Company Registration No. 00526684 (England and Wales)
VOGT & MAGUIRE LIMITED
ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
VOGT & MAGUIRE LIMITED
COMPANY INFORMATION
Directors
Ms C H Vogt
Mr P J Vogt
Ms C J Vogt
Secretary
Ms C H Vogt
Company number
00526684
Registered office
Wingate Business Exchange
64-66 Wingate Square
Office 9
London
SW4 0AF
Auditor
Robinson Rice Associates Limited
Chartered Accountants, Statutory Auditors &
Chartered Tax Advisors
93 Banks Road
Wirral
Merseyside
CH48 0RB
VOGT & MAGUIRE LIMITED
CONTENTS
Page
Directors' report
1
Accountants' report
2
Profit and loss account
3
Group balance sheet
4 - 5
Company balance sheet
6
Group statement of changes in equity
7
Company statement of changes in equity
8
Notes to the financial statements
9 - 20
VOGT & MAGUIRE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

The directors present their annual report and financial statements for the year ended 31 December 2025.

Principal activities

The principal activity of the company and group continued to be that of ship owners, shipbrokers and shipping agents.

Dividends

Ordinary dividends were paid amounting to £1,285,538. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Ms C H Vogt
Mr P J Vogt
Ms C J Vogt
Small companies exemption

This report has been prepared in accordance with the provisions applicable to groups and companies entitled to the exemptions of the small companies regime.

On behalf of the board
Ms C H Vogt
Director
16 April 2026
VOGT & MAGUIRE LIMITED
ROBINSON RICE ASSOCIATES LIMITED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF VOGT & MAGUIRE LIMITED FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Vogt & Maguire Limited (the ‘parent company’) and its subsidiaries (the ‘group’) for the year ended 31 December 2025 which comprise the group profit and loss account, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity and the related notes from the accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the b oard of d irectors of Vogt & Maguire Limited, as a body, in accordance with the terms of our engagement letter dated 16 February 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Vogt & Maguire Limited and state those matters that we have agreed to state to the b oard of d irectors of Vogt & Maguire Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Vogt & Maguire Limited and its b oard of d irectors as a body, for our work or for this report.

It is your duty to ensure that Vogt & Maguire Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Vogt & Maguire Limited. You consider that Vogt & Maguire Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Vogt & Maguire Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory f inancial statements.

Robinson Rice Associates Limited
Chartered Accountants, Statutory Auditors and Chartered Tax Advisors
93 Banks Road
West Kirby
CH48 0RB
16 April 2026
VOGT & MAGUIRE LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -
2025
2024
Notes
£
£
Turnover
6,766,714
6,137,777
Other operating income
73,730
2,473
Staff costs
4
(280,522)
(508,508)
Profit or loss on sale of assets including depreciation
3
(692,951)
(852,103)
Other operating expenses
(5,763,837)
(4,508,261)
Operating profit
3
103,134
271,378
Share of profits of associates
682,010
554,784
Interest receivable from group undertakings
5
-
17,500
Other interest receivable and similar income
5
141,126
85,499
Amounts written off investments
-
66,200
Profit before taxation
926,270
995,361
Tax on profit
100,430
233,430
Profit for the financial year
1,026,700
1,228,791
Profit for the financial year is all attributable to the owners of the parent company.
VOGT & MAGUIRE LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 4 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
-
0
-
0
Tangible assets
7
10,404,402
10,934,529
Investments
8
2,582,258
3,008,592
12,986,660
13,943,121
Current assets
Debtors
11
1,531,906
1,707,869
Cash at bank and in hand
2,921,352
2,619,364
4,453,258
4,327,233
Creditors: amounts falling due within one year
12
(117,823)
(256,338)
Net current assets
4,335,435
4,070,895
Total assets less current liabilities
17,322,095
18,014,016
Provisions for liabilities
(787,885)
(1,073,775)
Net assets
16,534,210
16,940,241
Capital and reserves
Called up share capital
14
285,675
285,675
Other reserves
118,125
118,125
Profit and loss reserves
16,130,410
16,536,441
Total equity
16,534,210
16,940,241
VOGT & MAGUIRE LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2025
31 December 2025
- 5 -

For the financial year ended 31 December 2025 the group was entitled to exemption from audit under section 477 of the Companies Act 2006.

Directors' responsibilities under the Companies Act 2006:

- 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 in accordance with the provisions applicable to groups and companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 16 April 2026 and are signed on its behalf by:
16 April 2026
Ms C H Vogt
Director
Company registration number 00526684 (England and Wales)
VOGT & MAGUIRE LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2025
31 December 2025
- 6 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
8
50,003
50,003
Current assets
Debtors
11
482,414
749,387
Cash at bank and in hand
2,921,352
2,619,364
3,403,766
3,368,751
Creditors: amounts falling due within one year
12
(3,018,219)
(2,974,786)
Net current assets
385,547
393,965
Net assets
435,550
443,968
Capital and reserves
Called up share capital
14
285,675
285,675
Other reserves
118,125
118,125
Profit and loss reserves
31,750
40,168
Total equity
435,550
443,968

As permitted by section 408 of the Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £1,277,120 (2024 - £544,827 profit).

For the financial year ended 31 December 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 16 April 2026 and are signed on its behalf by:
16 April 2026
Ms C H Vogt
Director
Company registration number 00526684 (England and Wales)
VOGT & MAGUIRE LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 7 -
Share capital
Currency translation reserve
Other Reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2024
285,675
-
118,125
16,271,959
16,675,759
Year ended 31 December 2024:
Profit for the year
-
-
-
1,228,791
1,228,791
Other comprehensive income:
Currency translation differences
-
35,554
-
-
0
35,554
Total comprehensive income
-
35,554
-
1,228,791
1,264,345
Dividends
-
-
-
(999,863)
(999,863)
Transfers
-
(35,554)
-
35,554
-
Balance at 31 December 2024
285,675
-
118,125
16,536,441
16,940,241
Year ended 31 December 2025:
Profit for the year
-
-
-
1,026,698
1,026,700
Other comprehensive income:
Currency translation differences
-
(147,191)
-
0
-
0
(147,191)
Total comprehensive income
-
(147,191)
-
1,026,698
879,509
Dividends
-
-
-
(1,285,538)
(1,285,538)
Transfers
-
147,191
-
(147,191)
-
Balance at 31 December 2025
285,675
-
118,125
16,130,410
16,534,210
VOGT & MAGUIRE LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
Share capital
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2024
285,675
118,125
495,204
899,004
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
-
544,827
544,827
Dividends
-
-
(999,863)
(999,863)
Balance at 31 December 2024
285,675
118,125
40,168
443,968
Year ended 31 December 2025:
Profit and total comprehensive income for the year
-
-
1,277,121
1,277,121
Dividends
-
-
(1,285,538)
(1,285,538)
Balance at 31 December 2025
285,675
118,125
31,750
435,550
VOGT & MAGUIRE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -
1
Accounting policies
Company information

Vogt & Maguire Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Wingate Business Exchange, 64-66 Wingate Square, Office 9, London, SW4 0AF.

The group consists of Vogt & Maguire Limited and all of its subsidiaries.

1.1
Basis of preparation

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

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

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. 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.

VOGT & MAGUIRE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 10 -
1.2
Business combinations

In the parent company financial statements, t he 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. I nvestments 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.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Vogt & Maguire 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 2025. 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 g roup.

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.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

A t the time of approving the financial statements, t he directors have a reasonable expectation that the group and parent company ha ve adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

VOGT & MAGUIRE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 11 -
1.5
Revenue

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

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 benefits 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.

1.6
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:

Plant and equipment
20% straight line
Computers
20% - 30% straight line
Ships
Based on 25 - 30 year life

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 profit and loss account.

1.7
Fixed asset investments

Equity in vest ments 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.

I n 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.

VOGT & MAGUIRE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 12 -

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the g roup’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

In the parent c ompany financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.8
Impairment of fixed assets

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

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.

1.9
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.

VOGT & MAGUIRE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 13 -
1.10
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 balance sheet 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 m ethod 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, 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 profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

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.

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.

VOGT & MAGUIRE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 14 -
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 paymen ts 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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.11
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.

1.12
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 year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The 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.

VOGT & MAGUIRE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 15 -

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

1.13
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.

1.14
Retirement benefits

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

1.15
Leases
As lessee

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 lease d asset are consumed.

1.16
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are 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.

3
Operating profit
2025
2024
Operating profit for the year is stated after charging:
£
£
Fair value gains
(73,730)
(2,473)
VOGT & MAGUIRE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 16 -
4
Employees

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

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Total
3
3
3
3
5
Interest receivable and similar income
2025
2024
£
£
Other interest receivable and similar income
141,126
102,999
6
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2025
2024
Notes
£
£
In respect of:
Fixed asset investments
8
-
(676)
Recognised in:
Amounts written off investments
-
(676)

The impairment losses in respect of financial assets are recognised in other gains and losses in the profit and loss account.

VOGT & MAGUIRE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 17 -
7
Tangible fixed assets
Group
Plant and equipment
Computers
Ships
Total
£
£
£
£
Cost
At 1 January 2025
264,015
25,756
14,497,209
14,786,980
Additions
160,000
-
0
-
0
160,000
Disposals
-
0
(2,385)
-
0
(2,385)
At 31 December 2025
424,015
23,371
14,497,209
14,944,595
Depreciation and impairment
At 1 January 2025
145,009
25,756
3,681,685
3,852,450
Depreciation charged in the year
76,600
-
0
613,528
690,128
Eliminated in respect of disposals
-
0
(2,385)
-
0
(2,385)
At 31 December 2025
221,609
23,371
4,295,213
4,540,193
Carrying amount
At 31 December 2025
202,406
-
0
10,201,996
10,404,402
At 31 December 2024
119,006
-
0
10,815,523
10,934,529
Company
Computers
£
Cost
At 1 January 2025
25,756
Disposals
(2,385)
At 31 December 2025
23,371
Depreciation and impairment
At 1 January 2025
25,756
Eliminated in respect of disposals
(2,385)
At 31 December 2025
23,371
Carrying amount
At 31 December 2025
-
0
VOGT & MAGUIRE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 18 -
8
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
9
-
0
-
0
50,003
50,003
Investments in associates
10
2,582,258
3,008,592
-
0
-
0
2,582,258
3,008,592
50,003
50,003
Movements in fixed asset investments
Group
Shares in group undertakings and participating interests
£
Cost or valuation
At 1 January 2025
3,008,592
Exchange differences
(176,426)
Return of capital
(185,861)
Profits retained
(64,047)
At 31 December 2025
2,582,258
Carrying amount
At 31 December 2025
2,582,258
At 31 December 2024
3,008,592
Movements in fixed asset investments
Company
Shares in group undertakings
£
Cost or valuation
At 1 January 2025 and 31 December 2025
50,003
Carrying amount
At 31 December 2025
50,003
At 31 December 2024
50,003
9
Subsidiaries

Details of the company's subsidiaries at 31 December 2025 are as follows all of which are included in the consolidated accounts:

VOGT & MAGUIRE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
9
Subsidiaries
(Continued)
- 19 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Atlas Navigation Co Ltd
UK
Ordinary
100.00
Windle Shipping Co Ltd
UK
Ordinary
100.00
Swift Navigation Co Ltd
UK
Ordinary
100.00
Vogt & Maguire Shipbroking Ltd
UK
Ordinary
100.00
10
Associates

Details of associates at 31 December 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
TransOsprey Marine Ltd
Malta
Ordinary
25
Sirius Sea Navigation Ltd
Liberia
Ordinary
25
Faversham Ships Holland BV
Netherlands
Ordinary
30
11
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Other debtors
1,531,906
1,134,783
482,414
176,301
Amounts falling due after more than one year:
Other debtors
-
0
573,086
-
0
573,086
Total debtors
1,531,906
1,707,869
482,414
749,387
12
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
£
£
£
£
Trade creditors
10,545
10,876
10,545
10,876
Amounts owed to group undertakings
-
0
-
0
2,960,155
2,932,412
Corporation tax payable
27,961
116,736
9,608
-
0
Other taxation and social security
9,775
9,111
9,775
9,111
Other creditors
69,542
119,615
28,136
22,387
117,823
256,338
3,018,219
2,974,786
VOGT & MAGUIRE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 20 -
13
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company:

Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
787,885
1,073,775
The company has no deferred tax assets or liabilities.
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 January 2025
1,073,775
-
Credit to profit or loss
(285,890)
-
Liability at 31 December 2025
787,885
-

The deferred tax liability set out above is expected to reverse and relates to accelerated capital allowances that are expected to mature.

14
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
285,675
285,675
285,675
285,675
15
Related party transactions

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2025
2024
£
£
Group
Entities over which the group has control, joint control or significant influence
2,960,155
2,932,412

Atlas Navigation Company Limited, Windle Shipping Company Limited and Swift Navigation Company Limited all have intercompany loans with Vogt & Maguire Limited, the totals of which are shown above.

These loans are repayable on demand and no interest is charged.

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