Magnum Venus Products Europe Limited
|
Registered Number
:
02158412
|
For the year ended 31 December 2020
England and Wales
Unaudited Financial Statements
For the year ended 31 December 2020
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
2019
2020
Property
,
plant and equipment
|
20,477
26,985
3
20,477
26,985
126,000
240,000
4
Trade and other receivables
|
386,763
310,177
5
831,779
Cash and cash equivalents
|
986,305
1,536,482
1,344,542
Trade and other payables
:
amounts falling due within one
|
year
|
(252,573)
(478,482)
6
1,091,969
1,058,000
Net current assets
Total assets less current liabilities
|
1,078,477
1,118,954
(1,162)
(1,799)
Provisions for liabilities
|
1,077,315
Net assets
1,117,155
35
35
1,077,214
1,117,054
66
66
1,077,315
1,117,155
Shareholders' funds
For the year ended 31 December 2020 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 2020 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 26 August 2021 and were signed by:
|
1 of 6
For the year ended 31 December 2020
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 2020
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 a government mandated lockdown 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 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
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants received towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
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3 of 6
For the year ended 31 December 2020
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 2020
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
57,110
35,300
3,205
95,615
Provision for depreciation and impairment
|
68,630
1,424
13,061
54,145
Charge for year
6,508
356
5,559
593
75,138
1,780
18,620
54,738
2,372
16,680
1,425
20,477
2,965
22,239
1,781
26,985
2019
2020
240,000
126,000
5
.
Trade and other receivables
|
2019
2020
268,242
322,495
Amounts owed by group undertakings and participating interests
|
31,828
54,832
10,107
9,436
386,763
310,177
Amounts owed by participating interests are repayable upon demand.
6
.
Trade and other payables
:
amounts falling due within one year
|
2019
2020
389,046
104,635
Taxation and social security
|
44,555
107,611
44,881
40,327
478,482
252,573
5 of 6
For the year ended 31 December 2020
Magnum Venus Products Europe Limited
Notes to the Financial Statements Continued
During the year the Covid-19 pandemic escalated and a government mandated lockdown came into effect. This had wide ranging impacts on the UK and global economies. The director considers this a non-adjusting event which does not require the impairment of 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.
|
8
.
Average number of persons employed
|
During the year the average number of employees was 6 (2019 : 6)
6 of 6