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REGISTERED NUMBER: 04046661 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024

FOR

MIRACLE DESIGN AND PLAY LIMITED

MIRACLE DESIGN AND PLAY LIMITED (REGISTERED NUMBER: 04046661)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024










Page

Company Information 1

Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 5

Statement of Comprehensive Income 8

Statement of Financial Position 9

Statement of Changes in Equity 10

Statement of Cash Flows 11

Notes to the Statement of Cash Flows 12

Notes to the Financial Statements 13


MIRACLE DESIGN AND PLAY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTOR: R G Howard





SECRETARY: J E Howard





REGISTERED OFFICE: The Old Brewery
Towcester Road
Milton Malsor
Northamptonshire
NN7 3AP





REGISTERED NUMBER: 04046661 (England and Wales)





AUDITORS: Shaw Gibbs (Audit) Limited, Statutory Auditor
Eagle House
28 Billing Road
Northampton
Northamptonshire
NN1 5AJ

MIRACLE DESIGN AND PLAY LIMITED (REGISTERED NUMBER: 04046661)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024


The director presents his strategic report for the year ended 30 April 2024.

REVIEW OF BUSINESS
The company is proud to report a gross profit of £4,776k for the year ending 30 April 2024, reflecting steady performance in the face of a challenging market environment. Despite a continuation of slower market activity, the company has demonstrated resilience and adaptability, positioning itself strongly for future growth.

While the rate of material and labour price increases has slowed, the industry has adjusted to a higher cost base. However, through strategic procurement improvements and tight cost management, the company has successfully maintained its margins, ensuring profitability and operational efficiency.

Looking ahead to FY25, the outlook is promising. With signs of market recovery and growing stability in key areas, the company is well-prepared to capitalize on new opportunities.

The Directors consider turnover and gross profit as the primary indicators of the company's success:
- Turnover: Increased by 4.1% to £11,424k.
- Gross Profit: Increased by 4.7% to £4,776k.

PRINCIPAL RISKS AND UNCERTAINTIES
While the company remains confident in its future, it continues to monitor several key risks and uncertainties, including:
- The potential for slower market demand.
- Increasing competition, which reinforces the need for continued innovation and customer focus.

FUTURE DEVELOPMENTS
The company's leadership is committed to sustainable growth and regularly reviews its financial position and project pipeline to stay agile and responsive. For each new venture, careful consideration is given to cash flow, profitability, and economic factors, ensuring the company is well-equipped to navigate challenges while leveraging emerging opportunities.

The company's ability to adapt and innovate ensures that it is not just weathering current market conditions but thriving in them. With strong foundations in place and a clear strategy for the future, the company is excited about its growth prospects and the opportunities ahead.

SIGNED BY ORDER OF THE DIRECTORS:





R G Howard - Director


24 October 2024

MIRACLE DESIGN AND PLAY LIMITED (REGISTERED NUMBER: 04046661)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 30 APRIL 2024


The director presents his report with the financial statements of the company for the year ended 30 April 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of supply and installation of play equipment.

DIVIDENDS
The total distribution of dividends for the year ended 30 April 2024 will be £1,040,000 (2023: £465,000).

FUTURE DEVELOPMENTS
The future developments of the company are addressed in the Strategic Report.

DIRECTOR
R G Howard held office during the whole of the period from 1 May 2023 to the date of this report.

GOING CONCERN
The going concern basis of accounting is appropriate because there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern. In light of the company's existing cash resources and contracts in place, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for at least 12 months from the date of approval of these financial statements.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

MIRACLE DESIGN AND PLAY LIMITED (REGISTERED NUMBER: 04046661)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 30 APRIL 2024


AUDITORS
The auditors, Shaw Gibbs (Audit) Limited, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

SIGNED BY ORDER OF THE DIRECTORS:





R G Howard - Director


24 October 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MIRACLE DESIGN AND PLAY LIMITED


Opinion
We have audited the financial statements of Miracle Design and Play Limited (the 'company') for the year ended 30 April 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 April 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MIRACLE DESIGN AND PLAY LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, United Kingdom Generally Accepted Accounting Practice and relevant Taxation legislation.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management, misstatement of revenue and work in progress valuation. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing meeting minutes, regulatory correspondence and professional fees, detailed substantive testing on income, cut-off testing, detailed testing of work in progress at the start and end of the year, and reviewing accounting estimates for biases.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MIRACLE DESIGN AND PLAY LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Nicola Fox (Senior Statutory Auditor)
for and on behalf of Shaw Gibbs (Audit) Limited, Statutory Auditor
Eagle House
28 Billing Road
Northampton
Northamptonshire
NN1 5AJ

24 October 2024

MIRACLE DESIGN AND PLAY LIMITED (REGISTERED NUMBER: 04046661)

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024 2023
Notes £    £    £    £   

TURNOVER 3 11,423,684 10,975,333

Cost of sales 6,647,221 6,414,032
GROSS PROFIT 4,776,463 4,561,301

Distribution costs 274,314 305,314
Administrative expenses 2,562,694 2,031,659
2,837,008 2,336,973
OPERATING PROFIT 5 1,939,455 2,224,328

Interest receivable and similar income 14,001 1,077
PROFIT BEFORE TAXATION 1,953,456 2,225,405

Tax on profit 6 519,700 452,771
PROFIT FOR THE FINANCIAL YEAR 1,433,756 1,772,634

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,433,756

1,772,634

MIRACLE DESIGN AND PLAY LIMITED (REGISTERED NUMBER: 04046661)

STATEMENT OF FINANCIAL POSITION
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 494,282 583,418

CURRENT ASSETS
Stocks 9 717,499 708,405
Debtors 10 2,891,021 3,070,541
Cash at bank and in hand 2,159,688 2,188,486
5,768,208 5,967,432
CREDITORS
Amounts falling due within one year 11 3,117,239 3,778,026
NET CURRENT ASSETS 2,650,969 2,189,406
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,145,251

2,772,824

PROVISIONS FOR LIABILITIES 13 74,025 95,354
NET ASSETS 3,071,226 2,677,470

CAPITAL AND RESERVES
Called up share capital 14 200 200
Retained earnings 15 3,071,026 2,677,270
SHAREHOLDERS' FUNDS 3,071,226 2,677,470

The financial statements were approved by the director and authorised for issue on 24 October 2024 and were signed by:





R G Howard - Director


MIRACLE DESIGN AND PLAY LIMITED (REGISTERED NUMBER: 04046661)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 May 2022 200 1,369,636 1,369,836

Changes in equity
Profit for the year - 1,772,634 1,772,634
Total comprehensive income - 1,772,634 1,772,634
Dividends - (465,000 ) (465,000 )
Balance at 30 April 2023 200 2,677,270 2,677,470

Changes in equity
Profit for the year - 1,433,756 1,433,756
Total comprehensive income - 1,433,756 1,433,756
Dividends - (1,040,000 ) (1,040,000 )
Balance at 30 April 2024 200 3,071,026 3,071,226

MIRACLE DESIGN AND PLAY LIMITED (REGISTERED NUMBER: 04046661)

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,835,189 1,873,305
Tax paid (790,321 ) (151,863 )
Net cash from operating activities 1,044,868 1,721,442

Cash flows from investing activities
Purchase of tangible fixed assets (54,886 ) (448,816 )
Interest received 14,001 1,077
Net cash from investing activities (40,885 ) (447,739 )

Cash flows from financing activities
Amount introduced by directors 7,219 -
Amount withdrawn by directors - (51,356 )
Equity dividends paid (1,040,000 ) (465,000 )
Net cash from financing activities (1,032,781 ) (516,356 )

(Decrease)/increase in cash and cash equivalents (28,798 ) 757,347
Cash and cash equivalents at
beginning of year

2

2,188,486

1,431,139

Cash and cash equivalents at end of
year

2

2,159,688

2,188,486

MIRACLE DESIGN AND PLAY LIMITED (REGISTERED NUMBER: 04046661)

NOTES TO THE STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2024 2023
£    £   
Profit before taxation 1,953,456 2,225,405
Depreciation charges 144,022 66,971
Loss on disposal of fixed assets - 1,286
Finance income (14,001 ) (1,077 )
2,083,477 2,292,585
Increase in stocks (9,094 ) (319,350 )
Decrease/(increase) in trade and other debtors 172,301 (944,185 )
(Decrease)/increase in trade and other creditors (411,495 ) 844,255
Cash generated from operations 1,835,189 1,873,305

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 30 April 2024
30/4/24 1/5/23
£    £   
Cash and cash equivalents 2,159,688 2,188,486
Year ended 30 April 2023
30/4/23 1/5/22
£    £   
Cash and cash equivalents 2,188,486 1,431,139


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/5/23 Cash flow At 30/4/24
£    £    £   
Net cash
Cash at bank and in hand 2,188,486 (28,798 ) 2,159,688
2,188,486 (28,798 ) 2,159,688
Total 2,188,486 (28,798 ) 2,159,688

MIRACLE DESIGN AND PLAY LIMITED (REGISTERED NUMBER: 04046661)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024


1. STATUTORY INFORMATION

Miracle Design and Play Limited is a private company, limited by shares , registered in England and Wales. 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed within the individual accounting policies below.

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.
Freehold property - 2% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost
Computer equipment - 25% - 33.3% on cost

Fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and equipment.

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The directors are required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The directors consider that the individual carrying values of assets are supportable by their value in use.

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Work in progress is calculated on project costs and work undertaken on specific sites based on the stage of completion of each project using the following percentages:

0% - Not started or project on hold
25% - Kit ordered or stocked
50% - Kit onsite or being installed
75% - Surfacing
100% - Complete

MIRACLE DESIGN AND PLAY LIMITED (REGISTERED NUMBER: 04046661)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of comprehensive income under administrative expenses.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

MIRACLE DESIGN AND PLAY LIMITED (REGISTERED NUMBER: 04046661)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Sale of goods and services 11,423,684 10,975,333
11,423,684 10,975,333

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 11,423,684 10,975,333
11,423,684 10,975,333

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 1,385,507 1,118,223
Social security costs 148,085 123,619
Other pension costs 36,884 30,604
1,570,476 1,272,446

The average number of employees during the year was as follows:
2024 2023

Management 6 6
Sales 7 6
Administration 20 16
33 28

2024 2023
£    £   
Director's remuneration 36,785 30,676

MIRACLE DESIGN AND PLAY LIMITED (REGISTERED NUMBER: 04046661)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


5. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Hire of plant and machinery 6,267 9,372
Other operating leases 67,000 33,500
Depreciation - owned assets 144,022 66,971
Loss on disposal of fixed assets - 1,286
Auditors' remuneration 10,250 -
Auditors' remuneration for non audit work 13,785 -

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 541,030 374,423

Deferred tax (21,330 ) 78,348
Tax on profit 519,700 452,771

UK corporation tax has been charged at 25% (2023 - 19%).

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 1,953,456 2,225,405
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 19%)

488,364

422,827

Effects of:
Expenses not deductible for tax purposes 26,355 11,238
Depreciation in excess of capital allowances 4,981 9,233
Changes in tax rate - 9,473
Total tax charge 519,700 452,771

The rate used for corporation tax and closing deferred tax balances is 25% (2023: 19%). This is in line with the provisions of the Finance Act 2021 for the corporation tax rate from April 2023.

7. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 1,040,000 465,000

MIRACLE DESIGN AND PLAY LIMITED (REGISTERED NUMBER: 04046661)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


8. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 May 2023 190,800 42,677 371,214
Additions - 2,639 11,804
At 30 April 2024 190,800 45,316 383,018
DEPRECIATION
At 1 May 2023 59,784 8,321 39,183
Charge for year 3,816 10,852 93,710
At 30 April 2024 63,600 19,173 132,893
NET BOOK VALUE
At 30 April 2024 127,200 26,143 250,125
At 30 April 2023 131,016 34,356 332,031

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 May 2023 26,646 168,259 799,596
Additions - 40,443 54,886
At 30 April 2024 26,646 208,702 854,482
DEPRECIATION
At 1 May 2023 8,979 99,911 216,178
Charge for year 6,662 28,982 144,022
At 30 April 2024 15,641 128,893 360,200
NET BOOK VALUE
At 30 April 2024 11,005 79,809 494,282
At 30 April 2023 17,667 68,348 583,418

9. STOCKS
2024 2023
£    £   
Work-in-progress 717,499 708,405

MIRACLE DESIGN AND PLAY LIMITED (REGISTERED NUMBER: 04046661)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,229,148 2,713,532
Other debtors 100 181
Directors' current accounts 298 7,517
Prepayments and accrued income 661,475 349,311
2,891,021 3,070,541

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 418,106 392,217
Tax 125,037 374,328
Social security and other taxes 54,038 55,000
VAT 304,266 360,482
Other creditors 5,813 6,298
Accruals and deferred income 2,209,979 2,589,701
3,117,239 3,778,026

12. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 163,338 164,123
Between one and five years 218,111 335,739
381,449 499,862

13. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 74,025 95,354

Deferred
tax
£   
Balance at 1 May 2023 95,354
Credit to Statement of Comprehensive Income during year (21,329 )
Balance at 30 April 2024 74,025

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
200 Ordinary £1 200 200

MIRACLE DESIGN AND PLAY LIMITED (REGISTERED NUMBER: 04046661)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


15. RESERVES
Retained
earnings
£   

At 1 May 2023 2,677,270
Profit for the year 1,433,756
Dividends (1,040,000 )
At 30 April 2024 3,071,026

16. TRANSACTIONS WITH DIRECTORS

The following advances and credits to a director subsisted during the years ended 30 April 2024 and 30 April 2023:

2024 2023
£    £   
R G Howard
Balance outstanding at start of year 7,517 (43,839 )
Amounts advanced 1,033,738 516,356
Amounts repaid (1,040,957 ) (465,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 298 7,517

17. RELATED PARTY DISCLOSURES

During the year, a total of key management personnel compensation of £256,698 (2023: £189,009) was paid.