| REGISTERED NUMBER: |
| MAGGS BROS. LIMITED |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| REGISTERED NUMBER: |
| MAGGS BROS. LIMITED |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| MAGGS BROS. LIMITED (REGISTERED NUMBER: 02849501) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| MAGGS BROS. LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants |
| Statutory Auditor |
| 69-71 East Street |
| Epsom |
| Surrey |
| KT17 1BP |
| MAGGS BROS. LIMITED (REGISTERED NUMBER: 02849501) |
| BALANCE SHEET |
| 30 SEPTEMBER 2024 |
| 30.9.24 | 30.9.23 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Prepayments and accrued income |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 10 |
| Share premium |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| MAGGS BROS. LIMITED (REGISTERED NUMBER: 02849501) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| Maggs Bros. Limited is a |
| The presentation currency of the financial statements is Pound Sterling (£) and the financial statements have been rounded to the nearest pound. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Impairment of stock |
| At each financial year-end, the Company recognises an impairment provision against stock. The provision recognised is set at a fixed percentage based on the ageing of the stock. |
| Impairment of freehold property |
| Tangible fixed assets are measured at historic cost less depreciation. As required by FRS 102 the directors are required to assess whether there are any indicators of an impairment of fixed assets and where such indicators are identified they are required to undertake a full impairment review to determine whether the recoverable amount, representing the higher of value in use and fair value less costs to sell, is lower than the carrying amount in the financial statements. |
| Where tangible fixed assets have been impaired in prior periods, the directors assess whether there are any indicators of a reversal of the impairment provision. |
| The easing of Covid-19 lockdown restrictions and the shift back to office working are such indicators of a reversal of prior period impairments. The directors have considered the risk of a reversal of the impairment of freehold property based on comparing its carrying amount with the recoverable amount, which they have judged to be its fair value less costs to sell since this is greater than its value in use. |
| Therefore the directors have estimated the value of freehold property based on informal valuations obtained from an external property consultant. These valuations are made on a rental value basis. The primary source of evidence for the valuations is recent, comparable market transactions on an arms length basis, adjusted to reflect the specific conditions and nature of the freehold property held by the Company. In making these adjustments, judgment is applied in estimating the rental value and rental yield of the property for the purposes of determining its valuation. |
| The directors have also estimated the costs to sell the property based on their knowledge of market conditions. |
| Any adjustment to these assumptions could lead to a material change in the fair value of the freehold property and therefore impact their judgment over the value of impairment of the asset. |
| MAGGS BROS. LIMITED (REGISTERED NUMBER: 02849501) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Revenue recognition |
| Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of returns, discounts and rebates allowed by the company and value added taxes. |
| The company recognises revenue when (a) the significant risks and rewards of ownership have been transferred to the buyer; (b) the company retains no continuing involvement or control over the goods; (c) the amount of revenue can be measured reliably; (d) it is probable that future economic benefits will flow to the entity and (e) when the specific criteria relating to each of the company's sales channels have been met, as described below. |
| a) Sale of goods. |
| Sales of goods are recognised on sale to the customer, which is considered the point of despatch from the office or collected. Sales can be either on cash or credit terms. |
| b) Sale of service |
| The company provides valuation, sales and purchase in auctions for customers. Revenue is recognised in the accounting period in which the services are rendered when the outcome of the contract have been fulfilled. Sales are usually on credit terms. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Tangible fixed assets |
| Freehold property | - |
| Short leasehold | - |
| Fixtures and fittings | - |
| Computer equipment | - |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
| MAGGS BROS. LIMITED (REGISTERED NUMBER: 02849501) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Pension costs and other post-retirement benefits |
| The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. |
| The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds. |
| Going concern |
| The accounts have been prepared on the going concern basis. The Company has sufficient financial resources together with long-term contracts and a net asset position. As a consequence, the directors believe that the Company is well placed to manage its business risks successfully. |
| The directors confirm they have complied with these requirements and, having a reasonable expectation that the Company has adequate resources to continue in operational existence for at least the next twelve months from the signing of these financial statements. |
| Interest receivable and similar income |
| Interest receivable and similar income is recognised using the effective interest method. |
| Interest payable and similar expenses |
| Interest payable and similar expenses are charged to the Income Statement over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. |
| Debtors |
| Debtors are measured at transaction price less impairment. |
| Cash at bank |
| Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. |
| Creditors |
| Creditors are measured at transaction price less impairment. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
| MAGGS BROS. LIMITED (REGISTERED NUMBER: 02849501) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Computer |
| software |
| £ |
| COST |
| At 1 October 2023 |
| Additions |
| At 30 September 2024 |
| AMORTISATION |
| At 1 October 2023 |
| Amortisation for year |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Freehold | Short | and | Computer |
| property | leasehold | fittings | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 October 2023 |
| Additions |
| At 30 September 2024 |
| DEPRECIATION |
| At 1 October 2023 |
| Charge for year |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| Depreciation of freehold properties as disclosed above includes a cumulative impairment provision of £1,782,614 (2023: £1,782,614). |
| MAGGS BROS. LIMITED (REGISTERED NUMBER: 02849501) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Trade debtors |
| VAT |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Trade creditors |
| Tax |
| Social security and other taxes |
| Other creditors |
| Accrued expenses |
| Included in other creditors are amounts owing to the directors of the company totalling £Nil (2023: £49,774) and an amount owing to a family member of a director totalling £Nil (2023: £16,365). All amounts owed are repayable on demand and carry an interest rate of 1% per annum. |
| A Guarantee dated 16/03/2022 for £50,000.00, plus interest and costs, provided by Edward Francis Maggs, in support of the liabilities of Maggs Bros Ltd. |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Preference shares | 125,000 | 125,000 |
| Amounts falling due in more than five years: |
| Repayable otherwise than by instalments |
| Preference shares |
| 9. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Within one year |
| Between one and five years |
| In more than five years |
| MAGGS BROS. LIMITED (REGISTERED NUMBER: 02849501) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 10. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 30.9.24 | 30.9.23 |
| value: | £ | £ |
| 300 (2023 - 300) Management |
| shares of £1 each | 1 | 300 | 300 |
| Shares classified as debt | Nominal value | 30.9.24 | 30.9.23 |
| Allowed, called up and fully paid | £ | £ |
| 75,000 (2023 - 75,000) Preference shares of £1 each | £1 | 75,000 | 75,000 |
| 50,000 (2023 - 50,000) Ordinary shares of £1 each | £1 | 50,000 | 50,000 |
| 125,000 | 125,000 |
| The preference shareholders have a right to receive a cumulative dividend of 5% per annum in priority to the payment of any dividend to the ordinary or management shareholders. The ordinary shareholders have a right to a non cumulative dividend of 5% in priority to any payment to the management shareholders but after payment of any dividend due to preference shareholders. |
| In the event of a winding up, the assets of the Company will be applied first in repayment in full of the capital paid upon the preference shares and a sum equal to the arrears of the preference dividend whether or not declared, second in repayment in full of the capital paid up on the ordinary shares and lastly the balance will be distributed amongst the holders of the management shares. |
| 11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 12. | PENSION COMMITMENTS |
| The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £139,021. Contributions totalling £12,270 were payable to the fund at the Statement of Financial Position date. |
| 13. | RELATED PARTY DISCLOSURES |
| During the year, the company sold £14,525 and purchased £96 worth of goods from the directors. All transactions were conducted at arm's length. |
| Included in trade debtors are amount owing from family members of directors totalling £472 and an amount owing from the directors totalling £5,362. |
| Included in trade creditors are amount owing to family members of the directors totalling £150,000 and an amount owing from the directors totalling £1,748. |
| 14. | POST BALANCE SHEET EVENTS |
| There have been no significant events affecting the Company since year end. |
| MAGGS BROS. LIMITED (REGISTERED NUMBER: 02849501) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 15. | ULTIMATE CONTROLLING PARTY |
| The Company is owned and controlled by Maggs Bros Employee Trust. |