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REGISTERED NUMBER: 11194051 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Magic Touch Estates Ltd

Magic Touch Estates Ltd (Registered number: 11194051)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Magic Touch Estates Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTOR: M K Khanna





REGISTERED OFFICE: 354 Jersey Road
Osterley
Isleworth
Middlesex
TW7 5PL





REGISTERED NUMBER: 11194051 (England and Wales)





ACCOUNTANTS: SK Associates Ltd
1 Agincourt Villas
Uxbridge Road
Hillingdon
Middlesex
UB10 0NX

Magic Touch Estates Ltd (Registered number: 11194051)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,328,710 2,209,487

CURRENT ASSETS
Debtors 5 16,570 2,360
Prepayments and accrued income 1,144 1,710
Cash at bank 41,915 113,414
59,629 117,484
CREDITORS
Amounts falling due within one year 6 1,003,988 950,454
NET CURRENT LIABILITIES (944,359 ) (832,970 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,384,351

1,376,517

CREDITORS
Amounts falling due after more than
one year

7

(531,606

)

(552,920

)

PROVISIONS FOR LIABILITIES (133,378 ) (133,378 )
NET ASSETS 719,367 690,219

Magic Touch Estates Ltd (Registered number: 11194051)

Balance Sheet - continued
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 9 568,611 568,611
Retained earnings 150,656 121,508
719,367 690,219

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 24 March 2025 and were signed by:





M K Khanna - Director


Magic Touch Estates Ltd (Registered number: 11194051)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Magic Touch Estates Ltd 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.

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.

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

Magic Touch Estates Ltd (Registered number: 11194051)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS
Land and
buildings
£   
COST
At 1 April 2023 2,209,487
Additions 119,223
At 31 March 2024 2,328,710
NET BOOK VALUE
At 31 March 2024 2,328,710
At 31 March 2023 2,209,487

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 16,570 2,360

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 44,358 65,113
Trade creditors - 360
Taxation and social security 11,554 10,064
Other creditors 948,076 874,917
1,003,988 950,454

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans 531,606 552,920

8. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Bank loans 575,964 618,033

Magic Touch Estates Ltd (Registered number: 11194051)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

9. RESERVES
Revaluatio
reserve
£   
At 1 April 2023
and 31 March 2024 568,611

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

31.3.24 31.3.23
£    £   
M K Khanna
Balance outstanding at start of year 139,403 1,293
Amounts advanced 34,661 138,110
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 174,064 139,403

11. RELATED PARTY DISCLOSURES

At the balance sheet date included in other creditors is a loan of £655,000 (2023 - £655,000) from a company under the common control of the director. Also included in other creditors is a loan of £65,000 (2023 - £65,000) from a shareholder. These loans are unsecured and are repayable on demand.