REGISTERED NUMBER: 02849501 (England and Wales)

MAGGS BROS. LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr H M O Bett

Dr T Boeder

Mr R J D Harding

Mr E F Maggs

Mr J C V Reilly

Mr C J Stork

Mr M Tewfik

Ms F O C Voremberg

SECRETARY:

Ms H B Hayman

REGISTERED OFFICE:

48 Bedford Square

London

WC1B 3DR

REGISTERED NUMBER:

02849501 (England and Wales)

AUDITORS:

Hakim Fry

Chartered Accountants

Statutory Auditor

69-71 East Street

Epsom

Surrey

KT17 1BP

FIXED ASSETS

Intangible assets

4

53,937

35,934

Tangible assets

5

8,308,932

8,469,809

8,362,869

8,505,743

CURRENT ASSETS

Stocks

5,108,072

4,729,088

Debtors

6

836,304

1,101,067

Cash at bank

511,566

459,675

6,455,942

6,289,830

CREDITORS

Amounts falling due within one year

7

858,024

1,004,199

NET CURRENT ASSETS

5,597,918

5,285,631

TOTAL ASSETS LESS CURRENT LIABILITIES

13,960,787

13,791,374

CREDITORS

Amounts falling due after more than one year

8

(125,000

)

(125,000

)

PROVISIONS FOR LIABILITIES

(977,857

)

(1,012,242

)

NET ASSETS

12,857,930

12,654,132

CAPITAL AND RESERVES

Called up share capital

10

300

300

Share premium

2,338,228

2,338,228

Retained earnings

10,519,402

10,315,604

SHAREHOLDERS' FUNDS

12,857,930

12,654,132

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 July 2026 and were signed on its behalf by:

Ms F O C Voremberg - Director

1.	STATUTORY INFORMATION

Maggs Bros. Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is Pound Sterling (£) and the financial statements have been rounded to the nearest pound.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Impairment of stock

At each financial year-end, the Company recognises an impairment provision against stock. The provision recognised is set at a fixed percentage based on the ageing of the stock.

Impairment of freehold property

Tangible fixed assets are measured at historic cost less depreciation. As required by FRS 102 the directors are required to assess whether there are any indicators of an impairment of fixed assets and where such indicators are identified they are required to undertake a full impairment review to determine whether the recoverable amount, representing the higher of value in use and fair value less costs to sell, is lower than the carrying amount in the financial statements.

Where tangible fixed assets have been impaired in prior periods, the directors assess whether there are any indicators of a reversal of the impairment provision.

The easing of Covid-19 lockdown restrictions and the shift back to office working are such indicators of a reversal of prior period impairments. The directors have considered the risk of a reversal of the impairment of freehold property based on comparing its carrying amount with the recoverable amount, which they have judged to be its fair value less costs to sell since this is greater than its value in use.

Therefore the directors have estimated the value of freehold property based on informal valuations obtained from an external property consultant. These valuations are made on a rental value basis. The primary source of evidence for the valuations is recent, comparable market transactions on an arms length basis, adjusted to reflect the specific conditions and nature of the freehold property held by the Company. In making these adjustments, judgment is applied in estimating the rental value and rental yield of the property for the purposes of determining its valuation.

The directors have also estimated the costs to sell the property based on their knowledge of market conditions.

Any adjustment to these assumptions could lead to a material change in the fair value of the freehold property and therefore impact their judgment over the value of impairment of the asset.

Revenue recognition

Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of returns, discounts and rebates allowed by the company and value added taxes.

The company recognises revenue when (a) the significant risks and rewards of ownership have been transferred to the buyer; (b) the company retains no continuing involvement or control over the goods; (c) the amount of revenue can be measured reliably; (d) it is probable that future economic benefits will flow to the entity and (e) when the specific criteria relating to each of the company's sales channels have been met, as described below.

a) Sale of goods.

Sales of goods are recognised on sale to the customer, which is considered the point of despatch from the office or collected. Sales can be either on cash or credit terms.

b) Sale of service

The company provides valuation, sales and purchase in auctions for customers. Revenue is recognised in the accounting period in which the services are rendered when the outcome of the contract have been fulfilled. Sales are usually on credit terms.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

at varying rates on cost

Short leasehold

-

over lease term

Fixtures and fittings

-

33% on cost and 10% on cost

Computer equipment

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Going concern

The accounts have been prepared on the going concern basis. The Company has sufficient financial resources together with long-term contracts and a net asset position. As a consequence, the directors believe that the Company is well placed to manage its business risks successfully.

The directors confirm they have complied with these requirements and, having a reasonable expectation that the Company has adequate resources to continue in operational existence for at least the next twelve months from the signing of these financial statements.

Interest receivable and similar income

Interest receivable and similar income is recognised using the effective interest method.

Interest payable and similar expenses

Interest payable and similar expenses are charged to the Income Statement over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.

Debtors

Debtors are measured at transaction price less impairment.

Cash at bank

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

Creditors

Creditors are measured at transaction price less impairment. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 25 (2024 - 25 ) .

4.	INTANGIBLE FIXED ASSETS

Computer

software

£

COST

At 1 October 2024

130,181

Additions

34,021

At 30 September 2025

164,202

AMORTISATION

At 1 October 2024

94,247

Amortisation for year

16,018

At 30 September 2025

110,265

NET BOOK VALUE

At 30 September 2025

53,937

At 30 September 2024

35,934

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Short

and

Computer

property

leasehold

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 October 2024

11,309,153

107,548

289,924

129,478

11,836,103

Additions

-

-

36,096

1,380

37,476

At 30 September 2025

11,309,153

107,548

326,020

130,858

11,873,579

DEPRECIATION

At 1 October 2024

2,952,082

106,706

192,852

114,654

3,366,294

Charge for year

156,584

209

36,630

4,930

198,353

At 30 September 2025

3,108,666

106,915

229,482

119,584

3,564,647

NET BOOK VALUE

At 30 September 2025

8,200,487

633

96,538

11,274

8,308,932

At 30 September 2024

8,357,071

842

97,072

14,824

8,469,809

Depreciation of freehold properties as disclosed above includes a cumulative impairment provision of £1,782,614 (2024: £1,782,614).

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.25

30.9.24

£

£

Trade debtors

709,871

984,003

VAT

17,162

13,319

Prepayments and accrued income

109,271

103,745

836,304

1,101,067

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.25

30.9.24

£

£

Trade creditors

442,768

671,425

Tax

1,227

-

Social security and other taxes

41,300

33,113

Accrued expenses

372,729

299,661

858,024

1,004,199

A guarantee dated 16/03/2022 for £50,000.00, plus interest and costs, provided by Edward Francis Maggs, in support of the liabilities of Maggs Bros Ltd.

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.9.25

30.9.24

£

£

Preference shares

125,000

125,000

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Preference shares

125,000

125,000

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

30.9.25

30.9.24

£

£

Within one year

45,846

50,344

Between one and five years

93,777

145,590

139,623

195,934

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.9.25

30.9.24

value:

£

£

300

300 Management shares of £1

each

1

300

300

Shares classified as debt

Nominal value

30.9.24

30.9.23

Allowed, called up and fully paid

£

£

75,000 Preference shares of £1 each

£1

75,000

75,000

50,000 Ordinary shares of £1 each

£1

50,000

50,000

125,000

125,000

The preference shareholders have a right to receive a cumulative dividend of 5% per annum in priority to the payment of any dividend to the ordinary or management shareholders. The ordinary shareholders have a right to a non cumulative dividend of 5% in priority to any payment to the management shareholders but after payment of any dividend due to preference shareholders.

In the event of a winding up, the assets of the Company will be applied first in repayment in full of the capital paid upon the preference shares and a sum equal to the arrears of the preference dividend whether or not declared, second in repayment in full of the capital paid up on the ordinary shares and lastly the balance will be distributed amongst the holders of the management shares.

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Nilesh Patel FCA (Senior Statutory Auditor)

for and on behalf of Hakim Fry

12.	PENSION COMMITMENTS

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £129,981. Contributions totalling £12,270 were payable to the fund at the Statement of Financial Position date.

13.	RELATED PARTY DISCLOSURES

During the year, the company sold £7,789 and purchased £34,950 worth of goods from the directors. All transactions were conducted at arm's length.

Included in trade debtors are amount owing from the directors totalling £270.

Included in trade creditors are amount owing to the directors totalling totalling £5,475.

14.	POST BALANCE SHEET EVENTS

There have been no significant events affecting the Company since year end.

15.	ULTIMATE CONTROLLING PARTY

The Company is owned and controlled by Maggs Bros Employee Trust.