Miracle Motion Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07060934 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2021

FOR

MIRACLE MOTION LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Chartered Accountants' Report

6

DIRECTOR:

Mr H El Assaad

REGISTERED OFFICE:

10 St Ann street

Salisbury

Wiltshire

SP1 2DN

REGISTERED NUMBER:

07060934 (England and Wales)

ACCOUNTANTS:

Rothmans LLP

Chartered Accountants

10 St Ann Street

Salisbury

Wiltshire

SP1 2DN

BANKERS:

HSBC

Harry Weston Road

Binley

Coventry

CV3 2SH

FIXED ASSETS

Tangible assets

4

314

1,333

CURRENT ASSETS

Stocks

7,144

9,048

Debtors

5

24,351

70,033

Cash at bank

2,981

15,550

34,476

94,631

CREDITORS

Amounts falling due within one year

6

23,392

79,117

NET CURRENT ASSETS

11,084

15,514

TOTAL ASSETS LESS CURRENT LIABILITIES

11,398

16,847

CREDITORS

Amounts falling due after more than one year

7

(49,167

)

-

PROVISIONS FOR LIABILITIES

(60

)

(253

)

NET (LIABILITIES)/ASSETS

(37,829

)

16,594

CAPITAL AND RESERVES

Called up share capital

50

50

Capital redemption reserve

50

50

Retained earnings

(37,929

)

16,494

SHAREHOLDERS' FUNDS

(37,829

)

16,594

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2021 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 23 March 2022 and were signed by:

Mr H El Assaad - Director

1.	STATUTORY INFORMATION

Miracle Motion 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.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Revenue recognition

Revenue is measured at the fair value of the consideration received or receivable for the value of orthopaedic appliances sold to customers during the year.

Revenue is recognised on the provision of goods once the clients have received and approved the delivery of the goods.

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

-

50% on cost and 33% on cost

The assets' residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or of there is an indication of a significant change since the last reporting date.

Government grants

Government grants are recognised in the profit and loss on a receipts basis.

Stocks

The company holds stocks of chairs and beds for re-sale. As these are not subject to either physical or technological obsolescence they are valued at cost.

Stocks are issued on a first in first out basis.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Debtors

Debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired.

Creditors

Creditors are not interest bearing and are stated at their nominal value.

Cash and cash equivalents

These comprise cash at bank and other short-term highly liquid bank deposits.

Going concern

The financial statements have been prepared on a going concern basis, which assumes that the company will continue in existence for the foreseeable future.

The director has declared his intention to continue to support the company for the foreseeable future.

The director considers that in preparing the financial statements he has taken into account all information that could be reasonably be expected to be available. On this basis he considers that it is appropriate to prepare the financial statements on a going concern basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 May 2020

and 30 April 2021

6,496

DEPRECIATION

At 1 May 2020

5,163

Charge for year

1,019

At 30 April 2021

6,182

NET BOOK VALUE

At 30 April 2021

314

At 30 April 2020

1,333

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.21

30.4.20

£

£

Trade debtors

-

54,369

Other debtors

24,351

15,664

24,351

70,033

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.21

30.4.20

£

£

Bank loans and overdrafts

833

-

Trade creditors

13,190

42,652

Taxation and social security

783

6,499

Other creditors

8,586

29,966

23,392

79,117

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.4.21

30.4.20

£

£

Bank loans

49,167

-

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

29,167

-

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

30.4.21

30.4.20

£

£

Within one year

-

5,250

Between one and five years

-

5,610

-

10,860

9.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to the director subsisted during the years ended 30 April 2021 and

30 April 2020:

30.4.21

30.4.20

£

£

Balance outstanding at start of year

-

-

Amounts advanced

11,806

-

Amount repaid

-

-

Balance outstanding at end of year

11,806

-

The loan is repayable on demand and subject to interest at commercial rates.

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Miracle Motion Ltd for the year ended 30 April 2021 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Miracle Motion Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Miracle Motion Ltd and state those matters that we have agreed to state to the director of Miracle Motion Ltd in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Miracle Motion Ltd and its director for our work or for this report.

It is your duty to ensure that Miracle Motion Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Miracle Motion Ltd. You consider that Miracle Motion Ltd 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 financial statements of Miracle Motion Ltd. 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 financial statements.

Rothmans LLP

Chartered Accountants

10 St Ann Street

Salisbury

Wiltshire

SP1 2DN

4 April 2022