Magi-Cut Software Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01698588 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2018

for

MAGI-CUT SOFTWARE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

J R Wiltshire

REGISTERED OFFICE:

Bath House

6-8 Bath Street

Redcliffe

Bristol

BS1 6HL

REGISTERED NUMBER:

01698588 (England and Wales)

ACCOUNTANTS:

Haines Watts

Chartered Accountants

6 - 8 Bath Street

Bristol

BS1 6HL

FIXED ASSETS

Tangible assets

3

9,734

11,834

CURRENT ASSETS

Stocks

9,265

14,742

Debtors

4

188,577

231,916

Cash at bank and in hand

1,315,824

842,096

1,513,666

1,088,754

CREDITORS

Amounts falling due within one year

5

136,863

115,983

NET CURRENT ASSETS

1,376,803

972,771

TOTAL ASSETS LESS CURRENT LIABILITIES

1,386,537

984,605

CAPITAL AND RESERVES

Called up share capital

80

80

Capital redemption reserve

20

20

Retained earnings

1,386,437

984,505

1,386,537

984,605

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 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 Profit and loss has not been delivered.

The financial statements were approved and authorised for issue by the director on 14 August 2018 and were signed by:

J R Wiltshire - Director

1.	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" ("FRS 102") and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary

amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on the historical cost convention. The principal accounting

policies adopted are set out below.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company

has adequate resources to continue in operational existence for the foreseeable future. Thus the directors

continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

Turnover represents the total invoice value, excluding value added tax, of sales made during the year and

derives from the provision of goods and services falling within the company's ordinary activities.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures, fittings and equipment

-

20% on cost

Computer equipment

-

33% on cost

Stocks

Stocks are stated at the lower of cost and net realisable value. Cost comprises direct materials and where

applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their

present location and condition.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred

in marketing, selling and distribution.

Taxation

Taxation for the year comprises current tax. Tax is recognised in the Profit and loss, except to the extent that it

relates to items recognised in other comprehensive income or directly in equity.

Current 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid

investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown

within borrowings in current liabilities.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12

'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are

recognised when the company becomes party to the contractual provisions of the instrument. Financial assets

and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally

enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise

the asset and settle the liability simultaneously.

Basic financial assets, which include trade and other debtors, amounts due from group undertakings and cash

and bank balances, are initially measured at transaction price including transaction costs and are subsequently

carried at amortised cost. Financial assets are derecognised only when the contractual rights to the cash flows

from the asset expire or are settled, or when the company transfers the financial asset and substantially all the

risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are

retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an

unrelated third party.

Basic financial liabilities, including trade and other creditors and amounts due to group undertakings are

initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the

debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial

liabilities are derecognised when, and only when, the company's contractual obligations are discharged,

cancelled, or they expire.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2017 - 16 ) .

3.	TANGIBLE FIXED ASSETS

Fixtures,

fittings

and

Computer

equipment

equipment

Totals

£

£

£

COST

At 1 April 2017

5,662

114,556

120,218

Additions

1,332

4,867

6,199

At 31 March 2018

6,994

119,423

126,417

DEPRECIATION

At 1 April 2017

4,959

103,425

108,384

Charge for year

510

7,789

8,299

At 31 March 2018

5,469

111,214

116,683

NET BOOK VALUE

At 31 March 2018

1,525

8,209

9,734

At 31 March 2017

703

11,131

11,834

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

159,783

205,123

Other debtors

14,058

13,152

VAT

1,381

168

Prepayments and accrued income

13,355

13,473

188,577

231,916

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

2,988

1,121

Tax

106,511

84,105

Social security and other taxes

21,348

25,282

Other creditors

3,116

2,620

Accruals and deferred income

2,900

2,855

136,863

115,983