Company Registration No. 10379196 (England and Wales)
MAGNETIC ENTERTAINMENT LIMITED
Unaudited accounts
for the year ended 30 April 2020
MAGNETIC ENTERTAINMENT LIMITED
Unaudited accounts
Contents
MAGNETIC ENTERTAINMENT LIMITED
Company Information
for the year ended 30 April 2020
Company Number
10379196 (England and Wales)
Registered Office
165 INTERCHANGE HOUSE
HOWARD WAY
NEWPORT PAGNELL
MK16 9PY
ENGLAND
Accountants
MAGNETIC ACCOUNTANCY LTD
165 INTERCHANGE HOUSE
HOWARD WAY
NEWPORT PAGNELL
MK16 9PY
MAGNETIC ENTERTAINMENT LIMITED
Statement of financial position
as at 30 April 2020
Tangible assets
7,428
15,304
Cash at bank and in hand
36,165
6,382
Creditors: amounts falling due within one year
(49,159)
(39,685)
Net current assets/(liabilities)
5,310
(6,908)
Total assets less current liabilities
12,738
8,396
Creditors: amounts falling due after more than one year
(11,681)
-
Called up share capital
100
100
Profit and loss account
957
8,296
Shareholders' funds
1,057
8,396
For the year ending 30 April 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 31 January 2020 and were signed on its behalf by
OWEN WOODGATE
Director
Company Registration No. 10379196
MAGNETIC ENTERTAINMENT LIMITED
Notes to the Accounts
for the year ended 30 April 2020
MAGNETIC ENTERTAINMENT LIMITED is a private company, limited by shares, registered in England and Wales, registration number 10379196. The registered office is 165 INTERCHANGE HOUSE, HOWARD WAY, NEWPORT PAGNELL, MK16 9PY, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
STRAIGHT LINE - 5 YEARS
Motor vehicles
STRAIGHT LINE - 3 YEARS
Fixtures & fittings
STRAIGHT LINE - 3 YEARS
Computer equipment
STRAIGHT LINE - 4 YEARS
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 May 2019
14,807
6,149
455
2,556
23,967
Disposals
(7,010)
-
-
-
(7,010)
At 30 April 2020
7,797
6,297
455
2,556
17,105
At 1 May 2019
5,964
1,539
216
944
8,663
Charge for the year
(1,320)
1,462
152
720
1,014
At 30 April 2020
4,644
3,001
368
1,664
9,677
At 30 April 2020
3,153
3,296
87
892
7,428
At 30 April 2019
8,843
4,610
239
1,612
15,304
MAGNETIC ENTERTAINMENT LIMITED
Notes to the Accounts
for the year ended 30 April 2020
Trade debtors
16,632
27,915
Accrued income and prepayments
-
(3,300)
6
Creditors: amounts falling due within one year
2020
2019
Bank loans and overdrafts
54
546
Trade creditors
13,348
23,405
Taxes and social security
11,525
14,985
Loans from directors
3,398
749
7
Creditors: amounts falling due after more than one year
2020
2019
8
Average number of employees
During the year the average number of employees was 4 (2019: 0).
