CM Steel Buildings Ltd

	Page
Strategic Report	1—2
Directors' Report	3
Independent Auditor's Report	4—6
Profit and Loss Account	7
Statement of Comprehensive Income	8
Balance Sheet	9
Statement of Changes in Equity	10
Notes to the Financial Statements	11—15

The directors present their strategic report for the year ended 31 December 2025.

Review of the Business

In the opinion of the board of directors, the company has achieved good results for the year under review, despite the difficult market conditions affecting the sector generally. The results for the financial year reflect continued investment in the business.

A summary of results is as follows:

Shareholders' funds amount to £4,735,621 (2024 - £3,943,716). The directors are confident that the company has sufficient reserves to finance the anticipated levels of activity in the future.

Turnover for the year ended 31 December 2026 is likely to be similar, and the board is satisfied that, with tight control of margins generated, and careful monitoring of overheads, profitability will continue at satisfactory levels.

There have been no events since the balance sheet date that materially affect the financial position of the company.

	2025	2024
	£	£
Turnover	20,277,710	10,472,864
Profit after Tax	1,036,253	524,922
Gross Profit	2,189,767	1,377,117

Principal Risks and Uncertainties

The group's operations expose it to a variety of financial risks that include performance risk, operational risk, credit risk, liquidity risk and price risk. The directors recognise their overall responsibility for the group's systems and internal control. The controls are designed to manage as opposed to completely eliminate risk.

The group has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the group by regularly reviewing and monitoring individual contract balances and ensuring adequate funding is in place for any given contract.

Performance risk is minimised through accurately budgeting and costing individual projects at the outset and then monitoring the performance on these projects through to completion. The performance of the group and the individual companies within the group is monitored through monthly management accounts which are reviewed at regular board meetings.

Operational risk is minimised through having robust health and safety and quality assurance policies and procedures in place as well as the development of a positive health and safety culture throughout the group.

Credit risk is minimised by requiring the appropriate credit checks on potential customers, working with reputable customers, agreeing regular payment terms on larger contracts and having strict credit controls. The amount of exposure to any individual customer is also assessed and controlled.

Liquidity risk is minimised through the retention of a healthy level of group reserves and funds in the bank. At present the group is not reliant on any bank facilities.

Price risk relating to price increases is minimised by agreeing fixed prices with individual suppliers, maintaining strong long-standing supplier relationships, and sourcing goods and services from multiple suppliers to ensure competitive pricing.

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CM Steel Buildings Ltd

Strategic Report (continued)

For The Year Ended 31 December 2025

Going Concern

The directors have assessed the company as having sufficient resources to meet the expected ongoing costs of the business for a period of at least 12 months from the date of signing the financial statements. As a result they have continued to adopt the going concern basis when preparing the financial statements.

On behalf of the board

Mr C R McInnes

Director

3 September 2026

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CM Steel Buildings Ltd

Company No. SC334367

Directors' Report For The Year Ended 31 December 2025

Directors' Report

The directors present their report and the financial statements for the year ended 31 December 2025.

Principal Activity

The company's principal activity continues to be that of construction of industrial units.

Directors

The directors who held office during the year were as follows:

Mr I McNicol

Mr C R McInnes

Mr I G Whittington

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, the Directors' Report 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, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', 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 the financial statements the directors are required to:

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the 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.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement of Disclosure of Information to Auditors

In the case of each director in office at the date the Directors' Report is approved:

so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Independent Auditors

The auditors, Sharles Audit Ltd, have indicated their willingness to be reappointed for another term and appropriate arrangements have been put in place for them to be deemed reappointed as auditors in the absence of an Annual General Meeting.

On behalf of the board

Mr C R McInnes

Director

3 September 2026

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Independent Auditor's Report

to the Members of

CM Steel Buildings Ltd

Independent Auditor's Report

Opinion

We have audited the financial statements of CM Steel Buildings Ltd for the year ended 31 December 2025 which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes of Equity and the related notes, 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

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/(loss) 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 Auditor's 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 entity's ability to continue as a going concern for a period of at least 12 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 other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on Which We Are Required to Report by Exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters in relation to which 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 or 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.

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Independent Auditor's Report (continued)

to the Members of

CM Steel Buildings Ltd

Responsibilities of Directors

As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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 is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the 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.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit

procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit. In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit. However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

• obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company is complying with the legal and regulatory framework;

• inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;

• discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.

As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, the Companies Act 2006 and tax compliance regulations. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing financial statement disclosures, inspecting correspondence with local tax authorities and evaluating advice received from external tax advisors. The most significant laws and regulations that have an indirect impact on the financial statements are those in relation to health and safety. We performed audit procedures to inquire of management and those charged with governance whether the company is in compliance with these law and regulations and inspected correspondence with regulatory authorities. The audit engagement team identified the risk of management override of controls and revenue recognition as the areas where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments and evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business, challenging judgments and estimates applied in the year end adjustments to account for contract revenue.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 that we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

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Independent Auditor's Report (continued)

to the Members of

CM Steel Buildings Ltd

Keith Edwards (Senior Statutory Auditor)

for and on behalf of Sharles Audit Ltd , Statutory Auditor

3 September 2026

Sharles Audit Ltd

29 Brandon Street

Hamilton

ML3 6DA

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CM Steel Buildings Ltd

Profit and Loss Account

For The Year Ended 31 December 2025

Profit and Loss Account

		2025	2024
	Notes	£	£
TURNOVER		20,277,710	10,472,864
Cost of sales		(18,087,943 )	(9,095,747 )

GROSS PROFIT		2,189,767	1,377,117

Administrative expenses		(818,536 )	(671,809 )
Other operating income		6,063	4,189

OPERATING PROFIT	4	1,377,294	709,497
Profit on disposal of fixed assets		9,115	-
Other interest receivable and similar income	9	-	20

PROFIT BEFORE TAXATION		1,386,409	709,517
Tax on Profit		(350,156 )	(184,595 )

PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR		1,036,253	524,922

The notes on pages 11 to 15 form part of these financial statements.

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CM Steel Buildings Ltd

Statement of Comprehensive Income

For The Year Ended 31 December 2025

Statement of Comprehensive Income

	2025	2024
	£	£
PROFIT FOR THE FINANCIAL YEAR	1,036,253	524,922
OTHER COMPREHENSIVE INCOME FOR THE YEAR	-	-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR	1,036,253	524,922

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CM Steel Buildings Ltd

Balance Sheet

As At 31 December 2025

Balance Sheet

Registered number: SC334367

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	10		98,179		142,245

			98,179		142,245
CURRENT ASSETS
Stocks	11	40,145		167,860
Debtors	12	2,369,374		1,735,612
Cash at bank and in hand		10,121,088		1,858,249

		12,530,607		3,761,721
Creditors: Amounts Falling Due Within One Year	13	(9,253,202 )		(1,394,153 )

NET CURRENT ASSETS (LIABILITIES)			3,277,405		2,367,568

TOTAL ASSETS LESS CURRENT LIABILITIES			3,375,584		2,509,813

PROVISIONS FOR LIABILITIES
Deferred Taxation	15		(24,010 )		(34,992 )

NET ASSETS			3,351,574		2,474,821

CAPITAL AND RESERVES
Called up share capital	17		100		100
Profit and Loss Account			3,351,474		2,474,721

SHAREHOLDERS' FUNDS			3,351,574		2,474,821

On behalf of the board

Mr C R McInnes

Director

3 September 2026

The notes on pages 11 to 15 form part of these financial statements.

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CM Steel Buildings Ltd

Statement of Changes in Equity

For The Year Ended 31 December 2025

Statement of Changes in Equity

	Share Capital	Profit and Loss Account	Total
	£	£	£
As at 1 January 2024	100	2,129,899	2,129,999
Profit for the year and total comprehensive income	-	524,922	524,922

Dividends paid	-	(180,100)	(180,100)

As at 31 December 2024 and 1 January 2025	100	2,474,721	2,474,821


Profit for the year and total comprehensive income	-	1,036,253	1,036,253

Dividends paid	-	(159,500)	(159,500)

As at 31 December 2025	100	3,351,474	3,351,574

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CM Steel Buildings Ltd

Notes to the Financial Statements

For The Year Ended 31 December 2025

Notes to the Financial Statements

1. General Information

CM Steel Buildings Ltd is a private company, limited by shares, incorporated in Scotland, registered number SC334367 . The registered office is Cm House Easter Inch Road, Easter Inch Industrial Estate, Bathgate, EH48 2FH.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Going Concern Disclosure

The financial statements have been prepared on a going concern basis.

2.3. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery	20% Straight line
Motor Vehicles	25% Reducing balance
Fixtures & Fittings	15% Straight line

2.5. Stocks and Work in Progress

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 stocks.

Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.

2.6. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

2.7. Financial Instruments

Basic financial instruments are initially recognised at transaction price, including transaction costs, and subsequently measured at amortised cost using the effective interest method, where applicable. These can include trade and other debtors, cash and bank balances, trade and other creditors, and intercompany balances. Financial assets are assessed at the end of each reporting period for evidence of impairment and adjusted if necessary. The company does not hold or issue any complex financial instruments such as derivatives.

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CM Steel Buildings Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.8. Taxation

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

3. Other Operating Income

	2025	2024
	£	£
Other operating income	6,063	4,189

	6,063	4,189

4. Operating Profit

The operating profit is stated after charging:

	2025	2024
	£	£
Depreciation of tangible fixed assets	33,838	48,688

5. Auditor's Remuneration

Remuneration received by the company's auditors and their associates during the year was as follows:

	2025	2024
	£	£
Audit Services
Audit of the company's financial statements	3,700	13,500

6. Staff Costs

Staff costs, including directors' remuneration, were as follows:

	2025	2024
	£	£
Wages and salaries	583,019	448,503
Social security costs	57,985	44,208
Other pension costs	89,618	48,212

	730,622	540,923

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CM Steel Buildings Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

7. Average Number of Employees

Average number of employees, including directors, during the year was as follows:

	2025	2024
Office and administration	4	4
Sales, marketing and distribution	5	5

	9	9

8. Directors' remuneration

	2025	2024
	£	£
Emoluments	294,920	168,347
Company contributions to money purchase pension schemes	58,401	29,257

	353,321	197,604

9. Interest Receivable and Similar Income

	2025	2024
	£	£
Other interest receivable	-	20

10. Tangible Assets

	Plant & Machinery	Motor Vehicles	Fixtures & Fittings	Total
	£	£	£	£
Cost
As at 1 January 2025	42,427	291,734	28,444	362,605
Disposals	-	(32,325 )	-	(32,325 )

As at 31 December 2025	42,427	259,409	28,444	330,280

Depreciation
As at 1 January 2025	41,042	153,241	26,077	220,360
Provided during the period	722	32,066	1,050	33,838
Disposals	-	(22,097 )	-	(22,097 )

As at 31 December 2025	41,764	163,210	27,127	232,101

Net Book Value
As at 31 December 2025	663	96,199	1,317	98,179

As at 1 January 2025	1,385	138,493	2,367	142,245

11. Stocks

	2025	2024
	£	£
Stock	40,145	40,145
Work in progress	-	127,715

	40,145	167,860

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CM Steel Buildings Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

12. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	862,580	914,818
Amounts owed by group undertakings	689,797	528,997
Other debtors	816,997	291,797

	2,369,374	1,735,612

13. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	2,682,835	40,164
Other creditors	454,050	269,252
Corporation tax	361,120	178,347
Taxation and social security	1,531,378	132,669
Accruals and deferred income	4,223,819	773,721

	9,253,202	1,394,153

14. Secured Creditors

The bank holds fixed security against certain properties and a floating charge over the assets of the company as security against any future borrowings that may arise.

15. Deferred Taxation

The provision for deferred tax is made up as follows:

	2025	2024
	£	£
Other timing differences	24,010	34,992

16. Provisions for Liabilities


	Deferred Tax	Total
	£	£
As at 1 January 2025	34,992	34,992
Reversals	(10,982 )	(10,982)

Balance at 31 December 2025	24,010	24,010

17. Share Capital

	2025	2024
Allotted, called up and fully paid	£	£
100 Ordinary Shares of £ 1.00 each	100	100

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CM Steel Buildings Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

18. Other Commitments

Minimum lease payments under non-cancellable operating leases fall due as follows:

	2025	2024
	£	£
Later than one year and not later than five years	28,359	17,872

	28,359	17,872

19. Pension Commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.

During the year the charge to the profit and loss account in respect of defined contribution schemes was £89,618 (2024: £48,212).

At the balance sheet date contributions of £NIL were due to the fund and are included in creditors.

20. Dividends

	2025	2024
	£	£
On equity shares:
Interim dividend paid	159,500	180,100

21. Related Party Disclosures

The company operates a loan account with the director Mr C McInnes.

During the year the company repaid loans totalling £93 to the director. At the year end, the balance due to the director was £282 (2024: £375). This loan is unsecured, interest free and has no fixed repayment terms.

The company operates a loan account with Maxam Developments Limited, the parent company.

During the year, the company paid rent totalling £36,000 (2024: £36,000) to Maxam Developments Limited, this was conducted under normal commercial terms. The company also paid dividends totalling £159,500 (2024: £180,100) to Maxam Developments Limited.

During the year, the company advanced loans totalling £160,800 to Maxam Developments Limited. At the year end, the balance due from Maxam Developments Limited was £689,797 (2024: £528,997). This loan is unsecured, interest free and has no fixed repayment terms.

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