Magna Scientific Ltd - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 08502811 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE PERIOD 24 APRIL 2013 TO 30 APRIL 2014

FOR

MAGNA SCIENTIFIC LTD

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTORS:

M F Sanderson

K J Heap

SECRETARY:

M F Sanderson

REGISTERED OFFICE:

233 Manchester Road West

Little Hulton

Greater Manchester

M38 9XE

REGISTERED NUMBER:

08502811 (England and Wales)

ACCOUNTANTS:

Robson Laidler LLP

Fernwood House

Fernwood Road

Jesmond

Newcastle upon Tyne

NE2 1TJ

BANKERS:

Lloyds TSB Plc

39 Front Street

Consett

Co. Durham

DH9 0SS

CURRENT ASSETS

Stocks

954

Debtors

3,559

Cash at bank and in hand

1,769

6,282

CREDITORS

Amounts falling due within one year

18,750

NET CURRENT LIABILITIES

(12,468

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(12,468

)

CAPITAL AND RESERVES

Called up share capital

2

100

Profit and loss account

(12,568

)

SHAREHOLDERS' FUNDS

(12,468

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 April 2014.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 April 2014 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 15 December 2014 and were signed on its behalf by:

K J Heap - Director

M F Sanderson - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

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 April 2008).

Exemption from preparing a cash flow statement

Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a

small company.

Turnover

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

Podiatry sector, excluding value added tax.

Stocks

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

moving items.

Deferred tax

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

sheet date. No discounting has been applied to the deferred tax liability.

2.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

value:

£

100

Ordinary

£1.00

100

100 Ordinary shares of £1.00 were issued during the period for cash of £ 100 .

3.

CONTROL

The company is under the joint control of its directors and shareholders Mr M Sanderson and Mr K Heap.