| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31st March 2024 |
| for |
| Miracle Property Ltd |
| REGISTERED NUMBER: |
| 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: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 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 |
| Investments | 4 |
| Investment property | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Investments | 7 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 8 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Fair value reserve | 11 |
| Retained earnings | ( |
) | ( |
) |
| ( |
) | ( |
) |
| 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 were approved by the Board of Directors and authorised for issue on |
| 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 |
| 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 |
| Plant and machinery etc | - |
| 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 |
| 3. | TANGIBLE FIXED ASSETS |
| Fixtures |
| and | Motor |
| fittings | vehicles | Totals |
| £ | £ | £ |
| COST |
| At 1st April 2023 |
| and 31st March 2024 |
| DEPRECIATION |
| At 1st April 2023 |
| Charge for year |
| At 31st March 2024 |
| NET BOOK VALUE |
| At 31st March 2024 |
| At 31st March 2023 |
| 4. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1st April 2023 |
| and 31st March 2024 |
| NET BOOK VALUE |
| At 31st March 2024 |
| At 31st March 2023 |
| 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 |
| Disposals | ( |
) |
| Revaluations | (25,000 | ) |
| At 31st March 2024 |
| NET BOOK VALUE |
| At 31st March 2024 |
| At 31st March 2023 |
| 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 |
| Other debtors |
| 7. | CURRENT ASSET INVESTMENTS |
| 2024 | 2023 |
| £ | £ |
| Other |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts |
| Investor Loans |
| Trade creditors |
| Social security and other taxes |
| Other creditors |
| Credit card | 220 | 1,660 |
| Accrued expenses |
| 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 |
| Bounceback loan 2-5yrs | 3,123 | 5,801 |
| Directors' loan accounts | 957,464 | 1,059,458 |
| 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 |
| Revaluation reserve transfer | (84,953 | ) |
| At 31st March 2024 |
| 12. | RELATED PARTY DISCLOSURES |
| The ultimate controlling parties are Mr & Mrs A C McCallum. |