REGISTERED NUMBER: SC257385 (Scotland)

Maxwell Motors Limited

Unaudited Financial Statements

for the Year Ended 31st December 2025

Page

Company information

1

Balance sheet

2

to

3

Notes to the financial statements

4

to

8

Directors:

M D Angus

Mrs M S Angus

C D Angus

C A Angus

Secretary:

C A Angus

Registered office:

Academy House

Shedden Park Road

Kelso

Roxburghshire

TD5 7AL

Business address:

5 Sprouston Road

Maxwellheugh

Kelso

Roxburghshire

TD5 8EU

Registered number:

SC257385 (Scotland)

Accountants:

Rennie Welch LLP

Academy House

Shedden Park Road

Kelso

Roxburghshire

TD5 7AL

Fixed assets

Intangible assets

4

-

-

Tangible assets

5

1,018,170

1,036,886

Investment property

6

-

431,000

1,018,170

1,467,886

Current assets

Stocks

1,035,036

981,889

Debtors

7

143,311

275,365

Cash at bank and in hand

1,899,336

1,895,171

3,077,683

3,152,425

Creditors

Amounts falling due within one year

8

760,020

1,403,408

Net current assets

2,317,663

1,749,017

Total assets less current liabilities

3,335,833

3,216,903

Provisions for liabilities

39,378

71,890

Net assets

3,296,455

3,145,013

Capital and reserves

Called up share capital

600

600

Retained earnings

3,295,855

3,144,413

Shareholders' funds

3,296,455

3,145,013

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of income and retained earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11th June 2026 and were signed on its behalf by:

C D Angus - Director

1.	Statutory information

Maxwell Motors Limited is a private company, limited by shares , registered in Scotland. 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

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

Turnover arising from the sale of goods is recognised when the significant risks and rewards of ownership have passed to the buyer. Turnover arising from the provision of services is recognised as contract activity progresses and the right to consideration is earned.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. Intangible assets have now fully been amortised.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Freehold property

-

Nil

Leasehold property

-

Straight line over the life of the lease

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Office equipment

-

33% on cost

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Investment property

Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measured at cost, including transaction costs. Subsequently investment properties are measured at fair value by the directors. Investment property valuations are based on an open market value. Deferred tax is provided on these movements. Gains and losses arising from changes in the fair value of investment properties are included in the Statement of Income and Retained Earnings in the period in which they arise.

Stocks

Stocks are valued at the lower of cost and estimated selling price less costs to sell, after making due allowance for obsolete and slow moving items. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacture/completion.

Financial instruments

The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors. accruals, directors' loans and other loans.

Directors' loans (being repayable on demand), other loans, trade debtors, trade creditors and accruals are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Pensions

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

Provisions

Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably.

Employee benefits

Short term employee benefits, including holiday pay, are recognised as an expense in the Statement of Income and Retained Earnings in the period in which they are incurred.

Going concern

The directors have considered the company's financial position for a period of 12 months and beyond from the date of signing these financial statements and have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing these financial statements.

3.	Employees and directors

The average number of employees during the year was 32 (2024 - 32 ) .

4.	Intangible fixed assets

Goodwill

£

Cost

At 1st January 2025

and 31st December 2025

126,400

Amortisation

At 1st January 2025

and 31st December 2025

126,400

Net book value

At 31st December 2025

-

At 31st December 2024

-

5.	Tangible fixed assets

Freehold

Leasehold

Plant and

property

property

machinery

£

£

£

Cost

At 1st January 2025

860,660

16,467

244,045

Additions

-

-

37,509

Disposals

-

-

-

At 31st December 2025

860,660

16,467

281,554

Depreciation

At 1st January 2025

-

16,467

175,480

Charge for year

-

-

12,155

Eliminated on disposal

-

-

-

At 31st December 2025

-

16,467

187,635

Net book value

At 31st December 2025

860,660

-

93,919

At 31st December 2024

860,660

-

68,565

Fixtures

and

Motor

Office

fittings

vehicles

equipment

Totals

£

£

£

£

Cost

At 1st January 2025

51,648

99,247

83,665

1,355,732

Additions

3,505

-

-

41,014

Disposals

-

(33,887

)

-

(33,887

)

At 31st December 2025

55,153

65,360

83,665

1,362,859

Depreciation

At 1st January 2025

24,636

23,063

79,200

318,846

Charge for year

4,227

11,917

2,910

31,209

Eliminated on disposal

-

(5,366

)

-

(5,366

)

At 31st December 2025

28,863

29,614

82,110

344,689

Net book value

At 31st December 2025

26,290

35,746

1,555

1,018,170

At 31st December 2024

27,012

76,184

4,465

1,036,886

6.	Investment property

Total

£

Fair value

At 1st January 2025

431,000

Disposals

(431,000

)

At 31st December 2025

-

Net book value

At 31st December 2025

-

At 31st December 2024

431,000

Fair value at 31st December 2025 is represented by:

£

7.

Debtors: amounts falling due within one year

2025

2024

£

£

Trade debtors

124,257

235,147

Other debtors

19,054

40,218

143,311

275,365

8.

Creditors: amounts falling due within one year

2025

2024

£

£

Trade creditors

239,397

129,279

Taxation and social security

209,977

211,622

Other creditors

310,646

1,062,507

760,020

1,403,408

9.	Post balance sheet events

An interim dividend for the year to 31st December 2026 was declared on 24th March 2026 at £68 per share.