Maplevale Developments Limited - Limited company accounts 25.1

REGISTERED NUMBER: 08235420 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 30 September 2025

for

Maplevale Developments Limited

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:

R J Kirkland

I A Reynolds

REGISTERED OFFICE:

Overley House Overley Lane

Alrewas

Burton On Trent

Staffordshire

DE13 7DF

REGISTERED NUMBER:

08235420 (England and Wales)

AUDITORS:

Bourne & Co

Statutory Auditors

6 Lichfield Street

Burton-on-Trent

Staffordshire

DE14 3RD

The directors present their strategic report for the year ended 30 September 2025.

REVIEW OF BUSINESS

We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.

The company incorporated in 2012 and its principal activity is that of a property developer of private dwellings.

We consider that our key performance indicators are those that communicate the financial performance and strength of the company os a whole, these being turnover, operating profit, net profitability and net asset value.

2025

2024

£

Turnover

14,226,641

9,607,735

Operating profit

1,763,675

1,635,908

Net profit before tax

1,409,864

1,350,542

Net assets

9,979,315

8,900,195

=========

========

PRINCIPAL RISKS AND UNCERTAINTIES

The business and market environment in which we operate continues to be challenging, in particular competitiveness and price sensitivity.

We operate on a prudent, economic and risk averse basis as regards our trading relationships with our customers, suppliers and funders. The company has historically utilised a revolving credit facility from external finance providers to help fund the continuing development sites and this facility remains in place to date. There are external events that occur within the industry, which are outside of our control, however we closely monitor the market and economic conditions to mitigate risks to the business.

The company continues to have a sound asset base and the directors are confident about the future growth and development of the business.

ON BEHALF OF THE BOARD:

R J Kirkland - Director

8 June 2026

The directors present their report with the financial statements of the company for the year ended 30 September 2025.

DIVIDENDS

Interim dividends per share were paid as follows:

IAR shares £1 shares

£2250

- 30 September 2025

RJK shares £1 shares

£2250

- 30 September 2025

The directors recommend that no final dividends be paid.

The total distribution of dividends for the year ended 30 September 2025 will be £ 225,000 .

FUTURE DEVELOPMENTS

The directors believe that the future developments of the business will not be substantially different to those that have been reported in this period. The Directors have secured sites to develop in the future and remain optimistic about the prospects of these developments in the coming years.

DIRECTORS

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

R J Kirkland

I A Reynolds

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, Bourne & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

R J Kirkland - Director

8 June 2026

Opinion

We have audited the financial statements of Maplevale Developments Limited (the 'company') for the year ended 30 September 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 30 September 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:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

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:

- the senior statutory auditor ensured that the engagement team collectively had the appropriate

competence, capabilities and skills to identify or recognise non-compliance with applicable laws and

regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and

other management and from our commercial knowledge and experience of the sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on

the financial statements or the operations of the company, including the financial reporting legislation,

Companies Act 2006, taxation legislation, anti-bribery, employment and environmental and health and

safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making

enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team

remained alert to instances of non-compliance throughout the audit.

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

- making enquiries of management as to where they considered there was susceptability to fraud, their

knowledge of actual. suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and

regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias, and investigated the rationale behind significant or unusual

transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

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

- reviewing correspondence with HMRC, relevant regulations and the company's legal advisors.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or a non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

D. Meadows FCA (Senior Statutory Auditor)

for and on behalf of Bourne & Co

Statutory Auditors

6 Lichfield Street

Burton-on-Trent

Staffordshire

DE14 3RD

8 June 2026

TURNOVER

3

14,226,641

9,607,735

Cost of sales

12,335,365

7,749,160

GROSS PROFIT

1,891,276

1,858,575

Administrative expenses

127,601

222,667

OPERATING PROFIT

5

1,763,675

1,635,908

Interest receivable and similar income

14,953

10,134

1,778,628

1,646,042

Interest payable and similar expenses

6

38,519

295,500

PROFIT BEFORE TAXATION

1,740,109

1,350,542

Tax on profit

7

435,989

340,245

PROFIT FOR THE FINANCIAL YEAR

1,304,120

1,010,297

PROFIT FOR THE YEAR

1,304,120

1,010,297

OTHER COMPREHENSIVE INCOME

-

TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

1,304,120

1,010,297

FIXED ASSETS

Tangible assets

9

275

323

CURRENT ASSETS

Stocks

10

6,557,180

11,194,102

Debtors

11

1,240,971

12,437

Cash at bank

2,749,387

495,436

10,547,538

11,701,975

CREDITORS

Amounts falling due within one year

12

568,498

2,802,103

NET CURRENT ASSETS

9,979,040

8,899,872

TOTAL ASSETS LESS CURRENT
LIABILITIES

9,979,315

8,900,195

CAPITAL AND RESERVES

Called up share capital

14

100

Retained earnings

15

9,979,215

8,900,095

SHAREHOLDERS' FUNDS

9,979,315

8,900,195

The financial statements were approved by the Board of Directors and authorised for issue on 8 June 2026 and were signed on its behalf by:

R J Kirkland - Director

Called up

share

Retained

Total

capital

earnings

equity

£

Balance at 1 October 2023

100

8,199,798

8,199,898

Changes in equity

Dividends

-

(310,000

)

(310,000

)

Total comprehensive income

-

1,010,297

Balance at 30 September 2024

100

8,900,095

8,900,195

Changes in equity

Dividends

-

(225,000

)

(225,000

)

Total comprehensive income

-

1,304,120

Balance at 30 September 2025

100

9,979,215

9,979,315

1.	STATUTORY INFORMATION

Maplevale Developments 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.

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.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates, It also requires management to exercise judgement in applying the Company's accounting policies (see note 2).

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.

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

Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be appropriate under the circumstances, the results of which form the basis of making judgements about carrying values of assets and liabilities that are readily apparent from other sources. 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 if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.

Critical accounting estimates and assumptions

Construction contracts

Revenue from a contract to provide services is recognised in the period in which the services are provided and in accordance with the stage of completion of the contract. Ongoing contracts are subject to external valuation which determines stage of completion between the parties involved. The directors estimate costs to complete and include elements of contingency within the contract value based on a number of factors. The estimations are reviewed monthly with detailed budgets and work in progress reports, with any variances adjusted accordingly.

Estimation of future income and costs to complete

In order to determine the profit that the company is able to recognise on its development in a specific period, the company estimates future costs, future sales prices and resulting margins. In making these assessments there is a degree of uncertainty. The company assesses the remaining work in progress at the balance sheet date following the sales that have occurred in the year of completed properties. The directors assess closing work in progress with a site visit and estimate of stage of completion of the existing unsold plots. As at 30 September 2025, this results in an estimation of closing work in progress of £6,557,180 (2024 - £11,194,102). The estimations include an element of costs that are allocated across site-wide developments, and the margin taken is assessed by appraising the site initially and then reviewing the estimated future costs to complete and future revenue generation.

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover 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.

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:

- the Company has transferred the significant risks and rewards of ownership to the buyer;.

- the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; .

- the amount of turnover can be measured reliably;

- it is probable that the Company will receive the consideration due under the transaction;

- recognised at legal completion in respect of total proceeds of building and development; and

- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Turnover is measured at the fair value of consideration receivable and represents the amounts receivable for the property, net of discounts and VAT.

Rendering of services

When separation can be applied to contracts to provide services in the construction contract, turnover is recognised in the period 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 turnover 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 reporting period can be measured reliably and

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

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical 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, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings - 15% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted 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 profit or loss.

Stocks

Stocks including development land and work in progress are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. The company may allocate certain site-wide development costs between plots.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible

to known amounts of cash with insignificant risk of change in value.

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.

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

30.9.25

30.9.24

£

Sales of private dwellings

14,226,641

9,607,735

14,226,641

9,607,735

An analysis of turnover by geographical market is given below:

30.9.25

30.9.24

£

United Kingdom

14,226,641

9,607,735

14,226,641

9,607,735

4.	EMPLOYEES AND DIRECTORS

There were no staff costs for the year ended 30 September 2025 nor for the year ended 30 September 2024.

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

30.9.25

30.9.24

Directors

2

The directors did not receive any remuneration during the year (2024 - £Nil).

30.9.25

30.9.24

£

Directors' remuneration

-

5.	OPERATING PROFIT

The operating profit is stated after charging:

30.9.25

30.9.24

£

Depreciation - owned assets

48

57

Auditors' remuneration

9,450

16,500

Auditors' remuneration for non audit work

9,450

16,501

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

30.9.25

30.9.24

£

Bank loan interest

27,800

295,500

Interest payable - non trade

10,719

-

38,519

295,500

7.

TAXATION

Analysis of the tax charge

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

30.9.25

30.9.24

£

Current tax:

UK corporation tax

435,989

340,245

Tax on profit

435,989

340,245

UK corporation tax was charged at 25%) in 2024.

8.

DIVIDENDS

30.9.25

30.9.24

£

IAR shares shares of £1 each

Interim

112,500

70,000

RJK shares shares of £1 each

Interim

112,500

240,000

225,000

310,000

9.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

COST

At 1 October 2024

and 30 September 2025

2,292

8,210

10,502

DEPRECIATION

At 1 October 2024

1,969

8,210

10,179

Charge for year

48

-

48

At 30 September 2025

2,017

8,210

10,227

NET BOOK VALUE

At 30 September 2025

275

-

275

At 30 September 2024

323

-

323

10.

STOCKS

30.9.25

30.9.24

£

Land stock and development

costs

6,557,180

11,194,102

11.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.25

30.9.24

£

Other debtors

1,226,281

-

Other taxes and social

security

14,690

12,437

1,240,971

12,437

12.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.25

30.9.24

£

Bank loans and overdrafts (see note 13)

-

1,055,782

Trade creditors

23,045

545,331

Amounts owed to group undertakings

346,759

-

Tax

28,499

282,599

Other creditors

-

132,246

Accruals and deferred income

170,195

786,145

568,498

2,802,103

13.

LOANS

An analysis of the maturity of loans is given below:

30.9.25

30.9.24

£

Amounts falling due within one year or on demand:

Bank loans

-

1,055,782

14.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.9.25

30.9.24

value:

£

50

IAR shares

£1

50

RJK shares

£1

50

100

15.

RESERVES

Retained

earnings

£

At 1 October 2024

8,900,095

Profit for the year

1,304,120

Dividends

(225,000

)

At 30 September 2025

9,979,215

16.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year, directors received dividends amounting to £Nil (2024 - £310,000).

17.	RELATED PARTY DISCLOSURES

At the year end, the company was owed £1,226,280.71 by related entities under common control. These balances arose from amounts advanced to, or paid on behalf of, those related entities.

The balances are unsecured, interest free, and repayable on demand. No provision has been made against these balances.

Maplevale Holdings Limited is regarded by the directors as being the company's ultimate parent company.

18.	ULTIMATE CONTROLLING PARTY

On 1 October 2024, Maplevale Holdings Ltd became the company’s immediate and ultimate parent undertaking following a share-for-share exchange. The directors consider Maplevale Holdings Ltd to be the company’s ultimate controlling party as at the balance sheet date by virtue of its ownership of the company’s share capital.