1 November 2023 false Taxfiler 2024.6 07398242business:PrivateLimitedCompanyLtd2023-11-012024-10-31 073982422023-10-31 073982422023-11-012024-10-31 07398242business:AuditExemptWithAccountantsReport2023-11-012024-10-31 07398242business:FilletedAccounts2023-11-012024-10-31 073982422024-10-31 07398242business:Director12023-11-012024-10-31 07398242business:RegisteredOffice2023-11-012024-10-31 073982422023-10-31 07398242core:WithinOneYear2024-10-31 07398242core:WithinOneYear2023-10-31 07398242core:AfterOneYear2024-10-31 07398242core:AfterOneYear2023-10-31 07398242core:ShareCapitalcore:PreviouslyStatedAmount2024-10-31 07398242core:ShareCapitalcore:PreviouslyStatedAmount2023-10-31 07398242core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2024-10-31 07398242core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2023-10-31 07398242core:PreviouslyStatedAmount2024-10-31 07398242core:PreviouslyStatedAmount2023-10-31 07398242business:SmallEntities2023-11-012024-10-31 07398242countries:EnglandWales2023-11-012024-10-31 07398242core:PlantMachinery2023-11-012024-10-31 07398242core:MotorVehicles2023-11-012024-10-31 07398242core:PlantMachinery2023-10-31 07398242core:MotorVehicles2023-10-31 07398242core:PlantMachinery2024-10-31 07398242core:MotorVehicles2024-10-31 07398242business:OrdinaryShareClass12023-11-012024-10-31 07398242business:OrdinaryShareClass12022-11-012023-10-31 073982422022-11-012023-10-31 iso4217:GBP xbrli:shares xbrli:pure
Company Registration No. 07398242 (England and Wales)
Magnificent Property Solutions Limited Unaudited accounts for the year ended 31 October 2024
Magnificent Property Solutions Limited Unaudited accounts Contents
Page
Company information
3
Accountants' report
4
Statement of financial position
5
Notes to the accounts
6
- 2 -
Magnificent Property Solutions Limited Company Information for the year ended 31 October 2024
Director
Julius Olusegun Adeniji
Company Number
07398242 (England and Wales)
Registered Office
5 Brayford Square London E1 0SG England
Accountants
Ease Accounting Associates UK Limited Chartered Accountants Base Point Dartford Business Park 54 Victoria Road DARTFORD Kent DA1 5FS
- 3 -
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Magnificent Property Solutions Limited for the year ended 31 October 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Magnificent Property Solutions Limited for the year ended 31 October 2024 as set out on pages 5 - 7 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.
This report is made solely to the Board of Directors of Magnificent Property Solutions Limited, as a body, in accordance with the terms of our engagement letter dated 17 March 2025. Our work has been undertaken solely to prepare for your approval the accounts of Magnificent Property Solutions Limited and state those matters that we have agreed to state to the Board of Directors of Magnificent Property Solutions Limited, as a body, in this report in accordance with AAF 07/16 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Magnificent Property Solutions Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Magnificent Property Solutions Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Magnificent Property Solutions Limited. You consider that Magnificent Property Solutions Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Magnificent Property Solutions Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Ease Accounting Associates UK Limited Chartered Accountants Chartered Accountants Base Point Dartford Business Park 54 Victoria Road DARTFORD Kent DA1 5FS 16 October 2025
- 4 -
Magnificent Property Solutions Limited Statement of financial position as at 31 October 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
4
3,578 
4,363 
Current assets
Debtors
5
30,779 
30,779 
Cash at bank and in hand
5,540 
6,151 
36,319 
36,930 
Creditors: amounts falling due within one year
6
(53,624)
(32,940)
Net current (liabilities)/assets
(17,305)
3,990 
Total assets less current liabilities
(13,727)
8,353 
Creditors: amounts falling due after more than one year
7
(5,834)
(15,301)
Net liabilities
(19,561)
(6,948)
Capital and reserves
Called up share capital
8
1,000 
1,000 
Profit and loss account
(20,561)
(7,948)
Shareholders' funds
(19,561)
(6,948)
For the year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 16 October 2025 and were signed on its behalf by
Julius Olusegun Adeniji Director Company Registration No. 07398242
- 5 -
Magnificent Property Solutions Limited Notes to the Accounts for the year ended 31 October 2024
1
Statutory information
Magnificent Property Solutions Limited is a private company, limited by shares, registered in England and Wales, registration number 07398242. The registered office is 5 Brayford Square, London, E1 0SG, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
18% Reducing Balance
Motor vehicles
18% Reducing Balance
4
Tangible fixed assets
Plant & machinery 
Motor vehicles 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 November 2023
17,092 
11,205 
28,297 
At 31 October 2024
17,092 
11,205 
28,297 
Depreciation
At 1 November 2023
14,773 
9,161 
23,934 
Charge for the year
417 
368 
785 
At 31 October 2024
15,190 
9,529 
24,719 
Net book value
At 31 October 2024
1,902 
1,676 
3,578 
At 31 October 2023
2,319 
2,044 
4,363 
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
10,962 
10,962 
Other debtors
19,817 
19,817 
30,779 
30,779 
- 6 -
Magnificent Property Solutions Limited Notes to the Accounts for the year ended 31 October 2024
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
10,000 
10,533 
Trade creditors
2,662 
2,662 
Other creditors
4,166 
4,166 
Loans from directors
35,091 
14,399 
Accruals
1,705 
1,180 
53,624 
32,940 
7
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
5,834 
15,301 
8
Share capital
2024 
2023 
£ 
£ 
Allotted, called up and fully paid:
1,000 Ordinary shares of £1 each
1,000 
1,000 
9
Average number of employees
During the year the average number of employees was 0 (2023: 0).
- 7 -