Company registration number SC390576 (Scotland)
MALTHUS UNITEAM (UK) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
PAGES FOR FILING WITH REGISTRAR
MALTHUS UNITEAM (UK) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 12
MALTHUS UNITEAM (UK) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
4
18,174
36,348
Tangible assets
5
655,230
615,528
673,404
651,876
Current assets
Debtors falling due after more than one year
6
167,703
310,781
Debtors falling due within one year
6
3,368,519
2,806,243
Cash at bank and in hand
271,566
586,266
3,807,788
3,703,290
Creditors: amounts falling due within one year
7
(1,392,411)
(1,421,403)
Net current assets
2,415,377
2,281,887
Total assets less current liabilities
3,088,781
2,933,763
Creditors: amounts falling due after more than one year
8
-
0
(113,754)
Provisions for liabilities
10
(1,379,056)
(1,338,892)
Net assets
1,709,725
1,481,117
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
1,709,724
1,481,116
Total equity
1,709,725
1,481,117

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 profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 27 March 2026 and are signed on its behalf by:
Mr J I Jamieson
Director
Company registration number SC390576 (Scotland)
MALTHUS UNITEAM (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
1
Accounting policies
Company information

Malthus Uniteam (UK) Limited is a private company limited by shares incorporated in Scotland. The registered office is 11 Bon Accord Crescent, Aberdeen, Scotland, AB11 6DE.

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

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Revenue is recognised to the extent that is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Revenue from a contract to provide services is recognised in the year in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;

- it is probable that the company will receive the consideration due under the contract;

- the stage of completion of the contract at the end of the year can be measured reliably; and

- the costs incurred and the costs to complete the contract can be measured reliably.

The whole of turnover is attributable to the rendering of services relating to the provision of temporary accommodation and office facilities. The company turnover is principally from the lease of an accommodation facility under a non-cancellable lease. Turnover for rental contracts is recognised on a straight-line basis over the term of the contract.

Turnover for mobilisation, demobilisation and advance payments on rentals are recognised over the term of the contract on a straight-line basis. Prepaid contract costs are deferred on the balance sheet within prepayments and accrued income and charged to the profit and loss accounts on a straight-line basis over the period of the contract.

Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

1.4
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.

The intangible asset relates to the purchase of rights to a ground lease.

MALTHUS UNITEAM (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 3 -

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:

Lease
Amortised over the 10 year lease term using the straight-line method.
1.5
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:

Fixtures and fittings
5 years
Demobilisation asset
term of contracted lease

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

MALTHUS UNITEAM (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 4 -
1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, 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.

1.9
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

MALTHUS UNITEAM (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Provision is made for the estimated cost of demobilisation of the project site, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i s measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises. A corresponding demobilisation asset is recorded within fixed assets and is depreciated over the duration of the contract.

1.11
Retirement benefits

The company contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.

The contributions are recognised in the profit and loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in an independently administered fund.

1.12
Operating leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

MALTHUS UNITEAM (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 6 -

Lessee

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

Lessor

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.13
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 company’s accounting policies, the directors are 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
Employees

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

2025
2024
Number
Number
Total
3
3
MALTHUS UNITEAM (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 7 -
4
Intangible fixed assets
Lease
£
Cost
At 1 January 2025 and 31 December 2025
181,740
Amortisation and impairment
At 1 January 2025
145,392
Amortisation charged for the year
18,174
At 31 December 2025
163,566
Carrying amount
At 31 December 2025
18,174
At 31 December 2024
36,348

The intangible asset relates to the cost of acquiring rights attached to a ground lease.

Amortisation of intangible assets is included within cost of sales in the profit and loss account.

As at 31 December 2025 and 2024 there was no indication of impairment of intangible assets.

5
Tangible fixed assets
Fixtures and fittings
Demobilisation asset
Total
£
£
£
Cost
At 1 January 2025
4,770,744
1,207,513
5,978,257
Additions
326,081
-
0
326,081
Disposals
(2,327,359)
-
0
(2,327,359)
At 31 December 2025
2,769,466
1,207,513
3,976,979
Depreciation and impairment
At 1 January 2025
4,425,058
937,671
5,362,729
Depreciation charged in the year
139,192
147,187
286,379
Eliminated in respect of disposals
(2,327,359)
-
0
(2,327,359)
At 31 December 2025
2,236,891
1,084,858
3,321,749
Carrying amount
At 31 December 2025
532,575
122,655
655,230
At 31 December 2024
345,686
269,842
615,528
MALTHUS UNITEAM (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
6
Debtors
2025
2024
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
2,901,427
2,390,449
Other debtors
54,177
68,968
Prepayments and accrued income
412,915
346,826
3,368,519
2,806,243
2025
2024
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 11)
167,703
310,781
Total debtors
3,536,222
3,117,024
7
Creditors: amounts falling due within one year
2025
2024
£
£
Obligations under finance leases
9
6,670
9,530
Trade creditors
25,964
35,606
Amounts owed to group undertakings
1,129,263
1,190,040
Taxation and social security
4,314
4,069
Accruals and deferred income
226,200
182,158
1,392,411
1,421,403
8
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Obligations under finance leases
9
-
0
5,558
Deferred income
-
0
108,196
-
0
113,754
9
Finance lease obligations
2025
2024
Amounts due:
£
£
Within one year
6,670
9,530
After more than one year
-
0
5,558
6,670
15,088
MALTHUS UNITEAM (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
9
Finance lease obligations
(Continued)
- 9 -
2025
2024
Future minimum lease payments due under finance leases:
£
£
Within one year
6,670
9,530
In two to five years
-
0
5,558
6,670
15,088

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is three years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

10
Provisions for liabilities
2025
2024
£
£
Other provisions
1,379,056
1,338,892

The provision relates to demobilisation costs to be incurred in a future period to meet a contractual obligation. It i s estimated that the se costs of £1,379,056 would be incurred in 2026 at the end of the lease.

Movements on provisions:
Other provisions
£
At 1 January 2025
1,338,892
Additional provisions in the year
40,164
At 31 December 2025
1,379,056
11
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Assets
Assets
2025
2024
Balances:
£
£
Accelerated capital allowances
75,536
142,415
Tax losses
89,667
165,866
Short term timing differences
2,500
2,500
167,703
310,781
MALTHUS UNITEAM (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
11
Deferred taxation
(Continued)
- 10 -
2025
Movements in the year:
£
Asset at 1 January 2025
(310,781)
Charge to profit or loss
143,078
Asset at 31 December 2025
(167,703)
12
Audit report information

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

The auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 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.

Senior Statutory Auditor:
Derek Grant CA
Statutory Auditor:
MMG Audit Limited
Date of audit report:
27 March 2026
13
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2025
2024
£
£
3,695,079
2,857,061
MALTHUS UNITEAM (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
13
Operating lease commitments
(Continued)
- 11 -

The commitment relates to the rental of accommodation modules from the immediate parent company, Algeco Norway AS together with a separate commitment for a ground lease payable to a non-related entity. The rental commitment is reviewed annually by Algeco Norway AS.

Company as lessor

The company leases the accommodation facility under a non-cancellable lease based on occupancy levels at the facility with the remaining term up to 30 November 2026. In the forthcoming year the occupancy is forecast to be higher than what was achieved in the year ended 31 December 2025, and therefore the estimated annual rental receivable is £4,876,000 (2024 - £3,712,000). The level of annual rental receivable over the term of the lease will fluctuate depending on the occupancy levels and therefore the future minimum lease payments receivable between two to five years and after more than five years cannot be estimated reliably.

14
Related party transactions

The company has taken advantage of the exemption given by paragraph 33.1A of Financial Reporting Standard 102 which allows exemption from disclosure of related party transactions with other companies that are wholly owned within the group.

MALTHUS UNITEAM (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 12 -
15
Parent company

The immediate parent company is Algeco Norway AS, a company registered in Norway, by virtue of its 100% ownership in the issued share capital. Algeco Norway AS is a wholly owned subsidiary of Algeco Norway Holding AS. Algeco Norway Holding AS is ultimately owned by Algeco Holdings B.V., a private limited company registered in the Netherlands. Algeco Holdings B.V. is ultimately owned by BCP V Modular Services Holdings Limited, a limited liability company incorporated in Jersey. BCP V Modular Services Holdings Limited is ultimately owned by Brookfield Corporation, an investment company registered in Ontario, Canada which is the ultimate controlling party.

The largest group in which the results of the company are consolidated is that headed by Brookfield Corporation. Copies of the financial statements of Brookfield Corporation can be obtained from its registered office at Brookfield Place, Suite 300, 181 Bay Street, Toronto, Ontario, Canada.

The smallest group in which the results of the company are consolidated is that headed by BCP V Modular Services Holdings III Limited. Copies of the financial statements of BCP V Modular Services Holdings III Limited can be obtained from its registered office at 10th Floor, 5 Churchill Place, London, England.

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