Company registration number 6246738 (England and Wales)
M A MAGRATH ASSOCIATES LTD.
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021
PAGES FOR FILING WITH REGISTRAR
M A MAGRATH ASSOCIATES LTD.
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
M A MAGRATH ASSOCIATES LTD.
BALANCE SHEET
AS AT 30 NOVEMBER 2021
30 November 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
126
168
Current assets
Stocks
-
0
12,938
Debtors
4
-
0
4,281
-
0
17,219
Creditors: amounts falling due within one year
5
(8,500)
(16,619)
Net current (liabilities)/assets
(8,500)
600
Total assets less current liabilities
(8,374)
768
Creditors: amounts falling due after more than one year
6
(4,333)
-
0
Provisions for liabilities
(24)
(32)
Net (liabilities)/assets
(12,731)
736
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
(12,733)
734
Total equity
(12,731)
736

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 November 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

M A MAGRATH ASSOCIATES LTD.
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2021
30 November 2021
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 10 August 2022
Mr M A Magrath
Director
Company Registration No. 6246738
M A MAGRATH ASSOCIATES LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021
- 3 -
1
Accounting policies
Company information

M A Magrath Associates Ltd. is a private company limited by shares incorporated in England and Wales. The registered office is 18/20 Canterbury Road, Whitstable, Kent, CT5 4EY.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computer equipment
25% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Stocks
Work in progress is valued at the lower of cost and net realisable value.
Cost is calculated using the first-in, first-out method and includes all purchase, transport and handling costs in bringing stocks to their present location and condition.
M A MAGRATH ASSOCIATES LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2021
1
Accounting policies
(Continued)
- 4 -
1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.6
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2021
2020
Number
Number
Total
1
1
M A MAGRATH ASSOCIATES LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2021
- 5 -
3
Tangible fixed assets
Computer equipment
£
Cost
At 1 December 2020 and 30 November 2021
1,936
Depreciation and impairment
At 1 December 2020
1,768
Depreciation charged in the year
42
At 30 November 2021
1,810
Carrying amount
At 30 November 2021
126
At 30 November 2020
168
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
-
0
3,688
Other debtors
-
0
593
-
0
4,281
5
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
4,697
4,830
Corporation tax
-
0
3,060
Other taxation and social security
-
0
1,720
Other creditors
2,333
5,339
Accruals and deferred income
1,470
1,670
8,500
16,619
6
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
4,333
-
0
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