MAGNOGLIDE LIMITED Company accounts

MAGNOGLIDE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03829343

MAGNOGLIDE LIMITED

Unaudited Financial Statements

31 December 2018

MAGNOGLIDE LIMITED

Financial Statements

Year ended 31 December 2018

Contents	Page

Director's report	1

Statement of income and retained earnings	2

Statement of financial position	3

Notes to the financial statements	4

MAGNOGLIDE LIMITED

Director's Report

Year ended 31 December 2018

The director presents his report and the unaudited financial statements of the company for the year ended 31 December 2018 .

Director

The director who served the company during the year was as follows:

G C Grewar

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 8 September 2019 and signed on behalf of the board by:

G C Grewar
Director

Registered office:

Vennacott Farm Blackdown

Nr Beaminster

Dorset

DT8 3LE

MAGNOGLIDE LIMITED

Statement of Income and Retained Earnings

Year ended 31 December 2018

	2018	2017
Note	£	£

Administrative expenses	7,234	( 1,632)
	------	------
Operating (loss)/profit	( 7,234)	1,632

Interest payable and similar expenses	1,056	–
	------	------
(Loss)/profit before taxation	( 8,290)	1,632

Tax on (loss)/profit	4	( 1,265)	20,043
		------	-------
Loss for the financial year and total comprehensive income		( 7,025)	( 18,411)
		------	-------

Retained earnings at the start of the year	121,125	139,536
	---------	---------
Retained earnings at the end of the year	114,100	121,125
	---------	---------

All the activities of the company are from continuing operations.

MAGNOGLIDE LIMITED

Statement of Financial Position

31 December 2018

	2018		2017
Note	£	£	£

Fixed assets

Investments	5		240,227	240,227

Current assets

Debtors	6	1,580	–
Cash at bank and in hand		26,229	78,880
		-------	-------
		27,809	78,880

Creditors: amounts falling due within one year	7	152,936		196,982
		---------		---------
Net current liabilities			125,127	118,102
			---------	---------
Total assets less current liabilities			115,100	122,125
			---------	---------
Net assets			115,100	122,125
			---------	---------

Capital and reserves

Called up share capital	1,000	1,000
Profit and loss account	114,100	121,125
	---------	---------
Shareholder funds	115,100	122,125
	---------	---------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

For the year ending 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 8 September 2019 , and are signed on behalf of the board by:

G C Grewar
Director

Company registration number: 03829343

MAGNOGLIDE LIMITED

Notes to the Financial Statements

Year ended 31 December 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Vennacott Farm Blackdown, Nr Beaminster, Dorset, DT8 3LE.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised .

4. Tax on (loss)/profit

The company is subject to UK corporation tax at 19% (2017-19.25%). The current year tax credit reflects the management expenses available to carry forward and off set against future investment income and gains.

5. Investments

	Shares in participating interests
	£
Cost
At 1 January 2018 and 31 December 2018	240,227
	---------
Impairment
At 1 January 2018 and 31 December 2018	–
	---------

Carrying amount
At 31 December 2018	240,227
	---------
At 31 December 2017	240,227
	---------

6. Debtors

	2018	2017
	£	£
Other debtors	1,580	–
	------	----

7. Creditors: amounts falling due within one year

	2018	2017
	£	£
Corporation tax	–	46,206
Other creditors	152,936	150,776
	---------	---------
	152,936	196,982
	---------	---------

8. Related party transactions

The company was under the control of Mr P Marcucci. Mr P Marcucci has made a loans to the company, interest free and repayable at the company's discretion. The balance outstanding at 1 January 2018 was £141,430. At 31 December 2018 the balance outstanding was £141,430 . The company holds a 25 per cent equity interest in Ancora S.r.l, a company under the control of Mr P Marcucci and his close family.