Abbreviated Company Accounts - MAGNACAREUK LIMITED

MAGNACAREUK LIMITED - Company Information

08060570 MAGNACAREUK LIMITED 2014-06-30 false 2014-01-01 2014-06-30 true 08060570 2014-01-01 2014-06-30 08060570 2014-06-30 08060570 2013-12-31 08060570 uk-gaap-cd-bus:Director1 2014-01-01 2014-06-30 08060570 uk-gaap-cd-bus:Director2 2014-01-01 2014-06-30 uk-gaap-cd-bus:OrdinaryShareClass1 2014-01-01 2014-06-30 uk-gaap-cd-bus:OrdinaryShareClass1 2014-06-30 uk-gaap-cd-bus:OrdinaryShareClass1 2013-12-31 iso4217:GBP shares

Registered Number 08060570

MAGNACAREUK LIMITED

Abbreviated Accounts

30 June 2014

MAGNACAREUK LIMITED Registered Number 08060570

Abbreviated Balance Sheet as at 30 June 2014

	Notes	30/06/2014	31/12/2013
		£	£
Fixed assets
Tangible assets	2	607	694
		607	694
Current assets
Stocks		63,800	70,600
Debtors		57,209	53,487
Cash at bank and in hand		7,899	10,084
		128,908	134,171
Creditors: amounts falling due within one year		(29,816)	(29,954)
Net current assets (liabilities)		99,092	104,217
Total assets less current liabilities		99,699	104,911
Accruals and deferred income		(2,253)	(2,940)
Total net assets (liabilities)		97,446	101,971
Capital and reserves
Called up share capital	3	1,000	1,000
Share premium account		96,400	96,400
Profit and loss account		46	4,571
Shareholders' funds		97,446	101,971

For the year ending 30 June 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 16 December 2014

And signed on their behalf by:
Mr E Mehmet, Director

MAGNACAREUK LIMITED Registered Number 08060570

Notes to the Abbreviated Accounts for the period ended 30 June 2014

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

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

Tangible assets depreciation policy
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:

Office Equipment - 20% straight line

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

Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities

RELATED PARTY TRANSACTIONS
The company was under the control of Dr M Clark throughout the current and previous periods. Dr M Clark is the managing director and majority shareholder. Included in other creditors is an amount due to E Mehmet (a company shareholder and director) of £19,824 (2012: £7,524).

The company's other Relate Parties "(RP)", as defined by the Financial Reporting Standard 8, the nature of the relationship and the extent of the transactions with them are summarised below:

Connected
Companies

£

Commissions payable to RP 4,800
License fees payable to RP 5,603
Amounts due from RP 46,316
Amounts due to RP 8,325

Relate Party Relationship

Connected companies
Magnacare Systems Ltd
Magnacare Equine UK Limited

No other transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8

CONNECTED COMPANIES
A company having the same or predominantly the same shareholders and or/ Board of Directors but which is neither a Parent, Subsidiary, Fellow Subsidiary or Associated company. Any trading activities between such companies has been at arm's length.

2Tangible fixed assets

	£
Cost
At 1 January 2014	867
Additions	-
Disposals	-
Revaluations	-
Transfers	-
At 30 June 2014	867
Depreciation
At 1 January 2014	173
Charge for the year	87
On disposals	-
At 30 June 2014	260
Net book values
At 30 June 2014	607
At 31 December 2013	694

3Called Up Share Capital
Allotted, called up and fully paid:

	30/06/2014 £	31/12/2013 £
1,000 Ordinary shares of £1 each	1,000	1,000