Mavas Foods Limited 31/12/2024 iXBRL

Company registration number: 12406370

Mavas Foods Limited

Trading as Mavas Foods Limited

Unaudited filleted financial statements

31 December 2024

Mavas Foods Limited

Contents

Directors and other information

Directors report

Statement of financial position

Notes to the financial statements

Mavas Foods Limited

Directors and other information


	Directors	Mr Dean Fitzmaurice
		Mrs Melissa Fitzmaurice


	Company number	12406370


	Registered office	95 Linthorpe Road
		Middlesbrough
		TS1 5DD


	Business address	95 Linthorpe Road
		Middlesbrough
		TS1 5DD


	Accountants	Longden & Co Ltd
		Riverside House
		4 Melbourne Street
		Stalybridge
		Cheshire
		SK15 2JE

Mavas Foods Limited

Directors report

Year ended 31 December 2024

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

Directors

The directors who served the company during the year were as follows:

Mr Dean Fitzmaurice

Mrs Melissa Fitzmaurice

Review of Business and Future Developments The company reports a net loss for the financial year of £250,745, compared to a net profit of £175,508 in the prior year. The directors consider this result to be a consequence of significant strategic investments made during the period to support long-term growth. Key activities impacting the financial performance in 2024 were: Acquisition of a Third Restaurant: In July 2024, the company acquired its third restaurant. This expansion required initial investment in repairs, maintenance, and staff training to bring the new site up to the operational standards of the group. Major Restaurant Refurbishment: Restaurant 1192, was closed for a six-week period from August to mid-September 2024 to undertake a major refurbishment. While the capital cost of this project (£750,000) will be reflected in the 2025 financial year, the closure temporarily ceased all revenue from this location. Furthermore, the company made a strategic decision to retain its skilled workforce during this period by redeploying staff to other restaurants or accommodating paid leave, which had a significant impact on labour costs. The directors are confident that these investments provide a strong foundation for future success. The refurbishment will enhance customer experience and operational efficiency, driving future sales growth. The Board remains optimistic about the company's performance in the forthcoming year.

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 17 September 2025 and signed on behalf of the board by:

Mr Dean Fitzmaurice

Director

Mavas Foods Limited

Statement of financial position

31 December 2024

		2024		2023
	Note	£	£	£	£

Fixed assets
Intangible assets	5	857,523		891,536
Tangible assets	6	617,826		556,876
		_______		_______
			1,475,349		1,448,412

Current assets
Stocks		57,623		41,955
Debtors	7	67,612		23,589
Cash at bank and in hand		537,288		514,076
		_______		_______
		662,523		579,620
Creditors: amounts falling due
within one year	8	( 1,022,608)		( 506,244)
		_______		_______
Net current (liabilities)/assets			( 360,085)		73,376
			_______		_______
Total assets less current liabilities			1,115,264		1,521,788

Creditors: amounts falling due
after more than one year	9		( 1,020,100)		( 1,075,744)
			_______		_______
Net assets			95,164		446,044
			_______		_______

Capital and reserves
Called up share capital			100		100
Profit and loss account			95,064		445,944
			_______		_______
Shareholders funds			95,164		446,044
			_______		_______

For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

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

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 comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 17 September 2025 , and are signed on behalf of the board by:

Mr Dean Fitzmaurice

Director

Company registration number: 12406370

Mavas Foods Limited

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 95 Linthorpe Road, Middlesbrough, TS1 5DD.

2. Statement of compliance

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

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:


Goodwill	-	Over 20 years
Franchise Fees and Rights	-	Over 20 years

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

tangible assets are initially recorded at cost, and are 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

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:


Plant and machinery	-	Over 7 years
Fittings fixtures and equipment	-	Over 7 years
Motor vehicles	-	Over 5 years
Equipment	-	Over 4 years

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

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. 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 cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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 stocks to their present location and condition.

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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

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 in finance costs in profit or loss in the period in which it arises.

Franchise

4. Employee numbers

The average number of persons employed by the company during the year amounted to Nil (2023: 201 ).

5. Intangible assets

	Goodwill	Total
	£	£
Cost
At 1 January 2024	903,997	903,997
Additions	11,356	11,356
	_______	_______
At 31 December 2024	915,353	915,353
	_______	_______
Amortisation
At 1 January 2024	12,461	12,461
Charge for the year	45,369	45,369
	_______	_______
At 31 December 2024	57,830	57,830
	_______	_______
Carrying amount
At 31 December 2024	857,523	857,523
	_______	_______
At 31 December 2023	891,536	891,536
	_______	_______

6. Tangible assets

	Plant and machinery	Fixtures, fittings and equipment	Motor vehicles	Total
	£	£	£	£
Cost
At 1 January 2024	489,608	127,312	78,770	695,690
Additions	113,529	11,971	85,279	210,779
Disposals	-	-	( 46,730)	( 46,730)
	_______	_______	_______	_______
At 31 December 2024	603,137	139,283	117,319	859,739
	_______	_______	_______	_______
Depreciation
At 1 January 2024	68,599	48,229	21,985	138,813
Charge for the year	72,201	28,467	27,355	128,023
Disposals	-	-	( 24,923)	( 24,923)
	_______	_______	_______	_______
At 31 December 2024	140,800	76,696	24,417	241,913
	_______	_______	_______	_______
Carrying amount
At 31 December 2024	462,337	62,587	92,902	617,826
	_______	_______	_______	_______
At 31 December 2023	421,009	79,083	56,785	556,877
	_______	_______	_______	_______

7. Debtors

	2024	2023
	£	£
Trade debtors	5	-
Other debtors	67,607	23,589
	_______	_______
	67,612	23,589
	_______	_______

8. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	-	73,634
Trade creditors	413,438	151,671
Social security and other taxes	381,258	79,419
Other creditors	227,912	201,520
	_______	_______
	1,022,608	506,244
	_______	_______

9. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Bank loans and overdrafts	950,200	1,005,844
Other creditors	69,900	69,900
	_______	_______
	1,020,100	1,075,744
	_______	_______

Directors loan account balance £69,900 (2023 - £69,900) is shown within other Creditors.

10. Controlling party

The company was under the control of its directors throughout the year.