Company registration number 09390221 (England and Wales)
MAVERICK CORP LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
MAVERICK CORP LTD
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 11
MAVERICK CORP LTD
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023 - unaudited
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
110,920
119,597
Current assets
Stocks
12,082
2,500
Debtors
4
67,131
95,036
Cash at bank and in hand
26,083
34,012
105,296
131,548
Creditors: amounts falling due within one year
5
(220,403)
(266,553)
Net current liabilities
(115,107)
(135,005)
Total assets less current liabilities
(4,187)
(15,408)
Creditors: amounts falling due after more than one year
6
(22,676)
(47,695)
Net liabilities
(26,863)
(63,103)
Capital and reserves
Called up share capital
8
101
101
Profit and loss reserves
(26,964)
(63,204)
Total equity
(26,863)
(63,103)

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on
20 June 2025
20 June 2025
20 June 2025
and are signed on its behalf by:
BP Macwilliam
Director
Company registration number 09390221 (England and Wales)
MAVERICK CORP LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
As restated for the period ended 31 December 2023:
Balance at 1 April 2023 - unaudited
101
64,659
64,760
Period ended 31 December 2023:
Loss and total comprehensive income
-
(117,863)
(117,863)
Dividends
-
(10,000)
(10,000)
Balance at 31 December 2023 - unaudited
101
(63,204)
(63,103)
Year ended 31 December 2024:
Profit and total comprehensive income
-
46,240
46,240
Dividends
-
(10,000)
(10,000)
Balance at 31 December 2024
101
(26,964)
(26,863)
MAVERICK CORP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information

Maverick Corp Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 190 Great Dover Street, London, England, SE1 4YB.

1.1
Reporting period

The reporting period ended 31 December 2023 was a short period of 9 months. Therefore the prior period financial statements (including the related notes) for the period ended 31 December 2023 are not entirely comparable.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention,The principal accounting policies adopted are set out below.

1.3
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Revenue arises from events organisation. Revenue is measured at the fair value of the consideration received or receivable and represents amounts for the sale of services in the normal course of business, net of discounts and other sales-related taxes.

 

Income from entry fees is recognised when the event is held.

 

Sponsorship and similar income is recognised over the duration of the respective contracts.

 

Amounts relating to future accounting periods are carried forward within accruals and deferred income.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost less depreciation and any impairment losses.

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
25% straight line & 7 years straight line

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.

MAVERICK CORP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

1.8
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.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

MAVERICK CORP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax 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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

MAVERICK CORP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 6 -
1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received, if considered material to the financial statements.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023 - unaudited
Number
Number
Total
5
5
MAVERICK CORP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
3
Tangible fixed assets
Plant and equipment
£
Cost
At 1 January 2024 - unaudited
256,258
Additions
41,013
Disposals
(40,073)
At 31 December 2024
257,198
Depreciation and impairment
At 1 January 2024 - unaudited
136,661
Depreciation charged in the year
46,856
Eliminated in respect of disposals
(37,239)
At 31 December 2024
146,278
Carrying amount
At 31 December 2024
110,920
At 31 December 2023 - unaudited
119,597
4
Debtors
2024
2023 - unaudited
Amounts falling due within one year:
£
£
Other debtors
67,131
95,036
5
Creditors: amounts falling due within one year
2024
2023 - unaudited
£
£
Bank loans
10,000
10,000
Corporation tax
15,414
1,704
Other taxation and social security
14,045
20,587
Other creditors
180,944
234,262
220,403
266,553
MAVERICK CORP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
6
Creditors: amounts falling due after more than one year
2024
2023 - unaudited
£
£
Bank loans
10,077
20,200
Other creditors
12,599
27,495
22,676
47,695
7
Loans and overdrafts
2024
2023 - unaudited
£
£
Bank loans
20,077
30,200
Payable within one year
10,000
10,000
Payable after one year
10,077
20,200

Bank loans are repayable in instalments over 5 years. Interest charged on the loans is 2.5% per annum.

 

8
Called up share capital
2024
2023 - unaudited
2024
2023 - unaudited
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
10,100
10,100
101
101
9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

MAVERICK CORP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
9
Audit report information
(Continued)
- 9 -
Senior Statutory Auditor:
Paul Gainford
Statutory Auditor:
Sumer Auditco Limited
Date of audit report:
23 June 2025
10
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023 - unaudited
£
£
Within one year
12,000
12,000
Between two and five years
28,000
40,000
40,000
52,000
11
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Purchases
Purchases
2024
2023 - unaudited
£
£
Other related parties
12,000
-
Other information

The company is a wholly owned subsidiary and has taken advantage of the exemption permitted by Section 33 Related Party Disclosures not to provide disclosures of transactions entered into with other wholly owned members of the group.

12
Directors' transactions

Dividends totalling £10,000 (2023 - unaudited £10,000) were paid in the year in respect of shares held by the company's directors.

 

At the time the dividends were paid the Company had sufficient profits available for distribution however, following the prior period adjustment, the Company had insufficient profits available for distribution and the directors acknowledge that no further distributions will be made until there are sufficient distributable reserves.

13
Parent company
MAVERICK CORP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
13
Parent company
(Continued)
- 10 -

In January 2024 50.1% of the share capital of Maverick Corp Ltd was acquired by London Marathon Events Limited, a company incorporated in England and Wales.

 

The parent of the smallest group for which consolidated financial statements are prepared is London Marathon Charitable Trust Limited, this entity's ultimate parent. London Marathon Charitable Trust Limited's registered office address is 190 Great Dover Street, London, SE1 4YB.

MAVERICK CORP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
14
Prior period adjustment
The results for the year ended 31 December 2023 included income relating to an event which took place in the year ended 31 December 2024.
As a result, the 31 December 2023 unaudited financial statements have been restated to adjust both turnover and deferred income leading to the following changes to the prior year's profit and loss account and balance sheet.
Changes to the balance sheet
As previously reported
Adjustment
As restated at 31 Dec 2023
£
£
£
Creditors due within one year
Other creditors
(130,431)
(95,331)
(225,762)
Capital and reserves
Profit and loss reserves
32,127
(95,331)
(63,204)
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 31 December 2023
£
£
£
Turnover
344,054
(95,331)
248,723
Loss for the financial period
(22,532)
(95,331)
(117,863)

Prior period reclassification

In addition to the prior period adjustment, costs in the profit and loss accounts were reclassified. The comparative reclassification relates to £93,601 of costs being re-allocated from 'cost of sales' to 'administrative expenses'. This adjustment has been made to present a fairer representation of the company's operations. There has been no change in overall results reported for the period.

 

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