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REGISTERED NUMBER: 05832407 (England and Wales)










Financial Statements

for the Year Ended 31 May 2023

for

Magic Properties Ltd

Magic Properties Ltd (Registered number: 05832407)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Magic Properties Ltd

Company Information
for the Year Ended 31 May 2023







DIRECTORS: A J Duncombe
M L Duncombe





SECRETARY: M L Duncombe





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





REGISTERED NUMBER: 05832407 (England and Wales)





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

Magic Properties Ltd (Registered number: 05832407)

Balance Sheet
31 May 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 3 2,214 3,370

CURRENT ASSETS
Debtors 4 48,681 48,681
Cash at bank 4 26
48,685 48,707
CREDITORS
Amounts falling due within one year 5 (66,554 ) (43,176 )
NET CURRENT (LIABILITIES)/ASSETS (17,869 ) 5,531
TOTAL ASSETS LESS CURRENT
LIABILITIES

(15,655

)

8,901

CREDITORS
Amounts falling due after more than one year 6 - (36,076 )
NET LIABILITIES (15,655 ) (27,175 )

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings (15,657 ) (27,177 )
(15,655 ) (27,175 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 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.

Magic Properties Ltd (Registered number: 05832407)

Balance Sheet - continued
31 May 2023


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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 February 2024 and were signed on its behalf by:





A J Duncombe - Director


Magic Properties Ltd (Registered number: 05832407)

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

1. 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.

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 the cost less estimated residual value of each asset over its estimated useful life.
Improvements to property - 10% on cost
Fixtures and fittings - 25% on reducing balance
Computer equipment - 25% on reducing balance

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

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.

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.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

Magic Properties Ltd (Registered number: 05832407)

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

3. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and Computer
property fittings equipment Totals
£    £    £    £   
COST
At 1 June 2022
and 31 May 2023 8,356 50,266 206 58,828
DEPRECIATION
At 1 June 2022 6,267 48,987 204 55,458
Charge for year 836 320 - 1,156
At 31 May 2023 7,103 49,307 204 56,614
NET BOOK VALUE
At 31 May 2023 1,253 959 2 2,214
At 31 May 2022 2,089 1,279 2 3,370

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 45,081 45,081
Prepayments 3,600 3,600
48,681 48,681

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 7) - 9,750
Other creditors 2,700 4,773
Intercompany loans 13,028 2,034
Directors' loan accounts 49,800 25,126
Accrued expenses 1,026 1,493
66,554 43,176

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans (see note 7) - 36,076

Magic Properties Ltd (Registered number: 05832407)

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

7. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans - 9,750

Amounts falling due between one and two years:
Bank loans - 1-2 years - 9,995

Amounts falling due between two and five years:
Bank loans - 2-5 years - 26,081