REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 July 2023 |
for |
Magic Properties Group LLP |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
Investment property | 5 |
CURRENT ASSETS |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 7 | ( |
) | ( |
) |
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 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. |
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 |
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 |
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 |
Computer equipment | - |
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 |
DEPRECIATION |
At 1 August 2022 |
Charge for year |
At 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
At 31 July 2022 |
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 |
Revaluations | 32,000 |
At 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
At 31 July 2022 |
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 |
Other creditors |
Accrued expenses |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Other loans (see note 8) |
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. |