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MAGURK IT LIMITED

Unaudited Financial Statements

for the Year Ended 31st December 2021






MAGURK IT LIMITED (REGISTERED NUMBER: 10520332)






Contents of the Financial Statements
for the year ended 31st December 2021




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


MAGURK IT LIMITED

Company Information
for the year ended 31st December 2021







DIRECTORS: A Finch
Mrs M Finch





REGISTERED OFFICE: 1 Abbots Quay
Monks Ferry
Birkenhead
Merseyside
CH41 5LH





REGISTERED NUMBER: 10520332 (England and Wales)






MAGURK IT LIMITED (REGISTERED NUMBER: 10520332)

Balance Sheet
31st December 2021

2021 2020
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,663 2,220

CURRENT ASSETS
Debtors 5 27,743 17,396
Cash at bank 5,074 5,194
32,817 22,590
CREDITORS
Amounts falling due within one year 6 28,108 22,370
NET CURRENT ASSETS 4,709 220
TOTAL ASSETS LESS CURRENT LIABILITIES 6,372 2,440

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 7 6,370 2,438
6,372 2,440

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2021 in accordance with Section 476 of the Companies Act 2006.

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.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19th May 2022 and were signed on its behalf by:





A Finch - Director


MAGURK IT LIMITED (REGISTERED NUMBER: 10520332)

Notes to the Financial Statements
for the year ended 31st December 2021

1. STATUTORY INFORMATION

Magurk IT Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
Preparation of the financial statements requires management to make significant judgements and estimates. The areas in the financial statements where these judgements and estimates have been made include:

- The useful economic lives and residual values of tangible fixed assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost and 25% on reducing balance

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from banks and other third parties.

Debtors
Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including loans, are measured initially at fair value, net of transaction costs.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


MAGURK IT LIMITED (REGISTERED NUMBER: 10520332)

Notes to the Financial Statements - continued
for the year ended 31st December 2021

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st January 2021
and 31st December 2021 7,187
DEPRECIATION
At 1st January 2021 4,967
Charge for year 557
At 31st December 2021 5,524
NET BOOK VALUE
At 31st December 2021 1,663
At 31st December 2020 2,220

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade debtors 8,532 -
Other debtors 19,211 17,396
27,743 17,396

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Taxation and social security 25,237 20,082
Other creditors 2,871 2,288
28,108 22,370

MAGURK IT LIMITED (REGISTERED NUMBER: 10520332)

Notes to the Financial Statements - continued
for the year ended 31st December 2021

7. RESERVES
Retained
earnings
£   

At 1st January 2021 2,438
Profit for the year 71,989
Dividends (68,057 )
At 31st December 2021 6,370

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31st December 2021 and 31st December 2020:

2021 2020
£    £   
A Finch and Mrs M Finch
Balance outstanding at start of year 17,396 12,299
Amounts advanced 19,211 17,396
Amounts repaid (17,396 ) (12,299 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 19,211 17,396

The above loan is interest free and repayable on demand.

9. RELATED PARTY DISCLOSURES

During the year, total dividends of £68,057 (2020 - £61,800) were paid to the directors .