MAGNOGLIDE LIMITED Company accounts
MAGNOGLIDE LIMITED Company accounts
COMPANY REGISTRATION NUMBER:
03829343
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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 |
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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
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Director
The director who served the company during the year was as follows:
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Small company provisions
This report was approved by the board of directors on
8 September 2019
and signed on behalf of the board by:
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Director |
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Registered office: |
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Statement of Income and Retained Earnings |
Year ended 31 December 2018
2018 |
2017 |
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Note |
£ |
£ |
Administrative expenses |
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(
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------ |
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Operating (loss)/profit |
(
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Interest payable and similar expenses |
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– |
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(Loss)/profit before taxation |
(
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Tax on (loss)/profit |
4 |
(
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------- |
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Loss for the financial year and total comprehensive income |
(
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(
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Retained earnings at the start of the year |
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--------- |
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Retained earnings at the end of the year |
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All the activities of the company are from continuing operations.
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Statement of Financial Position |
2018 |
2017 |
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Note |
£ |
£ |
£ |
Fixed assets
Investments |
5 |
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Current assets
Debtors |
6 |
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– |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
7 |
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Net current liabilities |
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Total assets less current liabilities |
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Net assets |
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Capital and reserves
Called up share capital |
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Profit and loss account |
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Shareholder funds |
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Director's responsibilities:
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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
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
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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:
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Director |
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Company registration number:
03829343
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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
3.
Accounting policies
Basis of preparation
Income tax
Foreign currencies
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Investments in associates
Impairment of fixed assets
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
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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 |
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£ |
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Cost |
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At 1 January 2018 and 31 December 2018 |
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Impairment |
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At 1 January 2018 and 31 December 2018 |
– |
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Carrying amount |
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At 31 December 2018 |
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--------- |
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At 31 December 2017 |
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--------- |
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6.
Debtors
2018 |
2017 |
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£ |
£ |
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Other debtors |
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– |
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7.
Creditors:
amounts falling due within one year
2018 |
2017 |
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£ |
£ |
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Corporation tax |
– |
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Other creditors |
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8.
Related party transactions