REGISTERED NUMBER: 03459006 (England and Wales)

Strategic Report,

Report of the Director and

Financial Statements

for the Period

1 June 2025 to 31 December 2025

for

Maximover Limited

Page

Company Information

1

Strategic Report

2

Report of the Director

3

Report of the Independent Auditors

5

Statement of Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Cash Flow Statement

11

Notes to the Cash Flow Statement

12

Notes to the Financial Statements

13

DIRECTOR:

D Mickelson

REGISTERED OFFICE:

The Old Stables

42 Sudbrooke Road

Scothern

Lincoln

LN2 2UZ

REGISTERED NUMBER:

03459006 (England and Wales)

SENIOR STATUTORY AUDITOR:

Joanne Brown

AUDITORS:

Nicholsons (Statutory Auditors)

Statutory Auditors

Newland House

The Point

Weaver Road

LINCOLN

Lincolnshire

LN6 3QN

The director presents his strategic report for the period 1 June 2025 to 31 December 2025.

REVIEW OF BUSINESS

The company continues to manufacture bespoke commercial vehicles for a variety industries.

The company is based just outside Lincoln in Lincolnshire and primarily retails Peugeot and Fiat alongside other makes such as Vauxhall, Citroen, Renault and Mercedes.

The key financial performance indicators are considered to be sales, gross margins and profit on ordinary activities, as shown in the income statement along with solvency and the working capital position as indicated in the statement of financial position.

With the challenging economic and retail climate the core trade element of the business has continued to perform well. Turnover in the period is £17,138,956 (2025: £38.184,376) the gross profit margin has decreased to 25% (2025: 29%).

The above have combined to produce a loss on ordinary activities of £-1,788,308 (2025 £9,676,849).

The director considers the statement of financial position of the company to be strong, with a comfortable net asset and working capital position. Management remains mindful of the competitive environment in which the company operates and the need to maintain close control over the company's working capital and financial position.

PRINCIPAL RISKS AND UNCERTAINTIES

The company is affected by a number of factors, the principle ones of which are:

- The company is exposed to the risk of negative developments in the global and regional economies and financial markets, either directly or through the impact on the company's bankers, suppliers or customers. These developments can result in recession, inflation, deflation, currency fluctuations, restrictions in the availability of credit, business failures in the customer or supply base, or increase in financing costs and the cost of utilities, raw materials and finished products. Such development might increase the operating costs, reduce revenues, lower asset values or result in the business being unable to meet in full its strategic objectives.

The company mitigates risk in several ways:

- The company has in place an organisational structure with clearly defined lines of responsibility and delegation of authority. There are established policies and procedures for the setting of corporate strategies; financial planning and budgeting; for information and reporting systems; for systems of operational and financial internal control; for assessment of risk; and for monitoring operations and performance.

- Management and staff at all levels work closely with the customers and suppliers to operate as effectively and efficiently as possible whilst maintaining long term working relationships, innovation and good lines of communication.

- The company operates a recruitment and selection process to ensure employees are experienced and competent in their work. The workforce is trained to be alert, responsive to customer needs and to operate in line with the company's corporate objectives.

ON BEHALF OF THE BOARD:

D Mickelson - Director

31 March 2026

The director presents his report with the financial statements of the company for the period 1 June 2025 to 31 December 2025.

The company changed its accounting reference date from 31 May to 31 December during the period.

PRINCIPAL ACTIVITY

The principal activity of the company in the period under review was that of commercial vehicle sales.

DIVIDENDS

The total distribution of dividends for the period ending 31 December 2025 was £10,204,372 ( 31 May 2025 Nil).

DIRECTORS

The directors during the period under review were:

M R Harris

- resigned 21.8.25

D P Crookes

- appointed 21.8.25

- resigned 10.11.25

D Mickelson

- appointed 21.8.25

The director holding office at 31 December 2025 did not hold any beneficial interest in the issued share capital of the company at date of appointment or 31 December 2025.

EVENTS SINCE THE YEAR END

The current ongoing issues in Israel and the Ukraine are not anticipated to impact on the company's supply of materials or production lines. The director remains confident that the company will enjoy expansion and increased profitability in future years through innovation and efficiencies.

STREAMLINED ENERGY AND CARBON REPORTING

The director has invested significantly in measures to reduce the carbon footprint of the company. The acquisition of a biomass system, the switch to energy efficient lighting and the capture of rain water for use, all contribute significantly to improvements in energy reduction. The Director continues to seek avenues of efficiency and intends to invest in this area in future years.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, the Report of the Director 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 company and of the profit or loss of the company 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;

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

The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 director is 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 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.

AUDITORS

The auditors, Nicholsons (Statutory Auditors), will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

D Mickelson - Director

31 March 2026

Opinion

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

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its loss 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 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, 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 Director 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 Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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 director's 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 Statement of Director's Responsibilities set out on page three, 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 director determines 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 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 intends to liquidate the company or to cease operations, or has 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:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the organisation and determined that the most significant are those that relate to the reporting framework (FRS102), the Companies Act 2006 and the relevant tax compliance.

We understood how the organisation is complying with those frameworks by making enquiries of management and those charged with governance, and we corroborated our enquiries by reviewing board minutes and reviewing third party correspondence, including correspondence with HMRC.

We assessed the susceptibility of the financial statements to material misstatement, including how fraud might occur by meeting with management from various parts of the business to understand where they considered there was susceptibility to fraud. We considered the controls that the organisation has established to address risks identified, or that otherwise prevent and deter fraud and also reviewed how these had operated in the year.

Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk along with procedures to identify non-compliance with such laws and regulations identified in the paragraphs above along with areas where management override of controls may be relevant. These procedures included assessing the appropriateness of presentation of separately disclosed items with the focus on manual journals and journals indicating large or unusual transactions based on our understanding of the organisation. these procedures were designed to provide reasonable assurance that the financial statements were free from material fraud or error.

We also considered the risk associated with completeness of income and work-in-progress and whether this could have a material impact on the financial statements. Work was targeted in these areas.

We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The audit was planned to ensure that the more complex areas were performed by more experienced members of the audit team and there were no areas of the audit which were considered to require external experts to be appointed by the audit team.

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

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.

Joanne Brown (Senior Statutory Auditor)

for and on behalf of Nicholsons (Statutory Auditors)

Statutory Auditors

Newland House

The Point

Weaver Road

LINCOLN

Lincolnshire

LN6 3QN

31 March 2026

TURNOVER

17,138,956

38,184,376

Cost of sales

12,905,286

27,073,396

GROSS PROFIT

4,233,670

11,110,980

Administrative expenses

1,059,956

1,727,444

OPERATING PROFIT

4

3,173,714

9,383,536

Acquisition Costs

5

5,032,389

-

(1,858,675

)

9,383,536

Interest receivable and similar income

79,075

293,313

(1,779,600

)

9,676,849

Interest payable and similar expenses

6

8,708

-

(LOSS)/PROFIT BEFORE TAXATION

(1,788,308

)

9,676,849

Tax on (loss)/profit

7

812,948

2,488,561

(LOSS)/PROFIT FOR THE FINANCIAL PERIOD

(2,601,256

)

7,188,288

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

(2,601,256

)

7,188,288

FIXED ASSETS

Intangible assets

9

9,899

10,687

Tangible assets

10

302,278

150,304

312,177

160,991

CURRENT ASSETS

Stocks

11

5,040,048

5,102,728

Debtors

12

2,630,970

6,186,165

Cash and cash equivalents

6,161,742

15,323,122

13,832,760

26,612,015

CREDITORS

Amounts falling due within one year

13

3,628,603

3,464,828

NET CURRENT ASSETS

10,204,157

23,147,187

TOTAL ASSETS LESS CURRENT LIABILITIES

10,516,334

23,308,178

PROVISIONS FOR LIABILITIES

15

42,038

25,254

NET ASSETS

10,474,296

23,282,924

CAPITAL AND RESERVES

Called up share capital

16

5,000

8,000

Retained earnings

17

10,469,296

23,274,924

SHAREHOLDERS' FUNDS

21

10,474,296

23,282,924

The financial statements were approved by the director and authorised for issue on 31 March 2026 and were signed by:

D Mickelson - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 June 2024

8,000

16,086,636

16,094,636

Changes in equity

Total comprehensive income

-

7,188,288

7,188,288

Balance at 31 May 2025

8,000

23,274,924

23,282,924

Changes in equity

Issue of share capital

(3,000

)

-

(3,000

)

Dividends

-

(10,204,372

)

(10,204,372

)

Total comprehensive income

-

(2,601,256

)

(2,601,256

)

Balance at 31 December 2025

5,000

10,469,296

10,474,296

Cash flows from operating activities

Cash generated from operations

1

385,517

17,193,742

Finance costs paid

(8,708

)

-

Tax paid

(1,400,000

)

(1,919,719

)

Net cash from operating activities

(1,023,191

)

15,274,023

Cash flows from investing activities

Purchase of tangible fixed assets

(174,847

)

(31,264

)

Sale of tangible fixed assets

-

18,335

Interest received

79,075

293,313

Net cash from investing activities

(95,772

)

280,384

Cash flows from financing activities

Amount introduced by directors

1,144,959

-

Amount withdrawn by directors

32,749

(1,183,560

)

Share Disposal

(3,000

)

-

Intercompany Loans

987,247

(987,247

)

Equity dividends paid

(10,204,372

)

-

Net cash from financing activities

(8,042,417

)

(2,170,807

)

(Decrease)/increase in cash and cash equivalents

(9,161,380

)

13,383,600

Cash and cash equivalents at beginning of period

2

15,323,122

1,939,522

Cash and cash equivalents at end of period

2

6,161,742

15,323,122

1.	RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

Period

1.6.25

to

Year Ended

31.12.25

31.5.25

£

£

(Loss)/profit before taxation

(1,788,308

)

9,676,849

Depreciation charges

23,660

37,506

Finance costs

8,708

-

Finance income

(79,075

)

(293,313

)

(1,835,015

)

9,421,042

Decrease in stocks

62,680

7,969,253

Decrease/(increase) in trade and other debtors

1,468,896

(356,171

)

Increase in trade and other creditors

688,956

159,618

Cash generated from operations

385,517

17,193,742

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Period ended 31 December 2025

31.12.25

1.6.25

£

£

Cash and cash equivalents

6,161,742

15,323,122

Year ended 31 May 2025

31.5.25

1.6.24

£

£

Cash and cash equivalents

15,323,122

1,939,522

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.6.25

Cash flow

At 31.12.25

£

£

£

Net cash

Cash and cash equivalents

15,323,122

(9,161,380

)

6,161,742

15,323,122

(9,161,380

)

6,161,742

Total

15,323,122

(9,161,380

)

6,161,742

1.	STATUTORY INFORMATION

Maximover 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.

During the year the company changed its accounting year from 31 May to 31 December. As a result, the current reporting period covers 7 months to 31 December 2025. Comparative amounts relate to the 12 month period ended 31 May 2025 and are therefore not entirely comparable.

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

The financial statements are prepared to generally accepted accounting principles which requires management to make estimates and assumptions that affect assets and liabilities, Actual results could be different due to these estimates. The effect of any differences are reported at the time the information becomes available.

The most significant judgements relate to the provisions and valuation of stock and work-in-progress.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

Computer software is being amortised evenly over its estimated useful life of ten years.

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.

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance and 20% on reducing balance

Stocks

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 period 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.

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

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

3.	EMPLOYEES AND DIRECTORS

Period

1.6.25

to

Year Ended

31.12.25

31.5.25

£

£

Wages and salaries

1,110,815

1,982,824

Social security costs

139,874

175,531

Other pension costs

22,109

31,949

1,272,798

2,190,304

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

Period

1.6.25

to

Year Ended

31.12.25

31.5.25

Workshop

35

39

Sales and Administration

9

9

Director

1

1

45

49

Period

1.6.25

to

Year Ended

31.12.25

31.5.25

£

£

Directors' remuneration

44,427

8,510

Directors' pension contributions to money purchase schemes

2,861

4,712

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

Money purchase schemes

-

1

4.	OPERATING PROFIT

The operating profit is stated after charging:

Period

1.6.25

to

Year Ended

31.12.25

31.5.25

£

£

Other operating leases

185,731

497,500

Depreciation - owned assets

22,873

36,155

Computer software amortisation

788

1,350

Auditors' remuneration

5,250

9,150

5.	EXCEPTIONAL ITEMS

Period

1.6.25

to

Year Ended

31.12.25

31.5.25

£

£

Acquisition Costs

(5,032,389

)

-

Acquisition costs relate to the company being purchased by Lifco AB during the period, these costs include staffing costs and legal fees incurred during the process.

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

Period

1.6.25

to

Year Ended

31.12.25

31.5.25

£

£

HMRC Interest

8,708

-

7.

TAXATION

Analysis of the tax charge

The tax charge on the loss for the period was as follows:

Period

1.6.25

to

Year Ended

31.12.25

31.5.25

£

£

Current tax:

UK corporation tax

796,164

2,492,133

Deferred tax

16,784

(3,572

)

Tax on (loss)/profit

812,948

2,488,561

Reconciliation of total tax charge included in profit and loss

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

Period

1.6.25

to

Year Ended

31.12.25

31.5.25

£

£

(Loss)/profit before tax

(1,788,308

)

9,676,849

(Loss)/profit multiplied by the standard rate of corporation tax in the UK of 25% (2025 - 25%)

(447,077

)

2,419,212

Effects of:

Expenses not deductible for tax purposes

1,259,524

73,794

Capital allowances in excess of depreciation

(16,283

)

-

Depreciation in excess of capital allowances

-

5,523

Research and development

-

(196,115

)

Prior year tax Scheme

-

189,719

Temporary timing differences

16,784

(3,572

)

Total tax charge

812,948

2,488,561

Tax adjustments on the "expenses not deductible for tax purposes" relates to the items specified in the Exceptional items note.

8.

DIVIDENDS

Period

1.6.25

to

Year Ended

31.12.25

31.5.25

£

£

Ordinary shares of £1 each

Interim

10,204,372

-

9.	INTANGIBLE FIXED ASSETS

Computer

software

£

COST

At 1 June 2025

and 31 December 2025

13,500

AMORTISATION

At 1 June 2025

2,813

Amortisation for period

788

At 31 December 2025

3,601

NET BOOK VALUE

At 31 December 2025

9,899

At 31 May 2025

10,687