REGISTERED NUMBER:
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ABBREVIATED UNAUDITED ACCOUNTS |
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FOR THE YEAR ENDED 30 APRIL 2016 |
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FOR |
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FOREIGNMAGIC LIMITED |
REGISTERED NUMBER:
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ABBREVIATED UNAUDITED ACCOUNTS |
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FOR THE YEAR ENDED 30 APRIL 2016 |
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FOR |
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FOREIGNMAGIC LIMITED |
FOREIGNMAGIC LIMITED (REGISTERED NUMBER: 03757409) |
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CONTENTS OF THE ABBREVIATED ACCOUNTS |
for the Year Ended 30 APRIL 2016 |
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Page |
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Company Information | 1 |
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Abbreviated Balance Sheet | 2 |
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Notes to the Abbreviated Accounts | 3 |
FOREIGNMAGIC LIMITED |
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COMPANY INFORMATION |
for the Year Ended 30 APRIL 2016 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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FOREIGNMAGIC LIMITED (REGISTERED NUMBER: 03757409) |
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ABBREVIATED BALANCE SHEET |
30 APRIL 2016 |
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30.4.16 | 30.4.15 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 2 |
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Tangible assets | 3 |
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Investment property | 4 |
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CURRENT ASSETS |
Debtors |
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Cash in hand |
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CREDITORS |
Amounts falling due within one year | 5 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
5 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 6 |
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Revaluation reserve |
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Profit and loss account |
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SHAREHOLDERS' FUNDS |
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The director acknowledges his 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. |
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The financial statements were approved by the director on
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FOREIGNMAGIC LIMITED (REGISTERED NUMBER: 03757409) |
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NOTES TO THE ABBREVIATED ACCOUNTS |
for the Year Ended 30 APRIL 2016 |
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1. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
A public liability claim has been made against the company which is being dealt with by the company and its |
lawyers. The amount of the claim cannot at this time be quantified, but may potentially be greater than the |
amount covered by the company's insurance policies. Should the cover prove to be inadequate, the balance of |
any claim would fall on the company. Whilst the claim remains unsettled there is uncertainty as to its effect on |
the financial standing of the company. In the meantime, in the absence of a known settlement figure, the |
director believes that it is appropriate for the company to continue to prepare its financial statements on a going |
concern basis. |
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Accounting convention |
The financial statements have been prepared under the historical cost convention as modified by the revaluation |
of certain assets and in accordance with the Financial Reporting Standard for Smaller Entities (effective January |
2015). |
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Turnover |
Turnover represents rents received from investment properties, excluding value added tax. |
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Goodwill |
Goodwill, being amounts paid in connection with the acquisition of businesses in previous years, is fully |
amortised. |
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Tangible fixed assets |
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Fixtures and fittings | - |
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No depreciation is provided on freehold property, however impairment reviews are carried out annually. |
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Investment property |
In accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015):- (i) |
investment properties are revalued annually and the aggregate surplus or deficit is transferred to a revaluation |
reserve and (ii) no depreciation is provided in respect of freehold investment properties. The requirement of the |
Companies Act 2006 is to depreciate all properties, but that requirement conflicts with the generally accepted |
accounting principle set out in the Financial Reporting Standard for Smaller Entities (effective January 2015). |
The directors consider that to depreciate such properties would not give a true and fair view, but that true and fair |
view is given by following the Financial Reporting Standard for Smaller Entities (effective January 2015) as |
described above. If this departure had not been made the profit for the financial year would have been reduced |
by depreciation on the revalued properties of £65,540 (2015: £30,570) and this charge would have been |
reduced by £26,510 (2015: £13,255) if the historical cost accounting rules had been used. |
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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 the profit and loss account in the period to which they relate. |
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2. | INTANGIBLE FIXED ASSETS |
Total |
£ |
COST |
At 1 May 2015 |
and 30 April 2016 |
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AMORTISATION |
At 1 May 2015 |
and 30 April 2016 |
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NET BOOK VALUE |
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At 30 April 2016 |
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At 30 April 2015 |
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FOREIGNMAGIC LIMITED (REGISTERED NUMBER: 03757409) |
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NOTES TO THE ABBREVIATED ACCOUNTS - continued |
for the Year Ended 30 APRIL 2016 |
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3. | TANGIBLE FIXED ASSETS |
Total |
£ |
COST |
At 1 May 2015 |
and 30 April 2016 |
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DEPRECIATION |
At 1 May 2015 |
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Charge for year |
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At 30 April 2016 |
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NET BOOK VALUE |
At 30 April 2016 |
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At 30 April 2015 |
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4. | INVESTMENT PROPERTY |
Total |
£ |
COST OR VALUATION |
At 1 May 2015 |
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Revaluations |
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At 30 April 2016 |
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NET BOOK VALUE |
At 30 April 2016 |
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At 30 April 2015 |
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5. | CREDITORS |
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Creditors include an amount of £
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They also include the following debts falling due in more than five years: |
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30.4.16 | 30.4.15 |
£ | £ |
Repayable by instalments | 356,430 | 445,630 |
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6. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.4.16 | 30.4.15 |
value: | £ | £ |
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Ordinary | £1 |
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7. | ULTIMATE CONTROLLING PARTY |
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The controlling party is
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