Company registration number 13060850 (England and Wales)
MAVEGA GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
MAVEGA GROUP LIMITED
COMPANY INFORMATION
Director
Mr G Borriello
Company number
13060850
Registered office
Colette House
52- 55 Piccadilly
London
W1J 0DX
Auditor
Ensors Accountants LLP
Connexions
159 Princes Street
Ipswich
IP1 1QJ
MAVEGA GROUP LIMITED
CONTENTS
Page
Strategic report
1
Director's report
2 - 3
Director's responsibilities statement
4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group statement of financial position
9
Company statement of financial position
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 29
MAVEGA GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -
The director presents the strategic report for the year ended 31 December 2024.
Review of the business
The directors consider the Group's key performance indicators to be turnover and operating income. The Group continues to ensure fixed costs are maintained reasonably low.
Turnover in 2024 has increased to $35.9m from $20.8m in 2023, thanks to the full year impact of the acquisition of Bernhard Von Blomberg and the acquisition of 100% of the share capital of Mavega Group DMCC. The transactions were closed respectively in July and August 2023, so only partially impacted figures and profitability of the Group in 2023.
Principal risks and uncertainties
Shipping is a global industry and affected by global trends, all of which potentially impact the business (favourably or otherwise). For instance, the Group may face risks from unfavourable foreign exchange fluctuations, as most of its revenue is generated in US dollars while the majority of its expenses are incurred in local currencies.
Development and performance
The Group continues to have a healthy cash position at the year end of $10.3m (2023: $4.3m). Alongside a strong net asset position at 31 December 2024 of $15.8m (2023 : $14.9m) the group has significant resources to continue developing the business. 2025 first half-year draft numbers ensure a strong performance throughout the year.
Key performance indicators
The key financial indicators monitored by the Group include turnover, shareholders funds and cash.
Mr G Borriello
Director
11 August 2025
MAVEGA GROUP LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
The director presents his annual report and financial statements for the year ended 31 December 2024.
Principal activities
The principal activity of the company and group continued to be that of shipbroking.
Results and dividends
The results for the year are set out on page 8.
No ordinary dividends were paid. The director does not recommend payment of a further dividend.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
Mr G Borriello
Mr M Caleo
(Resigned 30 April 2025)
Director's share options
Details of director's share options are as follows:
102 share options were held by M Caleo at 31 December 2024. Following this director's resignation on 30 April 2025, these options are no longer exercisable at the date of the approval of these financial statements.
Future developments
The markets continued to be unpredictable for all sectors however the Group continues to see growth and is well positioned to continue this trend. Having increased reserves, cash and performance, the Group Is well placed to accept any challenges or opportunities that the oil market or other geo-political events may bring. The Group has focused its efforts on ensuring that it continues to operate under a cost efficient environment while maximising broking staff opportunities as we look to grow market share from both London and other sister companies, including overseas offices.
Strategic report
The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of risk disclosures.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
MAVEGA GROUP LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
On behalf of the board
Mr G Borriello
Director
11 August 2025
MAVEGA GROUP LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
The director is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
MAVEGA GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MAVEGA GROUP LIMITED
- 5 -
Opinion
We have audited the financial statements of Mavega Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 2024 and of the group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
The information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
The strategic report and the director's report have been prepared in accordance with applicable legal requirements.
MAVEGA GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MAVEGA GROUP LIMITED
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of director
As explained more fully in the director's responsibilities statement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the parent company or to cease operations, or has no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:
obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company are complying with the legal and regulatory framework;
inquired of group management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;
discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.
Our audit was designed to include tests of detail together with an assessment of the control environment to enable us to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement due to fraud. Through discussion with directors, and from our own knowledge of and experience of the sector in which the group operates we identified the following areas where we consider there is a higher risk of fraud: transactions and balances with related parties, revenue recognition, recoverability of debts, and management override of systems and control.
MAVEGA GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MAVEGA GROUP LIMITED
- 7 -
Auditor's responsibilities for the audit of the financial statements (continued)
We performed audit procedures to address the risks noted above, which included the following:
Testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions
Review of related party transactions ensuring they have an appropriate business rationale
Testing a sample of sales contracts to ensure commission on voyages is appropriately recognised
Agreeing a sample of trade debtors and accrued income balances to post year end receipt or other evidence of recoverability
Our audit testing was incomplete in respect of the testing of journal entries relating to opening balances and certain material subsidiaries, as detailed in the basis for qualified opinion section of the audit report.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is we would become aware of non-compliance.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
It is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Barry Gostling (Senior Statutory Auditor)
For and on behalf of Ensors Accountants LLP, Statutory Auditor
Chartered Accountants
Connexions
159 Princes Street
Ipswich
IP1 1QJ
11 August 2025
MAVEGA GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
Notes
$
$
Turnover
3
36,057,231
20,832,914
Cost of sales
(2,576,794)
(5,776,889)
Gross profit
33,480,437
15,056,025
Administrative expenses
(25,053,741)
(14,239,529)
Other operating income
637,903
1,365,404
Operating profit
4
9,064,599
2,181,900
Other interest receivable and similar income
6
18,300
5,046
Interest payable and similar expenses
7
(272,864)
(149,458)
Profit before taxation
8,810,035
2,037,488
Tax on profit
8
(2,362,456)
(1,198,788)
Profit for the financial year
6,447,579
838,700
Other comprehensive income
Currency translation (loss)/gain taken to retained earnings
(316,466)
338,168
Total comprehensive income for the year
6,131,113
1,176,868
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
MAVEGA GROUP LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
Notes
$
$
$
$
Fixed assets
Goodwill
9
10,353,746
13,000,370
Other intangible assets
9
6,313
45,955
Total intangible assets
10,360,059
13,046,325
Tangible assets
10
612,741
670,726
10,972,800
13,717,051
Current assets
Debtors
13
20,741,944
20,370,655
Cash at bank and in hand
10,344,306
4,294,364
31,086,250
24,665,019
Creditors: amounts falling due within one year
14
(22,799,196)
(20,391,797)
Net current assets
8,287,054
4,273,222
Total assets less current liabilities
19,259,854
17,990,273
Provisions for liabilities
Provisions
15
3,354,727
3,042,421
(3,354,727)
(3,042,421)
Net assets
15,905,127
14,947,852
Capital and reserves
Called up share capital
18
1,232
1,232
Share premium account
8,632,389
8,632,389
Other reserves
556,769
181,020
Profit and loss reserves
6,714,737
6,133,211
Total equity
15,905,127
14,947,852
These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.
The financial statements were approved by the board of directors and authorised for issue on 11 August 2025 and are signed on its behalf by:
11 August 2025
Mr G Borriello
Director
Company registration number 13060850 (England and Wales)
MAVEGA GROUP LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
Notes
$
$
$
$
Fixed assets
Investments
11
16,616,909
16,616,909
16,616,909
16,616,909
Current assets
Debtors
13
48,285
31,930
Cash at bank and in hand
5,368
2,984
53,653
34,914
Creditors: amounts falling due within one year
14
(8,175,599)
(8,145,325)
Net current liabilities
(8,121,946)
(8,110,411)
Net assets
8,494,963
8,506,498
Capital and reserves
Called up share capital
18
1,232
1,232
Share premium account
8,632,389
8,632,389
Other reserves
708,128
332,379
Profit and loss reserves
(846,786)
(459,502)
Total equity
8,494,963
8,506,498
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was $387,284 (2023 - $455,126 loss).
The financial statements were approved by the board of directors and authorised for issue on 11 August 2025 and are signed on its behalf by:
11 August 2025
Mr G Borriello
Director
Company registration number 13060850 (England and Wales)
MAVEGA GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
Share capital
Share premium account
Merger reserve
Share-based payment reserve
Profit and loss reserves
Total
Notes
$
$
$
$
$
$
Balance at 1 January 2023
149
(270,176)
-
5,075,160
4,805,133
Year ended 31 December 2023:
Profit for the year
-
-
-
-
838,700
838,700
Other comprehensive income:
Currency translation differences
-
-
-
-
338,168
338,168
Total comprehensive income
-
-
-
-
1,176,868
1,176,868
Issue of share capital
18
1,083
8,632,389
-
-
-
8,633,472
Transfers
-
-
118,817
-
(118,817)
-
Credit to equity for equity settled share-based payments
-
-
-
332,379
-
332,379
Balance at 31 December 2023
1,232
8,632,389
(151,359)
332,379
6,133,211
14,947,852
Year ended 31 December 2024:
Profit for the year
-
-
-
-
6,447,579
6,447,579
Other comprehensive income:
Currency translation differences
-
-
-
-
(316,466)
(316,466)
Total comprehensive income
-
-
-
-
6,131,113
6,131,113
Dividends
-
-
-
-
(5,549,587)
(5,549,587)
Credit to equity for equity settled share-based payments
-
-
-
375,749
-
375,749
Balance at 31 December 2024
1,232
8,632,389
(151,359)
708,128
6,714,737
15,905,127
MAVEGA GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
Share capital
Share premium account
Share-based payment reserve
Profit and loss reserves
Total
Notes
$
$
$
$
$
Balance at 1 January 2023
149
-
(4,376)
(4,227)
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
-
-
(455,126)
(455,126)
Issue of share capital
18
1,083
8,632,389
-
-
8,633,472
Credit to equity for equity settled share-based payments
-
-
332,379
-
332,379
Balance at 31 December 2023
1,232
8,632,389
332,379
(459,502)
8,506,498
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
-
(387,284)
(387,284)
Credit to equity for equity settled share-based payments
-
-
375,749
-
375,749
Balance at 31 December 2024
1,232
8,632,389
708,128
(846,786)
8,494,963
MAVEGA GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
2024
2023
Notes
$
$
$
$
Cash flows from operating activities
Cash generated from operations
23
13,429,430
6,146,117
Interest paid
(272,864)
(467)
Income taxes paid
(922,126)
(2,373,486)
Net cash inflow from operating activities
12,234,440
3,772,164
Investing activities
Purchase of business
-
(4,303,977)
Purchase of intangible assets
(248,922)
-
Purchase of tangible fixed assets
(90,117)
(109,252)
Proceeds from disposal of tangible fixed assets
45,029
-
Repayment of loans
(20,647)
-
Interest received
18,300
5,046
Net cash used in investing activities
(296,357)
(4,408,183)
Financing activities
Proceeds from issue of shares
(4,245)
-
Dividends paid to equity shareholders
(5,549,587)
Net cash used in financing activities
(5,553,832)
-
Net increase/(decrease) in cash and cash equivalents
6,384,251
(636,019)
Cash and cash equivalents at beginning of year
4,294,364
4,592,215
Effect of foreign exchange rates
(334,309)
338,168
Cash and cash equivalents at end of year
10,344,306
4,294,364
MAVEGA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
1
Accounting policies
Company information
Mavega Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is .
The group consists of Mavega Group Limited and all of its subsidiaries.
1.1
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.
The financial statements are prepared in USD, 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.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
1.2
Business combinations
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
MAVEGA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Mavega Group Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
1.4
Going concern
At the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.5
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
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.
1.6
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.7
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
MAVEGA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
Amortisation 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:
Other intangible assets
33% straight line
1.8
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of 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:
Leasehold improvements
33% straight line
Plant and equipment
25% straight line
Motor vehicles
25% 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 recognised in the income statement.
1.9
Fixed asset investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.10
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
MAVEGA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.11
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.12
Financial instruments
The group 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 group's statement of financial position when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and 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 group 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.
MAVEGA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
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 group after deducting all of its liabilities.
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 group's contractual obligations expire or are discharged or cancelled.
1.13
Equity instruments
Equity instruments issued by the group 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 group.
1.14
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 income statement 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 group’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 income statement, 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 if, and only if, there is 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.
MAVEGA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
1.15
Provisions
Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
1.16
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.
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.
1.17
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.18
Share-based payments
Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.
When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.
Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.
1.19
Leases
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 leased asset are consumed.
MAVEGA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
2
Judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Provisions for bad and doubtful debts
Provisions are raised against debtors where there is uncertainty over whether they will be recoverable. Calculation of these provisions requires judgements to be made about the recoverability of debts that remain outstanding at the date of the approval of the financial statements.
Earnout provision
The group has recognised a provision for the expected earnout payment that will become payable to the previous owners of a subsidiary company acquired by the group. Calculation of this provision requires estimates of the anticipated EBITDA of the subsidiary over the 5 year earnout period.
3
Turnover and other revenue
2024
2023
$
$
Turnover analysed by class of business
Ship broking services
36,057,231
20,832,914
2024
2023
$
$
Turnover analysed by geographical market
United Kingdom
3,856,899
4,131,546
Europe
11,340,250
5,341,306
Rest of the world
20,860,082
11,360,062
36,057,231
20,832,914
2024
2023
$
$
Other revenue
Interest income
18,300
5,046
MAVEGA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
4
Operating profit
2024
2023
$
$
Operating profit for the year is stated after charging:
Exchange losses
116,818
134,323
Fees payable to the group's auditor for the audit of the group's financial statements
38,600
20,700
Depreciation of owned tangible fixed assets
125,327
115,244
Amortisation of intangible assets
2,934,927
1,444,486
Share-based payments
375,749
332,379
Operating lease charges
280,139
232,168
5
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Sales and administration
65
71
-
-
Directors
2
2
-
-
Total
67
73
0
0
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
$
$
$
$
Wages and salaries
14,909,740
7,225,209
375,749
332,379
Social security costs
419,436
293,901
-
-
Pension costs
37,247
35,358
15,366,423
7,554,468
375,749
332,379
6
Interest receivable and similar income
2024
2023
$
$
Interest income
Interest on bank deposits
18,300
5,046
Disclosed on the income statement as follows:
Other interest receivable and similar income
18,300
5,046
MAVEGA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
7
Interest payable and similar expenses
2024
2023
$
$
Interest on bank overdrafts and loans
-
467
Interest payable to group undertakings
(148,421)
Other interest
421,285
148,991
Total finance costs
272,864
149,458
8
Taxation
2024
2023
$
$
Current tax
UK corporation tax on profits for the current period
594,824
Adjustments in respect of prior periods
229,580
Total UK current tax
824,404
Foreign current tax on profits for the current period
1,538,052
1,171,334
Total current tax
2,362,456
1,171,334
Deferred tax
Origination and reversal of timing differences
27,454
Total tax charge
2,362,456
1,198,788
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
$
$
Profit before taxation
8,810,035
2,037,488
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.50%)
2,202,509
458,435
Tax effect of expenses that are not deductible in determining taxable profit
882,254
628,373
Tax effect of income not taxable in determining taxable profit
(42,970)
(97,528)
Unutilised tax losses carried forward
236,603
Change in unrecognised deferred tax assets
(180,524)
Adjustments in respect of prior years
(40,211)
Effect of overseas tax rates
(700,398)
46,199
Foreign exchange differences
201,585
(33,083)
Taxation charge
2,362,456
1,198,788
MAVEGA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
9
Intangible fixed assets
Group
Goodwill
Other intangible assets
Total
$
$
$
Cost
At 1 January 2024
14,444,856
76,092
14,520,948
Additions
242,348
6,574
248,922
Exchange adjustments
(4,609)
(4,609)
At 31 December 2024
14,687,204
78,057
14,765,261
Amortisation and impairment
At 1 January 2024
1,444,486
30,137
1,474,623
Amortisation charged for the year
2,888,972
45,955
2,934,927
Exchange adjustments
(4,348)
(4,348)
At 31 December 2024
4,333,458
71,744
4,405,202
Carrying amount
At 31 December 2024
10,353,746
6,313
10,360,059
At 31 December 2023
13,000,370
45,955
13,046,325
The company had no intangible fixed assets at 31 December 2024 or 31 December 2023.
Goodwill relates to the acquisition of Bernhard von Blomberg Gessellscaft fur maritimen Handelsverkehr mbH on 30 June 2023. The remaining amortisation period for this goodwill is 3.5 years.
MAVEGA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
10
Tangible fixed assets
Group
Leasehold improvements
Plant and equipment
Motor vehicles
Total
$
$
$
$
Cost
At 1 January 2024
37,657
665,414
348,706
1,051,777
Additions
45,455
44,662
90,117
Disposals
(5,904)
(142,487)
(148,391)
Exchange adjustments
264,908
209,924
474,832
At 31 December 2024
37,657
969,873
460,805
1,468,335
Depreciation and impairment
At 1 January 2024
37,657
295,539
47,855
381,051
Depreciation charged in the year
54,969
70,358
125,327
Eliminated in respect of disposals
(5,904)
(97,458)
(103,362)
Exchange adjustments
215,852
236,726
452,578
At 31 December 2024
37,657
560,456
257,481
855,594
Carrying amount
At 31 December 2024
409,417
203,324
612,741
At 31 December 2023
369,875
300,851
670,726
The company had no tangible fixed assets at 31 December 2024 or 31 December 2023.
11
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
$
$
$
$
Investments in subsidiaries
12
16,616,909
16,616,909
Movements in fixed asset investments
Company
Shares in subsidiaries
$
Cost or valuation
At 1 January 2024 and 31 December 2024
16,616,909
Carrying amount
At 31 December 2024
16,616,909
At 31 December 2023
16,616,909
MAVEGA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
12
Subsidiaries
Details of the company's subsidiaries at 31 December 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Mavega Asia Pte Limited
6 Battery Road, #15-05, 049909, Singapore
Ordinary
100.00
-
Mavega Italia Srl
Via Fieschi 3/12, 16121, Genova, Italy
Ordinary
100.00
-
Mavega Geneve SA
Place de la Synagogue, CH1204, Geneve, Switzerland
Ordinary
100.00
-
Mavega UK Limited
Colette House, 52-55 Picadilly, London, W1J 0DX
Ordinary
100.00
-
Mavega Guangzhou Company Limited
Room 1402, Carton Fair Tower, 679 Fengpu zhong lu Road, 510335 Guangzhou, China
Ordinary
0
100.00
Bernhard von Blomberg Gessellscaft fur maritimen Handelsverkehr mbH
Mühlenkamp 6c, Hamburg, 22303, Germany
Ordinary
0
100.00
Mavega Group DMCC
JBC 2 Cluster V Jumeirah lakes Tower, Dubai
Ordinary
0
100.00
Mavega HK Limited
Rooms 1001-03, 0/F Wing On Kowloon CTR 345, Nathan Road, KLN, Hong Kong
Ordinary
100.00
-
13
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
$
$
$
$
Trade debtors
5,153,581
4,255,517
Unpaid share capital
100
Corporation tax recoverable
23,273
180,703
Amounts owed by group undertakings
-
-
46,890
30,712
Other debtors
5,232,753
7,359,893
1,218
1,218
Prepayments and accrued income
10,332,237
8,574,542
177
20,741,944
20,370,655
48,285
31,930
14
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
$
$
$
$
Trade creditors
1,370,510
1,095,882
18
Amounts owed to group undertakings
7,250,257
8,145,484
Corporation tax payable
2,128,779
845,879
Other taxation and social security
165,994
359,976
-
-
Other creditors
9,746,351
12,208,032
925,342
Accruals and deferred income
9,387,562
5,882,028
(177)
22,799,196
20,391,797
8,175,599
8,145,325
MAVEGA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
15
Provisions for liabilities
Group
Company
2024
2023
2024
2023
$
$
$
$
Provisions
3,354,727
3,042,421
-
-
Movements on provisions:
Provisions
Group
$
At 1 January 2024
3,042,421
Additional provisions in the year
312,306
At 31 December 2024
3,354,727
Provisions for liabilities includes $3,195,296 (2023: $2,952,948) in respect the estimated earn out payable in respect of the acquisition of a subsidiary.
16
Retirement benefit schemes
2024
2023
Defined contribution schemes
$
$
Charge to profit or loss in respect of defined contribution schemes
37,247
35,358
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
17
Share-based payment transactions
Group and company
Number of share options
Weighted average exercise price
2024
2023
2024
2023
Number
Number
$
$
Outstanding at 1 January 2024
3,604
-
898.00
-
Granted
-
3,604
-
898.00
Outstanding at 31 December 2024
3,604
3,604
-
898.00
Exercisable at 31 December 2024
-
-
-
-
The options outstanding at 31 December 2024 had an exercise price of GBP 710 (USD 898) per share, and a remaining contractual life of 2 years.
MAVEGA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
17
Share-based payment transactions
(Continued)
- 27 -
Group and company
The weighted average fair value of options granted in the year was determined by reference to the expected value of the business at the exercise date based on anticipated Group EBITDA.
The value of the options has been adjusted, based on management’s best estimate, for the effect of non-transferability, exercise restrictions, and minority interest.
Non-vesting conditions and market conditions are taken into account when estimating the fair value of the option at grant date. Service conditions are taken into account by adjusting the number of options expected to vest at each reporting date.
Group
Company
2024
2023
2024
2023
$
$
$
$
Expenses recognised in the year
Arising from equity settled share based payment transactions
375,749
332,379
375,749
332,379
18
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
$
$
Issued and fully paid
Ordinary shares of 10p each
10,101
10,101
1,232
1,232
19
Financial commitments, guarantees and contingent liabilities
Mavega Group Limited has issued a guarantee in favour of the previous owners of Bernhard von Blomberg Gesellschaft für maritimen Handelsverkehr mbH, totalling EUR 7,500,000 in respect of deferred consideration payments due under the sale and purchase agreement.
20
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2024
2023
2024
2023
$
$
$
$
Within one year
144,384
146,896
-
-
Between two and five years
348,928
501,896
-
-
493,312
648,792
-
-
MAVEGA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 28 -
21
Related party transactions
Transactions with related parties
During the year the group entered into the following transactions with related parties:
Other operating income
Commissions payable
2024
2023
2024
2023
$
$
$
$
Group
Other related parties
195,245
575,505
-
1,117,476
The following amounts were outstanding at the reporting end date:
Amounts due to related parties
2024
2023
$
$
Group
Other related parties
2,823,017
3,922,769
The following amounts were outstanding at the reporting end date:
Amounts due from related parties
2024
2023
Balance
Balance
$
$
Group
Entities over which the group has control, joint control or significant influence
-
110,469
Key management personnel
63,611
81,402
Other related parties
5,142,294
6,608,937
22
Controlling party
Mavega Group Limited is under the control of Guiseppe Borriello, director.
MAVEGA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 29 -
23
Cash generated from group operations
2024
2023
$
$
Profit after taxation
6,447,579
838,700
Adjustments for:
Taxation charged
2,362,456
1,198,788
Finance costs
272,864
149,458
Investment income
(18,300)
(5,046)
Amortisation and impairment of intangible assets
2,934,927
1,444,486
Depreciation and impairment of tangible fixed assets
125,327
115,244
Equity settled share based payment expense
375,749
332,379
Increase in provisions
312,306
2,952,948
Movements in working capital:
(Increase)/decrease in debtors
(507,977)
6,756,689
Increase/(decrease) in creditors
1,124,499
(7,637,529)
Cash generated from operations
13,429,430
6,146,117
24
Analysis of changes in net funds - group
1 January 2024
Cash flows
Exchange rate movements
31 December 2024
$
$
$
$
Cash at bank and in hand
4,294,364
6,384,251
(334,309)
10,344,306
2024-12-312024-01-01falsefalseCCH SoftwareCCH Accounts Production 2025.200Mr G BorrielloMr M 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