Magic Media Limited - Accounts to registrar - small 17.2
Magic Media Limited - Accounts to registrar - small 17.2
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2017 |
| FOR |
| MAGIC MEDIA LIMITED |
| MAGIC MEDIA LIMITED (REGISTERED NUMBER: 05359534) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the Year Ended 31 March 2017 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| MAGIC MEDIA LIMITED |
| COMPANY INFORMATION |
| for the Year Ended 31 March 2017 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 54 Sun Street |
| Waltham Abbey |
| Essex |
| EN9 1EJ |
| MAGIC MEDIA LIMITED (REGISTERED NUMBER: 05359534) |
| BALANCE SHEET |
| 31 March 2017 |
| 2017 | 2016 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| The director acknowledges his 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. |
| 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 on |
| MAGIC MEDIA LIMITED (REGISTERED NUMBER: 05359534) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the Year Ended 31 March 2017 |
| 1. | STATUTORY INFORMATION |
| Magic Media Limited is a |
| registered number and registered office address can be found on the Company Information page. |
| The presentation currency of the financial statement is the Pound Sterling (£) which is the functional currency of |
| the company and rounded to the nearest £. |
| The significant accounting policies applied in the preparation of these financial statements are set out below. |
| These policies have been consistently applied to all years presented unless otherwise stated. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Transition to Financial Reporting Standard 102 |
| The date of transition for the Financial Reporting Standard 102 purposes was 1 April 2015. As part of the |
| transition process, there have been no changes to accounting policies. In addition, there have been no transitional |
| adjustments necessary to reconcile equity determined in accordance with the previous financial reporting |
| framework to equity determined in accordance with the Financial Reporting Standard 102 as at the date of |
| transition and at the end of the latest period presented in the company's most recent financial statements |
| determined in accordance with its previous financial reporting framework. No transitional adjustments have been |
| required, in addition, to reconcile the profit or loss determined in accordance with the company's previous |
| financial reporting framework for the latest period in the company's most recent annual financial statements to its |
| profit or loss determined in accordance with the Financial Reporting Standard 102 for the same period. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
| value added tax and other sales taxes. |
| Tangible fixed assets |
| Home office | - |
| Office equipment | - |
| 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 balance sheet date. |
| MAGIC MEDIA LIMITED (REGISTERED NUMBER: 05359534) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 March 2017 |
| 2. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
| sheet 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 year 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. |
| Debtors and creditors receivable/payable within one year |
| Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at |
| transaction price. Any losses arising from impairment are recognised in the profit and loss account in other |
| administrative expenses. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Home | Office |
| office | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 April 2016 |
| Additions |
| At 31 March 2017 |
| DEPRECIATION |
| At 1 April 2016 |
| Charge for year |
| At 31 March 2017 |
| NET BOOK VALUE |
| At 31 March 2017 |
| At 31 March 2016 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Trade debtors |
| Directors' current accounts | 44,505 | 46,225 |
| Prepayments |
| MAGIC MEDIA LIMITED (REGISTERED NUMBER: 05359534) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 March 2017 |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Trade creditors |
| Tax |
| VAT | 2,309 | 3,919 |
| Other creditors |
| Credit card | 171 | 146 |
| Accrued expenses |
| 7. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the years ended 31 March 2017 and |
| 31 March 2016: |
| 2017 | 2016 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| The loan was unsecured and repaid after the year end. |