Ferrari Magic Limited - Period Ending 2016-03-31

Registration number: 03507372

Ferrari Magic Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2016
 

R A Jones & Co
Chartered Accountants
38 Rumbridge Street
Totton
Southampton
Hampshire
SO40 9DS

Ferrari Magic Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 5

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 5) have been prepared.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Ferrari Magic Limited
for the Year Ended 31 March 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Ferrari Magic Limited for the year ended 31 March 2016 set out on pages 4 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of Ferrari Magic Limited, as a body, in accordance with the terms of our engagement letter dated 4 December 2008. Our work has been undertaken solely to prepare for your approval the accounts of Ferrari Magic Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ferrari Magic Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Ferrari Magic Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Ferrari Magic Limited. You consider that Ferrari Magic Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Ferrari Magic Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

R A Jones & Co
Chartered Accountants
38 Rumbridge Street
Totton
Southampton
Hampshire
SO40 9DS

28 December 2016

Page 1

Ferrari Magic Limited
(Registration number: 03507372)
Abbreviated Balance Sheet at 31 March 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					486,458			648,597
Current assets
Debtors		3			120,858			86,141
Cash at bank and in hand					61,544			61
					182,402			86,202
Creditors: Amounts falling due within one year					(38,638)			(122,914)
Net current assets/(liabilities)					143,764			(36,712)
Net assets					630,222			611,885
Capital and reserves
Called up share capital		4			1,000			1,000
Profit and loss account					629,222			610,885
Shareholders' funds					630,222			611,885

For the year ending 31 March 2016 the company was entitled to exemption 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 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 by the Board on 28 December 2016 and signed on its behalf by:

Mr Martin Shaw
Director

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

Ferrari Magic Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the provision of services to customers. Revenue is recognised to the extent that the company obtains the right to consideration for its' performance.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Motor cars	25.00-33.33% reducing balance basis
Fixtures and fittings	10.00-33.33% reducing balance basis
Office equipment	25.00-33.33% reducing balance basis

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 3

Ferrari Magic Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 April 2015		752,294			752,294
Disposals		(585)			(585)
At 31 March 2016		751,709			751,709
Depreciation
At 1 April 2015		103,697			103,697
Charge for the year		161,917			161,917
Eliminated on disposals		(363)			(363)
At 31 March 2016		265,251			265,251
Net book value
At 31 March 2016		486,458			486,458
At 31 March 2015		648,597			648,597

3

Debtors

Debtors includes £9,669 (2015 - £9,669) receivable after more than one year.

 

4	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
"A" Ordinary shares of £1 each		500			500			500			500
"B" Ordinary shares of £1 each		500			500			500			500
		1,000			1,000			1,000			1,000

Page 4

Ferrari Magic Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

5	Related party transactions

Director's advances and credits

	2016 Advance/ Credit £	2016 Repaid £	2015 Advance/ Credit £	2015 Repaid £
Mr Martin Shaw
Directors loan account movements	64,419	5,000	43,593	2,677

Page 5