Company registration number 10167477 (England and Wales)
ROSEBUD MAXIMUS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2025
ROSEBUD MAXIMUS LIMITED
COMPANY INFORMATION
Director
J B Devlin
Company number
10167477
Registered office
4th floor, Eldon Chambers,
30-32, Fleet Street,
30-32 Fleet Street
London
EC4Y1AA
Auditor
Kershen Fairfax
4th floor, Eldon Chambers,
30-32, Fleet Street,
London
EC4Y 1AA
Business address
3 Oak Lock Mews
Chiswick
London
W4 4NN
ROSEBUD MAXIMUS LIMITED
CONTENTS
Page
Strategic report
1
Director's report
2
Director's responsibilities statement
3
Independent auditor's report
4 - 7
Profit and loss account
8
Statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Company statement of cash flows
15
Notes to the financial statements
16 - 28
ROSEBUD MAXIMUS LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 30 APRIL 2025
- 1 -

The director presents the strategic report for the period ended 30 April 2025.

Fair review of the business

The group continued trading as normal during the period, which was still challenging but less difficult than the previous year. World trading conditions were and still are uncertain and the company is managing the risks of unpredictable f luctuations in the price of sea freight, a shortage of containers, and general difficulties in transportation.

The group was able to record a pre-tax profit of £1.6m for the seventeen month period, up from the £0.6m achieved in the previous year. Volatile market conditions and a change on focus on main lines of product together with the unforeseen geopolitical events resulted in a c omparative fall in turnover o n an annual basis o f 2 0% to £14.5 m (£10.2 annual), down from the £1 2.9 m transacted in 202 2/23 year. Margins were improved from 7.1% to 11.7% and this led to the consequent overall increase in profitability. Overheads were held steady during the period and re main low by industry standards. The company benefits from a stable, skilled group of employees, where staff numbers totalled 3 full time and 2 part-time a reduction from the previous year.

The group’s stock levels have decreased from £1.6 m to £1.0 m, the easing of supply conditions and the reduction in range of products supplied meaning higher stock levels were no longer necessary. T rade debtors fell in proportion to sales, to £1.3 m; and trade creditors fell from £3.7 m to £2.3 m. Cash balances remained steady at £8.7m and remain adequate, and the company had no bank borrowing at the year-end.

The key performance indicators are considered to be turnover, pre-tax profit and liquidity.

Since the period-end, s ales remain adequate, and the director expects trading for 20 25/26 to remain profitable despite the hangover of numerous claimed cargo disputes.

Principal risks and uncertainties

The group trades and distributes commodities in a worldwide market and is therefore subject to the consequential uncertainties includ ing fluctuating exchange rates, commodity prices, industrial demand, and geo-political risks. The principal business risks are exposure to currency fluctuations, which is managed by the forward purchase of currency and options and the continuous monitoring of exchange rates; credit risk, which is closely researched and managed; and liquidity risk.

Development and performance

At the period-end, the group's balance sheet remains strong and management information implies that this position will be maintained even after dividends have been paid. T he group is in a good position, with a niche market, a strong supply base and strong customer base, which have endure d for the last 30 years, and could still be significantly expanded in the longer term.

On behalf of the board

J B Devlin
Director
5 December 2025
ROSEBUD MAXIMUS LIMITED
DIRECTOR'S REPORT
FOR THE PERIOD ENDED 30 APRIL 2025
- 2 -

The director presents his annual report and financial statements for the period ended 30 April 2025.

Principal activities

The principal activity of the company and group continued to be that of import and export of minerals

Director

The director who held office during the period and up to the date of signature of the financial statements was as follows:

J B Devlin
Results and dividends

The results for the period are set out on page 8.

Ordinary dividends were paid amounting to £188,000. The director does not recommend payment of a final dividend.

Auditor

In accordance with the company's articles, a resolution proposing that Kershen Fairfax be appointed as auditor of the company will be put at a General Meeting.

Statement of disclosure to auditor

(a) so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware, and

(b) he 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.

On behalf of the board
J B Devlin
Director
5 December 2025
ROSEBUD MAXIMUS LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 30 APRIL 2025
- 3 -

The director is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:

- select suitable accounting policies and then apply them consistently;

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

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

The director is 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. He is 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.

ROSEBUD MAXIMUS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ROSEBUD MAXIMUS LIMITED
- 4 -
Opinion

We have audited the financial statements of Rosebud Maximus Limited (the 'parent company') and its subsidiary (the 'group') for the period ended 30 April 2025 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, the Company Statement of Cash Flows 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 FRS 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 group's and the parent company's affairs as at 30 April 2025 and of its profit for the period 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 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 director's use of the going concern basis of accounting in their preparation is appropriate. Based on the work that we performed, we have not identified any material uncertainties relating to events or conditions which individually or collectively may cast doubt on the company's ability to continue as a going concern, for at least twelve months from the date of their approval. Our responsibilities regarding going concern are described elsewhere in 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 director is responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

ROSEBUD MAXIMUS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ROSEBUD MAXIMUS LIMITED
- 5 -

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the director's r eport for the financial period for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the director's report 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 group and the parent company and their environment obtained in the course of the audit, we have not identifie d material misstatements in the Strategic Report and the Director's Report.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- the parent company 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 director

As explained more fully in the Director's Responsibilities Statement, the director is 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 director is responsible for assessing the group's and 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 director either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

ROSEBUD MAXIMUS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ROSEBUD MAXIMUS LIMITED
- 6 -
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.

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

We planned our audit in accordance with the requirements of ISA 300, and assessed audit risks in accordance with ISA 315. No significant risks of fraud or other irregularities were identified. Our audit work was conducted in accordance with the audit plan, and no indications of fraud or other irregularities were found. We consider therefore that so far as reasonably possible our audit is capable of detecting irregularities.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows;

-we identified the laws and regulations applicable to the company through discussions with management and from our knowledge and experience of the sector;

-we focused on specific laws and regulations which we considered may have a material effect on the company's financial statements or operations;

-and we assessed the extent of compliance with the laws and regulations identified, by making enquires of management and inspecting correspondence.

We assessed the susceptibility of the group's and company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur,by;

- enquiring of management as to where they considered there was susceptibility to fraud and their knowledge of actual or suspected fraud;

-and by considering the internal controls in place to mitigate the risks of such fraud and non-compliance.

In order to address the risk of fraud through management bias and override of controls, we;

- performed analytical procedures to look for unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

-assessed whether judgments and assumptions made in determining accounting estimates were indicative of potential bias;

-and investigated the rationale behind unusual or significant transactions.

In response to the risk of irregularities and non-compliance, we designed procedures including but not limited to;

-agreeing financial statement disclosures to underlying supporting documentation;

- enquiring of management as to actual or potential litigation and claims;

- and reviewing correspondence with relevant authorities.

There are inherent limitations in the audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations, to enquiries of directors and management and inspection of regulatory and legal correspondence, if any.

Material misstatements arising due to fraud can be harder to detect than those arising from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website. This description forms part of our auditor’s report.

ROSEBUD MAXIMUS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ROSEBUD MAXIMUS LIMITED
- 7 -

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 that we have formed.

Andrew S Kirshen
(Senior Statutory Auditor)
for and on behalf of Kershen Fairfax
5 December 2025
Chartered Accountants
Statutory Auditor
4th floor, Eldon Chambers,
30-32, Fleet Street,
London
EC4Y 1AA
ROSEBUD MAXIMUS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 30 APRIL 2025
- 8 -
period
ended
ended
30 April
30 November
2025
2023
Notes
£
£
Turnover
3
14,515,834
12,923,941
Cost of sales
(12,755,409)
(12,206,273)
Gross profit
1,760,425
717,668
Administrative expenses
(587,962)
(490,234)
Operating profit
4
1,172,463
227,434
Interest receivable and similar income
8
521,244
316,995
Interest payable and similar expenses
9
(4,713)
(7,411)
Fair value gain on investments
10
(63,347)
66,000
Profit before taxation
1,625,647
603,018
Taxation
11
(408,277)
(159,157)
Profit for the financial period
1,217,370
443,861

The profit and loss account has been prepared on the basis that all operations are continuing operations.

ROSEBUD MAXIMUS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 APRIL 2025
- 9 -
Period
ended
30 April
30 November
2025
2023
£
£
Profit for the period
1,217,370
443,861
Other comprehensive income
-
-
Total comprehensive income for the period
1,217,370
443,861
Total comprehensive income for the period is all attributable to the owners of the parent company.
ROSEBUD MAXIMUS LIMITED
GROUP BALANCE SHEET
AS AT 30 APRIL 2025
30 April 2025
- 10 -
2025
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
1,410
5,866
Current assets
Stocks
17
982,083
1,609,956
Debtors
18
1,294,257
1,569,026
Cash at bank and in hand
8,741,997
8,734,617
11,018,337
11,913,599
Creditors: amounts falling due within one year
19
(2,752,203)
(4,681,291)
Net current assets
8,266,134
7,232,308
Total assets less current liabilities
8,267,544
7,238,174
Capital and reserves
Called up share capital
21
202,000
202,000
Profit and loss reserves
8,065,544
7,036,174
Total equity
8,267,544
7,238,174
The financial statements were approved and signed by the director and authorised for issue on 5 December 2025
05 December 2025
J B Devlin
Director
ROSEBUD MAXIMUS LIMITED
COMPANY BALANCE SHEET
AS AT 30 APRIL 2025
30 April 2025
- 11 -
2025
2023
Notes
£
£
£
£
Fixed assets
Investments
14
202,000
202,000
Current assets
Debtors
18
1,098,963
1,208,251
Cash at bank and in hand
7,365,763
6,212,130
8,464,726
7,420,381
Creditors: amounts falling due within one year
19
(431,995)
(534,775)
Net current assets
8,032,731
6,885,606
Total assets less current liabilities
8,234,731
7,087,606
Capital and reserves
Called up share capital
21
202,000
202,000
Profit and loss reserves
8,032,731
6,885,606
Total equity
8,234,731
7,087,606

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £1,335,125 (2023 - £1,247,727 profit).

The financial statements were approved and signed by the director and authorised for issue on 5 December 2025
05 December 2025
J B Devlin
Director
Company Registration No. 10167477
ROSEBUD MAXIMUS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 APRIL 2025
- 12 -
Share capital
Share premium account
Revaluation reserve
Equity reserve
Hedging reserve
Capital redemption reserve
Own shares
Non-distri-butable profits
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
£
£
£
£
Balance at 1 December 2022
202,000
-
-
-
-
-
-
-
6,692,313
6,894,313
Year ended 30 November 2023:
Profit and total comprehensive income for the year
-
-
-
-
-
-
-
-
443,861
443,861
Dividends
12
-
-
-
-
-
-
-
-
(100,000)
(100,000)
Balance at 30 November 2023
202,000
-
0
-
0
-
0
-
0
-
0
-
0
-
0
7,036,174
7,238,174
Period ended 30 April 2025:
Profit and total comprehensive income for the period
-
-
-
-
-
-
-
-
1,217,370
1,217,370
Dividends
12
-
-
-
-
-
-
-
-
(188,000)
(188,000)
Balance at 30 April 2025
202,000
-
0
-
0
-
0
-
0
-
0
-
0
-
0
8,065,544
8,267,544
ROSEBUD MAXIMUS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 APRIL 2025
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 December 2022
202,000
5,737,879
5,939,879
Year ended 30 November 2023:
Profit and total comprehensive income for the year
-
1,247,727
1,247,727
Dividends
12
-
(100,000)
(100,000)
Balance at 30 November 2023
202,000
6,885,606
7,087,606
Period ended 30 April 2025:
Profit and total comprehensive income for the period
-
1,335,125
1,335,125
Dividends
12
-
(188,000)
(188,000)
Balance at 30 April 2025
202,000
8,032,731
8,234,731
ROSEBUD MAXIMUS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 APRIL 2025
- 14 -
2025
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
135,586
3,744,581
Interest paid
(4,713)
(7,411)
Income taxes paid
(455,730)
(270,442)
Net cash (outflow)/inflow from operating activities
(324,857)
3,466,728
Investing activities
Purchase of tangible fixed assets
(1,007)
(961)
Interest received
521,244
316,995
Net cash generated from investing activities
520,237
316,034
Financing activities
Dividends paid to equity shareholders
(188,000)
(100,000)
Net cash used in financing activities
(188,000)
(100,000)
Net increase in cash and cash equivalents
7,380
3,682,762
Cash and cash equivalents at beginning of period
8,734,617
5,051,853
Cash and cash equivalents at end of period
8,741,997
8,734,617
ROSEBUD MAXIMUS LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 APRIL 2025
- 15 -
2025
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
222,855
1,007,554
Interest paid
(2,068)
(3,810)
Income taxes paid
(262,771)
(63,290)
Net cash (outflow)/inflow from operating activities
(41,984)
940,454
Investing activities
Interest received
533,617
401,575
Dividends received
850,000
870,000
Net cash generated from investing activities
1,383,617
1,271,575
Financing activities
Dividends paid to equity shareholders
(188,000)
(100,000)
Net cash used in financing activities
(188,000)
(100,000)
Net increase in cash and cash equivalents
1,153,633
2,112,029
Cash and cash equivalents at beginning of period
6,212,130
4,100,101
Cash and cash equivalents at end of period
7,365,763
6,212,130
ROSEBUD MAXIMUS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2025
- 16 -
1
Accounting policies
Company information

Rosebud Maximus Limited (“the company”) is a group of private limited compan ies incorporated in England. The registered office is at 4th floor, Eldon Chambers, 30-32 Fleet Street, London EC4Y 1AA.

The group consists of Rosebud Maximus Limited and its subsidiary Leader (UK) Limited.

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 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 certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Basis of consolidation

T he consolidation of the parent company's financial statements with those of the subsidiary company is on the merger accounting basis..The comparative figures include the results for the whole of the comparative year.

The consolidated financial statements incorporate those of Rosebud Maximus Limited and it s subsidiary.

All financial statements are made up to 30 April 2025.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation.

1.3
Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Reporting period

The Company year end was extended to the 30th April and the accounts have been prepared for the 17 month period ending 30th April 2025 accordingly. Consequently, the comparative figures disclosed in the accounts for the period of 12 months are not entirely comparable. The accounting year was extended to a date which would enable the accounts and management team to prepare annual accounts more effectively and timeously in the future.

ROSEBUD MAXIMUS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 17 -
1.5
Turnover

Turnover represents amounts receivable for goods delivered and invoiced, net of VAT.

Revenue from the sale of goods is recognized when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods from the warehouse), 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.

1.6
Tangible fixed assets

Tangible fixed assets are measured at cost , net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
20% straight line
Fixtures, fittings & equipment
20% straight line
Motor vehicles
20% straight line

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.

1.7
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss.

I n 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 company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted if necessary.

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.

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.

ROSEBUD MAXIMUS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 18 -
1.10
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in han d and deposits held at call with banks.

1.11
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 m ethod. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss.

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. 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.

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.

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.

ROSEBUD MAXIMUS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 19 -

Basic financial liabilities, including creditors, and loans from fellow group companies, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

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.. Trade creditors are recognised at transaction price.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate.

Derecognition of financial liabilities

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

1.12
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.

1.13
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately.

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.14
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 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..

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.

ROSEBUD MAXIMUS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 20 -
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
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease.

1.18
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.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the director is 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.

3
Turnover and other revenue

An analysis of the group's turnover is as follows:

2025
2023
£
£
Turnover analysed by class of business
Sale of minerals
14,515,834
12,923,941
14,515,834
12,923,941
ROSEBUD MAXIMUS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2025
3
Turnover and other revenue
(Continued)
- 21 -
2025
2023
£
£
Other significant revenue
Interest income
521,244
316,995
2025
2023
£
£
Turnover analysed by geographical market
UK
2,998,106
2,792,919
Europe
11,517,728
10,131,022
14,515,834
12,923,941
4
Operating profit
2025
2023
£
£
Operating profit for the period is stated after charging:
Exchange losses
135,346
234,887
Depreciation of owned tangible fixed assets
5,463
16,962
Operating lease charges
68,000
48,000
5
Auditor's remuneration
2025
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
6,988
3,950
Audit of the financial statements of the company's subsidiaries
24,325
15,550
31,313
19,500
ROSEBUD MAXIMUS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2025
- 22 -
6
Employees

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

Group
Company
2025
2023
2025
2023
Number
Number
Number
Number
Sales
3
4
-
-
Administration
3
3
1
1
6
7
1
1

Their aggregate remuneration comprised:

Group
Company
2025
2023
2025
2023
£
£
£
£
Wages and salaries
264,168
236,040
-
-
0
Social security costs
20,432
20,187
-
-
Pension costs
104,555
78,985
-
0
-
0
389,155
335,212
389,155
335,212
7
Director's remuneration
2025
2023
£
£
Remuneration for qualifying services
-
1,670
8
Interest receivable and similar income
2025
2023
£
£
Interest income
Interest on bank deposits
521,244
316,995
9
Interest payable and similar expenses
2025
2023
£
£
Other finance costs:
Other interest
4,611
7,411
ROSEBUD MAXIMUS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2025
- 23 -
10
Amounts written off investments
2025
2023
£
£
Fair value gains/(losses) on financial instruments
(Loss)/gain on financial liabilities held at fair value through profit or loss
(63,347)
66,000
11
Taxation
2025
2023
£
£
Current tax
UK corporation tax on profits for the current period
408,492
143,970
Adjustments in respect of prior periods
(215)
15,187
Total current tax
408,277
159,157

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

2025
2023
£
£
Profit before taxation
1,625,647
603,018
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.00%)
406,412
138,694
Tax effect of expenses that are not deductible in determining taxable profit
615
739
Adjustments in respect of prior years
-
15,187
Depreciation in excess of capital allowances
1,465
3,346
Depreciation on assets not qualifying for tax allowances
-
(3,901)
Under/(over) provided in prior years
-
920
Taxation charge for the period
408,492
154,985
12
Dividends
2025
2023
£
£
Final paid
188,000
100,000
ROSEBUD MAXIMUS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2025
- 24 -
13
Tangible fixed assets
Group
Leasehold improvements
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 December 2023
20,653
97,169
39,639
157,461
Additions
-
0
1,007
-
0
1,007
At 30 April 2025
20,653
98,176
39,639
158,468
Depreciation and impairment
At 1 December 2023
18,933
93,024
39,638
151,595
Depreciation charged in the period
1,720
3,742
1
5,463
At 30 April 2025
20,653
96,766
39,639
157,058
Carrying amount
At 30 April 2025
-
0
1,410
-
0
1,410
At 30 November 2023
1,720
4,145
1
5,866
The company had no tangible fixed assets at 30 April 2025 or 30 November 2023.
14
Fixed asset investments
Group
Company
2025
2023
2025
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
202,000
202,000
Company
Shares in group undertakings
£
Cost
202,000
Carrying amount
At 30 April 2025
202,000
At 30 November 2023
202,000
ROSEBUD MAXIMUS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2025
- 25 -
15
Subsidiaries

Details of the company's subsidiaries at 30 April 2025 are as follows:

Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Leader (UK) Limited
UK
Import and export of minerals
Ordinary
100.00
0
16
Financial instruments
Group
Company
2025
2023
2025
2023
£
£
£
£
Carrying amount of financial liabilities
Measured at fair value through profit or loss
- Other financial liabilities
70,147
6,800
-
-
17
Stocks
Group
Company
2025
2023
2025
2023
£
£
£
£
Goods for resale
982,083
1,609,956
-
-
18
Debtors
Group
Company
2025
2023
2025
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,294,257
1,569,024
-
0
-
0
Amounts owed by group undertakings
-
-
1,098,963
1,208,251
1,294,257
1,569,024
1,098,963
1,208,251
ROSEBUD MAXIMUS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2025
- 26 -
19
Creditors: amounts falling due within one year
Group
Company
2025
2023
2025
2023
£
£
£
£
Trade creditors
1,800,467
3,708,362
-
0
-
0
Corporation tax payable
418,104
465,557
162,802
263,270
Other taxation and social security
11,195
103,917
-
-
Derivative financial instruments
70,147
6,800
-
0
-
0
Other creditors
352,753
284,928
264,255
264,255
Accruals and deferred income
99,538
111,725
4,938
7,250
2,752,204
4,681,289
431,995
534,775
20
Retirement benefit schemes
2025
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
104,555
78,985

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.

21
Share capital
Group and company
2025
2023
Ordinary share capital
£
£
Authorised
202,000 Ordinary shares of £1 each
202,000
202,000
22
Directors' transactions

The group occupies offices owned by the director for which a market r ent was paid.

At the period end, the group owed £15,873 (20 2 2; £48,877) to the director.

23
Controlling party

The ultimate controlling party is the director.

ROSEBUD MAXIMUS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2025
- 27 -
24
Cash generated from group operations
2025
2023
£
£
Profit for the period after tax
1,217,370
443,861
Adjustments for:
Taxation charged
408,277
159,157
Finance costs
4,713
7,411
Investment income
(521,244)
(316,995)
Depreciation and impairment of tangible fixed assets
5,463
16,962
Amounts written off investments
63,347
(66,000)
Movements in working capital:
Decrease in stocks
627,873
2,715,651
Decrease in debtors
274,769
834,876
(Decrease) in creditors
(1,944,982)
(50,342)
Cash generated from operations
135,586
3,744,581
25
Cash generated from operations - company
2025
2023
£
£
Profit for the period after tax
1,335,125
1,247,727
Adjustments for:
Taxation charged
162,303
113,970
Finance costs
2,068
3,810
Investment income
(1,383,617)
(1,271,575)
Movements in working capital:
Decrease in debtors
109,288
912,772
(Decrease)/increase in creditors
(2,312)
850
Cash generated from operations
222,855
1,007,554
ROSEBUD MAXIMUS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2025
- 28 -
26
Analysis of changes in net debt
2025
£
Opening net funds/(debt)
Cash and cash equivalents
8,734,617
Net derivative financial instruments
(6,800)
8,727,817
Changes in net debt arising from:
Cash flows of the entity
7,380
Changes in market value and exchange rates
(63,347)
Closing net funds/(debt) as analysed below
8,671,850
Closing net funds/(debt)
Cash and cash equivalents
8,741,997
Net derivative financial instruments
(70,147)
8,671,850
27
Analysis of changes in net funds - company
1 December 2023
Cash flows
30 April 2025
£
£
£
Cash at bank and in hand
6,212,130
1,153,633
7,365,763
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