Registration number:
Guys Magnets Limited
for the Year Ended 28 February 2022
Guys Magnets Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Guys Magnets Limited
Company Information
Directors |
G Betts L Betts |
Registered office |
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Accountants |
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Guys Magnets Limited
(Registration number: 06859571)
Balance Sheet
28 February 2022
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2022 |
2021 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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Guys Magnets Limited
(Registration number: 06859571)
Balance Sheet
28 February 2022
For the financial year ending 28 February 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
Director
Guys Magnets Limited
Notes to the Unaudited Financial Statements
Year Ended 28 February 2022
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Guys Magnets Limited
Notes to the Unaudited Financial Statements
Year Ended 28 February 2022
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Office equipment |
15% on the reducing balance |
Warehouse equipment |
20% on the reducing balance |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Intangible assets
Separately acquired trademarks and licences are shown at historical cost.
Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.
Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Website |
Over 2 years |
Goodwill |
Over 4 years |
Guys Magnets Limited
Notes to the Unaudited Financial Statements
Year Ended 28 February 2022
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Intangible assets |
Goodwill |
Website |
Total |
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Cost or valuation |
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At 1 March 2021 |
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Disposals |
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At 28 February 2022 |
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Amortisation |
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At 1 March 2021 |
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Amortisation eliminated on disposals |
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At 28 February 2022 |
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Carrying amount |
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At 28 February 2022 |
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Guys Magnets Limited
Notes to the Unaudited Financial Statements
Year Ended 28 February 2022
Tangible assets |
Plant and machinery |
Office equipment |
Total |
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Cost or valuation |
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At 1 March 2021 |
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Additions |
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Disposals |
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At 28 February 2022 |
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Depreciation |
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At 1 March 2021 |
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Charge for the year |
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Eliminated on disposal |
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At 28 February 2022 |
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Carrying amount |
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At 28 February 2022 |
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At 28 February 2021 |
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Stocks |
2022 |
2021 |
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Other inventories |
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Debtors |
2022 |
2021 |
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Trade debtors |
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Other debtors |
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Guys Magnets Limited
Notes to the Unaudited Financial Statements
Year Ended 28 February 2022
Creditors |
Creditors: amounts falling due within one year
Note |
2022 |
2021 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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