECIATION

At 1 May 2016

33

Charge for year

134

At 30 April 2017

167

NET BOOK VALUE

At 30 April 2017

233

At 30 April 2016

367

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Deferred tax asset

4,947

5,755

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

344

180

Social security and other taxes

1,643

2,383

Related company loan

28,427

31,427

Accrued expenses

1,064

966

31,478

34,956