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REGISTERED NUMBER: NI613347 (Northern Ireland)















LOUGH ERNE INVESTMENTS LIMITED

Group Strategic Report, Directors' Report and

Consolidated Financial Statements

for the Period 26 December 2023 to 30 September 2024






LOUGH ERNE INVESTMENTS LIMITED (REGISTERED NUMBER: NI613347)






Contents of the Consolidated Financial Statements
FOR THE PERIOD 26 DECEMBER 2023 TO 30 SEPTEMBER 2024




Page

Company Information 1

Group Strategic Report 2 to 4

Directors' Report 5 to 8

Independent Auditors' Report 9 to 12

Consolidated Income Statement 13

Consolidated Statement of Financial Position 14

Company Statement of Financial Position 15

Consolidated Statement of Changes in Equity 16

Company Statement of Changes in Equity 17

Consolidated Statement of Cash Flows 18

Notes to the Consolidated Statement of Cash
Flows

19


to


20

Notes to the Consolidated Financial Statements 21 to 38


LOUGH ERNE INVESTMENTS LIMITED

Company Information
FOR THE PERIOD 26 DECEMBER 2023 TO 30 SEPTEMBER 2024







DIRECTORS: C Crawford
R Crawford
L D Crawford
C McMenamin
M Crawford



REGISTERED OFFICE: Manor Waterhouse Farm
Lisnaskea
Co. Fermanagh
BT92 0BN



REGISTERED NUMBER: NI613347 (Northern Ireland)



INDEPENDENT AUDITORS: CavanaghKelly
Chartered Accountants and Statutory Auditors
36-38 Northland Row
Dungannon
Co. Tyrone
BT71 6AP



BANKERS: Danske Bank
Donegal Square West
Belfast
Co. Antrim
BT1 6JS



SOLICITORS: J C Brady & Son
10 Belmore Street
Enniskillen
Co Fermanagh
BT74 6AA

LOUGH ERNE INVESTMENTS LIMITED (REGISTERED NUMBER: NI613347)

Group Strategic Report
FOR THE PERIOD 26 DECEMBER 2023 TO 30 SEPTEMBER 2024

The directors present their strategic report of the Company and the Group for the period from 26 December 2023 to 30 September 2024.

REVIEW OF THE GROUP'S BUSINESS
The Company and the Group trades in the business of egg processing and farming.

The Group is structured and positioned in a manner that will enable it to meet the demands of the market and business environment, consequently the directors are optimistic about the future prospects of the group. In the period to 30 September the group acquired Lough Erne Dairies Limited in the period.

The Group has two facilities in Northern Ireland located in Lisnaskea, Co. Fermanagh and Donaghmore, Co. Tyrone, as well as a third facility in Chesterfield, England.

KEY PERFORMANCE INDICATORS
The directors consider the key performance indicators of the Group to be those that reflect the performance of the Group as a whole:

2024 2023
Revenue £200,975,066 £235,174,350
Gross profit margin 15.8% 14.8%

Non financial key performance indicators
2024 2023
Average number of employees 309 299

PRINCIPAL RISKS AND UNCERTAINTIES
The directors acknowledge that as well as rewards there are risks and uncertainties inherent in the food production and processing sector which must be closely monitored and controlled.

The level of activity in the food production and processing sector is affected by many factors including commodity markets, government and EU legislation and changes in international agricultural practices. The board has put in place systems and procedures which monitor these factors.

The Group works with a range of food production and processing partners with strong records of delivery and closely examines its pool of suppliers for quality and consistency of raw materials, adherence to relevant industry legislation and sufficiency of resources and solvency. This combined with excellent people, well developed supply chains and an established customer base, allows the business to consistently deliver the growth enjoyed over recent periods.

Financial risk:
The Group's operations expose it to a variety of financial risks that include price risk, foreign exchange risk, credit risk and liquidity risk. The Group has in place a risk management programme that seeks to limit any adverse effects on the financial performance of the Group.

Price risk:
The Group is exposed to commodity price risk of its operations. However, given the size of the Group's operations, the costs of managing exposure to commodity price risk exceed any potential benefits. The directors will revisit the appropriateness of this policy should the Group's operations change in size or nature.

Foreign exchange risk:
While the majority of the Group's revenues and expenses are denominated in sterling, the Group is exposed to some foreign exchange risk in the normal course of business, principally on sales in euro. While the Group has not used financial instruments to date to hedge foreign exchange exposure, this position is kept constantly under review.

LOUGH ERNE INVESTMENTS LIMITED (REGISTERED NUMBER: NI613347)

Group Strategic Report
FOR THE PERIOD 26 DECEMBER 2023 TO 30 SEPTEMBER 2024


Credit risk:
The Group has implemented policies that require appropriate credit checks on potential customers before sales are made. The amount of exposure to individual customers is subject to a limit which is reassessed regularly by the board.

Liquidity risk:
The Group generates sufficient cashflow to ensure it has adequate available funds for operations and planned expansions.

SECTION 172(1) STATEMENT
The directors have acted in a way that they considered, in good faith, to be most likely to promote the success of the Group for the benefit of its members as a whole, and in doing so had regard, amongst other matters, to:

a) the likely consequences of any decision in the long term;

b) the interests of the Group's employees;

c) the need to foster the Group's business relationships with suppliers, customers and others;

d) the impact of the Group's operations on the community and the environment;

e) the desirability of the Group maintaining a reputation for high standards of business conduct; and

f) the need to act fairly as between members of the Group.

The directors have had regard to the matters set out in sections 172(1)(a)-(f) when discharging their section 172 duties.

The Group undertakes many local community engagements and is a proud member of Business in the Community. Working together with other member companies, we are focussed on undertaking projects and initiatives that will build a better society and a more sustainable future. We also offer work placement programmes to provide students an opportunity to develop their knowledge and skillset within the working environment.

Employee welfare is at the core of the Group's values. We invest in the services of an external occupational nurse once a year for free health checks which include eye and hearing tests and fitness to work in a food environment screening. Our life assurance scheme with Legal & General is available for all employees and our Employee Assistance Programme (EAP) is a welcome platform providing information, advice, training and services to help employees deal with events and issues in everyday work and personal life.

Food safety and animal welfare are fundamental to the Group. All our sites are accredited to BRC Global Standards for Food Safety (Grade AA) and our inhouse laboratory is certified by CLAS, the leading independent accreditation scheme for the food industry. Our products are produced to exacting standards and customer specifications with the most robust and intricate supply chain systems ensuring full traceability. Our agricultural manager ensures our farmers remain educated on changing regulations within the industry and continue to supply the high-quality eggs that we, and our customers demand.

The Group is renowned for our deep-rooted commitment to caring for the environment and every year we participate in the Business in the Community Environmental Benchmarking Survey. In 2021 we installed a new state-of-the-art waste water treatment facility. This will ensure we remain within our environmental consent limits whilst giving us the capacity to grow our expanding customer base. The Group has also voluntarily entered into Climate Change Agreements (CCAs) at both our sites as a further commitment to meeting and exceeding energy efficiency and carbon reduction targets in exchange for CCL relief until 31 March 2025. As well as proactively working to reduce our carbon emissions year-on-year, any CCL relief received will be reinvested in energy efficiency projects.

Refer to the Principle risks and uncertainties section in the Strategic Report for further information concerning the Group's initiatives relating to the performance of the directors S172 duties.


LOUGH ERNE INVESTMENTS LIMITED (REGISTERED NUMBER: NI613347)

Group Strategic Report
FOR THE PERIOD 26 DECEMBER 2023 TO 30 SEPTEMBER 2024

STRATEGY
The Group's success is dependent on the ongoing management of business risks and uncertainties it faces. The directors continue to work closely with suppliers, customers, staff and financial institutions to carefully manage the Group's operations. The Group aims to increase market share within UK.

FUTURE DEVELOPMENTS
The Group is committed to long term creation of shareholder value by increasing the Group's market share in the UK and Irish markets. The economic environment continues to evolve and is making a return to relative stability and certainty. Overall in the coming year the Group aims to increase revenue and operating profits. The Group will continue to develop relations with suppliers, generate new business where possible and increase retention levels while remaining highly competitive. The Group is continually researching and developing new products and services to ensure it continues to provide a strong product to the market.

ENVIRONMENT
The Group recognises its corporate responsibility to carry out its operations whilst ensuring that there is minimal environmental impact. The directors continued aim is to comply with all applicable environmental legislation, prevent pollution and reduce wastage wherever possible.

ON BEHALF OF THE BOARD:





C Crawford - Director


11 June 2025

LOUGH ERNE INVESTMENTS LIMITED (REGISTERED NUMBER: NI613347)

Directors' Report
FOR THE PERIOD 26 DECEMBER 2023 TO 30 SEPTEMBER 2024

The directors present their report with audited financial statements of the Company and the Group for the year ended 30 September 2024.

PRINCIPAL ACTIVITY
The principal activity of the Company and the Group is egg processing and farming.

DIVIDENDS
The total distribution of dividends for the year ended 30 September 2024 was £95,000 (2023: £85,000).

The directors do not recommend the payment of a final dividend (2023: £Nil).

RESEARCH AND DEVELOPMENT
The Group continues to recognise the importance of its research and development programme, which it believes is essential to ensure that the business continues to develop new products and remain competitive in the market.

DIRECTORS
The directors shown below have held office during the whole of the period from 26 December 2023 to the date of this report.

C Crawford
R Crawford
L D Crawford
C McMenamin
M Crawford

CHARITABLE DONATIONS AND EXPENDITURE
The Group made no political donations or incurred any political expenditure during the current or prior year.

DISCLOSURES REQUIRED UNDER SCHEDULE 7
In accordance with Section 414C (11) of Companies Act 2006, the directors have elected to disclose details of the business review, principal risks and uncertainties and future developments in the Group's Strategic Report which would otherwise be required to be disclosed in the Directors' Report.

ENGAGEMENT WITH EMPLOYEES
The employees of the company are kept informed on matters through meetings and the publication of company newsletters. The group maintains an internal human resources department which provides induction and advice in all disciplines of employment policies, procedures, legislation and staff development. It also encourages and promotes social interaction and staff team building activities.

EMPLOYMENT OF DISABLED PERSONS
The company gives full consideration to applications for employment from disabled persons where the requirements of the job can be adequately fulfilled by a disabled person. Where existing employees become disabled, it is the group's policy wherever practicable to provide continuing employment under normal terms and conditions and to provide training and career development and promotion to disabled employees wherever appropriate.


LOUGH ERNE INVESTMENTS LIMITED (REGISTERED NUMBER: NI613347)

Directors' Report
FOR THE PERIOD 26 DECEMBER 2023 TO 30 SEPTEMBER 2024

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS
Lough Erne Investments Limited is committed to operating a responsible business. This commitment is reflected in initiatives aimed at making a positive impact on society and the environment, through our operations and with key stakeholders including customers, colleagues, communities and suppliers. This includes the following:

Environment:
We are subject to Integrated Pollution Prevention and Control (IPPC) Regulations. This requires industrial and agricultural activities with a high pollution potential to have a permit; this permit can only be issued if certain environmental conditions are met, so that the companies themselves bear responsibility for preventing and reducing any pollution they may cause. We report annually to the Environment Agency, complete inspections, and ensure we stay within our environmental consent limits.

The group had voluntarily entered into a Climate Change Agreement (CCA) at both our sites as a further commitment to meeting and exceeding energy efficiency and carbon reduction targets. We were delighted that we achieved these targets and therefore can avail of CCL relief until 31 March 2025.

Employee Engagement:
Training is paramount to our employees professional learning and development across all areas of the business. We continue to proactively invest in training and development to ensure our employees have an opportunity to progress and enhance their knowledge and skill base, which will in turn, further enhance our forward thinking and highly skilled workforce.

Community Engagement:
The group undertakes many local community engagements and is a proud member of Business in the Community. Working together with other member companies, we are focussed on undertaking projects and initiatives that will build a better society and a more sustainable future. We also offer work placement programmes to provide students an opportunity to develop their knowledge and skillset within the working environment. A number of charities that benefitted from donations from the Company in the year included Cancer Connect NI, NI Deaf Youth Association, Marie Curie Cancer, Macmillian Cancer Support and Lisnaskea and Enniskillen Foodbank.

STREAMLINED ENERGY AND CARBON REPORTING
Under Streamlined Energy and Carbon Report (SECR) legislation we are mandated to include energy consumption, emissions, intensity metrics, and all energy efficiency improvements implemented in our most recent financial year, for our UK operations. We are proud to say we achieved 100% verifiable data coverage with no estimations required.

Lough Erne Investment`s Scope 1 and 3 direct emissions (combustion of natural gas and transportation fuels) for this reporting year are 2,592.25 tCO2e, resulting from the direct combustion of 11,054,088 kWh. This represents a carbon decrease of 1% from last year ending December 2023.

Scope 2 indirect emissions (purchased electricity) for this reporting year are 868.59 tCO2e, resulting from the consumption of 4,332,786 kWh of electricity purchased and consumed in day-to-day business operations. This represents a carbon decrease of 22% from last year ending December 2023.

Lough Erne Investment`s operations have an intensity metric of 0.097 tCO2e/finished product tonnes for this reporting year. This represents an increase of 7% from last year ending December 2023.

We are committed to year-on-year improvements in our operational energy efficiency. A register of energy efficiency measures has been compiled, with a view to implementing these measures in the next five years.










LOUGH ERNE INVESTMENTS LIMITED (REGISTERED NUMBER: NI613347)

Directors' Report
FOR THE PERIOD 26 DECEMBER 2023 TO 30 SEPTEMBER 2024





Measure
For the
period ended
30
September
2024


For the year
ended 31
December 2023




Units
Energy consumption used to
calculate emissions

15,386,873

17,079,797

kWh
Emissions from purchased
electricity

868.59

1,118.27

tCO2e
Emissions from gas, fuels and
transportation

2,592.25

2,619.17

tCO2e
Total Gross tCO2e 3,469.14 3,737.45 tCO2e
Intensity ratio 0.097 0.09 Gross tCO2e/production tonne

Measures ongoing and undertaken through 2024:
1. Enhanced Insulation in the Scrambled Egg Plant - Ready Egg improved the insulation on pipework
within the scrambled egg plant, reducing heat loss and increasing overall energy efficiency
2. Upgraded Tank Chiller with Heat Recovery - An old, inefficient tank chiller was replaced with a
new Carrier unit equipped with heat recovery, enhancing energy efficiency and reducing
operational costs.
3. Replacement of Diesel Boilers with Steam-to-Hot Water Heat Exchanger - The processing plant
room's hot water manifold, which supplies heat to office spaces, sugar tank heat exchangers, CIP
heat exchangers, tray-pallet washing machines, factory sinks, and P1 and P2 hot water, was
previously heated by two aging diesel boilers. Ready Egg installed an 800kW steam-to-hot water
heat exchanger, eliminating the need for the inefficient diesel boilers by utilising spare capacity
from the existing kerosene steam boiler. This upgrade significantly improved efficiency while
reducing emissions and fuel consumption.

Measures prioritised for implementation in 2025:
1. Installation of Reverse Osmosis System in the Drying Plant - Ready Egg plans to install a reverse
osmosis (RO) system in the drying plant to concentrate egg white solids from 11% to 33% before
drying. This will enhance energy efficiency by increasing
2. Installation of Reverse Osmosis System in the Boiler House - A reverse osmosis plant will be
installed in the boiler house to reduce particle buildup in the steam boiler, improving efficiency
and prolonging equipment lifespan.
3. Chiller Replacement at Markham Vale - An old chiller at Markham Vale will be replaced with a
more energy-efficient unit. The potential for heat recovery will be evaluated for future
implementation.
4. Installation of Automatic Doors in Chilled Areas - Ready Egg will install automatic doors in all
chilled areas to reduce energy loss and improve temperature control.
5. Chiller Replacement in the Boiling Area - A chiller in the boiling area will be replaced with a more
efficient model. The feasibility of integrating heat recovery into the system will be assessed for
future energy savings.
6. Compressor Upgrade to VSD-Driven Unit - Ready Egg will replace an existing compressor with a
new variable speed drive (VSD) unit, increasing energy efficiency and optimising performance.


Human Rights, Modern Slavery and Human Trafficking
As the world is grappling with the challenges of human nature and climate change, it is vitally important that we continue to identify, prevent, mitigate, and account for how we address adverse human rights impacts within our business and supply chain.

We have a responsibility to respect international human rights standards (by not infringing on people's rights), and to address adverse human rights impacts that we cause or contribute to.

Modern slavery is a crime and a violation of fundamental human rights. It takes various forms, such as slavery, servitude, forced and compulsory labour and human trafficking, all of which have in common the deprivation of a person's liberty by another in order to exploit them for personal or commercial gain. We have a zero-tolerance approach to modern slavery and we are committed to acting ethically and with integrity in all our business dealings and relationships and to implementing and enforcing effective systems and controls to ensure modern slavery is not taking place anywhere in our own business or in any of our supply chains.


LOUGH ERNE INVESTMENTS LIMITED (REGISTERED NUMBER: NI613347)

Directors' Report
FOR THE PERIOD 26 DECEMBER 2023 TO 30 SEPTEMBER 2024

From 2021 the group added its annual modern slavery statement to the UK government's Modern Slavery statement registry online. Please refer to this, or visit www.readyeggproducts.com for our full statement.

DIRECTORS' RESPONSIBILITIES STATEMENT
The directors are responsible for preparing the Group 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 and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the Group and of the profit or loss of the Group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable accounting standards 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 and the 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. They are 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the Group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the Group's auditors are aware of that information.

AUDITORS
The auditors, CavanaghKelly, have indicated their willingness to continue in office in accordance with the provision of Section 485 of the Companies Act 2006.

ON BEHALF OF THE BOARD:





C Crawford - Director


11 June 2025

Independent Auditors' Report to the Members of
Lough Erne Investments Limited

Opinion
We have audited the financial statements of Lough Erne Investments Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the period ended 30 September 2024 which comprise the Consolidated Income Statement, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 Group's and of the Parent Company affairs as at 30 September 2024 and of the Group's profit 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 Group 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 Group's and the Parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Directors' Report, but does not include the financial statements and our Auditors' Report 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 Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Independent Auditors' Report to the Members of
Lough Erne Investments Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.

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 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 and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page eight, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Group's and the 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.

Independent Auditors' Report to the Members of
Lough Erne Investments Limited


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 an Auditors' 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:

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. The objectives of our audit in respect of fraud are to assess the risk of material misstatement due to fraud, design and implement appropriate responses to those assessed risks and to respond appropriately to instances of fraud or suspected fraud identified during the course of our audit. However, the primary responsibility for the prevention and detection of fraud rests with management and those charged with governance of the company.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

- We obtained understanding of the legal and regulatory requirements applicable to the company’s financial statements and considered the most significant are the Companies Act 2006, Financial Reporting Standards (FRS102) and UK taxation legislation;
- We have assessed the risk of material misstatement of the financial statements, including risk of material misstatement due to fraud and how it might occur by holding discussions with management and those charged with governance;
- We enquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations;
- Understanding the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations; and
- Discussions amongst the audit engagement team regarding how fraud might occur in the financial statements and any potential indicators of fraud. As part of this discussion we identified the following potential areas where fraud may occur: timing of revenue recognition and management override.

The audit response to risks identified included:

- Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the relevant laws and regulations above;
- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risk of material misstatement due to fraud;
- In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments, assessing whether the judgements made in making accounting estimates are reasonable and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments, assessing whether the judgements made in making accounting estimates are reasonable and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

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 Auditors' Report.

Independent Auditors' Report to the Members of
Lough Erne Investments Limited


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 an Auditors' 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.




Mr. Desmond Kelly (F.C.A) (Senior Statutory Auditor)
for and on behalf of CavanaghKelly
Chartered Accountants and Statutory Auditors
36-38 Northland Row
Dungannon
Co. Tyrone
BT71 6AP

11 June 2025

LOUGH ERNE INVESTMENTS LIMITED (REGISTERED NUMBER: NI613347)

Consolidated
Income Statement
FOR THE PERIOD 26 DECEMBER 2023 TO 30 SEPTEMBER 2024

Period
26/12/23
to Year ended
30/9/24 25/12/23
Notes £ £

REVENUE 5 200,975,066 235,174,350

Cost of sales (169,053,377 ) (200,209,467 )
GROSS PROFIT 31,921,689 34,964,883

Distribution costs (4,112,849 ) (4,202,600 )
Administrative expenses (12,474,295 ) (14,235,818 )
15,334,545 16,526,465

Other operating income 43,822 436,556
OPERATING PROFIT 7 15,378,367 16,963,021

Finance income 366,178 103,204
15,744,545 17,066,225

Finance costs 8 (608,532 ) (876,827 )
PROFIT BEFORE TAXATION 15,136,013 16,189,398

Tax on profit 9 (3,932,797 ) (3,758,843 )
PROFIT FOR THE FINANCIAL
PERIOD

11,203,216

12,430,555

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD

11,203,216

12,430,555

Profit attributable to:
Owners of the parent 5,990,761 6,445,008
Non-controlling interests 5,212,455 5,985,547
11,203,216 12,430,555

Total comprehensive income attributable to:
Owners of the parent 5,990,761 6,445,008
Non-controlling interests 5,212,455 5,985,547
11,203,216 12,430,555

LOUGH ERNE INVESTMENTS LIMITED (REGISTERED NUMBER: NI613347)

Consolidated Statement of Financial Position
30 SEPTEMBER 2024

2024 2023
Notes £ £
NON-CURRENT ASSETS
Intangible assets 13 15,642,832 17,935,925
Property, plant and equipment 14 48,087,065 47,181,201
Investments 15 - -
63,729,897 65,117,126

CURRENT ASSETS
Inventories 16 6,527,455 5,751,293
Receivables: amounts falling due within
one year

17

39,722,661

36,385,719
Cash at bank 15,107,645 12,549,657
61,357,761 54,686,669
PAYABLES
Amounts falling due within one year 18 (32,354,476 ) (35,091,651 )
NET CURRENT ASSETS 29,003,285 19,595,018
TOTAL ASSETS LESS CURRENT
LIABILITIES

92,733,182

84,712,144

PAYABLES
Amounts falling due after more than
one year

19

(6,157,451

)

(8,924,973

)

PROVISIONS FOR LIABILITIES 24 (3,184,880 ) (3,489,559 )

GOVERNMENT GRANTS 25 (10,884 ) (25,861 )
NET ASSETS 83,379,967 72,271,751

CAPITAL AND RESERVES
Called up share capital 26 1,169,771 1,169,671
Share premium 7,070,740 7,070,740
Merger reserve (100 ) -
Retained earnings 40,836,771 34,941,010
SHAREHOLDERS' FUNDS 49,077,182 43,181,421

NON-CONTROLLING INTERESTS 27 34,302,785 29,090,330
TOTAL EQUITY 83,379,967 72,271,751

The financial statements were approved by the Board of Directors and authorised for issue on 11 June 2025 and were signed on its behalf by:





C Crawford - Director


LOUGH ERNE INVESTMENTS LIMITED (REGISTERED NUMBER: NI613347)

Company Statement of Financial Position
30 SEPTEMBER 2024

2024 2023
Notes £ £
NON-CURRENT ASSETS
Intangible assets 13 - -
Property, plant and equipment 14 17,096,386 15,664,075
Investments 15 7,172,635 7,172,535
24,269,021 22,836,610

CURRENT ASSETS
Inventories 16 1,923,978 744,381
Receivables: amounts falling due within
one year

17

1,695,522

2,352,697
Cash at bank 104,198 -
3,723,698 3,097,078
PAYABLES
Amounts falling due within one year 18 (1,379,122 ) (2,621,321 )
NET CURRENT ASSETS 2,344,576 475,757
TOTAL ASSETS LESS CURRENT
LIABILITIES

26,613,597

23,312,367

PAYABLES
Amounts falling due after more than
one year

19

(3,101,425

)

(3,435,725

)

PROVISIONS FOR LIABILITIES 24 (60,198 ) -
NET ASSETS 23,451,974 19,876,642

CAPITAL AND RESERVES
Called up share capital 26 1,169,771 1,169,671
Share premium 7,070,740 7,070,740
Retained earnings 15,211,463 11,636,231
SHAREHOLDERS' FUNDS 23,451,974 19,876,642

Company's profit for the financial year 3,670,232 914,137

The financial statements were approved by the Board of Directors and authorised for issue on 11 June 2025 and were signed on its behalf by:





C Crawford - Director


LOUGH ERNE INVESTMENTS LIMITED (REGISTERED NUMBER: NI613347)

Consolidated Statement of Changes in Equity
FOR THE PERIOD 26 DECEMBER 2023 TO 30 SEPTEMBER 2024

Called up
share Retained Share
capital earnings premium
£ £ £
Balance at 26 December 2022 1,169,671 28,581,002 7,070,740

Changes in equity
Dividends - (85,000 ) -
Total comprehensive income - 6,445,008 -
Balance at 25 December 2023 1,169,671 34,941,010 7,070,740

Changes in equity
Issue of share capital 100 - -
Dividends - (95,000 ) -
Total comprehensive income - 5,990,761 -
Balance at 30 September 2024 1,169,771 40,836,771 7,070,740
Merger Non-controlling Total
reserve Total interests equity
£ £ £ £
Balance at 26 December 2022 - 36,821,413 23,594,783 60,416,196

Changes in equity
Dividends - (85,000 ) (490,000 ) (575,000 )
Total comprehensive income - 6,445,008 5,985,547 12,430,555
Balance at 25 December 2023 - 43,181,421 29,090,330 72,271,751

Changes in equity
Issue of share capital - 100 - 100
Dividends - (95,000 ) - (95,000 )
Total comprehensive income - 5,990,761 5,212,455 11,203,216
Movement in merger reserve (100 ) (100 ) - (100 )
Balance at 30 September 2024 (100 ) 49,077,182 34,302,785 83,379,967

LOUGH ERNE INVESTMENTS LIMITED (REGISTERED NUMBER: NI613347)

Company Statement of Changes in Equity
FOR THE PERIOD 26 DECEMBER 2023 TO 30 SEPTEMBER 2024

Called up
share Retained Share Total
capital earnings premium equity
£ £ £ £
Balance at 26 December 2022 1,169,671 10,807,094 7,070,740 19,047,505

Changes in equity
Dividends - (85,000 ) - (85,000 )
Total comprehensive income - 914,137 - 914,137
Balance at 25 December 2023 1,169,671 11,636,231 7,070,740 19,876,642

Changes in equity
Issue of share capital 100 - - 100
Dividends - (95,000 ) - (95,000 )
Total comprehensive income - 3,670,232 - 3,670,232
Balance at 30 September 2024 1,169,771 15,211,463 7,070,740 23,451,974

LOUGH ERNE INVESTMENTS LIMITED (REGISTERED NUMBER: NI613347)

Consolidated Statement of Cash Flows
FOR THE PERIOD 26 DECEMBER 2023 TO 30 SEPTEMBER 2024

Period
26/12/23
to Year ended
30/9/24 25/12/23
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 21,508,188 24,920,870
Interest paid (576,929 ) (842,364 )
Interest element of hire purchase
payments paid

(31,603

)

(34,463

)
Tax paid (3,224,464 ) (3,290,552 )
Taxation refund - (372,268 )
Net cash from operating activities 17,675,192 20,381,223

Cash flows from investing activities
Purchase of tangible fixed assets (4,398,929 ) (7,277,419 )
Sale of tangible fixed assets 64,200 463,958
Earn out paid (8,000,000 ) -
Interest received 366,178 103,204
Net cash from investing activities (11,968,551 ) (6,710,257 )

Cash flows from financing activities
Loan repayments in year (2,793,063 ) (1,967,937 )
HP repayments in year (65,733 ) (75,347 )
Amount introduced by directors 378,519 -
Amount withdrawn by directors (60,764 ) -
Equity dividends paid (95,000 ) (575,000 )
Net cash from financing activities (2,636,041 ) (2,618,284 )

Increase in cash and cash equivalents 3,070,600 11,052,682
Cash and cash equivalents at
beginning of period

2

12,036,213

983,531

Cash and cash equivalents at end
of period

2

15,106,813

12,036,213

LOUGH ERNE INVESTMENTS LIMITED (REGISTERED NUMBER: NI613347)

Notes to the Consolidated Statement of Cash Flows
FOR THE PERIOD 26 DECEMBER 2023 TO 30 SEPTEMBER 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

Period
26/12/23
to Year ended
30/9/24 25/12/23
£ £
Profit before taxation 15,136,013 16,189,398
Depreciation charges 3,458,673 4,144,316
Profit on disposal of fixed assets (29,806 ) (258,269 )
Goodwill amortisation 2,293,093 2,293,093
Government grants (13,377 ) (51,662 )
Finance costs 608,532 876,827
Finance income (366,178 ) (103,204 )
21,086,950 23,090,499
(Increase)/decrease in inventories (776,162 ) 1,430,514
Increase in trade and other debtors (3,793,028 ) (6,077,227 )
Increase in trade and other creditors 4,990,428 6,477,084
Cash generated from operations 21,508,188 24,920,870

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Period ended 30 September 2024
30/9/24 26/12/23
£ £
Cash and cash equivalents 15,107,645 12,549,657
Bank overdrafts (832 ) (513,444 )
15,106,813 12,036,213
Year ended 25 December 2023
25/12/23 26/12/22
£ £
Cash and cash equivalents 12,549,657 4,128,040
Bank overdrafts (513,444 ) (3,144,509 )
12,036,213 983,531


LOUGH ERNE INVESTMENTS LIMITED (REGISTERED NUMBER: NI613347)

Notes to the Consolidated Statement of Cash Flows
FOR THE PERIOD 26 DECEMBER 2023 TO 30 SEPTEMBER 2024

3. ANALYSIS OF CHANGES IN NET FUNDS

At 26/12/23 Cash flow At 30/9/24
£ £ £
Net cash
Cash at bank 12,549,657 2,557,988 15,107,645
Bank overdrafts (513,444 ) 512,612 (832 )
12,036,213 3,070,600 15,106,813
Debt
Finance leases (587,822 ) 65,733 (522,089 )
Debts falling due within 1 year (2,459,792 ) 90,587 (2,369,205 )
Debts falling due after 1 year (8,435,725 ) 2,702,476 (5,733,249 )
(11,483,339 ) 2,858,796 (8,624,543 )
Total 552,874 5,929,396 6,482,270

LOUGH ERNE INVESTMENTS LIMITED (REGISTERED NUMBER: NI613347)

Notes to the Consolidated Financial Statements
FOR THE PERIOD 26 DECEMBER 2023 TO 30 SEPTEMBER 2024

1. GENERAL INFORMATION

Lough Erne Investments Limited is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the General Information page.

2. STATEMENT OF COMPLIANCE

The financial statements of the Group for the period ended 30 September 2024 have been prepared in accordance with the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland (FRS 102) issued by the Financial Reporting Council and in accordance with the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention. The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the Group's financial statements.

The financial statements are prepared in Sterling which is the functional currency of the Group, and rounded to the nearest pound (£), except when otherwise stated.

Basis of consolidation
The consolidated financial statements include the financial statements of the holding company and all its subsidiary companies made up to 30 September 2024.

Intercompany transactions, balances, income and expenses on transactions between Group companies are eliminated on consolidation. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.

Joint ventures are all entities over which the group has joint control with one or more other joint venture partners. Investments in associates are accounted for using the gross equity method of accounting. Under the gross equity method, the investment is initially recognised at cost, and the carrying amount is increased or decreased to recognise the investor's share of the profit or loss of the investee after the date of acquisition.

For both the current and preceding periods, merger accounting combines the Statement of Comprehensive Income, Balance sheet and Statement of Cash Flows of all group entites on a line by line basis without adjustment to fair value but with adjustment to ensure uniformity of accounting policies. No goodwill arises on consolidation. Any excess between the share capital and consideration given is shown as a merger reserve within the shareholders' funds. Business combinations are accounted for using the purchase method.

LOUGH ERNE INVESTMENTS LIMITED (REGISTERED NUMBER: NI613347)

Notes to the Consolidated Financial Statements - continued
FOR THE PERIOD 26 DECEMBER 2023 TO 30 SEPTEMBER 2024

3. ACCOUNTING POLICIES - continued

Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.The following criteria must also be met before revenue is recognised:

Sale of service:
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

- the significant risks and rewards of ownership have been transferred to the buyer;
- the group retains no continuing involvement or control over the goods;
- the amount of revenue can be measured reliably;
- it is probable that future economic benefits will flow through the group; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of Services:
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably
- it is probable that the group will receive the consideration due under the contract
- the stage of completion of the contract at the end of the reporting period can be measured reliably, and;
- the costs incurred and the costs to complete the contract can be measured reliably.

Goodwill
Purchased goodwill arising on the acquisition of a business represents the excess of the acquisition cost over the fair value of the identifiable net assets including other intangible fixed assets when they were acquired. Purchased goodwill is capitalised in the Statement of Financial Position and amortised on a straight line basis over its economic useful life of 10 years, which is estimated to be the period during which benefits are expected to arise. On disposal of a business any goodwill not yet amortised is included in determining the profit or loss on sale of the business.

Goodwill is reviewed for impairment at the end of the first full financial year following acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Property, plant and equipment and depreciation
Property, plant and equipment are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:

Freehold property4% - 5% Straight line
Plant and machinery5% - 33% Straight line
Fixtures and fittings10% - 33% Straight line
Motor vehicles20% Reducing balance
Computer equipment20% Straight line

The cost of freehold land is not depreciated.

The carrying values of property, plant and equipment are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable and is charged to the Income Statement.

LOUGH ERNE INVESTMENTS LIMITED (REGISTERED NUMBER: NI613347)

Notes to the Consolidated Financial Statements - continued
FOR THE PERIOD 26 DECEMBER 2023 TO 30 SEPTEMBER 2024

3. ACCOUNTING POLICIES - continued

Inventories
Inventories are stated at the lower of cost and net realisable value. Cost comprises expenditure incurred in the normal course of business in bringing inventories to their present location and condition. Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.

Biological assets
Biological assets are measured on initial recognition and at subsequent reporting dates at fair value less costs to sell.

Financial instruments
The company and group have chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other receivables, cash and bank balances and amounts owed by group companies are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the Income Statement.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans and overdrafts and hire purchase contracts are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

LOUGH ERNE INVESTMENTS LIMITED (REGISTERED NUMBER: NI613347)

Notes to the Consolidated Financial Statements - continued
FOR THE PERIOD 26 DECEMBER 2023 TO 30 SEPTEMBER 2024

3. ACCOUNTING POLICIES - continued

(iii) Offsetting

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the year and is calculated using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the Statement of Financial Position date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements.

Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates that have been enacted or substantively enacted by the Statement of Financial Position date.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Financial Position date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Income Statement.

Hire purchase and leasing commitments
Property, plant and equipment held under leasing and Hire Purchases arrangements which transfer substantially all the risks and rewards of ownership to the group are capitalised and included in the Statement of Financial Position at their cost or valuation, less depreciation. The corresponding commitments are recorded as liabilities. Payments in respect of these obligations are treated as consisting of capital and interest elements, with interest charged to the Income Statement. Rentals payable under operating leases are dealt with in the Income Statement as incurred over the period of the rental agreement.

Net finance expenses
Finance expenses:
Finance expenses comprise interest payable on borrowings and leases.

Finance income:
Finance income comprises interest receivable on funds invested in loans and cash and cash equivalents. Interest is recognised in profit or loss as it accrues.

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

Investments in subsidiaries
Investments are held at cost.

LOUGH ERNE INVESTMENTS LIMITED (REGISTERED NUMBER: NI613347)

Notes to the Consolidated Financial Statements - continued
FOR THE PERIOD 26 DECEMBER 2023 TO 30 SEPTEMBER 2024

3. ACCOUNTING POLICIES - continued

Distributions to equity holders
Dividends and other distributions to the group's shareholders are recognised as a liability in the
financial statements in the period in which the dividends and other distributions are approved by thegroup's shareholders. These amounts are recognised in the statement of changes in equity.

Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new
ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

Preference Share Capital
The preference shares are redeemable and non-voting. They carry a cumulative fixed 5% rate of return.

4. SIGNIFICANT JUDGEMENTS AND ESTIMATES

Estimates and judgements are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

a) Critical judgements in applying the entity's accounting policies
There are no critical judgements in applying the entity's accounting policies.

b) Key accounting estimates and assumptions
There are no critical accounting estimates and assumptions.

5. REVENUE

An analysis of revenue by class of business and geographical market is not given as, in the opinion of the Directors, this would be seriously prejudicial to the Group's interest.


6. EMPLOYEES AND DIRECTORS

The average number of employees, including directors employed during the year, was as follows:
Group Company
2024 2023 2024 2023
Production and processing staff 288 261 3 3
Admin staff 21 38 1 1
309 299 4 4


Staff costs, including directors' remuneration, for the above persons were as follows:
2024 2023
£    £   
Wages and salaries 7,305,428 9,242,454
Social security costs 816,624 772,100
Other pension costs 169,861 232,290
8,291,913 10,246,844


LOUGH ERNE INVESTMENTS LIMITED (REGISTERED NUMBER: NI613347)

Notes to the Consolidated Financial Statements - continued
FOR THE PERIOD 26 DECEMBER 2023 TO 30 SEPTEMBER 2024


Director emoluments during the year were as follows:

2024 2023
£    £   
Directors emoluments 805,381 1,517,935
Company contribution to defined pension schemes 11,125 12,768
815,506 1,530,703

During the year, retirement benefits were accruing to 3 director (2023: 3) in respect of defined benefit pension schemes. The directors are considered to be key management.

Information regarding the highest paid director is as follows:

2024 2023
£    £   
Directors' emoluments 323,593 617,964

The directors are considered to be the key management personnel of the group.

7. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Operating lease payments 37,397 57,744
Depreciation of tangible assets
- owned assets 3,458,673 4,000,066
Profit on disposal of fixed assets (29,806 ) (262,595 )
Goodwill amortisation 2,293,093 2,293,093
Fees payable to the company's auditors and their associates:
- the audit of the financial statements 53,400 44,300
- taxation compliance services 8,600 33,693
- advisory services - 1,306
Foreign exchange differences 130,476 54,462
Discounts received (405 ) (4,985 )
Amortisation of Government Grants (13,377 ) (51,662 )

8. FINANCE COSTS
Period
26/12/23
to Year ended
30/9/24 25/12/23
£ £
Bank interest 576,929 836,977
Hire purchase interest 31,603 39,850
608,532 876,827

LOUGH ERNE INVESTMENTS LIMITED (REGISTERED NUMBER: NI613347)

Notes to the Consolidated Financial Statements - continued
FOR THE PERIOD 26 DECEMBER 2023 TO 30 SEPTEMBER 2024

9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the period was as follows:
Period
26/12/23
to Year ended
30/9/24 25/12/23
£ £
Current tax:
UK corporation tax 4,435,286 3,585,456
Adjustment in respect of prior
period (197,810 ) (787,792 )
Total current tax 4,237,476 2,797,664

Deferred tax:
Origination and reversal of temporary
differences and impact of rate change

(49,437

)

904,913
Adjustment in respect of prior
period (255,242 ) 56,266
Total deferred tax (304,679 ) 961,179

Tax on profit 3,932,797 3,758,843

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
26/12/23
to Year ended
30/9/24 25/12/23
£ £
Profit before tax 15,136,013 16,189,398
Profit multiplied by the standard rate of corporation tax in the UK
of 25 % (2023 - 23.520 %)

3,784,003

3,807,746

Effects of:
Expenses not deductible for tax purposes 13,996 257,123
Income not taxable for tax purposes (19,337 ) -
Adjustments to tax charge in respect of previous periods (453,051 ) (912,152 )
Non-relevant depreciation 52,266 170,604
Movement in unrecognised deferred tax (18,353 ) (175,953 )
Impact of super-deduction - (23,018 )
Impact of rate change - 95,158
Amortisation of goodwill 573,273 539,335
Total tax charge 3,932,797 3,758,843

10. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


LOUGH ERNE INVESTMENTS LIMITED (REGISTERED NUMBER: NI613347)

Notes to the Consolidated Financial Statements - continued
FOR THE PERIOD 26 DECEMBER 2023 TO 30 SEPTEMBER 2024

11. DIVIDENDS
Period
26/12/23
to Year ended
30/9/24 25/12/23
£ £
Ordinary shares of 1 each
Interim 40,000 40,000
Preference shares of 1 each
Interim 55,000 45,000
95,000 85,000

12. ACQUISITION OF BUSINESS

On 30 September 2024 the Group acquired 100% of the share capital of Lough Erne Dairies Limited in the form of a share for share transfer.

The following table sets out the values of the identifiable assets and liabilities acquired and their professional values to the Group.

Value
£   

Assets
Tangible fixed assets 1,123,344
Inventory 1,270,818
Debtors transferred 183,190
2,616,763
Liabilities
Bank loans and overdrafts (832 )
Hire purchase creditor (443,654 )
Other creditors transferred (212,270 )
Net assets acquired 1,960,007
Consideration 1,960,007

The consideration was satisfied by an intercompany transaction.

13. INTANGIBLE FIXED ASSETS

Group
Goodwill
£
COST
At 26 December 2023
and 30 September 2024 22,930,927
AMORTISATION
At 26 December 2023 4,995,002
Amortisation for period 2,293,093
At 30 September 2024 7,288,095
NET BOOK VALUE
At 30 September 2024 15,642,832
At 25 December 2023 17,935,925

LOUGH ERNE INVESTMENTS LIMITED (REGISTERED NUMBER: NI613347)

Notes to the Consolidated Financial Statements - continued
FOR THE PERIOD 26 DECEMBER 2023 TO 30 SEPTEMBER 2024

13. INTANGIBLE FIXED ASSETS - continued

Group

The company did not hold intangible fixed assets at 30 September 2024 (2023: £Nil).

14. PROPERTY, PLANT AND EQUIPMENT

Group
Freehold
land and Improvements Plant and
property to property machinery
£ £ £
COST
At 26 December 2023 33,552,174 3,692,021 38,735,150
Additions 1,511,339 32,958 2,267,382
Disposals (5,000 ) - (85,651 )
At 30 September 2024 35,058,513 3,724,979 40,916,881
DEPRECIATION
At 26 December 2023 7,308,380 1,819,298 20,462,990
Charge for period 706,913 105,007 2,476,491
Eliminated on disposal - - (72,366 )
At 30 September 2024 8,015,293 1,924,305 22,867,115
NET BOOK VALUE
At 30 September 2024 27,043,220 1,800,674 18,049,766
At 25 December 2023 26,243,794 1,872,723 18,272,160

Fixtures
and Motor
fittings vehicles Totals
£ £ £
COST
At 26 December 2023 828,747 1,074,314 77,882,406
Additions 93,874 493,376 4,398,929
Disposals - (97,264 ) (187,915 )
At 30 September 2024 922,621 1,470,426 82,093,420
DEPRECIATION
At 26 December 2023 526,456 584,081 30,701,205
Charge for period 66,714 103,547 3,458,672
Eliminated on disposal - (81,155 ) (153,521 )
At 30 September 2024 593,170 606,473 34,006,356
NET BOOK VALUE
At 30 September 2024 329,451 863,953 48,087,064
At 25 December 2023 302,291 490,233 47,181,201

LOUGH ERNE INVESTMENTS LIMITED (REGISTERED NUMBER: NI613347)

Notes to the Consolidated Financial Statements - continued
FOR THE PERIOD 26 DECEMBER 2023 TO 30 SEPTEMBER 2024

14. PROPERTY, PLANT AND EQUIPMENT - continued

Company
Freehold Fixtures
land and Plant and and Motor
property machinery fittings vehicles Totals
£ £ £ £ £
COST
At 26 December 2023 16,413,188 1,183,238 - - 17,596,426
Additions 462,893 1,006,378 158,430 27,640 1,655,341
Disposals - (4,400 ) - - (4,400 )
At 30 September 2024 16,876,081 2,185,216 158,430 27,640 19,247,367
DEPRECIATION
At 26 December 2023 1,011,855 920,496 - - 1,932,351
Charge for period 152,711 66,799 - - 219,510
Eliminated on disposal - (880 ) - - (880 )
At 30 September 2024 1,164,566 986,415 - - 2,150,981
NET BOOK VALUE
At 30 September 2024 15,711,515 1,198,801 158,430 27,640 17,096,386
At 25 December 2023 15,401,333 262,742 - - 15,664,075

LOUGH ERNE INVESTMENTS LIMITED (REGISTERED NUMBER: NI613347)

Notes to the Consolidated Financial Statements - continued
FOR THE PERIOD 26 DECEMBER 2023 TO 30 SEPTEMBER 2024

15. FIXED ASSET INVESTMENTS

Company


Shares in
group
undertakings
£
Cost at 26 December 2023 and 30 September 2024 7,172,635

The company's principal subsidiary is:
Direct Holding

Name
Country of
incorporation

Principal Activity

Share %

Ownership Class
Ready Egg
Products Limited

Northern Ireland

Egg processing

51

Ordinary Shares
Lough Erne
Dairies Limited

Northern Ireland

Dairy Farm

100%

Ordinary Shares

The registered address of the subsidiaries are 116 Crom Road, Milltate, Lisnaskea, Co. Fermanagh, BT92 0BN.

Indirect Holding

Name
Country of
incorporation

Principal Activity

Share %

Ownership Class
Skea Egg Farms
Limited

Northern Ireland

Egg processing

51

Ordinary Shares

The registered address of the subsidiary is 116 Crom Road, Milltate, Lisnaskea, Co. Fermanagh, BT92 0BN.

The aggregate capital, reserves and results of the company's subsidiary undertakings for the year were:

2024 2023
£ £
Capital and reserves
Ready Egg Products Limited 68,213,327 60,024,026
Skea Egg Farms Limited 16,705,152 15,014,798

Profit for financial year
Ready Egg Products Limited 11,189,301 13,032,484
Skea Egg Farms Limited 4,690,355 5,424,909

The directors believe that the carrying value of the investments is supported by their underlying net assets.

16. STOCKS

Group Company
2024 2023 2024 2023
£ £ £ £
Inventories 485,036 576,388 - -
Raw materials 2,856,509 2,242,355 393,486 52,939
Finished goods 1,655,418 2,241,108 - -
Biological Assets 1,530,492 691,442 1,530,492 691,442
6,527,455 5,751,293 1,923,978 744,381

The replacement cost of inventories did not differ significantly from the figures shown.

LOUGH ERNE INVESTMENTS LIMITED (REGISTERED NUMBER: NI613347)

Notes to the Consolidated Financial Statements - continued
FOR THE PERIOD 26 DECEMBER 2023 TO 30 SEPTEMBER 2024

17. RECEIVABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£ £ £ £
Trade receivables 34,005,942 31,785,316 140,807 1,953
Amounts owed by group undertakings - - - 465,959
Amounts owed by connected parties 161,433 320,192 - -
Other receivables 4,535,771 2,443,290 1,378,464 1,871,634
Corporation tax - 454,484 - -
VAT - 82,269 - -
Prepayments 1,019,515 1,300,168 176,251 13,151
39,722,661 36,385,719 1,695,522 2,352,697

The amounts owed by group undertakings and connected parties are unsecured, interest free and payable on demand.

18. PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£ £ £ £
Bank loans and overdrafts (see note 20)
2,370,037

2,973,236

370,037

668,362
Hire purchase contracts (see note 21) 97,887 98,574 75,478 1,851
Trade payables 23,809,248 18,220,972 283,479 133,657
Amounts owed to group undertakings - - 72,582 1,646,000
Amounts owed to participating interests - 192,629 - -
Corporation tax 558,528 - 109,603 -
Social security and other taxes 373,605 218,443 4,945 1,561
Other payables 239,986 - - -
Directors' current accounts 388,019 105,285 388,019 105,285
Accruals and deferred income 4,517,166 13,282,512 74,979 64,605
32,354,476 35,091,651 1,379,122 2,621,321

The amounts owed to participating interests are unsecured, interest free and repayable on demand.

19. PAYABLES: AMOUNTS FALLING DUE AFTER ONE YEAR

Group Company
2024 2023 2024 2023
£ £ £ £
Bank loans (see note 20) 5,733,249 8,435,725 2,733,249 3,435,725
Hire purchase contracts (see note 21) 424,202 489,248 368,176 -
6,157,451 8,924,973 3,101,425 3,435,725

LOUGH ERNE INVESTMENTS LIMITED (REGISTERED NUMBER: NI613347)

Notes to the Consolidated Financial Statements - continued
FOR THE PERIOD 26 DECEMBER 2023 TO 30 SEPTEMBER 2024

20. LOANS

An analysis of the maturity of loans is given below:

Group Company
2024 2023 2024 2023
£ £ £ £
Amounts falling due within one year or on demand:
Bank overdrafts 832 513,444 832 208,570
Bank loans 2,369,205 2,459,792 369,205 459,792
2,370,037 2,973,236 370,037 668,362
Amounts falling due between one and two years:
Bank loans - 1-2 years 2,369,205 2,460,072 369,205 460,072
Amounts falling due between two and five years:
Bank loans - 2-5 years 2,107,614 4,380,216 1,107,614 1,380,216
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal 1,256,430 1,595,437 1,256,430 1,595,437

Bank loans due more than five years are repaid by 3 monthly installments and the interest is charged at 2.1%.

21. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£ £
Net obligations repayable:
Within one year 97,887 98,574
Between one and five years 319,863 351,540
In more than five years 104,339 137,708
522,089 587,822

Company
Hire purchase contracts
2024 2023
£ £
Net obligations repayable:
Within one year 75,478 1,851
Between one and five years 263,837 -
In more than five years 104,339 -
443,654 1,851

LOUGH ERNE INVESTMENTS LIMITED (REGISTERED NUMBER: NI613347)

Notes to the Consolidated Financial Statements - continued
FOR THE PERIOD 26 DECEMBER 2023 TO 30 SEPTEMBER 2024

22. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
2024 2023 2024 2023
£ £ £ £
Bank overdrafts 832 513,444 832 208,570
Bank loans 8,102,454 10,895,517 3,102,454 3,895,517
Hire purchase contracts 522,089 587,822 - -
8,625,375 11,996,783 3,103,286 4,104,087

The bank loans of the Parent above are secured over any land holdings by the Company greater than 20 acres, a personal guarantee of £600,000 from Mr Charles Crawford and a floating charge over all present and future freehold / leasehold property and any rights attaching thereto, all rents, fixtures and fittings, plant, machinery, equipment, furniture, licences, goodwill, uncalled capital, choses in action, claims, intellectual property, debts, credit balances, negotiable instruments, insurances and other property.

The bank facilities of the subsidiary are secured by fixed charges over the property of Ready Egg Products Limited and a floating charge over the assets of the Company

Hire purchase liabilities are secured against the asset to which they relate.

23. FINANCIAL INSTRUMENTS

2024 2023
£ £
Carrying amount of financial assets in the Group
Measured at fair value through the income statement 38,281,134 35,470,582

Carrying amount of financial liabilities in the Group
Measured at amortised cost 31,034,321 42,884,328

24. PROVISIONS FOR LIABILITIES

Group Company
2024 2023 2024 2023
£ £ £ £
Deferred tax
Accelerated capital allowances 3,379,924 3,521,684 - -
Other timing differences (195,044 ) (32,125 ) 60,198 -
3,184,880 3,489,559 60,198 -

Group
Deferred tax
£
Balance at 26 December 2023 3,489,559
Provided during period (304,679 )
Balance at 30 September 2024 3,184,880

LOUGH ERNE INVESTMENTS LIMITED (REGISTERED NUMBER: NI613347)

Notes to the Consolidated Financial Statements - continued
FOR THE PERIOD 26 DECEMBER 2023 TO 30 SEPTEMBER 2024

24. PROVISIONS FOR LIABILITIES - continued

Company
Deferred tax
£
Provided during period 60,198
Balance at 30 September 2024 60,198

25. GOVERNMENT GRANTS

Group
2024 2023
£ £
Deferred government grants 10,884 25,861

26. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
69,771 Ordinary 1 69,771 69,671
1,100,000 Preference 1 1,100,000 1,100,000
1,169,771 1,169,671

100 Ordinary shares of 1 each were allotted and fully paid for cash at par during the period.

27. NON-CONTROLLING INTERESTS

2024 2023
£ £

Balance at start of year 29,090,330 23,594,783
Share of profit for the year 5,212,455 5,985,547
Dividend paid in the year - (490,000 )
Balance at end of year 34,302,785 29,090,330

28. PENSION COMMITMENTS

The group makes contributions to a defined contribution scheme, the assets of the scheme being held separately from the assets of the group. The pension cost charge represents contributions payable to the scheme and amounted to £169,861 (2023: £232,290). Contributions were payable to the scheme at the year end amounting to £4,142 (2023: £12,573).

29. CONTINGENT LIABILITIES

There is a contingent liability to repay certain government grants received under the terms of letters of offer from Invest Northern Ireland if the group fails to honour certain undertakings and commitments. In the opinion of the directors the terms of the letters of offer have been complied with and no loss is expected.

30. CAPITAL COMMITMENTS
2024 2023
£ £
Contracted but not provided for in the
financial statements 165,480 -

LOUGH ERNE INVESTMENTS LIMITED (REGISTERED NUMBER: NI613347)

Notes to the Consolidated Financial Statements - continued
FOR THE PERIOD 26 DECEMBER 2023 TO 30 SEPTEMBER 2024

31. FINANCIAL COMMITMENTS

Group

Total future minimum lease payments under non-cancellable operating leases are as follows:


Land and
buildings
Land and
buildings
2024 2023
£ £
Due:
Within one year 30,000 30,000
30,000 30,000
Company

Total future minimum lease payments under non-cancellable operating leases are as follows:


Land and
buildings
Land and
buildings
2024 2023
£ £
Due:
Within one year 30,000 30,000
30,000 30,000

LOUGH ERNE INVESTMENTS LIMITED (REGISTERED NUMBER: NI613347)

Notes to the Consolidated Financial Statements - continued
FOR THE PERIOD 26 DECEMBER 2023 TO 30 SEPTEMBER 2024

32. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ending 30 September 2024 and 25 December 2023.
2024 2023
£ £
Directors
Balance outstanding at the start of year (105,285 ) (177,219 )
Amounts advanced (431,223 ) (11,977 )
Amounts repaid 148,488 83,911
Balance outstanding at end of year (388,019 ) (105,285 )





















































LOUGH ERNE INVESTMENTS LIMITED (REGISTERED NUMBER: NI613347)

Notes to the Consolidated Financial Statements - continued
FOR THE PERIOD 26 DECEMBER 2023 TO 30 SEPTEMBER 2024


33. RELATED PARTY DISCLOSURES

Entities with control, joint control or significant influence over the entity

The group has identified the following transactions with non-wholly owned subsidiaries, which must be disclosed.

RELATED PARTY DISCLOSURES

During the year the following related party transactions were conducted under normal commercial terms:

Ready Egg Products Limited is regarded as a related party as Lough Erne Investments Limited hold 51% of the share capital in this entity. Lough Erne Investments have charged Ready Egg Products Limited a management charge of £844,310 (2023: £479,838).

Skea Egg farms Limited is regarded as a related party by virtue of Ready Egg Products limited holding 100% of the share capital. Lough Erne Investments have charged Skea Egg Farms Limited a management charge of £418,592 (2023: £500,302).

At the year end there were amounts due from Fane Valley of £161,433 (2023: £320,192) disclosed within note 16.

At the year end there were no amounts owed to Fane Valley (2023: £192,629) disclosed within note 17.

At the year end there were amounts owed to the directors of £70,264 (2023: £105,285) disclosed within note 17. The directors are regarded as related parties due to their position in the company.

Mr Charles Crawford is regarded as a related party due to his position as a director in the company. As disclosed in note 21, Mr Crawford has provided personal guarantee to the bank.

The dividends of £95,000 were paid to directors by virtue of their shareholding in the company.

34. ULTIMATE CONTROLLING PARTY

The immediate and ultimate parent undertaking is Lough Erne Investments Limited, a company incorporated in Northern Ireland.

The smallest and largest group for which consolidated accounts are prepared including the results of this company Lough Erne Investments Limited.

At year end the ultimate controlling party is Mr Charles Crawford.