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REGISTERED NUMBER: SC705361 (Scotland)






















Unaudited Financial Statements

for the Year Ended 31 July 2023

for

Magical Boltholes Limited

Magical Boltholes Limited (Registered number: SC705361)






Contents of the Financial Statements
for the year ended 31 July 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3

Chartered Accountants' Report 6

Magical Boltholes Limited

Company Information
for the year ended 31 July 2023







DIRECTORS: P S O'Connor
A O'Connor





REGISTERED OFFICE: The Buttery
Knockdon
Maybole
South Ayrshire
KA19 8EH





REGISTERED NUMBER: SC705361 (Scotland)





ACCOUNTANTS: Bennett Brooks & Co Limited
Chartered Accountants
St George's Court
Winnington Avenue
Northwich
Cheshire
CW8 4EE

Magical Boltholes Limited (Registered number: SC705361)

Balance Sheet
31 July 2023

2023 2022
Notes £ £
FIXED ASSETS
Tangible assets 4 6,451 8,064
Investment property 5 657,080 651,692
663,531 659,756

CURRENT ASSETS
Debtors 6 8,790 1,239
Cash at bank and in hand 8,914 6,409
17,704 7,648
CREDITORS
Amounts falling due within one year 7 (680,378 ) (679,120 )
NET CURRENT LIABILITIES (662,674 ) (671,472 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

857

(11,716

)

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 757 (11,816 )
SHAREHOLDERS' FUNDS 857 (11,716 )

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

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

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 April 2024 and were signed on its behalf by:





P S O'Connor - Director


Magical Boltholes Limited (Registered number: SC705361)

Notes to the Financial Statements
for the year ended 31 July 2023

1. STATUTORY INFORMATION

Magical Boltholes Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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 Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The validity of this assumption depends on the continued support of the company's directors and related parties. Whilst the balance sheet shows net liabilities, the directors believe that it is appropriate for the financial statements to be prepared on a going concern basis.

Turnover
Turnover represents net services representing rental income, excluding value added tax in the UK.
Turnover is recognised when a right to consideration has been obtained through performance under each contract.

Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Fixtures and fittings - 5 year 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 and presented within "Other operating gains/(losses)".

The investment property is not depreciated.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Magical Boltholes Limited (Registered number: SC705361)

Notes to the Financial Statements - continued
for the year ended 31 July 2023

2. ACCOUNTING POLICIES - continued

Cash and cash equivalents
Cash and cash equivalents includes cash in hand, cash held with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs.

Short term debtors and creditors
Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the Income Statement.

Share capital
Ordinary shares are classed as equity.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£
COST
At 1 August 2022
and 31 July 2023 9,442
DEPRECIATION
At 1 August 2022 1,378
Charge for year 1,613
At 31 July 2023 2,991
NET BOOK VALUE
At 31 July 2023 6,451
At 31 July 2022 8,064

5. INVESTMENT PROPERTY
Total
£
FAIR VALUE
At 1 August 2022 651,692
Additions 5,388
At 31 July 2023 657,080
NET BOOK VALUE
At 31 July 2023 657,080
At 31 July 2022 651,692

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade debtors 1,752 -
Other debtors 7,038 1,239
8,790 1,239

Magical Boltholes Limited (Registered number: SC705361)

Notes to the Financial Statements - continued
for the year ended 31 July 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade creditors 1,474 -
Amounts owed to group undertakings - 659,420
Taxation and social security 1,484 1,200
Other creditors 677,420 18,500
680,378 679,120

8. ULTIMATE CONTROLLING PARTY

The directors consider there to be no ultimate controlling party.

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Magical Boltholes Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Magical Boltholes Limited for the year ended 31 July 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Magical Boltholes Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Magical Boltholes Limited and state those matters that we have agreed to state to the Board of Directors of Magical Boltholes Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Magical Boltholes Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Magical Boltholes Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Magical Boltholes Limited. You consider that Magical Boltholes Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Magical Boltholes Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Bennett Brooks & Co Limited
Chartered Accountants
St George's Court
Winnington Avenue
Northwich
Cheshire
CW8 4EE


18 April 2024