2023-03-012024-02-292024-02-29false04582474Maggs Optics Limited2024-10-30iso4217:GBPxbrli:pure045824742023-03-01045824742024-02-29045824742023-03-012024-02-29045824742022-03-01045824742023-02-28045824742022-03-012023-02-2804582474bus:SmallEntities2023-03-012024-02-2904582474bus:AuditExempt-NoAccountantsReport2023-03-012024-02-2904582474bus:AbridgedAccounts2023-03-012024-02-2904582474bus:PrivateLimitedCompanyLtd2023-03-012024-02-2904582474core:WithinOneYear2024-02-2904582474core:AfterOneYear2024-02-2904582474core:WithinOneYear2023-02-2804582474core:AfterOneYear2023-02-2804582474core:ShareCapital2024-02-2904582474core:SharePremium2024-02-2904582474core:RevaluationReserve2024-02-2904582474core:OtherReservesSubtotal2024-02-2904582474core:RetainedEarningsAccumulatedLosses2024-02-2904582474core:ShareCapital2023-02-2804582474core:SharePremium2023-02-2804582474core:RevaluationReserve2023-02-2804582474core:OtherReservesSubtotal2023-02-2804582474core:RetainedEarningsAccumulatedLosses2023-02-2804582474core:LandBuildings2024-02-2904582474core:PlantMachinery2024-02-2904582474core:Vehicles2024-02-2904582474core:FurnitureFittings2024-02-2904582474core:OfficeEquipment2024-02-2904582474core:NetGoodwill2024-02-2904582474core:IntangibleAssetsOtherThanGoodwill2024-02-2904582474core:ListedExchangeTraded2024-02-2904582474core:UnlistedNon-exchangeTraded2024-02-2904582474core:LandBuildings2023-02-2804582474core:PlantMachinery2023-02-2804582474core:Vehicles2023-02-2804582474core:FurnitureFittings2023-02-2804582474core:OfficeEquipment2023-02-2804582474core:NetGoodwill2023-02-2804582474core:IntangibleAssetsOtherThanGoodwill2023-02-2804582474core:ListedExchangeTraded2023-02-2804582474core:UnlistedNon-exchangeTraded2023-02-2804582474core:LandBuildings2023-03-012024-02-2904582474core:PlantMachinery2023-03-012024-02-2904582474core:Vehicles2023-03-012024-02-2904582474core:FurnitureFittings2023-03-012024-02-2904582474core:OfficeEquipment2023-03-012024-02-2904582474core:NetGoodwill2023-03-012024-02-2904582474core:IntangibleAssetsOtherThanGoodwill2023-03-012024-02-2904582474core:ListedExchangeTraded2023-03-012024-02-2904582474core:UnlistedNon-exchangeTraded2023-03-012024-02-2904582474core:MoreThanFiveYears2023-03-012024-02-2904582474core:Non-currentFinancialInstruments2024-02-2904582474core:Non-currentFinancialInstruments2023-02-2804582474dpl:CostSales2023-03-012024-02-2904582474dpl:DistributionCosts2023-03-012024-02-2904582474core:LandBuildings2023-03-012024-02-2904582474core:PlantMachinery2023-03-012024-02-2904582474core:Vehicles2023-03-012024-02-2904582474core:FurnitureFittings2023-03-012024-02-2904582474core:OfficeEquipment2023-03-012024-02-2904582474dpl:AdministrativeExpenses2023-03-012024-02-2904582474core:NetGoodwill2023-03-012024-02-2904582474core:IntangibleAssetsOtherThanGoodwill2023-03-012024-02-2904582474dpl:GroupUndertakings2023-03-012024-02-2904582474dpl:ParticipatingInterests2023-03-012024-02-2904582474dpl:GroupUndertakingscore:ListedExchangeTraded2023-03-012024-02-2904582474core:ListedExchangeTraded2023-03-012024-02-2904582474dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2023-03-012024-02-2904582474core:UnlistedNon-exchangeTraded2023-03-012024-02-2904582474dpl:CostSales2022-03-012023-02-2804582474dpl:DistributionCosts2022-03-012023-02-2804582474core:LandBuildings2022-03-012023-02-2804582474core:PlantMachinery2022-03-012023-02-2804582474core:Vehicles2022-03-012023-02-2804582474core:FurnitureFittings2022-03-012023-02-2804582474core:OfficeEquipment2022-03-012023-02-2804582474dpl:AdministrativeExpenses2022-03-012023-02-2804582474core:NetGoodwill2022-03-012023-02-2804582474core:IntangibleAssetsOtherThanGoodwill2022-03-012023-02-2804582474dpl:GroupUndertakings2022-03-012023-02-2804582474dpl:ParticipatingInterests2022-03-012023-02-2804582474dpl:GroupUndertakingscore:ListedExchangeTraded2022-03-012023-02-2804582474core:ListedExchangeTraded2022-03-012023-02-2804582474dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2022-03-012023-02-2804582474core:UnlistedNon-exchangeTraded2022-03-012023-02-2804582474core:NetGoodwill2024-02-2904582474core:IntangibleAssetsOtherThanGoodwill2024-02-2904582474core:LandBuildings2024-02-2904582474core:PlantMachinery2024-02-2904582474core:Vehicles2024-02-2904582474core:FurnitureFittings2024-02-2904582474core:OfficeEquipment2024-02-2904582474core:AfterOneYear2024-02-2904582474core:WithinOneYear2024-02-2904582474core:ListedExchangeTraded2024-02-2904582474core:UnlistedNon-exchangeTraded2024-02-2904582474core:ShareCapital2024-02-2904582474core:SharePremium2024-02-2904582474core:RevaluationReserve2024-02-2904582474core:OtherReservesSubtotal2024-02-2904582474core:RetainedEarningsAccumulatedLosses2024-02-2904582474core:NetGoodwill2023-02-2804582474core:IntangibleAssetsOtherThanGoodwill2023-02-2804582474core:LandBuildings2023-02-2804582474core:PlantMachinery2023-02-2804582474core:Vehicles2023-02-2804582474core:FurnitureFittings2023-02-2804582474core:OfficeEquipment2023-02-2804582474core:AfterOneYear2023-02-2804582474core:WithinOneYear2023-02-2804582474core:ListedExchangeTraded2023-02-2804582474core:UnlistedNon-exchangeTraded2023-02-2804582474core:ShareCapital2023-02-2804582474core:SharePremium2023-02-2804582474core:RevaluationReserve2023-02-2804582474core:OtherReservesSubtotal2023-02-2804582474core:RetainedEarningsAccumulatedLosses2023-02-2804582474core:NetGoodwill2022-03-0104582474core:IntangibleAssetsOtherThanGoodwill2022-03-0104582474core:LandBuildings2022-03-0104582474core:PlantMachinery2022-03-0104582474core:Vehicles2022-03-0104582474core:FurnitureFittings2022-03-0104582474core:OfficeEquipment2022-03-0104582474core:AfterOneYear2022-03-0104582474core:WithinOneYear2022-03-0104582474core:ListedExchangeTraded2022-03-0104582474core:UnlistedNon-exchangeTraded2022-03-0104582474core:ShareCapital2022-03-0104582474core:SharePremium2022-03-0104582474core:RevaluationReserve2022-03-0104582474core:OtherReservesSubtotal2022-03-0104582474core:RetainedEarningsAccumulatedLosses2022-03-0104582474core:AfterOneYear2023-03-012024-02-2904582474core:WithinOneYear2023-03-012024-02-2904582474core:Non-currentFinancialInstrumentscore:CostValuation2023-03-012024-02-2904582474core:Non-currentFinancialInstrumentscore:AdditionsToInvestments2023-03-012024-02-2904582474core:Non-currentFinancialInstrumentscore:RevaluationsIncreaseDecreaseInInvestments2023-03-012024-02-2904582474core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInInvestments2023-03-012024-02-2904582474core:Non-currentFinancialInstrumentscore:ProvidedReleasedInPeriodProvisionsForImpairmentInvestments2023-03-012024-02-2904582474core:Non-currentFinancialInstrumentscore:ImpairmentLossReversalProvisionsForImpairmentInvestments2023-03-012024-02-2904582474core:Non-currentFinancialInstrumentscore:AcquisitionsIncreaseInProvisionsForImpairmentInvestments2023-03-012024-02-2904582474core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInProvisionsForImpairmentInvestments2023-03-012024-02-2904582474core:Non-currentFinancialInstrumentscore:OtherIncreaseDecreaseInProvisionsForImpairmentInvestments2023-03-012024-02-2904582474core:Non-currentFinancialInstrumentscore:CostValuation2024-02-2904582474core:Non-currentFinancialInstrumentscore:AdditionsToInvestments2024-02-2904582474core:Non-currentFinancialInstrumentscore:RevaluationsIncreaseDecreaseInInvestments2024-02-2904582474core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInInvestments2024-02-2904582474core:Non-currentFinancialInstrumentscore:ProvidedReleasedInPeriodProvisionsForImpairmentInvestments2024-02-2904582474core:Non-currentFinancialInstrumentscore:ImpairmentLossReversalProvisionsForImpairmentInvestments2024-02-2904582474core:Non-currentFinancialInstrumentscore:AcquisitionsIncreaseInProvisionsForImpairmentInvestments2024-02-2904582474core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInProvisionsForImpairmentInvestments2024-02-2904582474core:Non-currentFinancialInstrumentscore:OtherIncreaseDecreaseInProvisionsForImpairmentInvestments2024-02-2904582474core:Non-currentFinancialInstrumentscore:CostValuation2023-02-2804582474core:Non-currentFinancialInstrumentscore:AdditionsToInvestments2023-02-2804582474core:Non-currentFinancialInstrumentscore:RevaluationsIncreaseDecreaseInInvestments2023-02-2804582474core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInInvestments2023-02-2804582474core:Non-currentFinancialInstrumentscore:ProvidedReleasedInPeriodProvisionsForImpairmentInvestments2023-02-2804582474core:Non-currentFinancialInstrumentscore:ImpairmentLossReversalProvisionsForImpairmentInvestments2023-02-2804582474core:Non-currentFinancialInstrumentscore:AcquisitionsIncreaseInProvisionsForImpairmentInvestments2023-02-2804582474core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInProvisionsForImpairmentInvestments2023-02-2804582474core:Non-currentFinancialInstrumentscore:OtherIncreaseDecreaseInProvisionsForImpairmentInvestments2023-02-2804582474bus:Director12023-03-012024-02-29045824741bus:Director12023-03-01045824741bus:Director12023-03-012024-02-29045824741bus:Director12024-02-29045824742023-03-01045824742023-03-012024-02-29045824742024-02-29

Maggs Optics Limited

Registered Number
04582474
(England and Wales)

Unaudited Financial Statements for the Year ended
29 February 2024

Maggs Optics Limited
Company Information
for the year from 1 March 2023 to 29 February 2024

Director

Paul Maggs

Registered Address

6 Riverside Arcade
Bridge Street
Haverfordwest
SA61 2AL

Registered Number

04582474 (England and Wales)
Maggs Optics Limited
Balance Sheet as at
29 February 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets3187,644181,819
Investments4124,500124,500
312,144306,319
Current assets
Stocks116,996106,581
Debtors5,6352,099240,257
Cash at bank and on hand100,856150,327
569,951497,165
Creditors amounts falling due within one year7(206,995)(164,827)
Net current assets (liabilities)362,956332,338
Total assets less current liabilities675,100638,657
Creditors amounts falling due after one year8(36,105)(57,949)
Provisions for liabilities9(13,235)(13,943)
Net assets625,760566,765
Capital and reserves
Called up share capital1,1001,100
Profit and loss account624,660565,665
Shareholders' funds625,760566,765
The financial statements were approved and authorised for issue by the Director on 30 October 2024, and are signed on its behalf by:
Paul Maggs
Director
Registered Company No. 04582474
Maggs Optics Limited
Notes to the Financial Statements
for the year ended 29 February 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets, with the exception of freehold property, as follows:

Reducing balance (%)Straight line (years)
Land and buildings-10
Plant and machinery15-
Fixtures and fittings15-
Office Equipment15-
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Stocks and work in progress
Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Government grants or assistance
Receipts in respect of the Coronavirus Job Retention Scheme are accounted for in the period to which they relate.
2.Average number of employees

20242023
Average number of employees during the year2220
3.Tangible fixed assets

Total

£
Cost or valuation
At 01 March 23408,766
Additions21,170
At 29 February 24429,936
Depreciation and impairment
At 01 March 23226,947
Charge for year15,345
At 29 February 24242,292
Net book value
At 29 February 24187,644
At 28 February 23181,819
4.Fixed asset investments

Total

£
Cost or valuation
At 01 March 23124,500
At 29 February 24124,500
Net book value
At 29 February 24124,500
At 28 February 23124,500
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables49,58340,759
Other debtors268,831166,253
Prepayments and accrued income33,68533,245
Total352,099240,257
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
6.Debtors: amounts due after one year
Other debtors includes £13,884 in respect of loans to employees which is repayable in more than one year.
7.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables44,89635,746
Bank borrowings and overdrafts31,33631,336
Taxation and social security69,59944,635
Finance lease and HP contracts7,278-
Other creditors50,63749,959
Accrued liabilities and deferred income3,2493,151
Total206,995164,827
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
8.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts36,10557,949
Total36,10557,949
9.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)13,23513,943
Total13,23513,943
10.Contingent liabilities
The company is a corporate member of Braunlager Developments LLP and is liable to contribute to the assets of the LLP in the event of a winding up before 1st December 2026. The maximum liability in respect of this undertaking is £84,346 (2023 - £84,342). The company does not believe that a winding up of the LLP is probable and has not made provision for this liability at 28 February 2024. The company is a corporate member of A.D. R&D LLP and is liable to contribute to the assets of the LLP in the event of a winding up before 1st December 2026. The maximum liability in respect of this undertaking is £64,092 (2023 - £64,089). The company does not believe that a winding up of the LLP is probable and has not made provision for this liability at 28 February 2024.
11.Directors advances, credits and guarantees

Brought forward

Amount advanced

Amount repaid

Carried forward

££££
Paul Maggs135,173126,63648,065213,744
135,173126,63648,065213,744
A repayment of £42,000 was made on 11 April 2024.
12.Related party transactions
On 11 August 2016 Maggs Optics Limited purchased an annuity contract from Paul Maggs for £100,000. Under the terms of the contract the company will receive annual payments of £295 commencing on the anniversary of the purchase of the annuity and then annually which will increase on an annual basis with the amount increasing by the Retail Price Indexation for the lifetime of Paul Maggs.