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Registration number: 10471711

Magico Properties Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Magico Properties Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 8

 

Magico Properties Limited

Company Information

Director

Ms M Lewko-Brzeska

Registered office

Suite A4, Skylon Court
Coldnose Road
Rotherwas
Hereford
HR2 6JS

Accountants

Boon and Worth Limited
Suite A4, Skylon Court
Coldnose Road
Rotherwas
Hereford
HR2 6JS

 

Magico Properties Limited

(Registration number: 10471711)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

242

374

Investment property

5

864,709

706,098

 

864,951

706,472

Current assets

 

Debtors

9,273

7,472

Cash at bank and in hand

 

3,666

8,571

 

12,939

16,043

Creditors: Amounts falling due within one year

6

(112,512)

(103,002)

Net current liabilities

 

(99,573)

(86,959)

Total assets less current liabilities

 

765,378

619,513

Creditors: Amounts falling due after more than one year

6

(523,731)

(431,456)

Provisions for liabilities

(53,724)

(46,471)

Net assets

 

187,923

141,586

Capital and reserves

 

Called up share capital

7

2

2

Retained earnings

187,921

141,584

Shareholders' funds

 

187,923

141,586

 

Magico Properties Limited

(Registration number: 10471711)
Balance Sheet as at 30 November 2023

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 5 August 2024
 

.........................................
Ms M Lewko-Brzeska
Director

 

Magico Properties Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Suite A4, Skylon Court
Coldnose Road
Rotherwas
Hereford
HR2 6JS
England

These financial statements were authorised for issue by the director on 5 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Magico Properties Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Investment property

Investment property is shown at the most recent valuation, which the directors deem to be its fair value. Any agregate surplus or deficit arising from changes in fair value is recognised in profit and loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

Magico Properties Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

4

Tangible assets

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 December 2022

528

528

At 30 November 2023

528

528

Depreciation

At 1 December 2022

154

154

Charge for the year

132

132

At 30 November 2023

286

286

Carrying amount

At 30 November 2023

242

242

At 30 November 2022

374

374

 

Magico Properties Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

5

Investment properties

2023
£

At 1 December

706,098

Additions

120,437

Fair value adjustments

38,174

At 30 November

864,709

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

7

7

Accruals and deferred income

 

2,123

1,680

Other creditors

 

110,382

101,315

 

112,512

103,002

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

523,731

431,456

 

Magico Properties Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

         

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

523,731

431,456

Current loans and borrowings

2023
£

2022
£

Bank overdrafts

7

7

9

Related party transactions

Transactions with the director

2023

At 1 December 2022
£

Advances to director
£

Repayments by director
£

At 30 November 2023
£

Ms M Lewko-Brzeska

(70,651)

50,002

(49,200)

(69,849)

2022

At 1 December 2021
£

Advances to director
£

Repayments by director
£

At 30 November 2022
£

Ms M Lewko-Brzeska

(123,254)

60,000

(7,398)

(70,651)