Magic Media Limited - Accounts to registrar (filleted) - small 18.2
Magic Media Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2018 |
| FOR |
| MAGIC MEDIA LIMITED |
| MAGIC MEDIA LIMITED (REGISTERED NUMBER: 05359534) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the Year Ended 31 March 2018 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| MAGIC MEDIA LIMITED |
| COMPANY INFORMATION |
| for the Year Ended 31 March 2018 |
| 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 2018 |
| 2018 | 2017 |
| 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 2018 |
| 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 |
| 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. |
| 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. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss 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 profit or loss in the period to which they relate. |
| MAGIC MEDIA LIMITED (REGISTERED NUMBER: 05359534) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 March 2018 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| Cash and cash equivalents |
| Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and any short term deposits. |
| 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 2017 |
| Additions |
| At 31 March 2018 |
| DEPRECIATION |
| At 1 April 2017 |
| Charge for year |
| At 31 March 2018 |
| NET BOOK VALUE |
| At 31 March 2018 |
| At 31 March 2017 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Trade debtors |
| Directors' current accounts | 48,005 | 44,505 |
| Prepayments |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Tax |
| VAT | 3,089 | 2,309 |
| Other creditors |
| Credit card | 119 | 171 |
| Accrued expenses |
| MAGIC MEDIA LIMITED (REGISTERED NUMBER: 05359534) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 March 2018 |
| 7. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the years ended 31 March 2018 and |
| 31 March 2017: |
| 2018 | 2017 |
| £ | £ |
| 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. |