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Unaudited Financial Statements for the Year Ended 31st December 2017 |
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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 2017 |
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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 2017 |
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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 2017 |
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DIRECTORS: |
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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 2017 |
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2017 | 2016 |
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 |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS/(LIABILITIES) |
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( |
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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 directors acknowledge their 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 2017 |
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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 Board of Directors 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 2017 |
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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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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. |
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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 2017 |
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4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1st January 2017 |
and 31st December 2017 |
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AMORTISATION |
At 1st January 2017 |
and 31st December 2017 |
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NET BOOK VALUE |
At 31st December 2017 |
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At 31st December 2016 |
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5. | TANGIBLE FIXED ASSETS |
Computer |
Plant & | Motor | equipment |
machinery | vehicles | & website | Totals |
£ | £ | £ | £ |
COST |
At 1st January 2017 |
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Additions |
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At 31st December 2017 |
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DEPRECIATION |
At 1st January 2017 |
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Charge for year |
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At 31st December 2017 |
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NET BOOK VALUE |
At 31st December 2017 |
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At 31st December 2016 |
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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 2017 |
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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 2017 |
and 31st December 2017 |
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DEPRECIATION |
At 1st January 2017 |
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Charge for year |
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At 31st December 2017 |
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NET BOOK VALUE |
At 31st December 2017 |
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At 31st December 2016 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
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 |
2017 | 2016 |
£ | £ |
Bank loans |
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Hire purchase contracts |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 years | 14,338 | 28,203 |
TOUCH OF MAGIC LIMITED (REGISTERED NUMBER: 02961256) |
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Notes to the Financial Statements - continued |
for the Year Ended 31st December 2017 |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2017 | 2016 |
£ | £ |
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 £9,100 (2016 - £3,930) were paid to the director . |
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Garden House Design Limited: |
A company in which R D Winrow is a shareholder |
2017 | 2016 |
£ | £ |
Turnover | 29,906 | 40,676 |
Cost of sales | 32,607 | 0 |
Trade debtors | 0 | 9,900 |
Other creditors | 6,786 | 6,786 |
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