Magnify Brands Limited

Magnify Brands Limited, based in Coventry, UK, is a small, active company founded eight years ago. With a single employee and £209,616 in assets, it operates from a real address and is managed by two directors and one owner, who also serves as the solo founder. The company is an irregular importer, primarily dealing in various textile products, sets, used clothing, and rags, with the last import operation occurring over two years ago in January 2022. It also engages in the wholesale of watches and jewellery, and other retail sales not in stores.

The company’s website, while not detailed, suggests a focus on retail sales, likely through online channels. The company operates in the wholesale of watches and jewellery, and the other retail sale not in stores, stalls or markets industries.

Financially, Magnify Brands Limited shows some concerning trends. Accumulated depreciation impairment on property, plant, and equipment has increased by 39%, particularly impacting computer equipment. Bank borrowings have decreased by 12%, while cash reserves have fallen by nearly 50% to £45,000. Creditors have remained relatively stable, and debtors have increased significantly by 33%, which could indicate delayed customer payments. Despite these challenges, the company's net assets remain stable at £170,000. The company is a small business, meeting two of the three conditions for classification: turnover under £10.2 million, assets under £5.1 million, and fewer than 50 employees. As a small company, it’s exempt from a full audit, so the figures are unaudited.

The significant drop in cash reserves, combined with the increased depreciation, suggests that Magnify Brands Limited might be burning through its reserves faster than it’s generating revenue. It's possible that the irregular import activity and reliance on wholesale and retail sales have impacted its financial performance. The increase in debtors could also be a sign of customers taking longer to pay, further straining its cash flow.

Registered in England/Wales under the registration number 10256748, with a registered address at ME16 0LS, United Kingdom, 20/20 Business Park, Maidstone, Kent, Canada House, First Floor.

WARNING: The numbers have been rounded for simplicity and may be inaccurate.Please, refer to the latest financial report for verification.
Ports, countries, transport, and price/kg were calculated by CorpSignals; non-official data, may contain errors.