Maggs Shipping Ltd.

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

1. General Information

Maggs Shipping Ltd. is a private company, limited by shares, incorporated in England & Wales, registered number 03953086 . The registered office is Hanover Buildings, 11-13 Hanover Street, Liverpool, Merseyside, L1 3DN.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

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.

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'.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

2.3. Tangible Fixed Assets and Depreciation

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 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:

Freehold	10% Straight Line
Plant and machinery	33% Reducing Balance
Motor vehicles	25% Reducing Balance
Fixtures and fittings	10% Straight Line

2.4. Leasing and Hire Purchase Contracts

Assets obtained under hire purchase contracts and 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 profit and loss account 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 profit and loss account as incurred.

2.5. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

2.6. Financial Instruments

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 entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

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Maggs Shipping Ltd.

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.7. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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.

2.8. Taxation

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.

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.

2.9. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

2.10. Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 6 (2024: 6)

4. Tangible Assets

	Land & Property
	Freehold	Plant and machinery	Motor vehicles	Fixtures and fittings	Total
	£	£	£	£	£
Cost
As at 1 April 2024	7,126	3,088	54,520	9,383	74,117

As at 31 March 2025	7,126	3,088	54,520	9,383	74,117

Depreciation
As at 1 April 2024	7,126	3,088	13,630	9,383	33,227
Provided during the period	-	-	10,222	-	10,222

As at 31 March 2025	7,126	3,088	23,852	9,383	43,449

Net Book Value
As at 31 March 2025	-	-	30,668	-	30,668

As at 1 April 2024	-	-	40,890	-	40,890

Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:

	2025	2024
	£	£
Motor vehicles	30,668	40,890

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Maggs Shipping Ltd.

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

5. Stocks

	2025	2024
	£	£
Finished goods	120,152	108,684

6. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	51,315	67,600
Other debtors	7,788	10,497

	59,103	78,097

7. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	10,880	10,880
Trade creditors	-	7,565
Bank loans and overdrafts	19,301	37,890
Other creditors	59,444	53,536
Taxation and social security	17,955	12,792

	107,580	122,663

8. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	13,600	24,480

9. Obligations Under Finance Leases and Hire Purchase

	2025	2024
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	10,880	10,880
Later than one year and not later than five years	13,600	24,480

	24,480	35,360

	24,480	35,360

10. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	100	100

11. Directors Advances, Credits and Guarantees

No director received advances, credits or guarantees during the current or previous accounting periods.

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Maggs Shipping Ltd.

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

12. Related Party Transactions

The following related party transactions were undertaken during the year:

A director of the company withdrew £31,000 (2024: £33,500) and introduced £34,130 (2024: £312). At the year end the company owed the director £28,789 (2024: £25,659).

A director of the company withdrew £31,000 (2024: £33,500) and introduced £33,812 (2024: £312). At the year end the company owed the director £28,030 (2024: £25,218).

Dividends were paid to the directors in respect of their shareholdings totalling £62,000 (2024: £67,000).

The aggregate remuneration paid to key management personnel for the year was £18,000 (2024: £18,000).

No further transactions with related parties were undertaken such as are required to be disclosed in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		30,668		40,890

			30,668		40,890
CURRENT ASSETS
Stocks	5	120,152		108,684
Debtors	6	59,103		78,097
Cash at bank and in hand		25,393		46,970

		204,648		233,751
Creditors: Amounts Falling Due Within One Year	7	(107,580 )		(122,663 )

NET CURRENT ASSETS (LIABILITIES)			97,068		111,088

TOTAL ASSETS LESS CURRENT LIABILITIES			127,736		151,978

Creditors: Amounts Falling Due After More Than One Year	8		(13,600 )		(24,480 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(7,667 )		(10,223 )

NET ASSETS			106,469		117,275

CAPITAL AND RESERVES
Called up share capital	10		100		100
Profit and Loss Account			106,369		117,175

SHAREHOLDERS' FUNDS			106,469		117,275