Megatan Limited - Accounts to registrar (filleted) - small 18.2

Megatan Limited - Accounts to registrar (filleted) - small 18.2

MEGATAN LIMITED - Company Information

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REGISTERED NUMBER: SC586590 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2020

FOR

MEGATAN LIMITED
William Duncan (UK) Limited
Chartered Accountants
4d Auchingramont Road
Hamilton
ML3 6JT








MEGATAN LIMITED (REGISTERED NUMBER: SC586590)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2020










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


MEGATAN LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2020







DIRECTOR: Helen Oxley



REGISTERED OFFICE: 4d Auchingramont Road
Hamilton
ML3 6JT



BUSINESS ADDRESS: 2 Drygate Street
Larkhall
ML9 2AJ



REGISTERED NUMBER: SC586590 (Scotland)



ACCOUNTANTS: William Duncan (UK) Limited
Chartered Accountants
4d Auchingramont Road
Hamilton
ML3 6JT



BANKERS: Bank of Scotland
600 Gorgie Road
Edinburgh
EH11 3XP
Page 1
MEGATAN LIMITED (REGISTERED NUMBER: SC586590)

STATEMENT OF FINANCIAL POSITION
31 JANUARY 2020

31.1.20 31.1.19
Notes £    £   
CURRENT ASSETS
Stocks 728 -
Debtors 4 - 1
Cash at bank 6,816 -
7,544 1
CREDITORS
Amounts falling due within one year 5 3,789 -
NET CURRENT ASSETS 3,755 1
TOTAL ASSETS LESS CURRENT
LIABILITIES
3,755
1

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 3,754 -
3,755 1

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 17 April 2020 and were signed by:





Helen Oxley - Director


The notes form part of these financial statements

Page 2
MEGATAN LIMITED (REGISTERED NUMBER: SC586590)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2020


1. STATUTORY INFORMATION

Megatan Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Rendering of services
Turnover from the rendering of services, namely the provision of tanning services, is recognised by reference to the stage of completion of the service at the statement of financial position date.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Basic financial instruments are recognised as follows:

(i) Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method less any impairment.

(ii) Cash and cash equivalents
Cash and cash equivalents include cash at bank and in hand.

Cash and cash equivalents are shown net of bank overdrafts, which are included as current borrowings in liabilities on the statement of financial position.

(iii) Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


Page 3 continued...
MEGATAN LIMITED (REGISTERED NUMBER: SC586590)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2020


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the income statement on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.

Provision for liabilities
The company recognises a provision for annual leave accrued by employees as a result of services rendered in the current period, and which employees are entitled to carry forward and use within the next 12 months. The provision is measured at the salary cost payable for the period of absence.

3. AVERAGE NUMBER OF EMPLOYEES

The average number of employees during the year was 6 (2019 - NIL ) .

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.20 31.1.19
£    £   
Other debtors - 1

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.20 31.1.19
£    £   
Corporation tax 1,350 -
PAYE and NIC 32 -
Other creditors 13 -
Director's loan 1,194 -
Accrued charges 1,200 -
3,789 -

6. RELATED PARTY DISCLOSURES

During the year, the company received an interest free loan from the director amounting to £1,194 (2019 : nil).

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