Company registration number SC403078 (Scotland)
MAXI CALEDONIAN LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
MAXI CALEDONIAN LIMITED
COMPANY INFORMATION
Directors
G E Atkinson
R Atkinson
D F Atkinson
R E Atkinson
C Rogerson
Secretary
C Rogerson
Company number
SC403078
Registered office
Elliott House
Kilwinning Road
Irvine
Ayrshire
United Kingdom
KA12 8TG
Auditor
Azets Audit Services
Titanium 1
Kings Inch Place
Renfrew
United Kingdom
PA4 8WF
Solicitors
CMS Cameron McKenna Nabarro Olswang LLP
Saltire Court
20 Castle Terrace
Edinburgh
United Kingdom
EH1 2EN
MAXI CALEDONIAN LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Profit and loss account
10
Group statement of comprehensive income
11
Group balance sheet
12
Company balance sheet
13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Notes to the financial statements
17 - 37
MAXI CALEDONIAN LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -

The directors present the strategic report for the year ended 30 September 2024.

Review of the business

Maxi Caledonian Ltd. is the ultimate holding company of Maxi Group Ltd., Maxi Haulage Ltd., Maxi Warehousing Ltd., Maxi Construction Ltd, Maxi Construction Management Ltd., Ixam Ltd and Maxi Properties Ltd., we therefore report on the consolidated position of these companies. Group turnover increased to £105.0m (2023: £102.2m), with operating profits down slightly to £3.8m (2023: £4.0m).

 

Maxi Properties Ltd. was a separate company with common shareholder and was acquired in the year by Maxi Caledonian Ltd. It is now a wholly owned subsidiary. It has a portfolio of properties, the most valuable of which are occupied by Maxi Haulage Ltd. During the year these properties were revalued, resulting a loss of £0.9m within the profit and loss in respect of those classed as invesetment properties. Prior year comparatives reflect the position had it always been part of the Group.

 

The Group balance sheet remains strong and with the addition of the property assets of Maxi Properties Ltd we retain strong financial reserves which are available for investment and expansion.

 

The Group had another successful year, but haulage activities resulted in reduced margins, in common with the industry’s trends.

 

Maxi Construction Ltd’s turnover continued to increase, and results remain very satisfactory.

 

Maxi Haulage Ltd has continued to increase turnover in difficult market conditions. With rising costs and difficulty in recovering these the margin has reduced. Action has been taken to improve post year end.

 

We thank all our customers and clients for their ongoing and strong support and our staff, subcontractors and vendors for their hard work and commitment greatly contributing to our continued success.

Principal risks and uncertainties

We believe that the company can meet key business risks of competition, both local and national, and also of employee retention.

Key performance indicators

Our key performance indicators include revenue, gross margin and net profit. Group revenue has increased by £2.8m in the year with a gross profit margin of 14.3% (2023: 14.6%) and an operating profit of 3.6% (2023: 3.9%). The overall net profit has fallen in the year, which is largely due to the property held by Maxi Properties Ltd being revalued in the year and is not an indication of Group performance.

MAXI CALEDONIAN LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
Section 172 Statement

The Board of Directors believe that they have acted in the way they consider to be both in good faith and would be most likely to promote the success of the  Group for the benefit of its members as a whole (having regard to the stakeholders and matters set out in s172(1)(a-f) of the Act) in the decisions taken during the year ended 30th September 2020; and in so having regard, amongst other matters to; 

 

(a)          the likely consequences of any decision in the long term.

(b)          the interests of the Group’s employees.

(c)          the need to foster the Group's business relationships with suppliers, customers, and others.

(d)          the impact of the Group's operations on the community and the environment.

(e)          the desirability of the Group maintaining a reputation for high standards of business conduct, and 

(f)           the need to act fairly between members of the Group.

 

The directors are following a business plan to achieve the Group’s long-term objective including being very successful in areas of operation.

 

The Directors understand the importance of engaging and discussing issues concerning employees, clients, customers, suppliers, subcontractors, the community and environment, regulators, and shareholders as part of its decision-making processes.

 

Employees

Our employees remain fundamental to the achievement of our business plan.  In addition to aiming to be a responsible employer in our approach to pay and benefits, we continue to review with them to ascertain which training and development opportunities should be made available to improve our team’s productivity and our individual employees’ potential within the business. The Group encourages diversity and inclusion of employees of all backgrounds.

 

Clients and Customers

We continue to engage closely with our clients and customers to ensure that their needs are met, and service levels achieved efficiently.

 

Suppliers and subcontractors

We value the Group's supplier and subcontractors base as partners and our aim is to develop and enter strong stable working relationships with them. We seek to be fair and transparent in our dealings with them and we ensure that we honour our arrangements with them.

 

Environment and community

The Directors take sustainability and environmental responsibility very seriously and continually review ways of improving our environmental status. We also operate to the highest levels of safety and high-quality standards.

 

Governance and regulation

The Board’s intention is to behave responsibly and to ensure that the management team operates the business in a responsible manner, acting with the high standards of business conduct and good governance expected of a business of our nature and size and in full alignment with the rules and regulations. In doing so, we believe we will achieve our long-term business strategy and further develop our reputation in our sector.

 

Members

The Board includes shareholders so has a close working relationship with them in order that they benefit from the Group achieving its long-term business strategy.

MAXI CALEDONIAN LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -

On behalf of the board

C Rogerson
Director
22 May 2025
MAXI CALEDONIAN LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -

The directors present their annual report and financial statements for the year ended 30 September 2024.

Principal activities

The principal activity of the company and group continued to be that of haulage, construction and property investment.

Results and dividends

The results for the year are set out on page 10.

Ordinary dividends were paid amounting to £1,000,000. 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:

G E Atkinson
R Atkinson
D F Atkinson
R E Atkinson
C Rogerson
Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

 

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

Auditor

The auditor, Azets Audit Services, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Energy and carbon report

Streamlined Energy and Carbon Reporting (SECR) is presented in accordance with The Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 which introduced energy and carbon reporting requirements for large unquoted companies in the UK. The group meets the criteria of a large unquoted company. The energy and emissions data presented here include all UK operations of Maxi Caledonian Limited, where they have operational control in the financial year.

2024
2023
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
59,763,821
59,358,442
MAXI CALEDONIAN LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
2024
2023
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
488.00
346.00
- Fuel consumed for owned transport
14,405.00
14,465.00
14,893.00
14,811.00
Scope 2 - indirect emissions
- Electricity purchased
169.00
146.00
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the
-
-
Total gross emissions
15,062.00
14,957.00
Intensity ratio
Tonnes CO2e per £1,000 revenue
0.1434
0.1469
Quantification and reporting methodology

The group has followed the 2019 HM Government Environmental Reporting Guidelines. The group has also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £1,000 of turnover, the recommended ratio for the sector.

Measures taken to improve energy efficiency

The Group is aware of its obligations as an industrial user and emitter of CO2 greenhouse gases to reduce consumption and protect the environment. All new processes initiated and fixed assets purchased are introduced with energy reduction in mind. In addition, it is understood that operational efficiencies not only reduce power consumption but reduce associated costs. All existing processes, equipment and infrastructure are under constant review to seek opportunity for more power efficient alternatives.

 

Recent programmes include replacing lighting with LED alternatives, replacing boiler systems, and replacing transportation fleet with more energy efficient vehicles whilst utilising software to monitor driver performance.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
C Rogerson
Director
22 May 2025
MAXI CALEDONIAN LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -

The directors are responsible for preparing the Annual Report 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

MAXI CALEDONIAN LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MAXI CALEDONIAN LIMITED
- 7 -
Opinion

We have audited the financial statements of Maxi Caledonian Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and parent 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

MAXI CALEDONIAN LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MAXI CALEDONIAN LIMITED
- 8 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is 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 parent 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 an auditor's report 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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

MAXI CALEDONIAN LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MAXI CALEDONIAN LIMITED
- 9 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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 an auditor's report 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.

David MacCallum (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
22 May 2025
Chartered Accountants
Statutory Auditor
Titanium 1
Kings Inch Place
Renfrew
United Kingdom
PA4 8WF
MAXI CALEDONIAN LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 10 -
2024
2023
Notes
£
£
Turnover
3
104,995,591
102,225,395
Cost of sales
(89,963,216)
(87,313,385)
Gross profit
15,032,375
14,912,010
Administrative expenses
(11,235,151)
(10,918,398)
Other operating income
31,650
9,733
Operating profit
4
3,828,874
4,003,345
Interest receivable and similar income
8
678,104
530,746
Interest payable and similar expenses
9
(3,397)
(22,056)
Fair value gains and losses on investment properties
12
(906,652)
-
0
Profit before taxation
3,596,929
4,512,035
Tax on profit
10
(900,938)
(915,661)
Profit for the financial year
25
2,695,991
3,596,374
Profit for the financial year is all attributable to the owners of the parent company.
MAXI CALEDONIAN LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 11 -
2024
2023
£
£
Profit for the year
2,695,991
3,596,374
Other comprehensive income
Revaluation of tangible fixed assets
254,445
-
0
Actuarial movements on defined benefit pension schemes
(382,000)
(539,000)
Tax relating to other comprehensive income
(63,611)
-
0
Other comprehensive income for the year
(191,166)
(539,000)
Total comprehensive income for the year
2,504,825
3,057,374
Total comprehensive income for the year is all attributable to the owners of the parent company.
MAXI CALEDONIAN LIMITED
GROUP BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
29,637,392
28,962,794
Investment property
12
3,912,300
5,676,500
33,549,692
34,639,294
Current assets
Stocks
17
336,226
391,652
Debtors
16
22,629,294
21,807,840
Cash at bank and in hand
20,665,758
18,382,477
43,631,278
40,581,969
Creditors: amounts falling due within one year
18
(12,823,653)
(13,156,640)
Net current assets
30,807,625
27,425,329
Total assets less current liabilities
64,357,317
62,064,623
Creditors: amounts falling due after more than one year
19
(364,693)
-
Provisions for liabilities
Deferred tax liability
20
2,659,478
2,236,302
(2,659,478)
(2,236,302)
Net assets
61,333,146
59,828,321
Capital and reserves
Called up share capital
21
267,516
200,000
Revaluation reserve
23
2,771,845
2,581,011
Other reserves
103,198
170,714
Profit and loss reserves
25
58,190,587
56,876,596
Total equity
61,333,146
59,828,321
The financial statements were approved by the board of directors and authorised for issue on 22 May 2025 and are signed on its behalf by:
22 May 2025
C Rogerson
Director
Company registration number SC403078 (Scotland)
MAXI CALEDONIAN LIMITED
COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 13 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
14
22,067,516
22,000,000
Current assets
Debtors
16
10,138,636
8,653,924
Cash at bank and in hand
1,090,907
99,587
11,229,543
8,753,511
Creditors: amounts falling due within one year
18
(292,971)
-
Net current assets
10,936,572
8,753,511
Net assets
33,004,088
30,753,511
Capital and reserves
Called up share capital
21
267,516
200,000
Other reserves
21,800,000
21,800,000
Profit and loss reserves
25
10,936,572
8,753,511
Total equity
33,004,088
30,753,511

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £3,183,061 (2023 - £200,727 profit).

The financial statements were approved by the board of directors and authorised for issue on 22 May 2025 and are signed on its behalf by:
22 May 2025
C Rogerson
Director
Company registration number SC403078 (Scotland)
MAXI CALEDONIAN LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 14 -
Share capital
Revaluation reserve
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 October 2022
200,000
2,581,011
170,714
55,019,222
57,970,947
Year ended 30 September 2023:
Profit for the year
-
-
-
3,596,374
3,596,374
Other comprehensive income:
Actuarial gains on defined benefit plans
-
-
-
(539,000)
(539,000)
Total comprehensive income
-
-
-
3,057,374
3,057,374
Dividends
11
-
-
-
(1,200,000)
(1,200,000)
Balance at 30 September 2023
200,000
2,581,011
170,714
56,876,596
59,828,321
Year ended 30 September 2024:
Profit for the year
-
-
-
2,695,991
2,695,991
Other comprehensive income:
Revaluation of tangible fixed assets
-
254,445
-
-
254,445
Actuarial gains on defined benefit plans
-
-
-
(382,000)
(382,000)
Tax relating to other comprehensive income
-
(63,611)
-
-
0
(63,611)
Total comprehensive income
-
190,834
-
2,313,991
2,504,825
Issue of share capital
21
67,516
-
-
-
67,516
Dividends
11
-
-
-
(1,000,000)
(1,000,000)
Other movements
-
-
(67,516)
-
(67,516)
Balance at 30 September 2024
267,516
2,771,845
103,198
58,190,587
61,333,146
MAXI CALEDONIAN LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 15 -
Share capital
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 October 2022
200,000
21,800,000
9,752,784
31,752,784
Year ended 30 September 2023:
Profit and total comprehensive income for the year
-
-
200,727
200,727
Dividends
11
-
-
(1,200,000)
(1,200,000)
Balance at 30 September 2023
200,000
21,800,000
8,753,511
30,753,511
Year ended 30 September 2024:
Profit and total comprehensive income
-
-
3,183,061
3,183,061
Issue of share capital
21
67,516
-
-
67,516
Dividends
11
-
-
(1,000,000)
(1,000,000)
Balance at 30 September 2024
267,516
21,800,000
10,936,572
33,004,088
MAXI CALEDONIAN LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 16 -
2024
2023
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
4,771,364
8,677,184
Interest paid
(3,397)
(22,056)
Income taxes refunded/(paid)
463,518
(904,657)
Net cash inflow from operating activities
5,231,485
7,750,471
Investing activities
Purchase of tangible fixed assets
(4,330,559)
(6,990,344)
Proceeds from disposal of tangible fixed assets
346,703
327,816
Purchase of investment property
(642,452)
-
Proceeds from disposal of investment property
2,000,000
-
Interest received
678,104
530,746
Net cash used in investing activities
(1,948,204)
(6,131,782)
Financing activities
Dividends paid to equity shareholders
(1,000,000)
(1,200,000)
Net cash used in financing activities
(1,000,000)
(1,200,000)
Net increase in cash and cash equivalents
2,283,281
418,689
Cash and cash equivalents at beginning of year
18,382,477
17,963,788
Cash and cash equivalents at end of year
20,665,758
18,382,477
MAXI CALEDONIAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 17 -
1
Accounting policies
Company information

Maxi Caledonian Limited (“the company”) is a private limited company domiciled and incorporated in Scotland. The registered office is Elliott House, Kilwinning Road, Irvine, Ayrshire, United Kingdom, KA12 8TG.

 

The group consists of Maxi Caledonian Limited and all of its subsidiaries.

1.1
Accounting convention

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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts 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.

1.2
Basis of consolidation

In the parent company financial statements, the 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. Investments in subsidiaries are accounted for at cost less impairment.

 

During the year, Maxi Caledonian obtained a controlling interest in Maxi Properties Limited, which has been accounted for under the requirements of merger accounting.

The consolidated group financial statements consist of the financial statements of the parent company Maxi Caledonian Limited together with all entities controlled by the parent company (its subsidiaries).

 

All financial statements are made up to 30 September 2024. 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 group.

 

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.

1.3
Going concern

The directors are required to prepare the statutory financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business. In satisfaction of this responsibility the directors have considered the Group's ability to meet its liabilities as they fall due.

 

The directors consider this on a group basis and the group has significant net assets and net current assets. As such, the directors consider that it is appropriate to prepare the financial statements on the going concern basis.

MAXI CALEDONIAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received 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.

 

Turnover in respect of haulage services is recognised upon collection.

Revenue from contracts for the provision of construction services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Rental income is recognised in the period to which it relates.

1.5
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:

Freehold land and buildings
2% and 2.5% on cost
Plant and equipment
10% and 20% on cost
Fixtures and fittings
10% and 20% on cost
Trucks and trailers
20% and 12.5% on cost
Motor vehicles
25% - 33% on cost

Freehold land is not depreciated.

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.

1.6
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

 

MAXI CALEDONIAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 19 -
1.7
Fixed asset investments

Equity investments 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.

 

In the parent company financial statements, investments in subsidiaries 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.

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
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

MAXI CALEDONIAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 20 -
1.10
Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

 

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

 

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

1.11
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

1.12
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 method 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.

MAXI CALEDONIAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 21 -
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.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies, 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 payments 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.

 

Derecognition of financial liabilities

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

1.13
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.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

MAXI CALEDONIAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 22 -
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.

 

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.

1.15
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.

1.16
Retirement benefits

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

1.17
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.

MAXI CALEDONIAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 23 -
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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Merger accounting

During the financial year, Maxi Caledonian Limited obtained a 100% of the issued share capital of Maxi Properties Limited. The directors are satisfied that there has been no change in the ultimate shareholders of Maxi Properties Limited as a result of the transaction. Accordingly, they are satisfied that the transaction meets the definition of a group reorganisation and that the group is eligble to apply the provisions of merger accounting for business combinations.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Long term contracts

Profit recognition on long term contracts is based on management's best estimate of the stage of completion of each contract. This is based on the the best available information along with their experience of similar contracts. If applicable the level of loss recognised is based on forecasts, which can be determined with reasonable certainty.

Pension estimations and judgements

The actuarial assumptions adopted in the estimation of the company's pension scheme are the responsibility of the Directors. In accordance with FRS 102, these shall be unbiased (neither imprudent nor excessively conservative), mutually compatible and selected to lead the best estimate of future cash flows that will arise under the pension scheme.

Investment properties

The investment properties are valued by an appropriately qualified surveyor using market daa at the date of valuation. The Directors believe this is a reasonable valuation and have therefore incorporated the valuation into the financial statements at the year end.

Depreciation and useful life of tangible fixed assets

The depreciation of tangible fixed assets is based on the directors knowledge of the useful life of each asset and the residual value that is expected to remain at the end of their use.

MAXI CALEDONIAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 24 -
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Construction
20,494,428
20,694,035
Haulage and warehousing
84,095,334
80,901,406
Property rental
405,829
629,954
104,995,591
102,225,395
2024
2023
£
£
Other revenue
Interest income
678,104
530,746
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
13,706
(1,859)
Depreciation of owned tangible fixed assets
3,893,176
3,592,461
Profit on disposal of tangible fixed assets
(329,473)
(317,697)
Profit on disposal of investment property
(500,000)
-
0
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
7,200
6,250
Audit of the financial statements of the company's subsidiaries
58,550
51,050
65,750
57,300
MAXI CALEDONIAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 25 -
6
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Construction
36
45
-
-
Haulage and warehousing
341
339
-
-
Total
377
384
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
15,322,634
14,904,473
-
0
-
0
Social security costs
1,590,124
1,627,471
-
-
Pension costs
395,014
377,956
-
0
-
0
17,307,772
16,909,900
-
0
-
0
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
245,297
240,800
Company pension contributions to defined contribution schemes
11,901
11,848
257,198
252,648
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
128,833
113,374
Company pension contributions to defined contribution schemes
6,188
6,188
MAXI CALEDONIAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 26 -
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
167,175
113,417
Interest on the net defined benefit asset
304,000
269,000
Other interest income
206,929
148,329
Total income
678,104
530,746
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
167,175
113,417
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest payable to group undertakings
-
0
4,909
Other finance costs:
Other interest
3,397
17,147
Total finance costs
3,397
22,056
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
563,548
60,693
Adjustments in respect of prior periods
(22,175)
(59,890)
Total current tax
541,373
803
Deferred tax
Origination and reversal of timing differences
334,274
899,738
Adjustment in respect of prior periods
25,291
15,120
Total deferred tax
359,565
914,858
Total tax charge
900,938
915,661
MAXI CALEDONIAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
10
Taxation
(Continued)
- 27 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
3,596,929
4,512,035
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.01%)
899,232
993,009
Tax effect of expenses that are not deductible in determining taxable profit
1,093,884
856,146
Adjustments in respect of prior years
(22,175)
(59,890)
Other permanent differences
(129,588)
(102,494)
Deferred tax adjustments in respect of prior years
25,291
15,096
Non trade loans
(750,817)
(1,058,375)
Transfer pricing adjustment
252
4,503
Adjustment to brought forward values
(414,000)
-
0
Changeable gains/(losses)
(56,030)
-
Deferrred tax adjustment on freehold revaluation
(63,611)
-
Remeasurement of deferred tax for change in tax rates
318,500
267,666
Taxation charge
900,938
915,661

In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

2024
2023
£
£
Deferred tax arising on:
Revaluation of property
63,611
-
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
1,000,000
1,200,000
MAXI CALEDONIAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 28 -
12
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 October 2023 and 30 September 2024
5,676,500
-
Additions through external acquisition
642,452
-
Disposals
(1,500,000)
-
Net gains or losses through fair value adjustments
(906,652)
-
At 30 September 2024
3,912,300
-

Investment property comprises of office accomodation.The fair value of the investment property has been arrived at on the basis of a valuation carried out on 30th September 2024 by Graham Sibbald Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

13
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Trucks and trailers
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 1 October 2023
18,846,558
1,345,651
1,801,786
24,491,763
1,548,458
48,034,216
Additions
-
0
127,784
137,703
3,767,994
297,078
4,330,559
Disposals
-
0
(141,491)
(931,618)
(3,127,022)
(166,746)
(4,366,877)
Revaluation
244,570
-
0
-
0
-
0
-
0
244,570
At 30 September 2024
19,091,128
1,331,944
1,007,871
25,132,735
1,678,790
48,242,468
Depreciation and impairment
At 1 October 2023
1,234,000
1,273,005
1,639,411
14,180,314
744,692
19,071,422
Depreciation charged in the year
416,890
131,852
118,072
2,882,843
343,519
3,893,176
Eliminated in respect of disposals
-
0
(141,177)
(931,618)
(3,115,943)
(160,909)
(4,349,647)
Revaluation
(9,875)
-
0
-
0
-
0
-
0
(9,875)
At 30 September 2024
1,641,015
1,263,680
825,865
13,947,214
927,302
18,605,076
Carrying amount
At 30 September 2024
17,450,113
68,264
182,006
11,185,521
751,488
29,637,392
At 30 September 2023
17,612,558
72,646
162,375
10,311,449
803,766
28,962,794
The company had no tangible fixed assets at 30 September 2024 or 30 September 2023.
MAXI CALEDONIAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
13
Tangible fixed assets
(Continued)
- 29 -

Freehold land and buildings were valued on 30 September 2024 by Graham Sibbald. The directors are of the opinion this is an appriopriate valuation.

 

If freehold land and buildings were measured using the cost model, the carrying amounts would have been £10,097,207 (2023: £10,361,527) being cost £15,146,396 (2023: £15,146,396) and depreciation £5,049,189 (2023: £4,784,869).

14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
22,067,516
22,000,000
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 October 2023
22,000,000
Additions
67,516
At 30 September 2024
22,067,516
Carrying amount
At 30 September 2024
22,067,516
At 30 September 2023
22,000,000
MAXI CALEDONIAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 30 -
15
Subsidiaries

Details of the company's subsidiaries at 30 September 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Ixam Limited
Elliott House, Kilwinning Road, Irvine, KA12 8TG
Property Company
Ordinary
0
100.00
Maxi Construction Limited
Firth Road, Houston Industrial Estate, Livingston, West Lothian, EH54 5DJ
Construction
Ordinary
0
100.00
Maxi Construction Management Limited
Firth Road, Houston Industrial Estate, Livingston, West Lothian, EH54 5DJ
Construction
Ordinary
0
100.00
Maxi Group Limited
Elliott House, Kilwinning Road, Irvine, KA12 8TG
Holding Company
Ordinary
100.00
-
Maxi Haulage International Limited
FDW house, Blackthorn Business Park, Coes Road, Dandalk, Co Louth, Ireland
Non Trading
Ordinary
0
100.00
Maxi Homes Limited
Elliott House, Kilwinning Road, Irvine, KA12 8TG
Non Trading
Ordinary
0
100.00
Maxi Warehousing Limited
Elliott House, Kilwinning Road, Irvine, KA12 8TG
Warehousing
Ordinary
0
100.00
Maxi Haulage Limited
Elliott House, Kilwinning Road, Irvine, KA12 8TG
Haulage
Ordinary
0
100.00
Maxi Properties Limited
Elliott House, Kilwinning Road, Irvine, KA12 8TG
Property
Ordinary
100.00
-

On 25 September 2024 the group acquired 100% percent of the issued capital of Maxi Properties Limited. This is accounted for in these financial statements under the provisions of the merger method of accounting for business combinations.

16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
16,884,231
17,032,387
-
0
-
0
Gross amounts owed by contract customers
1,697,122
1,114,965
-
0
-
0
Corporation tax recoverable
618,438
987,463
-
0
-
0
Amounts owed by group undertakings
-
-
10,138,636
8,653,924
Other debtors
3,113,421
2,302,563
-
0
-
0
Prepayments and accrued income
316,082
331,983
-
0
-
0
22,629,294
21,769,361
10,138,636
8,653,924
Amounts falling due after more than one year:
Other debtors
-
0
38,479
-
0
-
0
Total debtors
22,629,294
21,807,840
10,138,636
8,653,924
MAXI CALEDONIAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 31 -
17
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Spares, Fuel & Oil
316,226
371,652
-
-
Work in progress
20,000
20,000
-
-
336,226
391,652
-
-
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
4,790,310
5,031,001
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
292,971
-
0
Corporation tax payable
741,538
105,672
-
0
-
0
Other taxation and social security
1,147,684
1,822,447
-
-
Other creditors
95,911
559,228
-
0
-
0
Accruals and deferred income
6,048,210
5,638,292
-
0
-
0
12,823,653
13,156,640
292,971
-
0
19
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Other creditors
364,693
-
0
-
0
-
0
20
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
2,150,060
2,107,120
Capital gains
517,761
205,000
Short term timing differences
(8,343)
(75,818)
2,659,478
2,236,302
The company has no deferred tax assets or liabilities.
MAXI CALEDONIAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
20
Deferred taxation
(Continued)
- 32 -
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 October 2023
2,236,302
-
Charge to profit or loss
423,176
-
Liability at 30 September 2024
2,659,478
-
21
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
267,516
200,000
267,516
200,000

Each share has the right to one vote. Dividends are allotted in proportion to shareholders. If the company was dissolved on a winding up basis, distributions would be shared in proportion to shareholdings. Issued shares hold no right to redemption.

22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
342,568
376,554

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

Defined benefit schemes

Maxi Haulage Limited is a member of the Maxi Group of companies retirement benefit scheme. This is a defined benefit scheme. The assets of the scheme are held separately from those of the company, being invested by professional managers.

2024
2023
Key assumptions
%
%
Discount rate
4.95
5.45
Expected rate of increase of pensions in payment
3.20
3.20
Rate of increase in deferred pensions
3.00
3.00
Inflation assumption for increases in payment
3.45
3.40
Inflation assumptionfor revalution in deferment
3.45
3.70
MAXI CALEDONIAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
22
Retirement benefit schemes
(Continued)
- 33 -
2024
2023

Amounts recognised in the profit and loss account

£
£
Net interest on net defined benefit liability/(asset)
(304,000)
(269,000)
2024
2023

Amounts taken to other comprehensive income

£
£
Actual return on scheme assets
(1,298,000)
(374,000)
Less: calculated interest element
878,000
879,000
Return on scheme assets excluding interest income
(420,000)
505,000
Actuarial changes related to obligations
1,097,000
(619,000)
Effect of changes in the amount of surplus that is not recoverable
5,166,000
5,538,000
Total costs
5,843,000
5,424,000

The amounts included in the balance sheet arising from obligations in respect of defined benefit plans are as follows:

2024
2023
Group
£
£
Present value of defined benefit obligations
11,692,000
11,028,000
Fair value of plan assets
(16,935,000)
(16,566,000)
Surplus in scheme
(5,243,000)
(5,538,000)
Restriction on scheme assets
5,243,000
5,538,000
Total asset recognised
-
-
The company had no post employment benefits at 30 September 2024 or 1 October 2023.
Group
2024

Movements in the present value of defined benefit obligations

£
Liabilities at 1 October 2023
11,028,000
Benefits paid
(1,007,000)
Actuarial gains and losses
1,097,000
Interest cost
574,000
At 30 September 2024
11,692,000

The defined benefit obligations arise from plans which are wholly or partly funded.

MAXI CALEDONIAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
22
Retirement benefit schemes
(Continued)
- 34 -
Group
2024

Movements in the fair value of plan assets

£
Fair value of assets at 1 October 2023
16,566,000
Interest income
878,000
Return on plan assets (excluding amounts included in net interest)
420,000
Benefits paid
(1,007,000)
Contributions by the employer
78,000
At 30 September 2024
16,935,000

The actual return on plan assets was £1,298,000 (2023: £374,000).

Fair value of plan assets at the reporting period end

Group
Group
2024
2023
£
£
Debt instruments
5,323,000
6,856,000
Cash
2,238,000
1,092,000
Gilts
9,374,000
8,618,000
16,935,000
16,566,000
23
Revaluation reserve
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning of the year
2,581,011
2,581,011
-
0
-
0
Revaluation surplus arising in the year
254,445
-
0
-
0
-
0
Deferred tax on revaluation of tangible assets
(63,611)
-
-
-
At the end of the year
2,771,845
2,581,011
-
0
-
24
Other reserves
2024
2023
Group
£
£
At the beginning of the year
170,714
170,714
Other movements
(67,516)
-
At the end of the year
103,198
170,714
MAXI CALEDONIAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
24
Other reserves
(Continued)
- 35 -
2024
2023
Company
£
£
At the beginning and end of the year
21,800,000
21,800,000
25
Profit and loss reserves
Group
Company
2024
2023
2024
2023
as restated
as restated
£
£
£
£
At the beginning of the year
56,876,596
55,019,222
8,753,511
9,752,784
Profit for the year
2,695,991
3,596,374
3,183,061
200,727
Dividends
(1,000,000)
(1,200,000)
(1,000,000)
(1,200,000)
Actuarial differences recognised in other comprehensive income
(382,000)
(539,000)
-
0
-
0
At the end of the year
58,190,587
56,876,596
10,936,572
8,753,511
26
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2024
2023
2024
2023
£
£
£
£
Acquisition of tangible fixed assets
568,028
1,892,812
-
-
27
Events after the reporting date

On 4th October 2024 a dividend of £7.48 per share, amounting to £2,001,020 was declared and subsequently paid to shareholders.

28
Controlling party

The company is controlled by G E Atkinson, by virtue of his majority shareholding.

MAXI CALEDONIAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 36 -
29
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
2,695,991
3,596,374
Adjustments for:
Taxation charged
900,938
915,661
Finance costs
3,397
22,056
Investment income
(678,104)
(530,746)
Gain on disposal of tangible fixed assets
(329,473)
(317,697)
Gain on disposal of investment property
(500,000)
-
0
Fair value loss on investment properties
906,652
-
Depreciation and impairment of tangible fixed assets
3,893,176
3,592,461
Pension scheme non-cash movement
(382,000)
(539,000)
Movements in working capital:
Decrease in stocks
55,426
56,928
(Increase)/decrease in debtors
(1,190,479)
856,187
(Decrease)/increase in creditors
(604,160)
1,024,960
Cash generated from operations
4,771,364
8,677,184
30
Analysis of changes in net funds - group
1 October 2023
Cash flows
30 September 2024
£
£
£
Cash at bank and in hand
18,382,477
2,283,281
20,665,758
31
Prior period adjustment

The company is eligble and has elected to apply the principles of merger accounting to the acquisition of Maxi Properties Limited on 25 September 2024. Under merger accounting, the results and cash flows of the combining entities are brought into the accounts from the beginning of the financial year in which the combination occurred. Comparatives are restated to combine the results of the entities for the previous period.

MAXI CALEDONIAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
31
Prior period adjustment
(Continued)
- 37 -
Reconciliation of changes in equity - group
1 October
30 September
2022
2023
£
£
Adjustments to prior year
Profit for the year to 30 September 2023 from merged entities
-
38,038
Opening equity from merged entities on 1 October 2022
15,061,586
15,061,586
Total adjustments
15,061,586
15,099,624
Equity as previously reported
42,909,361
44,728,697
Equity as adjusted
57,970,947
59,828,321
Analysis of the effect upon equity
Share capital
200,000
200,000
Share premium
11,594,418
11,594,418
Profit and loss reserves
3,267,168
3,305,206
15,061,586
15,099,624
Reconciliation of changes in profit and loss
2023
£
Adjustments to prior year
Profit for the year to 30 September 2023 from merged entities
38,038
Total comprehensive income as previously reported
3,019,336
Profit as adjusted
3,057,374
Reconciliation of changes in equity - company
The prior period adjustments do not give rise to any effect upon equity.
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