Company registration number 06652445 (England and Wales)
MAGUS GI LIMITED
T/A COVERSURE WESTMINSTER
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
MAGUS GI LIMITED
T/A COVERSURE WESTMINSTER
COMPANY INFORMATION
Directors
Mr R Savani
Mr M Gadhvi
Secretary
Magus Secretaries Limited
Company number
06652445
Registered office
134 Buckingham Palace Road
London
SW1W 9SA
Accountants
Magus Chartered Accountants
134 Buckingham Palace Road
London
SW1W 9SA
Business address
134 Buckingham Palace Road
London
SW1W 9SA
MAGUS GI LIMITED
T/A COVERSURE WESTMINSTER
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
MAGUS GI LIMITED
T/A COVERSURE WESTMINSTER
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
2
2
Tangible assets
5
1,436
2,266
1,438
2,268
Current assets
Debtors
6
121,317
80,322
Cash at bank and in hand
25
32,109
121,342
112,431
Creditors: amounts falling due within one year
7
(82,311)
(71,929)
Net current assets
39,031
40,502
Total assets less current liabilities
40,469
42,770
Creditors: amounts falling due after more than one year
8
(37,588)
(42,019)
Net assets
2,881
751
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
2,781
651
Total equity
2,881
751
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have 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.
MAGUS GI LIMITED
T/A COVERSURE WESTMINSTER
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 28 March 2024 and are signed on its behalf by:
Mr R Savani
Director
Company registration number 06652445 (England and Wales)
MAGUS GI LIMITED
T/A COVERSURE WESTMINSTER
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
Magus GI Limited is a private company limited by shares incorporated in England and Wales. The registered office is 134 Buckingham Palace Road, London, SW1W 9SA.
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. 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
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Franchise costs are valued at cost less accumulated amortisation. Amortisation is calculated to write off the cost in equal annual instalments over their estimated useful lives.
1.4
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% Straight line method
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.
MAGUS GI LIMITED
T/A COVERSURE WESTMINSTER
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
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.
MAGUS GI LIMITED
T/A COVERSURE WESTMINSTER
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
5
4
4
Intangible fixed assets
Patents
£
Cost
At 1 April 2022 and 31 March 2023
15,688
Amortisation and impairment
At 1 April 2022 and 31 March 2023
15,686
Carrying amount
At 31 March 2023
2
At 31 March 2022
2
MAGUS GI LIMITED
T/A COVERSURE WESTMINSTER
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
5
Tangible fixed assets
Computer equipment
£
Cost
At 1 April 2022 and 31 March 2023
6,479
Depreciation and impairment
At 1 April 2022
4,212
Depreciation charged in the year
831
At 31 March 2023
5,043
Carrying amount
At 31 March 2023
1,436
At 31 March 2022
2,266
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
63,876
43,681
Other debtors
57,441
36,641
121,317
80,322
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,418
7,722
Corporation tax
26,392
36,924
Other taxation and social security
36,216
20,709
Other creditors
7,285
5,574
Accruals and deferred income
2,000
1,000
82,311
71,929
8
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
33,088
37,519
Other borrowings
4,500
4,500
37,588
42,019
MAGUS GI LIMITED
T/A COVERSURE WESTMINSTER
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
"A" Ordinary Shares of £1 each
25
25
25
25
"B" Ordinary Shares of £1 each
20
20
20
20
"C" Ordinary Shares of £1 each
5
5
5
5
"D" Ordinary Shares of £1 each
25
25
25
25
"E" Ordianry Shares of £1 each
25
25
25
25
100
100
100
100
10
Control
There was no individual controlling party throughout the period under review.
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