Magnum One International Limited Small abridged accounts

Magnum One International Limited Small abridged accounts


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Statement of Consent to Prepare Abridged Financial Statements
All of the members of Magnum One International Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 October 2017 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER: 04314645
Magnum One International Limited
Filleted Unaudited Abridged Financial Statements
31 October 2017
Magnum One International Limited
Abridged Financial Statements
Year ended 31 October 2017
Contents
Page
Abridged statement of financial position
1
Notes to the abridged financial statements
3
Magnum One International Limited
Abridged Statement of Financial Position
31 October 2017
2017
2016
Note
£
£
£
Fixed assets
Tangible assets
5
1,085
1,446
Current assets
Debtors
13,500
Cash at bank and in hand
13,477
26,780
--------
--------
26,977
26,780
Creditors: amounts falling due within one year
19,963
23,070
--------
--------
Net current assets
7,014
3,710
-------
-------
Total assets less current liabilities
8,099
5,156
-------
-------
Net assets
8,099
5,156
-------
-------
Capital and reserves
Called up share capital
100
100
Profit and loss account
7,999
5,056
-------
-------
Members funds
8,099
5,156
-------
-------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the year ending 31 October 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
Magnum One International Limited
Abridged Statement of Financial Position (continued)
31 October 2017
These abridged financial statements were approved by the board of directors and authorised for issue on 24 July 2018 , and are signed on behalf of the board by:
Mr M J Kasprzykiewicz
Director
Company registration number: 04314645
Magnum One International Limited
Notes to the Abridged Financial Statements
Year ended 31 October 2017
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 9 Station Parade, Uxbridge Road, Ealing Common, London, W5 3LD.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 November 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 7.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures & Fittings
-
25% reducing balance
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year, including the directors, amounted to 3 (2016: 3 ).
5. Tangible assets
£
Cost
At 1 November 2016 and 31 October 2017
11,088
--------
Depreciation
At 1 November 2016
9,642
Charge for the year
361
--------
At 31 October 2017
10,003
--------
Carrying amount
At 31 October 2017
1,085
--------
At 31 October 2016
1,446
--------
6. Related party transactions
The company was under the control of Mr M J Kasprzykiewicz throughout the current and previous year. Mr Kasprzykiewicz is the managing director and majority shareholder. No transactions with related parties were undertaken such as are required to be disclosed under FRSSE.
7. Transition to FRS 102
These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 November 2015.
No transitional adjustments were required in equity or profit or loss for the year.