2024-03-012025-02-282025-02-28false04582474Maggs Optics 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Maggs Optics Limited

Registered Number
04582474
(England and Wales)

Unaudited Financial Statements for the Year ended
28 February 2025

Maggs Optics Limited
Company Information
for the year from 1 March 2024 to 28 February 2025

Director

P Maggs

Registered Address

6 Riverside Arcade
Bridge Street
Haverfordwest
SA61 2AL

Registered Number

04582474 (England and Wales)
Maggs Optics Limited
Balance Sheet as at
28 February 2025

Notes

2025

2024

£

£

£

£

Fixed assets
Tangible assets4260,439187,644
Investments5124,500124,500
384,939312,144
Current assets
Stocks6123,453116,996
Debtors7,8456,184351,334
Cash at bank and on hand76,944100,856
656,581569,186
Creditors amounts falling due within one year9(199,027)(206,230)
Net current assets (liabilities)457,554362,956
Total assets less current liabilities842,493675,100
Creditors amounts falling due after one year10(66,858)(36,105)
Provisions for liabilities13(12,340)(13,235)
Net assets763,295625,760
Capital and reserves
Called up share capital1,1001,100
Profit and loss account762,195624,660
Shareholders' funds763,295625,760
The financial statements were approved and authorised for issue by the Director on 17 April 2025, and are signed on its behalf by:
P Maggs
Director
Registered Company No. 04582474
Maggs Optics Limited
Notes to the Financial Statements
for the year ended 28 February 2025

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.
Revenue from rendering of services
Revenue 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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Interest income
Interest income is recognised upon receipt.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
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).
2.Average number of employees

20252024
Average number of employees during the year2222
3.Deferred tax
Increases in the UK Corporation tax rate from 19% to 25% (19% effective from 1 April 2017, and 25% effective from 1 April 2023) have been substantively enacted. This will impact the company's future tax charge accordingly. The value of the deferred tax assets at the balance sheet date has been calculated using the applicable rate when the asset is expected to be realised.
4.Tangible fixed assets

Land & buildings

Plant & machinery

Fixtures & fittings

Office Equipment

Total

£££££
Cost or valuation
At 01 March 24109,321226,16859,93434,514429,937
Additions79,8566,095-1,22287,173
At 28 February 25189,177232,26359,93435,736517,110
Depreciation and impairment
At 01 March 248,038153,28752,52728,441242,293
Charge for year86611,3711,1111,03014,378
At 28 February 258,904164,65853,63829,471256,671
Net book value
At 28 February 25180,27367,6056,2966,265260,439
At 29 February 24101,28372,8817,4076,073187,644
5.Fixed asset investments

Other investments1

Total

££
Cost or valuation
At 01 March 24124,500124,500
At 28 February 25124,500124,500
Net book value
At 28 February 25124,500124,500
At 29 February 24124,500124,500

Notes

1Other investments other than loans
6.Stocks

2025

2024

££
Raw materials and consumables123,453116,996
Total123,453116,996
7.Debtors: amounts due within one year

2025

2024

££
Trade debtors / trade receivables46,54849,583
Other debtors348,353241,547
Prepayments and accrued income61,28360,204
Total456,184351,334
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.
8.Debtors: amounts due after one year
Other debtors includes £11,041 (2024 - £13,884) in respect of loans to employees which is repayable in more than one year.
9.Creditors: amounts due within one year

2025

2024

££
Trade creditors / trade payables44,97444,896
Bank borrowings and overdrafts29,23831,336
Taxation and social security81,47268,834
Finance lease and HP contracts8,0717,278
Other creditors32,07250,637
Accrued liabilities and deferred income3,2003,249
Total199,027206,230
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.
10.Creditors: amounts due after one year

2025

2024

££
Bank borrowings and overdrafts49,12726,613
Other creditors17,7319,492
Total66,85836,105
11.Secured creditors
The net book value of assets held under finance leases amounts to £28,027 (2024 - £32,973).
12.Obligations under finance leases

2025

2024

££
Finance lease and HP contracts17,7319,492
13.Provisions for liabilities

2025

2024

££
Net deferred tax liability (asset)12,34013,235
Total12,34013,235
14.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 2027. The maximum liability in respect of this undertaking is £84,346 (2024 - £84,346). 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 2025. 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 2027. The maximum liability in respect of this undertaking is £64,092 (2024 - £64,092). 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 2025.
15.Directors advances, credits and guarantees

Brought forward

Amount advanced

Amount repaid

Carried forward

££££
P Maggs213,74480,1554,358289,541
213,74480,1554,358289,541
16.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.
17.Controlling party
The company is controlled by Mr P Maggs by virtue of his 100% shareholding.