REGISTERED NUMBER: 14073247 (England and Wales)

Financial Statements

for the Year Ended 31 December 2024

for

Ivymax 2 Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

D Singh

Mrs N K Brar

REGISTERED OFFICE:

Suite B

Blackdown House

Blackbrook Park Avenue

Taunton

Somerset

TA1 2PX

REGISTERED NUMBER:

14073247 (England and Wales)

FIXED ASSETS

Tangible assets

4

7,608,283

7,733,673

CURRENT ASSETS

Debtors

5

1,491,371

951,899

Cash at bank

49,868

30,716

1,541,239

982,615

CREDITORS

Amounts falling due within one year

6

1,099,030

8,298,890

NET CURRENT ASSETS/(LIABILITIES)

442,209

(7,316,275

)

TOTAL ASSETS LESS CURRENT LIABILITIES

8,050,492

417,398

CREDITORS

Amounts falling due after more than one year

7

6,529,213

-

NET ASSETS

1,521,279

417,398

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

1,521,179

417,298

SHAREHOLDERS' FUNDS

1,521,279

417,398

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2025 and were signed on its behalf by:

D Singh - Director

1.	STATUTORY INFORMATION

Ivymax 2 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 (£).

The company's principal place of business is Avisford Park Hotel, Yapton Lane, Walberton, Arundel, West Sussex BN18 0LS.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going Concern

The company has net current assets. The company owns a hotel property which is leased to a fellow trading subsidiary and is being financially supported by the Group and its directors. As a consequence, the directors have a reasonable expectation that the Company is well placed to manage its business risks successfully, despite the current uncertain economic outlook, and accordingly continue to adopt the going concern basis in preparing the annual report and accounts.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents the total invoice value, excluding value added tax, of rental income from an operating lease received during the year.

Turnover is recognised on a straight-line basis over the term of the operating lease (Net of any incentives given to the lesees).

Turnover for the company comprises solely of rent receivable from Lowman Hotels Limited (a fellow subsidiary) which it recognises on an accruals basis.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on straight line basis

Freehold land is not depreciated.

All fixed assets are initially recorded at cost. Expenditures incurred after the fixed assets have been put into operation, such as repairs and maintenance and overhaul costs, are normally charged to the profit and loss account in the period in which the costs are incurred. In situations where it can be clearly demonstrated that the expenditures have resulted in an increase in the future economic benefits expected to be obtained from the use of the item of property and equipment beyond its originally assessed standard of performance, the expenditures are capitalised as an additional cost of property and equipment.

Subsequent additions and major components

Subsequent costs are included in the assets carrying amount or recognised as a separate asset, as appropriate, only when it is probable that economic benefits associated with the item will flow to the company and the cost can be measured reliably.

The carrying amount of any replaced component is derecognised. Major components are treated as a separate asset when they have significantly different patterns of consumption of economic benefits and are depreciated separately over its useful life.

Derecognition

Tangible assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in profit or loss.

Financial instruments

Financial assets

Basic financial assets, including trade and other debtors, cash and bank balances, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

Financial assets are derecognised when:

a) the contractual rights to the cash flows from the asset expire or are settled, or

b) substantially all the risks and rewards of the ownership of the asset are transferred to another party, or

c) the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other creditors and bank loans and overdrafts, 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 receipts discounted at a market rate of interest.

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. Trade creditors 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.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

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.

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.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4.	TANGIBLE FIXED ASSETS

Freehold

property

£

COST

At 1 January 2024

and 31 December 2024

7,869,468

DEPRECIATION

At 1 January 2024

135,795

Charge for year

125,390

At 31 December 2024

261,185

NET BOOK VALUE

At 31 December 2024

7,608,283

At 31 December 2023

7,733,673

Included in cost of land and buildings is freehold land of £1,600,000 which is not depreciated.

The property was valued on 17 March 2024 by qualified valuers at £8M as a fully trading operational entity. As fixtures and fittings are recognised in its fellow operating subsidiary Lowman Hotels (Arundel) Ltd , the directors are of the opinion that the carrying amount of the property is not materially different as at 31 December 2024.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Amounts owed by group undertakings

135,626

356,071

Other debtors

210,000

-

VAT

732

-

Prepayments and accrued income

1,145,013

595,828

1,491,371

951,899

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

104,960

-

Amounts owed to group undertakings

950,486

8,255,105

Other creditors

40,285

40,285

Accrued expenses

3,299

3,500

1,099,030

8,298,890

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans - 1-2 years

112,263

-

Bank loans - 2-5 years

2,251,864

-

Amounts owed to group undertakings

4,165,086

-

6,529,213

-

An intercompany loan of £5M repayable over the period to May 2024 has been discounted by £939,405 initially recognised in equity under fair value accounting. £104,491 of the balance has been released to the profit and loss account in the year.

8.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Bank loans

2,469,087

-

The company is subject to a debenture created on the 24 May 2024 containing a fixed and floating charge and negative pledge in connection with a five year bank loan facility of £2.5M at 2% over base. This is secured on the property and by cross guarantees with its fellow operating subsidiary Lowman Hotels (Arundel) Ltd and its parent company Ivymax Ltd including a sub-ordination agreement in connection with £5M of the intercompany loan and £5M of the directors' loan in the parent company .

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

David Black (Senior Statutory Auditor)

for and on behalf of Sumer Auditco Limited

10.	RELATED PARTY DISCLOSURES

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.

Within debtors is a loan of £210,000 (2023: Nil) owed by a company whose directors are family of the directors of Ivymax 2 Ltd.

Within creditors due with in one year is an amount of £40,285 (2023: £40,285) owed to a company whose directors are family of the directors of Ivymax 2 Ltd.

11.	ULTIMATE CONTROLLING PARTY

The company's ultimate parent is Ivymax Ltd which holds 100% of the company. The ultimate controlling parties are Mr D Singh and Mrs N Brar.

The consolidated financial statements of the Ivymax Group are available on Companies House.