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REGISTERED NUMBER: OC418198 (England and Wales)










Financial Statements

for the Year Ended 31 July 2023

for

Magic Properties Group LLP

Magic Properties Group LLP (Registered number: OC418198)






Contents of the Financial Statements
for the Year Ended 31 July 2023




Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Magic Properties Group LLP

General Information
for the Year Ended 31 July 2023







DESIGNATED MEMBERS: A J Duncombe
M L Duncombe
Magic Properties Ltd





REGISTERED OFFICE: Oaklea House
46 Coatham Road
Redcar
Cleveland
TS10 1RS





REGISTERED NUMBER: OC418198 (England and Wales)





ACCOUNTANTS: SKS Bailey Group Limited
Oaklea House
46 Coatham Road
Redcar
TS10 1RS

Magic Properties Group LLP (Registered number: OC418198)

Balance Sheet
31 July 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 1,205 1,607
Investment property 5 1,126,000 1,094,000
1,127,205 1,095,607

CURRENT ASSETS
Debtors 13,027 -
Cash at bank 4,095 917
17,122 917
CREDITORS
Amounts falling due within one year 6 (20,571 ) (20,379 )
NET CURRENT LIABILITIES (3,449 ) (19,462 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,123,756

1,076,145

CREDITORS
Amounts falling due after more than one year 7 (516,162 ) (516,190 )
NET ASSETS ATTRIBUTABLE TO
MEMBERS

607,594

559,955

Magic Properties Group LLP (Registered number: OC418198)

Balance Sheet - continued
31 July 2023

2023 2022
Notes £    £   
LOANS AND OTHER DEBTS DUE TO
MEMBERS

10

607,594

559,955

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 10 607,594 559,955
Amounts due from members (13,027 ) -
594,567 559,955

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 July 2023.

The members acknowledge their responsibilities for:
(a)ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the LLP 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 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

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

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 16 February 2024 and were signed by:





A J Duncombe - Designated member

Magic Properties Group LLP (Registered number: OC418198)

Notes to the Financial Statements
for the Year Ended 31 July 2023

1. STATUTORY INFORMATION

Magic Properties Group LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General 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 requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain 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.
Computer equipment - 25% on reducing balance

INVESTMENT PROPERTY
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

HIRE PURCHASE AND LEASING COMMITMENTS
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2022 - NIL).

4. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 August 2022
and 31 July 2023 2,831
DEPRECIATION
At 1 August 2022 1,224
Charge for year 402
At 31 July 2023 1,626
NET BOOK VALUE
At 31 July 2023 1,205
At 31 July 2022 1,607

Magic Properties Group LLP (Registered number: OC418198)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 August 2022 1,094,000
Revaluations 32,000
At 31 July 2023 1,126,000
NET BOOK VALUE
At 31 July 2023 1,126,000
At 31 July 2022 1,094,000

Fair value at 31 July 2023 is represented by:
£   
Valuation in 2022 114,000
Valuation in 2023 32,000
Cost 980,000
1,126,000

Properties are required to be disclosed within the financial statements at fair value.

The valuation was made by directors on an open market value basis by reference to market evidence of transaction prices for similar properties.

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed to group undertakings 12,663 7,413
Other creditors 6,198 11,383
Accrued expenses 1,710 1,583
20,571 20,379

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Other loans (see note 8) 516,162 516,190

Amounts falling due in more than five years:

Repayable by instalments
Mortgages 516,162 516,190

Magic Properties Group LLP (Registered number: OC418198)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

8. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due in more than five years:
Repayable by instalments
Mortgages 516,162 516,190

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Mortgages 516,162 516,190

10. LOANS AND OTHER DEBTS DUE TO MEMBERS

2022 2021
£    £   
Amounts owed to members in respect of profits 559,956 26,690

Members rank ahead of other creditors in a liquidation.