IRIS Accounts Production v25.1.3.33 06557741 Board of Directors 1.1.24 31.12.24 31.12.24 30/6/2025 0 false true false false false true false Auditors Opinion iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh065577412023-12-31065577412024-12-31065577412024-01-012024-12-31065577412022-12-31065577412023-01-012023-12-31065577412023-12-3106557741ns15:EnglandWales2024-01-012024-12-3106557741ns14:USDollar2024-01-012024-12-3106557741ns10:Director12024-01-012024-12-3106557741ns10:PrivateLimitedCompanyLtd2024-01-012024-12-3106557741ns10:SmallEntities2024-01-012024-12-3106557741ns10:Audited2024-01-012024-12-3106557741ns10:SmallCompaniesRegimeForDirectorsReport2024-01-012024-12-3106557741ns10:SmallCompaniesRegimeForAccounts2024-01-012024-12-3106557741ns10:FullAccounts2024-01-012024-12-310655774112024-01-012024-12-3106557741ns10:Director22024-01-012024-12-3106557741ns10:RegisteredOffice2024-01-012024-12-3106557741ns5:CurrentFinancialInstruments2024-12-3106557741ns5:CurrentFinancialInstruments2023-12-3106557741ns5:ShareCapital2024-12-3106557741ns5:ShareCapital2023-12-3106557741ns5:CapitalRedemptionReserve2024-12-3106557741ns5:CapitalRedemptionReserve2023-12-3106557741ns5:RetainedEarningsAccumulatedLosses2024-12-3106557741ns5:RetainedEarningsAccumulatedLosses2023-12-3106557741ns5:IntangibleAssetsOtherThanGoodwill2024-01-012024-12-3106557741ns5:ComputerSoftware2024-01-012024-12-3106557741ns5:ComputerSoftware2023-12-3106557741ns5:ComputerSoftware2024-12-3106557741ns5:ComputerSoftware2023-12-3106557741ns5:PlantMachinery2023-12-3106557741ns5:FurnitureFittings2023-12-3106557741ns5:PlantMachinery2024-01-012024-12-3106557741ns5:FurnitureFittings2024-01-012024-12-3106557741ns5:PlantMachinery2024-12-3106557741ns5:FurnitureFittings2024-12-3106557741ns5:PlantMachinery2023-12-3106557741ns5:FurnitureFittings2023-12-3106557741ns5:WithinOneYearns5:CurrentFinancialInstruments2024-12-3106557741ns5:WithinOneYearns5:CurrentFinancialInstruments2023-12-3106557741ns5:Non-currentFinancialInstruments2024-12-3106557741ns5:Non-currentFinancialInstruments2023-12-3106557741ns5:WithinOneYear2024-12-3106557741ns5:WithinOneYear2023-12-3106557741ns5:DeferredTaxation2023-12-3106557741ns5:OtherProvisionsContingentLiabilities2023-12-3106557741ns5:DeferredTaxation2024-01-012024-12-3106557741ns5:OtherProvisionsContingentLiabilities2024-01-012024-12-3106557741ns5:DeferredTaxation2024-12-3106557741ns5:OtherProvisionsContingentLiabilities2024-12-31
REGISTERED NUMBER: 06557741 (England and Wales)












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: Mr P Edmondson
Mr C K Crittenden





REGISTERED OFFICE: Unit F
Tame Park Vanguard
Tamworth
B77 5DY





REGISTERED NUMBER: 06557741 (England and Wales)





AUDITORS: Magma Audit LLP (part of the Dains Group)
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 - 97,100
Tangible assets 5 14,647 17,683
14,647 114,783

CURRENT ASSETS
Stocks 6 1,940,079 2,417,275
Debtors 7 1,563,431 2,063,783
Cash at bank and in hand 1,237,930 742,686
4,741,440 5,223,744
CREDITORS
Amounts falling due within one year 8 (212,184 ) (4,332,718 )
NET CURRENT ASSETS 4,529,256 891,026
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,543,903

1,005,809

PROVISIONS FOR LIABILITIES 10 (111,500 ) (138,500 )
NET ASSETS 4,432,403 867,309

CAPITAL AND RESERVES
Called up share capital 3,852,360 152,360
Other reserves 396,124 396,124
Retained earnings 183,919 318,825
SHAREHOLDERS' FUNDS 4,432,403 867,309

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 June 2025 and were signed on its behalf by:





Mr P Edmondson - Director


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
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.

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.

Computer software is being amortised evenly over its estimated useful life of three years.

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 equipment10% per annum
Fixtures and fittings20% 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 - 8 ).

4. INTANGIBLE FIXED ASSETS
Computer
software
$   
COST
At 1 January 2024
and 31 December 2024 291,300
AMORTISATION
At 1 January 2024 194,200
Amortisation for year 97,100
At 31 December 2024 291,300
NET BOOK VALUE
At 31 December 2024 -
At 31 December 2023 97,100

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and
machinery fittings Totals
$    $    $   
COST
At 1 January 2024 31,155 9,837 40,992
Additions - 1,976 1,976
Disposals (4,819 ) - (4,819 )
At 31 December 2024 26,336 11,813 38,149
DEPRECIATION
At 1 January 2024 18,733 4,576 23,309
Charge for year 2,964 2,048 5,012
Eliminated on disposal (4,819 ) - (4,819 )
At 31 December 2024 16,878 6,624 23,502
NET BOOK VALUE
At 31 December 2024 9,458 5,189 14,647
At 31 December 2023 12,422 5,261 17,683

6. STOCKS
2024 2023
$    $   
Stocks 1,940,079 2,417,275

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 1,282,275 1,674,360
Other debtors - 2
Tax 10,415 -
VAT 4,589 119,424
Prepayments 15,734 15,347
1,313,013 1,809,133

Amounts falling due after more than one year:
Other debtors 250,418 254,650

Aggregate amounts 1,563,431 2,063,783

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
$    $   
Bank Loan - 2,747,900
Trade creditors 91,097 1,295,734
Tax 748 11,666
Accruals and deferred income 120,339 277,418
212,184 4,332,718

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
$    $   
Within one year - 78,307

10. PROVISIONS FOR LIABILITIES
2024 2023
$    $   
Deferred tax 1,500 28,500
Other provisions 110,000 110,000
111,500 138,500

Deferred Dilapidati
tax ons
$    $   
Balance at 1 January 2024 28,500 110,000
Provided during year (27,000 ) -
Balance at 31 December 2024 1,500 110,000

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Auditors' Report was unqualified.

Paul Orton FCA FCCA (Senior Statutory Auditor)
for and on behalf of Magma Audit LLP (part of the Dains Group)

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

DescriptionOpeningAmounts AmountsExchangeClosing
balanceadvancedrepaidrestatementbalance
$$$$$
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.