Company registration number 01971189 (England and Wales)
Maxilead Limited
Unaudited financial statements
For the year ended 28 February 2025
Maxilead Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 9
Maxilead Limited
Statement of financial position
As at 28 February 2025
28 February 2025
- 1 -
28 February 2025
29 February 2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
7,946,499
4,747,459
Investment property
5
703,950
1,125,000
8,650,449
5,872,459
Current assets
Stocks
228,739
72,188
Debtors
6
676,182
1,276,878
Cash at bank and in hand
104,153
76,019
1,009,074
1,425,085
Creditors: amounts falling due within one year
7
(2,773,993)
(1,628,147)
Net current liabilities
(1,764,919)
(203,062)
Total assets less current liabilities
6,885,530
5,669,397
Creditors: amounts falling due after more than one year
8
(2,477,415)
(2,329,310)
Provisions for liabilities
(436,800)
(460,000)
Net assets
3,971,315
2,880,087
Capital and reserves
Called up share capital
1,000
1,000
Revaluation reserve
1,198,673
331,344
Non-distributable profits reserve
10
527,961
843,749
Distributable profit and loss reserves
2,243,681
1,703,994
Total equity
3,971,315
2,880,087
Maxilead Limited
Statement of financial position (continued)
As at 28 February 2025
28 February 2025
- 2 -

For the financial year ended 28 February 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 9 October 2025 and are signed on its behalf by:
Mrs A Dagnall
Director
Company registration number 01971189 (England and Wales)
Maxilead Limited
Notes to the financial statements
For the year ended 28 February 2025
- 3 -
1
Accounting policies
Company information

Maxilead Limited is a private company limited by shares incorporated in England and Wales. The registered office is Metal Works, Woodward Way, Atherton, Manchester, England, M46 9RU.

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 a mounts 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.

Maxilead Limited is a wholly owned subsidiary of Boxster Limited.

1.2
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.

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 despatch 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.

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Computer Software
3 years
Maxilead Limited
Notes to the financial statements (continued)
For the year ended 28 February 2025
1
Accounting policies
(Continued)
- 4 -
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.

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
not depreciated
Plant and equipment
20% on reducing balance
Motor vehicles
20% on reducing balance

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.

Buildings are not depreciated on the basis that the residual value of the property is so high that any depreciation is unlikely to be material. The buildings are maintained and enhanced to a very high standard as this is a crucial part of the business. It is determined that were the property to be considered for sale at the end of its useful economic life that the selling price would exceed its carrying value.

1.5
Investment property

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 a t the reporting end date. Changes in fair value are recognised in profit or loss.

1.6
Stocks

Stocks are stated at the lower of cost and net realisable value (estimated selling price less costs to complete and sell). Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

1.7
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 statement of financial position 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.

Maxilead Limited
Notes to the financial statements (continued)
For the year ended 28 February 2025
1
Accounting policies
(Continued)
- 5 -
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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 paymen ts 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. A m ounts 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.

1.8
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 income statement 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.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences. Such 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.

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 income statement, 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 liabilities are offset when the company has a legally enforceable right to offset current tax liabilities and the deferred liabilities relate to taxes levied by the same tax authority.

1.9
Retirement benefits

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

Maxilead Limited
Notes to the financial statements (continued)
For the year ended 28 February 2025
1
Accounting policies
(Continued)
- 6 -
1.10
Leases
As lessee

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

2
Employees

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

2025
2024
Number
Number
Total
21
21
3
Intangible fixed assets
Computer Software
£
Cost
At 1 March 2024 and 28 February 2025
16,466
Amortisation and impairment
At 1 March 2024 and 28 February 2025
16,466
Carrying amount
At 28 February 2025
-
0
At 29 February 2024
-
0
Maxilead Limited
Notes to the financial statements (continued)
For the year ended 28 February 2025
- 7 -
4
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Motor vehicles
Total
£
£
£
£
Cost or valuation
At 1 March 2024
3,386,473
1,443,314
932,755
5,762,542
Additions
662,955
1,554,662
290,800
2,508,417
Disposals
-
0
(133,000)
(88,750)
(221,750)
Revaluation
661,720
-
0
-
0
661,720
Transfer from investment property
562,500
-
0
-
0
562,500
At 28 February 2025
5,273,648
2,864,976
1,134,805
9,273,429
Depreciation and impairment
At 1 March 2024
-
0
634,368
380,715
1,015,083
Depreciation charged in the year
-
0
243,738
131,333
375,071
Eliminated in respect of disposals
-
0
(15,372)
(47,852)
(63,224)
At 28 February 2025
-
0
862,734
464,196
1,326,930
Carrying amount
At 28 February 2025
5,273,648
2,002,242
670,609
7,946,499
At 29 February 2024
3,386,473
808,946
552,040
4,747,459

Land and buildings with a carrying amount of £5,273,649 were revalued a t April 2025 by the Eddisons Chartered Surveyors, who are not connected to the company. The valuation was based on recent market transactions on arm's length terms for similar properties.

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

Freehold property
2025
2024
£
£
Cost
3,718,084
3,055,129
5
Investment property
2025
£
Fair value
At 1 March 2024
1,125,000
Transfers
(562,500)
Revaluations
141,450
At 28 February 2025
703,950
Maxilead Limited
Notes to the financial statements (continued)
For the year ended 28 February 2025
5
Investment property
(Continued)
- 8 -

Investment property comprises £703,950. The fair value of the investment property has been arrived at on the basis of a valuation carried out April 2025 by the Eddisons Chartered Surveyors, who are not connected to the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

6
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
120,698
21,701
Amounts owed by group undertakings
-
0
327,559
Other debtors
555,484
927,618
676,182
1,276,878
7
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
23,518
21,162
Trade creditors
1,525,096
955,194
Amounts owed to group undertakings
651,501
69,517
Taxation and social security
10,684
109,825
Other creditors
563,194
472,449
2,773,993
1,628,147
8
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
1,908,225
1,929,925
Other creditors
569,190
399,385
2,477,415
2,329,310
9
Security

The bank loans are secured by a fixed and floating charge over the assets of the company.

Amounts due under hire purchase contracts are secured against the assets which they relate to.

Maxilead Limited
Notes to the financial statements (continued)
For the year ended 28 February 2025
- 9 -
10
Non-distributable profits reserve
2025
2024
£
£
At the beginning of the year
843,749
843,749
Non distributable profits in the year
(315,788)
-
At the end of the year
527,961
843,749
11
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Companies under common control

At the period end, loan balances owed from the company to connected parties amounted to £75,491 (2024 - £327,559).

12
Directors' transactions

The advance s are unsecured and repayable upon demand. Interest was charged at the official rate of interest on the advance s.

Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Loan
2.25
284,608
70,077
5,468
(360,153)
-
Loan
2.25
123,344
72,451
1,779
(197,574)
-
Loan
2.25
149,844
97,739
2,728
(250,311)
-
Loan
2.25
41,822
87,570
865
(130,257)
-
599,618
327,837
10,840
(938,295)
-
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