Maxam Developments Ltd

	Page
Strategic Report	1
Director's Report	2
Independent Auditor's Report	3—5
Consolidated Profit and Loss Account	6
Consolidated Statement of Comprehensive Income	7
Consolidated Balance Sheet	8
Company Balance Sheet	9
Consolidated Statement of Changes in Equity	10
Company Statement of Changes in Equity	11
Consolidated Statement of Cash Flows	12
Notes to the Consolidated Statement of Cash Flows	13
Company Statement of Cash Flows	14
Notes to the Company Statement of Cash Flows	15
Notes to the Financial Statements	16—22

The director presents his 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. However, project delays and deferrals into 2025 meant that the projected turnover was less than projected. 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 taxation	1,107,998	528,427

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.

On behalf of the board

Mr C McInnes

Director

3 September 2026

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Maxam Developments Ltd

Company No. SC509480

Director's Report For The Year Ended 31 December 2025

Director's Report

The director presents his report and the financial statements for the year ended 31 December 2025.

Principal Activity

The group's principal activity continues to be that of construction and rental of commercial property.

Directors

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

Mr C McInnes

Statement of Director's Responsibilities

The director is responsible for preparing the Strategic Report, the Director's Report 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, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the director 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 the group and of the profit or loss of the group for that period. In preparing the financial statements the director is 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the company and group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The director is 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 Director's Report is approved:

so far as the director is aware, there is no relevant audit information of which the company and group'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 and group'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 McInnes

Director

3 September 2026

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Independent Auditor's Report

to the Members of

Maxam Developments Ltd

Independent Auditor's Report

Opinion

We have audited the financial statements of Maxam Developments Ltd (the "parent company") and its subsidiaries (the "group") for the year ended 31 December 2025 which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes of Equity, Company Statement of Changes of Equity, Consolidated Cash Flow Statement, Company Cash Flow Statement 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 group's and of the parent company's affairs as at 31 December 2025 and of the group's 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 group and parent 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 group and parent company'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 director is 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 Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and Director's 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 group and parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Director's 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records or 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.

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Independent Auditor's Report (continued)

to the Members of

Maxam Developments Ltd

Responsibilities of Directors

As explained more fully in the Director's Responsibilities Statement set out on page 2, 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 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 director is responsible for assessing the group and parent 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 group or the parent 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, employment law, GDPR, anti-money laundering and environmental regulations. 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 reviewed any relevant legal correspondence and invoices for evidence of non compliance.

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 performing analytical procedures to identify unusual or unexpected relationships, 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, and challenging judgments and estimates applied in the year end adjustments to account for contract revenue and expenditure.

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

Maxam Developments Ltd

Keith Edwards (Senior Statutory Auditor)

for and on behalf of Sharles Audit Ltd , Statutory Auditor

25 September 2026

Sharles Audit Ltd

29 Brandon Street

Hamilton

ML3 6DA

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Maxam Developments Ltd

Consolidated Profit and Loss Account

For The Year Ended 31 December 2025

Consolidated 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		(808,370 )	(662,153 )
Other operating income		68,093	67,027

OPERATING PROFIT	4	1,449,490	781,991
Fair value losses		(89,325 )	(61,258 )
Profit on disposal of fixed assets		9,115	-
Other interest receivable and similar income	9	29,650	20,150

PROFIT BEFORE TAXATION		1,398,930	740,883
Tax on Profit	10	(380,257 )	(212,456 )

PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT		1,018,673	528,427

The notes on pages 13 to 22 form part of these financial statements.

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Maxam Developments Ltd

Consolidated Statement of Comprehensive Income

For The Year Ended 31 December 2025

Consolidated Statement of Comprehensive Income

	2025	2024
	£	£
PROFIT FOR THE FINANCIAL YEAR	1,018,673	528,427
OTHER COMPREHENSIVE INCOME FOR THE YEAR	-	-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT	1,018,673	528,427

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Maxam Developments Ltd

Consolidated Balance Sheet

As At 31 December 2025

Consolidated Balance Sheet

Registered number: SC509480

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	11		966,461		1,029,344

			966,461		1,029,344
CURRENT ASSETS
Stocks	13	40,145		167,860
Debtors	14	2,882,763		2,552,525
Cash at bank and in hand		10,243,480		1,899,324

		13,166,388		4,619,709
Creditors: Amounts Falling Due Within One Year	15	(9,532,950 )		(1,670,345 )

NET CURRENT ASSETS (LIABILITIES)			3,633,438		2,949,364

TOTAL ASSETS LESS CURRENT LIABILITIES			4,599,899		3,978,708

PROVISIONS FOR LIABILITIES
Deferred Taxation	16		(24,010 )		(34,992 )

NET ASSETS			4,575,889		3,943,716

CAPITAL AND RESERVES
Called up share capital	17		100		100
Profit and Loss Account			4,575,789		3,943,616

SHAREHOLDERS' FUNDS			4,575,889		3,943,716

On behalf of the board

Mr C McInnes

Director

3 September 2026

The notes on pages 13 to 22 form part of these financial statements.

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Maxam Developments Ltd

Company Balance Sheet

As At 31 December 2025

Company Balance Sheet

Registered number: SC509480

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	11		868,281		887,098
Investments	12		100		100

			868,381		887,198
CURRENT ASSETS
Debtors	14	1,203,186		1,345,911
Cash at bank and in hand		122,392		41,076

		1,325,578		1,386,987
Creditors: Amounts Falling Due Within One Year	15	(969,543 )		(805,190 )

NET CURRENT ASSETS (LIABILITIES)			356,035		581,797

TOTAL ASSETS LESS CURRENT LIABILITIES			1,224,416		1,468,995

NET ASSETS			1,224,416		1,468,995

CAPITAL AND RESERVES
Called up share capital	17		100		100
Profit and Loss Account			1,224,316		1,468,895

SHAREHOLDERS' FUNDS			1,224,416		1,468,995

In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's profit for the year was £ 141,921 (2024: £ 183,605 profit).

On behalf of the board

Mr C R McInnes

Director

3 September 2026

The notes on pages 13 to 22 form part of these financial statements.

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Maxam Developments Ltd

Consolidated Statement of Changes in Equity

For The Year Ended 31 December 2025

Consolidated Statement of Changes in Equity

	Share Capital	Profit and Loss Account	Total
	£	£	£
As at 1 January 2024	100	3,595,289	3,595,389
Profit for the year and total comprehensive income	-	528,427	528,427

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

As at 31 December 2024 and 1 January 2025	100	3,943,616	3,943,716


Profit for the year and total comprehensive income	-	1,018,673	1,018,673

Dividends paid	-	(386,500)	(386,500)

As at 31 December 2025	100	4,575,789	4,575,889

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Maxam Developments Ltd

Company Statement of Changes in Equity

For The Year Ended 31 December 2025

Company Statement of Changes in Equity

	Share Capital	Profit and Loss Account	Total
	£	£	£
As at 1 January 2024	100	1,465,390	1,465,490
Profit for the year and total comprehensive income	-	183,605	183,605

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

As at 31 December 2024 and 1 January 2025	100	1,468,895	1,468,995


Profit for the year and total comprehensive income	-	141,921	141,921

Dividends paid	-	(386,500)	(386,500)

As at 31 December 2025	100	1,224,316	1,224,416

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Maxam Developments Ltd

Consolidated Statement of Cash Flows

For The Year Ended 31 December 2025

Consolidated Statement of Cash Flows

		2025	2024
	Notes	£	£
Cash flows from operating activities
Net cash generated from/(used in) operations	1	8,970,564	(615,410 )
Tax paid		(206,483 )	(184,810 )
Adjustments		-	1

Net cash generated from/(used in) operating activities		8,764,081	(800,219 )

Cash flows from investing activities
Purchase of tangible assets		-	(54,987 )
Proceeds from disposal of tangible assets		19,343	-
Interest received		29,650	20,150

Net cash generated from/(used in) investing activities		48,993	(34,837 )

Cash flows from financing activities
Equity dividends paid		(386,500 )	(180,100 )
Amount introduced by directors		6,907	400,364
Impairment of other loans		(89,325)	(61,258)

Net cash (used in)/generated from financing activities		(468,918 )	159,006



Increase/(decrease) in cash and cash equivalents		8,344,156	(676,050 )
Cash and cash equivalents at beginning of year	2	1,899,324	2,575,374

Cash and cash equivalents at end of year	2	10,243,480	1,899,324

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Maxam Developments Ltd

Notes to the Consolidated Statement of Cash Flows

For The Year Ended 31 December 2025

Notes to the Consolidated Statement of Cash Flows

1. Reconciliation of profit for the financial year to cash generated from/(used in) operations

	2025	2024
	£	£
Profit for the financial year	1,018,673	528,427
Adjustments for:
Tax on profit	380,257	212,456
Interest income	(29,650 )	(20,150 )
Depreciation of tangible assets	52,655	67,505
Profit on disposal of tangible assets	(9,115)	-
Net fair value losses recognised in profit or loss	89,325	61,258
Movements in working capital:
Decrease/(increase) in stocks	127,715	(107,276 )
(Increase)/decrease in trade and other debtors	(330,238 )	1,050,341
Increase/(decrease) in trade and other creditors	7,670,942	(2,407,971 )

Net cash generated from/(used in) operations	8,970,564	(615,410 )

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	2025	2024
	£	£
Cash at bank and in hand	10,243,480	1,899,324

3. Analysis of changes in net funds

	As at 1 January 2025	Cash flows	As at 31 December 2025
	£	£	£
Cash at bank and in hand	1,899,324	8,344,156	10,243,480

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Maxam Developments Ltd

Company Statement of Cash Flows

For The Year Ended 31 December 2025

Company Statement of Cash Flows

		2025	2024
	Notes	£	£
Cash flows from operating activities
Net cash generated from/(used in) operations	1	299,784	(1,057,625 )
Tax paid		(28,118 )	(31,742 )

Net cash generated from/(used in) operating activities		271,666	(1,089,367 )

Cash flows from investing activities
Interest received		29,650	20,130
Dividends received		159,500	180,100

Net cash generated from investing activities		189,150	200,230

Cash flows from financing activities
Equity dividends paid		(386,500 )	(180,100 )
Repayment of other loans		-	(61,258)
Amount introduced by directors		7,000	400,000

Net cash (used in)/generated from financing activities		(379,500 )	158,642



Increase/(decrease) in cash and cash equivalents		81,316	(730,495 )
Cash and cash equivalents at beginning of year	2	41,076	771,571

Cash and cash equivalents at end of year	2	122,392	41,076

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Maxam Developments Ltd

Notes to the Company Statement of Cash Flows

For The Year Ended 31 December 2025

Notes to the Company Statement of Cash Flows

1. Reconciliation of profit for the financial year to cash generated from/(used in) operations

	2025	2024
	£	£
Profit for the financial year	141,921	183,605
Adjustments for:
Tax on profit	30,101	27,860
Interest income	(29,650 )	(20,130 )
Income from shares in group undertakings	(159,500)	(180,100)
Depreciation of tangible assets	18,817	18,817
Net fair value losses recognised in profit or loss	-	61,258
Movements in working capital:
Decrease/(increase) in trade and other debtors	142,725	(1,274,134 )
Increase in trade and other creditors	155,370	125,199

Net cash generated from/(used in) operations	299,784	(1,057,625 )

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	2025	2024
	£	£
Cash at bank and in hand	122,392	41,076

3. Analysis of changes in net funds

	As at 1 January 2025	Cash flows	As at 31 December 2025
	£	£	£
Cash at bank and in hand	41,076	81,316	122,392

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Maxam Developments Ltd

Notes to the Financial Statements

For The Year Ended 31 December 2025

Notes to the Financial Statements

1. General Information

Maxam Developments Ltd is a private company, limited by shares, incorporated in Scotland, registered number SC509480 . The registered office is CM Steel Buildings Easter Inch Road, Easter Inch Business Park, Bathgate, West Lothian, EH48 2FN.

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. Basis Of Consolidation

The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the group’s share of the results of associates made up to 31 December 2025.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity, it accounts for that entity as a subsidiary.

Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the group holds a long-term interest and where the group has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. The results of associates are accounted for using the equity method of accounting.

Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively.

Where control of a subsidiary is lost, the gain or loss is recognised in the consolidated income statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss also includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified.

Where control of a subsidiary is achieved in stages, the initial acquisition that gave the group control is accounted for as a business combination. Thereafter where the group increases its controlling interest in the subsidiary the transaction is treated as a transaction between equity holders. Any difference between the fair value of the consideration paid and the carrying amount of the non-controlling interest acquired is recognised directly in equity. No changes are made to the carrying value of assets, liabilities or provisions for contingent liabilities.

2.3. Business Combinations

Business combinations are accounted for by applying the purchase method.

The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued plus the costs directly attributable to the business combination. Where control is achieved in stages the cost is the consideration at the date of each transaction.

Contingent consideration is initially recognised at estimated amount where the consideration is probable and can be measured reliably. Where (i) the contingent consideration is not considered probable or cannot be reliably measured but subsequently becomes probable and measurable or (ii) contingent consideration previously measured is adjusted, the amounts are recognised as an adjustment to the cost of the business combination.

On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities unless the fair value cannot be measured reliably, in which case the value is incorporated in goodwill. Intangible assets are only recognised separately from goodwill where they are separable and arise from contractual or other legal rights. Where the fair value of contingent liabilities cannot be reliably measured they are disclosed on the same basis as other contingent liabilities.

2.4. Going Concern Disclosure

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

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Maxam Developments Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.5. 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.

2.6. 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:

Freehold	2% Straight line
Plant & Machinery	20% straight line
Motor Vehicles	25% reducing balance
Fixtures & Fittings	15% straight line

2.7. 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.

2.8. 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.

2.9. 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 group'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.

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Maxam Developments Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

3. Other Operating Income

	2025	2024
	£	£
Rental income	62,030	62,838
Other operating income	6,063	4,189

	68,093	67,027

4. Operating Profit

The operating profit is stated after charging:

	2025	2024
	£	£
Depreciation of tangible fixed assets	52,655	67,505

5. Auditor's Remuneration

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

	2025	2024
	£	£
Audit Services
Audit of the company's financial statements	9,500	18,900

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

7. Average Number of Employees

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

	Group		Company
	2025	2024	2025	2024
Office and administration	5	5	1	1
Sales, marketing and distribution	4	4	-	-

	9	9	1	1

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Maxam Developments Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

8. Director's 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
	£	£
Interest due on loan from L & C McInnes	29,392	20,150
Other interest receivable	258	-

	29,650	20,150

10. Tax on Profit

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

	Tax Rate		2025	2024
	2025	2024	£	£
Current tax
UK Corporation Tax	25.0%	25.0%	391,239	206,226
Deferred Tax
Origination and reversal of timing differences			(10,982 )	6,230


Total tax charge for the period			380,257	212,456

The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:

	2025	2024
	£	£
Profit before tax	1,398,930	740,883

Tax on profit at 25% (UK standard rate)	411,939	230,245
Goodwill/depreciation not allowed for tax	13,163	16,876
Expenses not deductible for tax purposes	1,275	2,597
Capital allowances	4,801	(13,783 )
Short term timing differences	(10,982 )	-
Difference in tax rates	(65 )	-
Dividends from companies	(39,875 )	(45,025 )
Deferred tax relating to changes in tax rates or laws	-	6,230
Foreign tax rates	-	15,316

Total tax charge for the period	380,256	212,456

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Maxam Developments Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

11. Tangible Assets

Group

	Land & Property
	Freehold	Plant & Machinery	Motor Vehicles	Fixtures & Fittings	Total
	£	£	£	£	£
Cost
As at 1 January 2025	1,013,382	42,427	291,735	28,444	1,375,988
Disposals	-	-	(32,325 )	-	(32,325 )

As at 31 December 2025	1,013,382	42,427	259,410	28,444	1,343,663

Depreciation
As at 1 January 2025	126,284	41,042	153,241	26,077	346,644
Provided during the period	18,817	722	32,066	1,050	52,655
Disposals	-	-	(22,097 )	-	(22,097 )

As at 31 December 2025	145,101	41,764	163,210	27,127	377,202

Net Book Value
As at 31 December 2025	868,281	663	96,200	1,317	966,461

As at 1 January 2025	887,098	1,385	138,494	2,367	1,029,344

Company

	Land & Property
	Freehold
	£
Cost
As at 1 January 2025	1,013,382

As at 31 December 2025	1,013,382

Depreciation
As at 1 January 2025	126,284
Provided during the period	18,817

As at 31 December 2025	145,101

Net Book Value
As at 31 December 2025	868,281

As at 1 January 2025	887,098

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Maxam Developments Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

12. Investments

Company

	Subsidiaries
	£
Cost or Valuation
As at 1 January 2025	100

As at 31 December 2025	100

Provision
As at 1 January 2025	-

As at 31 December 2025	-

Net Book Value
As at 31 December 2025	100

As at 1 January 2025	100

13. Stocks

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

	40,145	167,860

14. Debtors

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Due within one year
Trade debtors	862,580	914,818	-	-
Other debtors	818,012	355,870	1,015	64,074

	1,680,592	1,270,688	1,015	64,074
Due after more than one year
Other debtors	1,202,171	1,281,837	1,202,171	1,281,837

	2,882,763	2,552,525	1,203,186	1,345,911

15. Creditors: Amounts Falling Due Within One Year

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Trade creditors	2,682,834	40,164	-	1
Other creditors	682,086	493,287	917,833	753,032
Corporation tax	391,221	206,465	30,101	28,118
Taxation and social security	1,541,939	143,469	10,560	10,800
Accruals and deferred income	4,234,870	786,960	11,049	13,239

	9,532,950	1,670,345	969,543	805,190

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Maxam Developments Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

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.

16. Deferred Taxation

The provision for deferred tax is made up as follows:

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

17. Share Capital

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

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 group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group 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	386,500	180,100

21. Related Party Disclosures

The group operates a loan account with CM Steel Buildings Ltd, a company controlled by Mr C McInnes.

During the year, the group sold goods and services totalling £36,000 (2024: £36,000) to CM Steel Buildings Limited. This was conducted under normal commercial terms.

During the year, CM Steel Buildings Limited received loans totalling £160,800 from the group. At the year end, the balance due from CM Steel Buildings Limited was £689,797 (2024: £528,997). This loan is unsecured, interest free and has no fixed repayment terms.

The group operates a loan account with L&C McInnes SL, a company controlled by Mr C McInnes.

During the year, the group advanced loans totalling £9,659 to L&C McInnes SL. During the year interest totalling £29,242 was charged to L&C McInnes SL. At the year end, the balance due from L&C McInnes SL was £1,291,496 (2024: £1,281,837). This loan is unsecured, interest is being charged on the balance.The loan is due to be repaid by 2044.

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