REGISTERED NUMBER: 08992041 (England and Wales)

MAX ENERGY LIMITED

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 MARCH 2025

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Income Statement

9

Other Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Notes to the Financial Statements

13

DIRECTORS:

D J Green

P A Beardsley

S K Adams

N M Poole

REGISTERED OFFICE:

1 Boston Road

Gorse Hill Industrial Estate

Leicester

LE4 1AA

REGISTERED NUMBER:

08992041 (England and Wales)

AUDITORS:

Xeinadin Audit Limited

Statutory Auditor, Chartered Accountants

Sidings House, Sidings Court

Lakeside

Doncaster

South Yorkshire

DN4 5NU

The directors present their strategic report for the year ended 31 March 2025.

PRINCIPAL ACTIVITY

The principal activity of the Company is the supply and install of insulation and solar photovoltaic products.

REVIEW OF BUSINESS

The Company remains committed to delivering against its core strategy of developing a national business in the new build and retrofit markets through increased market share.

The operating model continues to be built around a national network of Depots and an experienced field-based Business Development Team, both supported from a central management and service centre. This has once again ensured strong growth to the order book.

The relationships with all key supply chain partners have strengthened further over the period ensuring the Company has a robust delivery model, maintaining both security of supply and competitive commercial terms.

PRINCIPAL RISKS AND UNCERTAINTIES

The key risks to the business model remain as either; a sudden and unexpected change in the economy effecting the New Build Housing Sector, or a change to the Government Mandated Retro Fit Program. These risks are continuously appraised by the Senior Management Team who monitor both markets using economic forecast, whilst also leveraging key relationships with supply chain partners and trade bodies. The economic drivers of each market are very different

and as such making a slowdown in either sector easier to mitigate for the Company.

The Company's key risk to price increase is mainly from raw material costs. This is managed by having multiple supply partners for all key product lines. In addition to this the Company maintains a mix of fixed price contract over variable timeframes for its customers and its supply chain partners. Furthermore, within a significant proportion of customer contracts the Company has the opportunity to pass on manufacturer price increases.

Customer default continues to be a risk to the business, this is mitigated by a strict on boarding process underpinned by a regular review of all credit limits using information from a market leading credit bureau. Having a diverse portfolio of customers managed by the Business Development Team also prevents concentration risk.

KPI'S AND GOING CONCERN

The Directors are delighted to report another year of strong growth across all key areas of the business. Turnover for the year at £42,266,646 represents an increase of 20% over the prior year (£35,024,483). Operating profit for the period remains strong at £3,250,435 (2024: £3,573,165).

Retained earnings for the increased by 3%, increasing to £12,311,204. (2024: £9,910,968). Liquidity remained strong with cash balances at the year end of £899,977. The invoice factoring facility was renewed again during the period.

The Company has once again achieved industry leading performance and, as such, the Board of Directors remain confident that they can continue to deliver profitable and sustainable results.

FUTURE DEVELOPMENTS

Max Energy has secured and improved their order book going into the next financial year, which will cover the forecasted turnover between a twelve-month period, with potential for further upside in the New Build insulation and solar market along with increased activity in the retro fit sector.

ON BEHALF OF THE BOARD:

P A Beardsley - Director

23 December 2025

The directors present their report with the financial statements of the company for the year ended 31 March 2025.

DIVIDENDS

No interim dividend was paid during the year.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2024 to the date of this report.

D J Green

P A Beardsley

S K Adams

N M Poole

Other changes in directors holding office are as follows:

D G Graby ceased to be a director after 31 March 2025 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

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

ON BEHALF OF THE BOARD:

P A Beardsley - Director

23 December 2025

Opinion

We have audited the financial statements of Max Energy Limited (the 'company') for the year ended 31 March 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

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

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

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

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

Auditors' responsibilities for the audit of the financial statements

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

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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

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

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

Audit procedures performed by the engagement team include:

-

Enquiring of and obtaining written representation from management in relation to known or suspected instances of non-compliance with laws and regulations and fraud;

-

Enquiring of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations;

-

Evaluation of management's controls designed to prevent and detect irregularities;

-

Review of board meeting minutes and meetings of those charged with governance;

-

Identifying and, where relevant, testing journal entries posted by senior management or with unusual combinations;

-

Assessing and evaluating the business rationale of significant transactions outside the normal course of business;

-

Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

-

Review of correspondence with regulators in so far as they are related to the financial statements;

-

Incorporating elements of unpredictability into the nature, timing and/or extent of audit procedures performed.

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

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

Use of our report

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

Kelvin Fitton BA FCA (Senior Statutory Auditor)

for and on behalf of Xeinadin Audit Limited

Statutory Auditor, Chartered Accountants

Sidings House, Sidings Court

Lakeside

Doncaster

South Yorkshire

DN4 5NU

23 December 2025

TURNOVER

42,266,646

35,024,483

Cost of sales

30,278,725

23,910,408

GROSS PROFIT

11,987,921

11,114,075

Administrative expenses

8,930,211

7,770,084

3,057,710

3,343,991

Other operating income

192,725

189,201

OPERATING PROFIT

4

3,250,435

3,533,192

Interest receivable and similar income

-

39,973

3,250,435

3,573,165

Interest payable and similar expenses

5

42,755

14,780

PROFIT BEFORE TAXATION

3,207,680

3,558,385

Tax on profit

6

807,444

595,830

PROFIT FOR THE FINANCIAL YEAR

2,400,236

2,962,555

PROFIT FOR THE YEAR

2,400,236

2,962,555

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

2,400,236

2,962,555

FIXED ASSETS

Intangible assets

8

35,938

-

Tangible assets

9

1,244,295

868,654

Investments

10

410,378

410,378

1,690,611

1,279,032

CURRENT ASSETS

Stocks

11

1,368,289

1,060,639

Debtors

12

17,598,362

14,398,866

Cash at bank and in hand

899,977

1,402,914

19,866,628

16,862,419

CREDITORS

Amounts falling due within one year

13

8,686,644

7,826,910

NET CURRENT ASSETS

11,179,984

9,035,509

TOTAL ASSETS LESS CURRENT LIABILITIES

12,870,595

10,314,541

CREDITORS

Amounts falling due after more than one year

14

(330,728

)

(207,783

)

PROVISIONS FOR LIABILITIES

18

(227,663

)

(194,790

)

NET ASSETS

12,312,204

9,911,968

CAPITAL AND RESERVES

Called up share capital

19

1,000

1,000

Retained earnings

20

12,311,204

9,910,968

SHAREHOLDERS' FUNDS

12,312,204

9,911,968

The financial statements were approved by the Board of Directors and authorised for issue on 23 December 2025 and were signed on its behalf by:

P A Beardsley - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2023

1,000

8,248,413

8,249,413

Changes in equity

Dividends

-

(1,300,000

)

(1,300,000

)

Total comprehensive income

-

2,962,555

2,962,555

Balance at 31 March 2024

1,000

9,910,968

9,911,968

Changes in equity

Total comprehensive income

-

2,400,236

2,400,236

Balance at 31 March 2025

1,000

12,311,204

12,312,204

1.	STATUTORY INFORMATION

Max Energy Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions

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

•

the requirements of Section 7 Statement of Cash Flows.

Preparation of consolidated financial statements

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

Related party exemption

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

Significant judgements and estimates

In the application of the Company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 revisions and future periods where the revision affects both current and future periods.

Key estimates have been made as follows:

Tangible fixed assets

The annual depreciation charge is sensitive to changes in estimated useful economic lives and residual values of the assets. These are reviewed regularly to ensure that appropriate charges are made for depreciation.

Supplier rebates

The directors have in place systems to measure supplier spend and rebates due to the Company. Ongoing supplier rebate debtor amounts are re-assessed on a regular basis.

Bad Debt Provision

The Company provide against debtors when the directors are aware of specific issues but also base on the ageing of the debts. All post year end information, including credit notes, are considered in the directors calculation and any amounts considered irrecoverable are provided against in full.

The following principal accounting policies have been applied consistently throughout the period:

Turnover

Turnover is measured at fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

The Company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits associated with the transaction will flow to the entity and when specific criteria are met as follows:

Installations

Turnover from the installation of insulation materials is recognised upon completion of the installation, it is probable that the economic benefits will flow to the Company and the costs incurred or to be incurred in respect of the installation can be measured reliably.

Supplier rebates

Supplier rebates are recognised only when there is a binding agreement with the supplier that specifies the rebate terms. Rebates are recognised as a reduction in the cost of purchases.

The Company measures rebates based on the terms outlined in the rebate agreement.

Rebates are recognised in the period in which the performance obligation is satisfied and the rebate is earned. Where performance criteria span multiple periods, rebates are recognised proportionately.

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and any accumulated impairment losses. Cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight line or reducing balance method or, if held under a finance lease, over the lease term, whichever is shorter.

Plant and machinery

- 25% on straight line

Motor vehicles

- 25% on straight line

Fixtures and fittings

- 25% to 33% on straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjust prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement.

Investments in subsidiaries

Investments in subsidiary companies are measured at cost less accumulated impairment.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Hire purchase and leasing commitments

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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

9,437,969

7,193,267

Social security costs

1,012,712

754,592

Other pension costs

192,183

207,573

10,642,864

8,155,432

The average number of employees during the year was as follows:

2025

2024

Administration

101

72

Fitters

133

101

234

173

2025

2024

£

£

Directors' remuneration

564,295

650,455

Directors' pension contributions to money purchase schemes

19,160

26,588

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

2

2

Information regarding the highest paid director is as follows:

2025

2024

£

£

Emoluments etc

287,709

325,523

Pension contributions to money purchase schemes

9,580

13,294

4.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2025

2024

£

£

Hire of plant and machinery

95,521

88,054

Depreciation - owned assets

311,977

306,449

Depreciation - assets on hire purchase contracts

154,555

161,857

Profit on disposal of fixed assets

(22,409

)

(15,772

)

Auditors' remuneration

15,777

52,170

Operating leases

1,866,684

1,640,812

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Hire purchase interest

42,755

14,780

6.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2025

2024

£

£

Current tax:

UK corporation tax

774,571

590,371

Overprovision in earlier year

-

(21,590

)

Total current tax

774,571

568,781

Deferred tax

32,873

27,049

Tax on profit

807,444

595,830

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2025

2024

£

£

Profit before tax

3,207,680

3,558,385

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

801,920

889,596

Effects of:

Expenses not deductible for tax purposes

5,524

7,445

Adjustments to tax charge in respect of previous periods

-

(21,590

)

Group relief received

-

(279,621

)

Total tax charge

807,444

595,830

7.

DIVIDENDS

2025

2024

£

£

Ordinary shares shares of 1 each

Interim

-

1,300,000

8.	INTANGIBLE FIXED ASSETS

Development

costs

£

COST

Additions

35,938

At 31 March 2025

35,938

NET BOOK VALUE

At 31 March 2025

35,938

9.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 April 2024

1,098,819

330,850

1,015,561

2,445,230

Additions

375,634

95,913

389,844

861,391

Disposals

(1,510

)

-

(80,495

)

(82,005

)

At 31 March 2025

1,472,943

426,763

1,324,910

3,224,616

DEPRECIATION

At 1 April 2024

751,347

225,557

599,672

1,576,576

Charge for year

201,520

58,194

206,818

466,532

Eliminated on disposal

(1,510

)

-

(61,277

)

(62,787

)

At 31 March 2025

951,357

283,751

745,213

1,980,321

NET BOOK VALUE

At 31 March 2025

521,586

143,012

579,697

1,244,295

At 31 March 2024

347,472

105,293

415,889

868,654