Maggie Sottero Designs Ltd Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 03704573

MAGGIE SOTTERO DESIGNS LTD

FILLETED FINANCIAL STATEMENTS

31 December 2024

MAGGIE SOTTERO DESIGNS LTD

STATEMENT OF FINANCIAL POSITION

31 December 2024

	2024	2023
Note	£	£

Fixed assets

Tangible assets	5	33,308	30,718

Current assets

Stocks		1,122,784	1,499,030
Debtors	6	2,405,551	1,692,568
Cash at bank and in hand		125,144	152,960
		------------	------------
		3,653,479	3,344,558

Creditors: amounts falling due within one year	7	493,164	485,148
		------------	------------
Net current assets		3,160,315	2,859,410
		------------	------------
Total assets less current liabilities		3,193,623	2,890,128
		------------	------------
Net assets		3,193,623	2,890,128
		------------	------------

Capital and reserves

Called up share capital	8	50	50
Capital redemption reserve		50	50
Profit and loss account		3,193,523	2,890,028
		------------	------------
Shareholders funds		3,193,623	2,890,128
		------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements were approved by the board of directors and authorised for issue on 30 September 2025 , and are signed on behalf of the board by:

Mr C Redford

Director

Company registration number: 03704573

MAGGIE SOTTERO DESIGNS LTD

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 2 Skiddaw Road, Croft Business Park, Wirral, Merseyside, CH62 3RB.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

The turnover shown in the income statement represents the invoice value of goods sold, net of value added tax. Turnover is recognised on the day that delivery is made to the customer.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures and fittings	-	33% straight line
Motor vehicles	-	33% straight line
Equipment	-	33% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. Allowances are made against stock for obsolete and slow moving items.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 21 (2023: 21 ).

5. Tangible assets

	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1 January 2024	154,375	95,828	463,727	713,930
Additions	24,709	–	–	24,709
Disposals	–	( 34,993)	–	( 34,993)
	---------	--------	---------	---------
At 31 December 2024	179,084	60,835	463,727	703,646
	---------	--------	---------	---------
Depreciation
At 1 January 2024	148,268	72,767	462,177	683,212
Charge for the year	4,689	12,032	816	17,537
Disposals	–	( 30,411)	–	( 30,411)
	---------	--------	---------	---------
At 31 December 2024	152,957	54,388	462,993	670,338
	---------	--------	---------	---------
Carrying amount
At 31 December 2024	26,127	6,447	734	33,308
	---------	--------	---------	---------
At 31 December 2023	6,107	23,061	1,550	30,718
	---------	--------	---------	---------

6. Debtors

	2024	2023
	£	£
Trade debtors	593,910	718,463
Amounts owed by group undertakings and undertakings in which the company has a participating interest	1,573,689	732,652
Other debtors	237,952	241,453
	------------	------------
	2,405,551	1,692,568
	------------	------------

7. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	261,870	244,382
Social security and other taxes	54,365	32,391
Other creditors	176,929	208,375
	---------	---------
	493,164	485,148
	---------	---------

8. Called up share capital

Issued, called up and fully paid

	2024		2023
	No.	£	No.	£
Ordinary shares of £ 1 each	50	50	50	50
	----	----	----	----

9. Operating leases

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

	2024	2023
	£	£
Not later than 1 year	75,583	72,500
Later than 1 year and not later than 5 years	31,667	102,708
	---------	---------
	107,250	175,208
	---------	---------

10. Summary audit opinion

The auditor's report dated 30 September 2025 was unqualified .

The senior statutory auditor was Dustin Grande , for and on behalf of Sawford Bullard .

11. Controlling party

The immediate parent company is Maggie Sottero Bridal (UK) Limited , a company incorporated in the UK. The ultimate controlling party is Maggie Sottero Designs LLC, a company registered in the USA. The largest group in which the results of the company are consolidated is that of Maggie Sottero Designs LLC .