Magnum Venus Products Europe Limited
|
Registered Number
:
02158412
|
For the year ended 31 December 2021
England and Wales
Unaudited Financial Statements
For the year ended 31 December 2021
Magnum Venus Products Europe Limited
Contents Page
1
Statement of Financial Position
2 to 6
Notes to the Financial Statements
Magnum Venus Products Europe Limited
Statement of Financial Position
2020
2021
Property
,
plant and equipment
|
22,763
20,477
3
22,763
20,477
240,000
190,000
4
Trade and other receivables
|
310,177
317,692
5
986,305
Cash and cash equivalents
|
1,231,612
1,739,304
1,536,482
Trade and other payables
:
amounts falling due within one
|
year
|
(478,482)
(354,600)
6
1,058,000
1,384,704
Net current assets
Total assets less current liabilities
|
1,407,467
1,078,477
(2,071)
(1,162)
Provisions for liabilities
|
1,405,396
Net assets
1,077,315
35
35
1,405,295
1,077,214
66
66
1,405,396
1,077,315
Shareholders' funds
For the year ended 31 December 2021 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.
|
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006
|
The director acknowledges his responsibilities for:a) ensuring that the company keeps proper 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 Section
|
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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
|
These financial statements were approved and authorised for issue by the Board on 22 June 2022 and were signed by:
|
1 of 6
For the year ended 31 December 2021
Magnum Venus Products Europe Limited
Statement of Financial Position Continued
The notes form part of these financial statements
|
2 of 6
For the year ended 31 December 2021
Magnum Venus Products Europe Limited
Notes to the Financial Statements
Statutory Information
Magnum Venus Products Europe Limited is a private limited company
,
limited by shares
,
domiciled in England and
|
Wales
,
registration number
02158412
.
|
Unit 22A
Navigation Drive
Brierley Hill
West Midlands
DY5 1UT
The presentation currency is £ sterling
.
|
This is the currency of the primary economic market in which the entity operates
(
its functional currency
).
All amounts
|
in these financial statements have been rounded to the nearest pound unless otherwise stated
.
|
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section
1
A of Financial
|
Reporting Standard
102
''
The Financial Reporting Standard applicable in the UK and Republic of Ireland
''
and the
|
Companies Act
2006
.
The financial statements have been prepared under the historical costs convention as
|
modified by the revaluation of certain assets
.
|
During the year the Covid
-
19
pandemic escalated and further government restrictions came into effect
.
This had a
|
wide ranging impact on the UK and global economies
.
The director considers this to be a non
-
adjusting event which
|
does not require the impairment of any assets at the year end date
.
|
The ongoing pandemic has been considered and factored in to the director
'
s judgement that the company remains a
|
going concern for the foreseeable future
.
|
Goodwill
Goodwill is being amortised evenly over its estimated useful life of 1 years.
Property, plant and equipment
Property, plant and equipment, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
|
Plant and Machinery
Computer Equipment
Motor Vehicles
Inventories
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs and purchases, costs of conversion and other costs incurred in bringing stock to its present location and condition.Cost is calculated using the first in first out method. Provision is made for damaged, obsolete and slow-moving stock where appropriate.
|
3 of 6
For the year ended 31 December 2021
Magnum Venus Products Europe Limited
Notes to the Financial Statements Continued
Deferred tax
Deferred tax is provided on timing differences which arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Differences between accumulated depreciation and tax allowances for the cost of a fixed asset, if and when all conditions for retaining the tax allowances have been met, are not provided for. Deferred tax is not recognised on permanent differences arising because certain types of income or expense are non-taxable or are disallowable for tax or because certain tax charges or allowances are greater or smaller than the corresponding income or expense. Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related difference, using tax rates enacted or substantively enacted at the balance sheet date. Deferred tax balances are not discounted. 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.
|
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate at the date of transaction. Exchange rate differences are taken into account in arriving at the operating result.
|
Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme for the benefit of its directors/and employees. Contributions payable are charged to the profit and loss account in the period in which they are payable.
|
2
.
Intangible fixed assets
|
Goodwill
17,000
17,000
17,000
17,000
-
-
4 of 6
For the year ended 31 December 2021
Magnum Venus Products Europe Limited
Notes to the Financial Statements Continued
3
.
Property
,
plant and equipment
|
Motor Vehicles
95,615
3,205
35,300
57,110
13,905
-
13,905
-
-
(15,950)
-
(15,950)
57,110
33,255
3,205
93,570
Provision for depreciation and impairment
|
75,138
1,780
18,620
54,738
Charge for year
7,335
285
6,575
475
(11,666)
-
(11,666)
-
70,807
2,065
13,529
55,213
1,897
19,726
1,140
22,763
2,372
16,680
1,425
20,477
2020
2021
190,000
240,000
5
.
Trade and other receivables
|
2020
2021
299,113
268,242
Amounts owed by group undertakings and participating interests
|
7,828
31,828
10,751
10,107
310,177
317,692
Amounts owed by participating interests are repayable upon demand.
5 of 6
For the year ended 31 December 2021
Magnum Venus Products Europe Limited
Notes to the Financial Statements Continued
6
.
Trade and other payables
:
amounts falling due within one year
|
2020
2021
165,164
389,046
Taxation and social security
|
142,062
44,555
47,374
44,881
354,600
478,482
7
.
Related party transactions
|
At
31
December
2021
the company owed the director £
31
,
504
(
2020
-
£
31
,
504
).
This amount in included in other
|
creditors
.
|
During the year the Covid-19 pandemic escalated and further government restrictions came into effect. This had a wide ranging impact on the UK and global economies. The director considers this to be a non-adjusting event which does not require the impairment of any assets at the year end date. The ongoing pandemic has been considered and factored in to the director's judgement that the company remains a going concern for the foreseeable future.
|
9
.
Average number of persons employed
|
During the year the average number of employees was 7 (2020 : 6)
6 of 6