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REGISTERED NUMBER: 12450281 (England and Wales)















MAX ENERGY HOLDINGS LTD

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 MARCH 2024






MAX ENERGY HOLDINGS LTD (REGISTERED NUMBER: 12450281)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 10

Other Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Notes to the Financial Statements 14


MAX ENERGY HOLDINGS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: S K Adams
P A Beardsley
D J Green
N M Poole
D G Graby





REGISTERED OFFICE: 1 Boston Road
Gorse Hill Industrial Estate
Leicester
LE4 1AA





REGISTERED NUMBER: 12450281 (England and Wales)





AUDITORS: Xeinadin Audit Limited
Sidings House
Sidings Court
Lakeside
Doncaster
South Yorkshire
DN4 5NU

MAX ENERGY HOLDINGS LTD (REGISTERED NUMBER: 12450281)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024


The directors present their strategic report for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the Company is that of a holding company. The main activity of the main subsidiary (Max Energy) is the supply and install of insulation products.

REVIEW OF BUSINESS
Max Energy Limited was the main trading entity owned by Max Energy Holdings Ltd in the period. Max Energy Ltd remains committed to delivering against its core strategy of developing a national business in the new build housing and retrofit markets through increased market share.

The approach to securing new customers and further developing its existing customer base is by utilising its experienced in-house Business Development Team, supported by the central management function, and this has, once again, enabled strong growth for the order book.

This has been underpinned by the further strengthening of its relationships with its supply chain partners to ensure a robust service delivery, maintain quality of products, security of supply and to mitigate price increases where possible.

PRINCIPAL RISKS AND UNCERTAINTIES
A sudden and unexpected change in the economy effecting the New Build Housing Sector or from a non-scheduled change to the Government Incentivised Retro Fit market remains the key risk. To minimise these risks, the Company's Management Team continues to monitor and analyse both markets closely, sharing data with our customers, key suppliers, and trade bodies. The economic drivers of each market remain unconnected helping to manage a slowdown in either sector.

Credit risk continues to be a key area of focus for the Management Team, the Company mitigates this by continuing to develop and maintain a wide portfolio of well managed customers across multiple house builders, with an ongoing review of credit limits. All new customers follow a strict onboarding process which includes a proven process of setting credit limits. All credit limits are reviewed on a regular basis using a market leading credit advice bureau.

The Company's risk to price increases is predominantly, but not limited to raw material cost. To alleviate this all key product lines have multiple suppliers. Furthermore, a proportion of all supplier and customer contracts are based on fixed pricing for a defined timeframe, with provisions included in customer contracts to pass on manufacturer price increases.


MAX ENERGY HOLDINGS LTD (REGISTERED NUMBER: 12450281)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

GOING CONCERN
The Board of Directors can report on a profit for the period of £1,300,000 (2023: £645,940) this is entirely driven by investment income (£1,300,000 of income from shares in group undertakings).

Max Energy Limited reports another year of strong performance. Turnover for the period increased to £35,024,483 from £33,781,459 for the period ending YE 31.03.2023. Operating profit remains strong at £3,533,192 (2023: £3,817,191).

Retained earnings increased to £9,910,968 (2023: £8,248,413) which represents 20% growth. Liquidity within the business remained strong with year-end cash at bank of £1,402,914 (2023: £783,408). The invoice discounting facility remains throughout the reporting period.

Max Energy Holdings Limited retained earnings ended the period at £1,880,555 (2023: £1.880,555) from Investment Assets of £8,118,525.

The Companies trading arm Max Energy Limited once against achieved strong results and has the continued support form the Holding Company. On this basis the Board of Directors remain confident they can continue to deliver profitable and sustainable results.

ON BEHALF OF THE BOARD:





P A Beardsley - Director


17 December 2024

MAX ENERGY HOLDINGS LTD (REGISTERED NUMBER: 12450281)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024


The directors present their report with the financial statements of the company for the year ended 31 March 2024.

DIVIDENDS
The directors paid an interim dividend at 4th August 2023 of £1,300,000.

No final dividend was recommended at the year end.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

S K Adams
P A Beardsley
D J Green
N M Poole
D G Graby

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

MAX ENERGY HOLDINGS LTD (REGISTERED NUMBER: 12450281)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024


AUDITORS
The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





P A Beardsley - Director


17 December 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MAX ENERGY HOLDINGS LTD


Opinion
We have audited the financial statements of Max Energy Holdings Ltd (the 'company') for the year ended 31 March 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MAX ENERGY HOLDINGS LTD


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MAX ENERGY HOLDINGS LTD


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Based on our understanding of the Company, we identified that the principal risks of non-compliance with laws and regulations related to corporation tax legislation and we considered the extent to which non-compliance might have a material effect on the financial statements.

As part of this assessment we considered both quantitative and qualitative factors. We also considered those laws and regulations that have a direct impact of the preparation of the financial statements, such as the Companies Act 2006 and FRS 102.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements which included the risk of management override of controls. We determined that the principal risks were related to posting inappropriate journal entries, omitting, advancing or delaying recognition of events and transactions that have occurred during or after the reporting period, and potential management bias in the determination of accounting estimates or judgements to manipulate results.

Audit procedures performed by the engagement team include:

- Enquiring of and obtaining written representation from management in relation to known or suspected instances of
non-compliance with laws and regulations and fraud;
- Enquiring of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and
regulations;
- Evaluation of management's controls designed to prevent and detect irregularities;
- Review of board meeting minutes and meetings of those charged with governance;
- Identifying and, where relevant, testing journal entries posted by senior management or with unusual combinations;
- Assessing and evaluating the business rationale of significant transactions outside the normal course of business;
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with
applicable laws and regulations;
- Incorporating elements of unpredictability into the nature, timing and/or extent of audit procedures performed.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentation, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MAX ENERGY HOLDINGS LTD


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Mr Kelvin Fitton BA FCA (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited
Sidings House
Sidings Court
Lakeside
Doncaster
South Yorkshire
DN4 5NU

18 December 2024

MAX ENERGY HOLDINGS LTD (REGISTERED NUMBER: 12450281)

INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £   

TURNOVER - -

Administrative expenses - 5,810
OPERATING LOSS 3 - (5,810 )

Income from shares in group undertakings 1,300,000 651,750
PROFIT BEFORE TAXATION 1,300,000 645,940

Tax on profit 4 - -
PROFIT FOR THE FINANCIAL YEAR 1,300,000 645,940

MAX ENERGY HOLDINGS LTD (REGISTERED NUMBER: 12450281)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 1,300,000 645,940


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,300,000

645,940

MAX ENERGY HOLDINGS LTD (REGISTERED NUMBER: 12450281)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investments 7 8,118,525 8,118,525

CURRENT ASSETS
Debtors 8 45,855 45,855

CREDITORS
Amounts falling due within one year 9 1,031,825 1,031,825
NET CURRENT LIABILITIES (985,970 ) (985,970 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,132,555

7,132,555

CAPITAL AND RESERVES
Called up share capital 10 65 65
Share premium 11 5,251,935 5,251,935
Retained earnings 11 1,880,555 1,880,555
SHAREHOLDERS' FUNDS 7,132,555 7,132,555

The financial statements were approved by the Board of Directors and authorised for issue on 17 December 2024 and were signed on its behalf by:





P A Beardsley - Director


MAX ENERGY HOLDINGS LTD (REGISTERED NUMBER: 12450281)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 April 2022 65 1,886,365 5,251,935 7,138,365

Changes in equity
Dividends - (651,750 ) - (651,750 )
Total comprehensive income - 645,940 - 645,940
Balance at 31 March 2023 65 1,880,555 5,251,935 7,132,555

Changes in equity
Dividends - (1,300,000 ) - (1,300,000 )
Total comprehensive income - 1,300,000 - 1,300,000
Balance at 31 March 2024 65 1,880,555 5,251,935 7,132,555

MAX ENERGY HOLDINGS LTD (REGISTERED NUMBER: 12450281)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Max Energy Holdings Ltd 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 the Pound Sterling (£).


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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Preparation of consolidated financial statements
The financial statements contain information about Max Energy Holdings Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Effective Energy Group Limited, 1 Boston Road, Leicester, Leicestershire, LE4 1AA.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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.


MAX ENERGY HOLDINGS LTD (REGISTERED NUMBER: 12450281)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued
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.

3. OPERATING LOSS

The operating loss is stated after charging:


20242023
££
Auditors' remuneration-3,000
Auditors' remuneration non audit services-1,500

4. TAXATION

Analysis of the tax charge
No liability to UK corporation tax arose for the year ended 31 March 2024 nor for the year ended 31 March 2023.

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 1,300,000 645,940
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

325,000

122,729

Effects of:
Income not taxable for tax purposes (325,000 ) (123,833 )
Surrendered to group - 1,104
Total tax charge - -

MAX ENERGY HOLDINGS LTD (REGISTERED NUMBER: 12450281)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


5. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £0.01 each
Final 1,300,000 651,750

6. OTHER OPERATING EXPENSES

The audit fee for the Company was borne by the ultimate parent company, Effective Energy Group Limited.

7. FIXED ASSET INVESTMENTS

Details of the investments in which the parent company has an interest of 20% or more are as follows:



Subsidiary Undertakings
Company
Registration
Number



Class of
Share


Percentage
of Shares
Held


Max Energy Limited 08992041 Ordinary £1 100%
Registered Office: 1 Boston Road, Leicester,
Leicestershire, LE4 1AA

Nature of business: Insulation Installation Contractor

Max Renewables Limited (Previously Volta Energy
South Kirby Limited)

110026369


Ordinary £1


100%
Registered Office: 1 Boston Road, Leicester,
Leicestershire, LE4 1AA

Nature of business: Dormant

* Max Scaffold Ltd (Previously Green Beard Limited) 09824501 Ordinary £1 100%
Registered Office: 1 Boston Road, Leicester,
Leicestershire, LE4 1AA

Nature of business: Insulation Installation Contractor

* Green Beard Ltd (Previously Max Scaffold Limited) 10439937 Ordinary £1 100%
Registered Office: 1 Boston Road, Leicester,
Leicestershire, LE4 1AA

Nature of business: Dormant

* - Denotes an indirect holding

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by group undertakings 45,855 45,855

MAX ENERGY HOLDINGS LTD (REGISTERED NUMBER: 12450281)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed to group undertakings 1,026,075 1,026,075
Accrued expenses 5,750 5,750
1,031,825 1,031,825

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
6,500 Ordinary £0.01 65 65

11. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 April 2023 1,880,555 5,251,935 7,132,490
Profit for the year 1,300,000 1,300,000
Dividends (1,300,000 ) (1,300,000 )
At 31 March 2024 1,880,555 5,251,935 7,132,490

12. CONTINGENT LIABILITIES

The company has given its bank a cross guarantee between itself and its subsidiary, Max Energy Limited. Bank borrowings relating to other companies covered by this cross guarantee as at 31 March 2024 amounted to £1,887,324 (2023: £2,416,592).

13. RELATED PARTY DISCLOSURES

Effective Energy Group Ltd, the ultimate parent company, received a loan from the company in the period, the outstanding balance being £45,855 (2023: £45,855).

MAX ENERGY HOLDINGS LTD (REGISTERED NUMBER: 12450281)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


14. POST BALANCE SHEET EVENTS

On 28 October 2024, Effective Energy Group Limited commenced a group restructuring process. The process was designed to simplify the group structure and eliminate entities no longer required. The following steps effecting the Company were undertaken in chronological order on the dates described below:

On 29 October 2024:
1) The entire share capital of Green Beard Limited, Max Renewables and Max Render Limited was sold to ABCD Holdco Limited at market value for total consideration of £3. ABCD Holdco Limited is a Company under common control.

2) Effective Energy Group Limited acquired a further 21.5% of the ordinary share capital of the Company. From the date of the acquisition Effective Energy Group Limited are the 100% parent undertaking of Max Energy Holdings Limited.

Following the completion of the restructuring process the Company's ultimate parent undertaking became ABC Holdco Limited by virtue of the acquisition of 100% of Ordinary share capital of Effective Energy Group Limited. The Company's ultimate controlling party remains Mr L Cottingham and Mr R J Cox.

15. ULTIMATE CONTROLLING PARTY

The immediate and ultimate parent undertaking is Effective Energy Group Limited, a company incorporated in England and Wales, whose ultimate controlling parties are considered to be R J Cox and L J Cottingham on the basis of their shareholdings in the parent company .

The consolidated accounts of Effective Energy Group Limited, in which this company is included, are available to the public and may be obtained from Companies House.