Magnum Venus Products Europe Limited |
Registered Number:02158412 |
For the year ended 31 December 2022
England and Wales
Unaudited Financial Statements
For the year ended 31 December 2022
Magnum Venus Products Europe Limited
Contents Page
1
Statement of Financial Position
2 to 5
Notes to the Financial Statements
Magnum Venus Products Europe Limited
Statement of Financial Position
2021
2022
Property, plant and equipment |
26,713
22,763
3
26,713
22,763
190,000
250,000
4
Trade and other receivables |
317,692
282,953
5
1,231,612
Cash and cash equivalents |
1,583,381
2,116,334
1,739,304
Trade and other payables: amounts falling due within one |
year |
(354,600)
(402,677)
6
1,384,704
1,713,657
Net current assets
Total assets less current liabilities |
1,740,370
1,407,467
(6,679)
(2,071)
Provisions for liabilities |
1,733,691
Net assets
1,405,396
35
35
1,733,590
1,405,295
66
66
1,733,691
1,405,396
Shareholders' funds
For the year ended 31 December 2022 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 2022 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 08 September 2023 and were signed by: |
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For the year ended 31 December 2022
Magnum Venus Products Europe Limited
Statement of Financial Position Continued
The notes form part of these financial statements |
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For the year ended 31 December 2022
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 1A 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. |
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. |
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. |
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For the year ended 31 December 2022
Magnum Venus Products Europe Limited
Notes to the Financial Statements Continued
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
-
-
3. Property, plant and equipment |
Motor Vehicles
93,570
3,205
33,255
57,110
21,950
-
21,950
-
-
(19,350)
-
(19,350)
57,110
35,855
3,205
96,170
Provision for depreciation and impairment |
70,807
2,065
13,529
55,213
Charge for year
8,703
229
8,095
379
(10,053)
-
(10,053)
-
69,457
2,294
11,571
55,592
1,518
24,284
911
26,713
1,897
19,726
1,140
22,763
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For the year ended 31 December 2022
Magnum Venus Products Europe Limited
Notes to the Financial Statements Continued
2021
2022
250,000
190,000
5. Trade and other receivables |
2021
2022
271,141
299,113
11,812
18,579
317,692
282,953
6. Trade and other payables: amounts falling due within one year |
2021
2022
256,138
165,164
Taxation and social security |
113,139
142,062
33,400
47,374
402,677
354,600
7. Related party transactions |
At 31 December 2022 the company owed the director £504 (2021 - £31,504) This amount is included in other |
creditors. |
8. Average number of persons employed |
During the year the average number of employees was 7 (2021 : 7)
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