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Unaudited Financial Statements for the Year Ended 31st December 2016 |
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TOUCH OF MAGIC LIMITED |
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REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31st December 2016 |
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for |
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TOUCH OF MAGIC LIMITED |
TOUCH OF MAGIC LIMITED (REGISTERED NUMBER: 02961256) |
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Contents of the Financial Statements |
for the Year Ended 31st December 2016 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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TOUCH OF MAGIC LIMITED |
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Company Information |
for the Year Ended 31st December 2016 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Certified Accountants |
38 Salisbury Road |
Worthing |
West Sussex |
BN11 1RD |
TOUCH OF MAGIC LIMITED (REGISTERED NUMBER: 02961256) |
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Balance Sheet |
31st December 2016 |
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2016 | 2015 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT (LIABILITIES)/ASSETS | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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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. |
TOUCH OF MAGIC LIMITED (REGISTERED NUMBER: 02961256) |
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Balance Sheet - continued |
31st December 2016 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director on
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TOUCH OF MAGIC LIMITED (REGISTERED NUMBER: 02961256) |
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Notes to the Financial Statements |
for the Year Ended 31st December 2016 |
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1. | STATUTORY INFORMATION |
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Touch of Magic Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents net invoiced sales of goods and services, excluding value added tax. |
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Goodwill |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
less any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
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Plant & machinery | - |
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Motor vehicles | - |
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Computer equipment & website | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
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However, where the stage of completion is sufficient to give a right to consideration the work in progress is |
valued at the fair value of this right to consideration. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held |
under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases |
are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element |
of the future payments is treated as a liability. |
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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TOUCH OF MAGIC LIMITED (REGISTERED NUMBER: 02961256) |
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Notes to the Financial Statements - continued |
for the Year Ended 31st December 2016 |
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4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1st January 2016 |
and 31st December 2016 |
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AMORTISATION |
At 1st January 2016 |
and 31st December 2016 |
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NET BOOK VALUE |
At 31st December 2016 |
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At 31st December 2015 |
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5. | TANGIBLE FIXED ASSETS |
Computer |
Plant & | Motor | equipment |
machinery | vehicles | & website | Totals |
£ | £ | £ | £ |
COST |
At 1st January 2016 |
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Additions |
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Disposals |
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At 31st December 2016 |
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DEPRECIATION |
At 1st January 2016 |
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Charge for year |
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Eliminated on disposal |
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At 31st December 2016 |
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NET BOOK VALUE |
At 31st December 2016 |
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At 31st December 2015 |
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TOUCH OF MAGIC LIMITED (REGISTERED NUMBER: 02961256) |
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Notes to the Financial Statements - continued |
for the Year Ended 31st December 2016 |
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5. | TANGIBLE FIXED ASSETS - continued |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant & | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1st January 2016 |
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Additions |
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At 31st December 2016 |
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DEPRECIATION |
At 1st January 2016 |
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Charge for year |
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At 31st December 2016 |
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NET BOOK VALUE |
At 31st December 2016 |
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At 31st December 2015 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Trade debtors |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Bank loans & overdrafts |
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Hire purchase contracts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2016 | 2015 |
£ | £ |
Bank loans |
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Hire purchase contracts |
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TOUCH OF MAGIC LIMITED (REGISTERED NUMBER: 02961256) |
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Notes to the Financial Statements - continued |
for the Year Ended 31st December 2016 |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
2016 | 2015 |
£ | £ |
Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 years | 28,203 | 41,600 |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2016 | 2015 |
£ | £ |
Bank loans |
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The bank loan is secured by a joint and several guarantee provided by the shareholders, up to an amount of |
£350,000. |
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10. | RELATED PARTY DISCLOSURES |
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During the year, total dividends of £3,930 (2015 - £23,321) were paid to the director . |
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Administrative expenses include £2,360 (2015: £21,100) consultancy fees paid to Ginger Pickles Limited, a |
company controlled by the wife of R D Winrow. |
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Garden House Design Limited: |
A company in which R D Winrow is a shareholder |
2016 | 2015 |
£ | £ |
Turnover | 40,676 | 18,624 |
Trade debtors | 9,900 | 7,800 |
Other creditors | 6,786 | 7,916 |
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