REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
FOR |
MAGUIRE EUROPE SALES LIMITED |
REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
FOR |
MAGUIRE EUROPE SALES LIMITED |
MAGUIRE EUROPE SALES LIMITED (REGISTERED NUMBER: 06557741) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 December 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
MAGUIRE EUROPE SALES LIMITED |
COMPANY INFORMATION |
for the year ended 31 December 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditor |
Unit 2, Charnwood Edge Business Park |
Syston Road |
Leicestershire |
LE7 4UZ |
MAGUIRE EUROPE SALES LIMITED (REGISTERED NUMBER: 06557741) |
BALANCE SHEET |
31 December 2024 |
2024 | 2023 |
Notes | $ | $ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks | 6 |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Other reserves |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
MAGUIRE EUROPE SALES LIMITED (REGISTERED NUMBER: 06557741) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 December 2024 |
1. | STATUTORY INFORMATION |
Maguire Europe Sales Limited is a limited company, registered in England and Wales. Its registered office address is Unit F, Tame Park, Wilnecote, Tamworth, Staffs, B77 5DY and the registered number is 06557741. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are prepared in US Dollars, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest $. |
Turnover |
Turnover is accounted for on a receivable basis and is accounted for at the time that the goods are dispatched. All closing stock therefore consists of stock not yet sold and dispatched. |
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
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 |
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: |
Plant and equipment | 10% per annum |
Fixtures and fittings | 20% per annum |
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss. |
Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. |
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss. |
MAGUIRE EUROPE SALES LIMITED (REGISTERED NUMBER: 06557741) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
Cash and cash equivalents |
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
Basic financial liabilities |
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment. |
Equity instruments |
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. |
Taxation |
The tax expense represents the sum of the currently payable and deferred tax. |
Current tax |
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date. |
Deferred tax |
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Operating leases |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
MAGUIRE EUROPE SALES LIMITED (REGISTERED NUMBER: 06557741) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2024 |
2. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - |
4. | INTANGIBLE FIXED ASSETS |
Computer |
software |
$ |
COST |
At 1 January 2024 |
and 31 December 2024 |
AMORTISATION |
At 1 January 2024 |
Amortisation for year |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and |
machinery | fittings | Totals |
$ | $ | $ |
COST |
At 1 January 2024 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2024 |
DEPRECIATION |
At 1 January 2024 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
6. | STOCKS |
2024 | 2023 |
$ | $ |
Stocks |
MAGUIRE EUROPE SALES LIMITED (REGISTERED NUMBER: 06557741) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2024 |
7. | DEBTORS |
2024 | 2023 |
$ | $ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Tax |
VAT |
Prepayments |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
$ | $ |
Bank Loan |
Trade creditors |
Tax |
Accruals and deferred income |
9. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
$ | $ |
Within one year |
10. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
$ | $ |
Deferred tax | 1,500 | 28,500 |
Other provisions | 110,000 | 110,000 |
Deferred | Dilapidati |
tax | ons |
$ | $ |
Balance at 1 January 2024 |
Provided during year | ( |
) |
Balance at 31 December 2024 |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Auditors' Report was unqualified. |
for and on behalf of |
MAGUIRE EUROPE SALES LIMITED (REGISTERED NUMBER: 06557741) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2024 |
12. | OTHER FINANCIAL COMMITMENTS |
The company offers warranties on some of the products that it sells ranging in periods of up to 5 years. The directors review historic warranty claims made in prior periods and also review the post balance sheet period to ensure that any material warranty claims relating to products sold in the period prior to 31 December 2024 are provided for as and where appropriate. |
13. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
Description | Opening | Amounts | Amounts | Exchange | Closing |
balance | advanced | repaid | restatement | balance |
$ | $ | $ | $ | $ |
Loan to director | 254,650 | - | - | (4,232) | 250,418 |
MAGUIRE EUROPE SALES LIMITED (REGISTERED NUMBER: 06557741) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2024 |
14. | RELATED PARTY DISCLOSURES |
Transactions in relation to related parties during the year are outlined in the table below: |
Sale of goods | Purchase of goods |
2024 | 2023 | 2024 | 2023 |
$ | $ | $ | $ |
Entities with control, joint control or significant influence over the company |
914 |
- |
- |
114,714 |
914 | - | - | 114,714 |
Recharges | Interest payable |
2024 | 2023 | 2024 | 2023 |
$ | $ | $ | $ |
Entities with control, joint control or significant influence over the company |
- |
- |
186,460 |
(103,424 |
) |
Other related parties | 260,598 | 97,947 | - | - |
260,598 | 97,947 | 186,460 | (103,424 | ) |
The following amounts were outstanding at the reporting end date: |
Amounts owed to related parties |
Amounts owed by related parties |
2024 | 2023 | 2024 | 2023 |
$ | $ | $ | $ |
Entities with control, joint control or significant influence over the company |
- |
3,513,541 |
- |
- |
Other related parties | - | - | 24,804 | 4,958 |
- | 3,513,541 | 24,804 | 4,958 |
Included within amounts owed to related parties in the prior year were loans of $2,747,900 which attracted interest at 2%. During 2024, the company completed a debt for equity swap under which $3.7m of new share capital was issued in settlement of outstanding liabilities. This included the repayment of the loan, accrued interest and amounts due to trade creditors. |
No guarantees have been given or received. |
In addition, an amount of $155,202 was recovered from an other related party in respect of a previously written-off bad debt. |
15. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is deemed to be The Spitfire Foundation Limited, registered in the Isle of Man. The Spitfire Foundation is a Trustee of Merebeck settlement. |
The ultimate parent company is Merebeck Limited, a company incorporated in the Isle of Man. The registered office is 2nd Floor, St Mary's Court, 20 Hill Street, Douglas, IM1 1EU, Isle of Man. |