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REGISTERED NUMBER: 09034523 (England and Wales)















Unaudited Financial Statements for the Year Ended 31st March 2024

for

Miracle Property Ltd

Miracle Property Ltd (Registered number: 09034523)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Miracle Property Ltd

Company Information
for the Year Ended 31st March 2024







DIRECTORS: Mrs C M McCallum
A C McCallum





REGISTERED OFFICE: C/O OCG Accountants Ltd
Biz Hub Tees Valley
Belasis Hall Technology Park
Billingham
TS23 4EA





REGISTERED NUMBER: 09034523 (England and Wales)





ACCOUNTANTS: OCG Accountants Ltd
Biz Hub Tees Valley
Belasis Hall Technology Park
Coxwold Way
Billingham
Co. Durham
TS23 4EA

Miracle Property Ltd (Registered number: 09034523)

Balance Sheet
31st March 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 3 6,137 8,182
Investments 4 1,100 1,100
Investment property 5 1,069,900 1,569,900
1,077,137 1,579,182

CURRENT ASSETS
Debtors 6 286,323 293,190
Investments 7 3,051 -
Cash at bank 4,505 2,976
293,879 296,166
CREDITORS
Amounts falling due within one year 8 (7,521 ) (55,081 )
NET CURRENT ASSETS 286,358 241,085
TOTAL ASSETS LESS CURRENT LIABILITIES 1,363,495 1,820,267

CREDITORS
Amounts falling due after more than one
year

9

(1,614,830

)

(1,993,783

)

PROVISIONS FOR LIABILITIES (31,168 ) (51,095 )
NET LIABILITIES (282,503 ) (224,611 )

CAPITAL AND RESERVES
Called up share capital 100 106
Fair value reserve 11 132,872 217,825
Retained earnings (415,475 ) (442,542 )
(282,503 ) (224,611 )

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2024 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.

Miracle Property Ltd (Registered number: 09034523)

Balance Sheet - continued
31st March 2024


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 27th March 2025 and were signed on its behalf by:





A C McCallum - Director


Miracle Property Ltd (Registered number: 09034523)

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

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 as modified by the revaluation of certain assets.

TURNOVER
Revenue (described as turnover) is measured at the fair value of the consideration received or receivable and is stated after sales taxes.

Revenue from the provision of serviced accommodation is recognized in the period the service is supplied. Revenue from the sale of property is recognized on exchange of contract when the terms of the sale become unconditional.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance

INVESTMENTS IN SUBSIDIARIES
Investments in subsidiary undertakings are recognised at cost.

FINANCIAL INSTRUMENTS
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, and loans to related parties.

Short term debtors are measured at transaction price, less any impairment. Short term creditors are measured at transaction price.

TAXATION
Tax on profit represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from the profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the year.

Deferred tax is recognized on timing differences between the carrying amounts of assets and liabilities and the corresponding tax bases used to compute taxable profit. Deferred tax liabilities are generally recognized for all taxable timing differences. Deferred tax assets are generally recognized for temporary differences to the extent that it is probable that taxable profits will be available to utilize the timing difference.

Deferred tax liabilities and assets are measured at tax rates that are expected to apply in the period the liability is settled or the asset realized. The measurement of deferred tax liabilities and assets reflects the tax consequences in which the company expects to recover or settle the underlying amount of its assets and liabilities.

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.

Miracle Property Ltd (Registered number: 09034523)

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

1. ACCOUNTING POLICIES - continued

GOING CONCERN
The accounts have been prepared on the assumption that the company is able to carry on business as a
going concern, which the directors consider appropriate having regard to the circumstances outlined in the Notes to the Accounts.

2. EMPLOYEES AND DIRECTORS

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

3. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1st April 2023
and 31st March 2024 13,880 83,630 97,510
DEPRECIATION
At 1st April 2023 11,977 77,351 89,328
Charge for year 476 1,569 2,045
At 31st March 2024 12,453 78,920 91,373
NET BOOK VALUE
At 31st March 2024 1,427 4,710 6,137
At 31st March 2023 1,903 6,279 8,182

4. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1st April 2023
and 31st March 2024 1,100
NET BOOK VALUE
At 31st March 2024 1,100
At 31st March 2023 1,100

Miracle Property Ltd (Registered number: 09034523)

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

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st April 2023 1,569,900
Disposals (475,000 )
Revaluations (25,000 )
At 31st March 2024 1,069,900
NET BOOK VALUE
At 31st March 2024 1,069,900
At 31st March 2023 1,569,900

Fair value at 31st March 2024 is represented by:
£   
Valuation in 2021 118,920
Valuation in 2023 150,000
Valuation in 2024 (25,000 )
Cost 825,980
1,069,900

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by group undertakings 225,134 222,254
Other debtors 61,189 70,936
286,323 293,190

7. CURRENT ASSET INVESTMENTS
2024 2023
£    £   
Other 3,051 -

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 2,677 2,677
Investor Loans - 48,000
Trade creditors 748 134
Social security and other taxes 761 109
Other creditors 215 801
Credit card 220 1,660
Accrued expenses 2,900 1,700
7,521 55,081

Miracle Property Ltd (Registered number: 09034523)

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

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 2-5 years 654,243 928,524
Bounceback loan 2-5yrs 3,123 5,801
Directors' loan accounts 957,464 1,059,458
1,614,830 1,993,783

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Mortgages 654,247 928,524

11. RESERVES
Fair
value
reserve
£   
At 1st April 2023 217,825
Revaluation reserve transfer (84,953 )

At 31st March 2024 132,872

12. RELATED PARTY DISCLOSURES

The ultimate controlling parties are Mr & Mrs A C McCallum.