Company registration number SC081671 (Scotland)
MAXI GROUP LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
MAXI GROUP LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 10
MAXI GROUP LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
126,862
327,034
Investment property
6
11,020,001
10,455,501
Investments
7
1,667,721
1,667,721
12,814,584
12,450,256
Current assets
Debtors
9
738,064
1,046,706
Cash at bank and in hand
3,847,221
3,052,730
4,585,285
4,099,436
Creditors: amounts falling due within one year
10
(10,912,662)
(10,595,343)
Net current liabilities
(6,327,377)
(6,495,907)
Total assets less current liabilities
6,487,207
5,954,349
Provisions for liabilities
(213,398)
(126,847)
Net assets
6,273,809
5,827,502
Capital and reserves
Called up share capital
130,000
130,000
Share premium account
40,714
40,714
Profit and loss reserves
6,103,095
5,656,788
Total equity
6,273,809
5,827,502

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

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:
C Rogerson
Director
Company Registration No. SC081671
MAXI GROUP LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 October 2022
130,000
40,714
5,828,090
5,998,804
Year ended 30 September 2023:
Loss and total comprehensive income for the year
-
-
(171,302)
(171,302)
Balance at 30 September 2023
130,000
40,714
5,656,788
5,827,502
Year ended 30 September 2024:
Profit and total comprehensive income for the year
-
-
3,436,307
3,436,307
Dividends
-
-
(2,990,000)
(2,990,000)
Balance at 30 September 2024
130,000
40,714
6,103,095
6,273,809
MAXI GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
1
Accounting policies
Company information

Maxi Group Limited is a private company limited by shares incorporated in Scotland. The registered office is Elliott House, Kilwinning Road, Irvine, Ayrshire, United Kingdom, KA12 8TG.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

Maxi Group Limited is a wholly owned subsidiary of Maxi Caledonian Limited and the results of Maxi Group Limited are included in the consolidated financial statements of Maxi Caledonian Limited which are available from Elliot House, Kilwinning Road, Irvine, KA12 8TG.

1.2
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 company will continue in business. In satisfaction of this responsibility the directors have considered the company's ability to meet its liabilities as they fall due. trueAs such, the directors consider that it is appropriate to prepare the financial statements on the going concern basis.

 

Given the strong cash and net asset position of the company, the directors consider that it is appropriate to prepare the financial statements on the going concern basis.

 

1.3
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.

 

Turnover relates to rental income recieved in the period from investment propeties held by the entity.

 

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.

1.4
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.

MAXI GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -

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:

Plant and equipment
20% on cost
Trucks and Trailers
15% - 20% on cost
Motor vehicles
25% on cost

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 credited or charged to profit or loss.

1.5
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.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.7
Impairment of fixed assets

At each reporting period end date, the company 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.

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.

1.8
Cash and cash equivalents

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.

MAXI GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.9
Financial instruments

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with 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.

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 company 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.

1.10
Equity instruments

Equity instruments issued by the company 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 company.

1.11
Taxation

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

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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

MAXI GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 6 -
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 when the company has 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.

1.12
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.

1.13
Retirement benefits

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

2
Judgements and key sources of estimation uncertainty

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company's accounting policies.

 

The directors are satisfied that accounting policies are appropriate and applied consistently. Key sources of accounting estimation have been applied to depreciation rates. Each estimate has been considered by the directors, and the basis for the estimate has been deemed to be reasonable.

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.

Investment Properties

Investment properties are properties which are held either to earn a rental income or for capital appreciation or both. Investment properties are recognised initially at cost. Subsequent to intial recognition, investment properties are measured at fair value.

 

Investment properties are professionally valued on a regular basis using a yield methodology. Management review and update the valuations in-between professional valuations. The investment properties are stated at fair value, as accounted for by the directors. The valuation is on the basis of Market Value ("MV"), which is defined in the RICS Valuation Standards. The investment properties are revalued at each year-end at MV by the directors or surveyors with the surplus/deficit being taken to the statement of comprehensive income.

MAXI GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -
3
Employees

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

2024
2023
Number
Number
Total
10
9
4
Directors' remuneration
2024
2023
£
£
Remuneration paid to directors
326,448
239,182
5
Tangible fixed assets
Plant and equipment
Trucks and Trailers
Motor vehicles
Total
£
£
£
£
Cost
At 1 October 2023
53,861
2,568,741
217,253
2,839,855
Disposals
-
0
(248,937)
-
0
(248,937)
At 30 September 2024
53,861
2,319,804
217,253
2,590,918
Depreciation and impairment
At 1 October 2023
53,861
2,413,778
45,182
2,512,821
Depreciation charged in the year
-
0
146,655
53,517
200,172
Eliminated in respect of disposals
-
0
(248,937)
-
0
(248,937)
At 30 September 2024
53,861
2,311,496
98,699
2,464,056
Carrying amount
At 30 September 2024
-
0
8,308
118,554
126,862
At 30 September 2023
-
0
154,963
172,071
327,034
6
Investment property
2024
£
Fair value
At 1 October 2023
10,455,501
Revaluations
564,500
At 30 September 2024
11,020,001

Investment properties were last valued on an open market basis at 30th September 2024 by Graham + Sibbald. The directors are of the opinion this valuation is an appropriate estimate of fair value.

MAXI GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
7
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
1,667,721
1,667,721
MAXI GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 9 -
8
Subsidiaries

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

Name of undertaking
Address
Class of
% Held
shares held
Direct
Ixam Limited
UK
Ordinary
100.00
Maxi Construction Limited
UK
Ordinary
100.00
Maxi Construction Management Limited
IRL
Ordinary
100.00
Maxi Haulage International Limited
UK
Ordinary
100.00
Maxi Haulage Limited
UK
Ordinary
100.00
Maxi Homes Limited
UK
Ordinary
100.00
Maxi Warehousing Limited
UK
Ordinary
100.00

Registered office addresses (all UK unless otherwise indicated):

1
FDW House, Blackthorn Business Park, Coes Road, Dundalk, Co Louth
2
Elliott House, Kilwinning Road, Irvine, KA12 8TG
3
Firth Road, Houston Industrial Estate, Livingston, West Lothian, EH54 5DJ
9
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
39,929
-
0
Corporation tax recoverable
-
0
740,275
Amounts owed by group undertakings
666,068
173,533
Other debtors
32,067
132,898
738,064
1,046,706
10
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
2,496
18,054
Amounts owed to group undertakings
10,538,358
10,468,034
Corporation tax
231,381
-
0
Other taxation and social security
90,159
70,572
Other creditors
50,268
38,683
10,912,662
10,595,343
11
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

MAXI GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
11
Audit report information
(Continued)
- 10 -
Senior Statutory Auditor:
David MacCallum
Statutory Auditor:
Azets Audit Services
12
Related party transactions

During the year transactions with related entities were as follows:

 

At the year end the company was due £9,558 (2023: £109,339) from companies under common control of Mr G E Atkinson. At the year end the company owed £102 (2023: £102) to companies under common control.

 

Management charges of £517,623 (2023: £188,826) were recieved from companies under common control.

13
Parent company

The ultimate parent company is Maxi Caledonian Limited. The ultimate controlling party is Mr G E Atkinson by virtue of his controlling interest in the ultimate parent company.

 

The largest and smallest group into which the results of the company are consolidated is that headed by Maxi Caledonian Limited, registered in Scotland. The consolidated accounts of this company are available to the public and may be obtained from Companies House.

 

No other group accounts include the results of the company.

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