Magway Limited - Filleted accounts

Registered number

11011754

Magway Limited

Filleted Accounts

31 October 2018

Magway Limited
Registered number:		11011754
Balance Sheet
as at 31 October 2018

Notes			2018
£
Fixed assets
Intangible assets	2		138,616
Tangible assets	3		998
			139,614

Current assets
Debtors	4	27,028
Cash at bank and in hand		39,945
		66,973

Creditors: amounts falling due within one year	5	(77,441)

Net current liabilities			(10,468)

Net assets			129,146

Capital and reserves
Called up share capital			118
Share premium			374,982
Profit and loss account			(245,954)

Shareholders' funds			129,146

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




Rupert John Cruise
Director
Approved by the board on 9 November 2018

Magway Limited
Notes to the Accounts
for the period from 13 October 2017 to 31 October 2018


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Intangible fixed assets
	Intangible fixed assets are not currently being amortised.

	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Plant and machinery	25% reducing balance

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Pensions
	Contributions to defined contribution plans are expensed in the period to which they relate.


2	Intangible fixed assets			£


	Cost
	Additions			138,616
	At 31 October 2018			138,616

	Amortisation
	At 31 October 2018			-

	Net book value
	At 31 October 2018			138,616


3	Tangible fixed assets
				Plant and machinery etc
£
	Cost
	Additions			1,331
	At 31 October 2018			1,331

	Depreciation
	Charge for the period			333
	At 31 October 2018			333

	Net book value
	At 31 October 2018			998


4	Debtors		2018
£

	Prepayments		84
	Other debtors		26,944
			27,028


5	Creditors: amounts falling due within one year		2018
£

	Unsecured loans		30,000
	Trade creditors		36,874
	Taxation and social security costs		9,973
	Other creditors		594
			77,441


6	Controlling party

	There is no majority shareholder in the company and therefore no ultimate controlling party.


7	Other information

	Magway Limited is a private company limited by shares and incorporated in England. Its registered office is:
	32a Maresfield Gardens
	London
	NW3 5SX

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