Magimix UK Limited

	Page
Strategic Report	1
Directors' Report	2
Independent Auditor's Report	3—5
Statement of Comprehensive Income	6
Statement of Financial Position	7
Statement of Changes in Equity	8
Statement of Cash Flows	9
Notes to the Statement of Cash Flows	10
Notes to the Financial Statements	11—16

The directors present their strategic report for the year ended 31 December 2024.

Review of the Business

The 2024 year was a return to growth for the company, with strong performance across the main categories and across all key retail channels. The direct to consumer business also faired well and has contributed more than 6.5% of the overall turnover.

The loss of a significant licence came into effect on 31 January 2025 and will significantly impact turnover going forward. The company is undergoing a restructure and will recalibrate the business to achieve the revised goals which are in line with the wider business objectives.

Turnover has increased in the year by 21% but gross profit margin has reduced back to 23%. Distribution costs as a percentage of turnover increased from 13% to 14%. Administration costs include significant one off salary costs to reward length of service for qualifying employees, if these one-off costs were removed, administration costs would have increased 12% on the previous year.

The statement of financial position on page 9 shows that the company remained in a sound financial position at the year end.

Principal Risks and Uncertainties

The directors believe the following to be the company's principle risks and uncertainties, which have been addressed as follows:

The company's liquid resources are invested having regard to the timing of payments to be made in the ordinary course of the company's activities.

Funds which are not required to meet the immediate needs of the company are placed with a main clearing bank and are held in interest bearing deposit accounts. The company is not financially dependent on the income earned on these resources and therefore the risk of interest rate fluctuations is not significant to the business.

The company holds cash in the currencies of anticipated expenditure.

The company monitors credit risk closely and considers that its current policies of credit checks meets its objectives of managing exposure to credit risk.

The company operates in a competitive market and continues to introduce new product lines and existing products are updated in order to retain market share.

On behalf of the board

S T Punter

Director

18 March 2025

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Magimix UK Limited

Company No. 02142370

Directors' Report For The Year Ended 31 December 2024

Directors' Report

The directors present their report and the financial statements for the year ended 31 December 2024.

Principal Activity

The company's principal activity continues to be that of the sale of domestic appliances.

Directors

The directors who held office during the year were as follows:

S T Punter

G de Jenlis - Resigned 16/12/2024

P R Bosquillon de Jenlis - Resigned 16/12/2024

G Verdun - Resigned 16/12/2024

M Bosquillon de Jenlis - Appointed 16/12/2024

P Mariani - Appointed 16/12/2024

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the directors are required to:

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards, comprising FRS102, 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 company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement of Disclosure of Information to Auditors

In the case of each director in office at the date the Directors' Report is approved:

so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Independent Auditors

The auditors, Ward Williams Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

On behalf of the board

S T Punter

Director

18 March 2025

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Independent Auditor's Report

to the Members of

Magimix UK Limited

Independent Auditor's Report

Opinion

We have audited the financial statements of Magimix UK Limited for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit/(loss) 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.

Basis for Opinion

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 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 directors' 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, other than as noted in the emphasis of matter section of this report, relating to events or conditions that, individually or collectively, may cast significant doubt on the 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 directors with respect to going concern are described in the relevant sections of this report.

Emphasis of Matter

We draw attention to note 3.3 of the financial statements, which explains that the company has lost a significant licence from 31 January 2025. This will significantly impact turnover going forward. The company is currently undergoing a restructure as a result.

Other Information

The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are 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. In connection with our audit of the financial statements, 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 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 the audit:

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

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Independent Auditor's Report (continued)

to the Members of

Magimix UK Limited

Matters on Which We Are Required to Report by Exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' 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, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records or 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 Directors

As explained more fully in the Directors' Responsibilities Statement set out on page 2, the directors are 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 directors determine 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 directors are responsible for assessing the 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 directors either intend to liquidate the company or to cease operations, or have 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 and non compliance with laws and regulations, our procedures included the following:

· We obtained an understanding of the legal and regulatory frameworks applicable to the company and the sector in which they operate. We determined that the following were the most significant: the Companies Act 2006 and UK corporate taxations laws.

· We obtained an understanding of how the company are complying with those legal and regulatory frameworks by making inquiries to the management of the company. We corroborated our inquiries through our review of correspondence during our audit work.

· We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed included:

· identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;

· understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;

· challenging assumptions and judgements made by management in its significant accounting estimates;

· identifying and testing journal entries, in particular journal entries posted with unusual account combinations; and

· assessing the extent of compliance with the relevant laws and regulations.

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.

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Independent Auditor's Report (continued)

to the Members of

Magimix UK Limited

Use Of Our 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.

Frank Harling (Senior Statutory Auditor)

for and on behalf of Ward Williams Limited , Statutory Auditor

26 March 2025

Ward Williams Limited

Chartered Accountants and Statutory Auditors

Belgrave House

39-43 Monument Hill

Weybridge, Surrey

KT13 8RN

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Magimix UK Limited

Statement of Comprehensive Income

For The Year Ended 31 December 2024

Statement of Comprehensive Income

		2024	2023
	Notes	£	£
TURNOVER	4	23,575,415	19,461,157
Cost of sales		(18,180,853 )	(14,372,406 )

GROSS PROFIT		5,394,562	5,088,751

Distribution costs		(3,399,729 )	(2,543,425 )
Administrative expenses		(1,757,445 )	(918,832 )

OPERATING PROFIT	5	237,388	1,626,494
Other interest receivable and similar income	10	52,753	53,805

PROFIT BEFORE TAXATION		290,141	1,680,299
Tax on Profit	11	(72,542 )	(395,605 )

PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR		217,599	1,284,694
OTHER COMPREHENSIVE INCOME FOR THE YEAR		-	-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR		217,599	1,284,694

The notes on pages 10 to 16 form part of these financial statements.

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Magimix UK Limited

Statement of Financial Position

As At 31 December 2024

Statement of Financial Position

Registered number: 02142370

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	12		25,604		18,926

			25,604		18,926
CURRENT ASSETS
Stocks	13	2,740,239		4,170,217
Debtors	14	5,196,952		3,523,546
Cash at bank and in hand		2,771,702		606,309

		10,708,893		8,300,072
Creditors: Amounts Falling Due Within One Year	15	(6,930,771 )		(3,332,871 )

NET CURRENT ASSETS (LIABILITIES)			3,778,122		4,967,201

TOTAL ASSETS LESS CURRENT LIABILITIES			3,803,726		4,986,127

NET ASSETS			3,803,726		4,986,127

CAPITAL AND RESERVES
Called up share capital	16		25,490		25,490
Capital redemption reserve			102,105		102,105
Income Statement			3,676,131		4,858,532

SHAREHOLDERS' FUNDS			3,803,726		4,986,127

On behalf of the board

S T Punter

Director

18 March 2025

The notes on pages 10 to 16 form part of these financial statements.

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Magimix UK Limited

Statement of Changes in Equity

For The Year Ended 31 December 2024

Statement of Changes in Equity

	Share Capital	Capital Redemption	Income Statement	Total
	£	£	£	£
As at 1 January 2023	25,490	102,105	3,573,838	3,701,433
Profit for the year and total comprehensive income	-	-	1,284,694	1,284,694

As at 31 December 2023 and 1 January 2024	25,490	102,105	4,858,532	4,986,127


Profit for the year and total comprehensive income	-	-	217,599	217,599

Dividends paid	-	-	(1,400,000)	(1,400,000)

As at 31 December 2024	25,490	102,105	3,676,131	3,803,726

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Magimix UK Limited

Statement of Cash Flows

For The Year Ended 31 December 2024

Statement of Cash Flows

		2024	2023
	Notes	£	£
Cash flows from operating activities
Net cash generated from/(used in) operations	1	4,007,799	(1,100,372 )
Tax paid		(469,944 )	(190,506 )

Net cash generated from/(used in) operating activities		3,537,855	(1,290,878 )

Cash flows from investing activities
Purchase of tangible assets		(25,215 )	(16,078 )
Interest received		52,753	53,805

Net cash generated from investing activities		27,538	37,727

Cash flows from financing activities
Equity dividends paid		(1,400,000 )	-



Increase/(decrease) in cash and cash equivalents		2,165,393	(1,253,151 )
Cash and cash equivalents at beginning of year	2	606,309	1,859,460

Cash and cash equivalents at end of year	2	2,771,702	606,309

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Magimix UK Limited

Notes to the Statement of Cash Flows

For The Year Ended 31 December 2024

Notes to the Statement of Cash Flows

1. Reconciliation of profit for the financial year to cash generated from/(used in) operations

	2024	2023
	£	£
Profit for the financial year	217,599	1,284,694
Adjustments for:
Tax on profit	72,542	395,605
Interest income	(52,753 )	(53,805 )
Depreciation of tangible assets	18,537	13,478
Movements in working capital:
Decrease in stocks	1,429,978	1,835,430
(Increase)/decrease in trade and other debtors	(1,512,527 )	2,003,300
Increase/(decrease) in trade and other creditors	3,834,423	(6,579,074 )

Net cash generated from/(used in) operations	4,007,799	(1,100,372 )

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	2024	2023
	£	£
Cash at bank and in hand	2,771,702	606,309

3. Analysis of changes in net funds

	As at 1 January 2024	Cash flows	As at 31 December 2024
	£	£	£
Cash at bank and in hand	606,309	2,165,393	2,771,702

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Magimix UK Limited

Notes to the Financial Statements

For The Year Ended 31 December 2024

Notes to the Financial Statements

1. General Information

Magimix UK Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02142370 . The registered office is 19 Bridge Street, Godalming, Surrey, GU7 1HY.

2. Statement of Compliance

The financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. Accounting Policies

3.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention.

3.2. Financial Reporting Standard 102 - Reduced Disclosure Exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 33 Related Party Disclosures paragraph 33.7.

3.3. Going Concern Disclosure

The directors of the company have reviewed the company's financial performance and revised forecasts to include the loss of a significant licence from 31 January 2025 and consider the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing financial statements.

3.4. Significant judgements and estimations

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions in areas where this information is not readily available from other sources. In particular the directors use judgement in assessing the warranty provision as well as the carrying amount of assets and liabilities. The estimates and assumptions are based on the historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

3.5. Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts. 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 benefit 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.

3.6. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Motor Vehicles	50% on cost
Fixtures & Fittings	33% on cost and 20% on cost
Computer Equipment	33% on cost and 25% on cost

Tangible fixed assets are stated at historical purchase cost less accumulated depreciation. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to working condition for its intended use.

3.7. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the income statement so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the income statement as incurred.

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Magimix UK Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

3.8. Stocks and Work in Progress

Stock is valued at the lower of cost and net realisable value. Cost is based on price paid less any discount, on an average cost basis, and net realisable value is the estimated selling price less costs to sell.

At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.

3.9. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

3.10. Financial Instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and investments in non-puttable ordinary shares.

Cash and cash equivalents

Cash and cash equivalents include cash in hand and deposits held at call with banks.

Other financial assets

Other financial assets are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in the profit andloss account, except that investments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Impairment of financial assets

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

Other financial liabilities

Other financial liabilities, including debt instruments that do not meet the definition of a basic financial instrument, are measured at fair value through profit and loss account.

Creditors

Short term creditors aremeasured at the transaction price.Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3.11. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

3.12. 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 period. 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 periods and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using the tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised or 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 recognitionof other assets and liabilities in a transaction that affects neither the tax profit not 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 the 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 changed 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 asset is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has legally enforcible right to offset current tax assets and liabilities relate to taxes levied by the same tax authority.

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Magimix UK Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

3.13. Pensions

The company operates a defined contribution scheme for the benefit of its employees and directors. The assets of the scheme are held separately from those of the company. Contributions payable are charged to the profit and loss account in the year they are payable.

4. Turnover

Analysis of turnover by geographical market is as follows:

	2024	2023
	£	£
United Kingdom	22,612,731	18,471,378
Europe	962,684	989,779

	23,575,415	19,461,157

5. Operating Profit

The operating profit is stated after charging:

	2024	2023
	£	£
Depreciation of tangible fixed assets	18,537	13,478

6. Auditor's Remuneration

Remuneration received by the company's auditors and their associates during the year was as follows:

	2024	2023
	£	£
Audit Services
Audit of the company's financial statements	12,500	12,000

7. Staff Costs

Staff costs, including directors' remuneration, were as follows:

	2024	2023
	£	£
Wages and salaries	1,587,517	799,301
Social security costs	209,132	84,613
Other pension costs	50,240	47,274

	1,846,889	931,188

Directors' remuneration for the year was £817,138 (2023 - £155,045). Directors' pension contributions to money purchase scheme for the year was £39,707 (2023 - £33,784). During the year, there was one director whom retirement benefits were accruing (2023 - 1). Directors benefits in kind during the year were £5,884 (2023 - £6,111).

The directors represent the key management of the company.

8. Average Number of Employees

Average number of employees, including directors, during the year was as follows:

	2024	2023
Office and administration	7	9
Sales, marketing and distribution	6	9

	13	18

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Magimix UK Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

9. Directors' remuneration

	2024	2023
	£	£
Emoluments	823,023	161,157
Company contributions to money purchase pension schemes	39,708	33,784

	862,731	194,941

10. Interest Receivable and Similar Income

	2024	2023
	£	£
Bank interest receivable	52,753	50,900
Other interest receivable	-	2,905

	52,753	53,805

11. Tax on Profit

	Tax Rate		2024	2023
The tax charge on the profit for the year was as follows:
	2024	2023	£	£
Current tax
UK Corporation Tax	25.0%	23.5%	233,662	397,775
Prior period adjustment			(241 )	-

			233,421	397,775
Deferred Tax
Deferred taxation			(160,879 )	(2,170 )


Total tax charge for the period			72,542	395,605


The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
			2024	2023
			£	£
Profit before tax			290,141	1,680,299

Tax on profit at 25% (UK standard rate)			72,535	395,215
Expenses not deductible for tax purposes			248	647
Prior period adjustment			(241 )	-
Difference in tax rates			-	(257 )

Total tax charge for the period			72,542	395,605

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Magimix UK Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

12. Tangible Assets

	Motor Vehicles	Fixtures & Fittings	Computer Equipment	Total
	£	£	£	£
Cost
As at 1 January 2024	13,500	57,783	29,788	101,071
Additions	21,675	-	3,540	25,215

As at 31 December 2024	35,175	57,783	33,328	126,286

Depreciation
As at 1 January 2024	4,500	57,783	19,862	82,145
Provided during the period	9,631	-	8,906	18,537

As at 31 December 2024	14,131	57,783	28,768	100,682

Net Book Value
As at 31 December 2024	21,044	-	4,560	25,604

As at 1 January 2024	9,000	-	9,926	18,926

13. Stocks

	2024	2023
	£	£
Finished goods	2,740,239	4,170,217

14. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	3,341,696	3,271,133
Prepayments and accrued income	1,691,772	201,012
Deferred tax current asset	163,484	2,605
Amounts owed by group undertakings	-	48,796

	5,196,952	3,523,546

15. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Trade creditors	240,173	131,699
Corporation tax	71,119	307,642
Social security and other taxes	468,831	623,063
Other creditors	10,277	5,250
Accruals and deferred income	2,093,864	639,633
Amounts owed to group undertakings	4,046,507	1,625,584

	6,930,771	3,332,871

16. Share Capital

	2024	2023
	£	£
Allotted, Called up and fully paid	25,490	25,490

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Magimix UK Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

17. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

	2024	2023
	£	£
Not later than one year	58,885	65,791
Later than one year and not later than five years	171,635	220,000

	230,520	285,791

18. Pension Commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.

During the year the charge to the income statement in respect of defined contribution schemes was £50,240 (2023: £47,274).

At the statement of financial position date contributions of £0 (2023: £5,250) were due to the fund and are included in creditors.

19. Dividends

	2024	2023
	£	£
On equity shares:
Interim dividend paid	1,400,000	-

20. Controlling Parties

The company's immediate parent undertaking is Umami Magimix SA .

The ultimate parent undertaking is Umami TopCo SA (incorporated in Luxembourg). Its registered office is 26a, Boulevard Royal, 2449 Luxembourg .

Copies of the group accounts may be obtained from the company's registered office.

The company's ultimate controlling party is Ardian Buyout Fund VII B S.L.P by virtue of their interest in the share capital of the company.

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