Magnet Autos Ltd - Period Ending 2018-07-31

Registration number: 07706599

Magnet Autos Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2018

Stubbs Parkin Limited
Chartered Accountants
55 Hoghton Street
Southport
Merseyside
PR9 0PG

Magnet Autos Ltd

(Registration number: 07706599)
Balance Sheet as at 31 July 2018

	Note	2018 £	2017 £
Current assets
Cash at bank and in hand		100	100
Capital and reserves
Called up share capital	4	100	100
Total equity		100	100

For the financial year ending 31 July 2018 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	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 and authorised by the Board on 25 November 2018 and signed on its behalf by:
 

.........................................

Mrs SL Waugh

Director

The notes on page 2 form an integral part of these financial statements.

Page 1

Magnet Autos Ltd

Notes to the Financial Statements for the Year Ended 31 July 2018

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
55 Hoghton Street
Southport
Merseyside
PR9 0PG
England

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Cash and cash equivalents

	2018 £	2017 £
Cash on hand	100	100

4	Share capital

Allotted, called up and fully paid shares

	2018		2017
	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100

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