Company registration number NI623671 (Northern Ireland)
TURKINGTON HOLDCO (NI) LIMITED
ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2024
TURKINGTON HOLDCO (NI) LIMITED
COMPANY INFORMATION
Directors
Mr M R Dundas
Mr G T Turkington
Mr T H Turkington
Company number
NI623671
Registered office
James Park
Mahon Road
Portadown
Craigavon
Co Armagh
BT62 3EH
Auditor
GMcG BELFAST
Chartered Accountants & Statutory Auditor
Alfred House
19 Alfred Street
Belfast
BT2 8EQ
Business address
James Park
Mahon Road
Portadown
Craigavon
Co Armagh
BT62 3EH
Bankers
Danske Bank
Donegall Square West
Belfast
BT1 6JS
Solicitors
Carson McDowell LLP
Murray House
4 Murray Street
Belfast
BT1 6DN
TURKINGTON HOLDCO (NI) LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 10
Group statement of comprehensive income
11
Group balance sheet
12
Company balance sheet
13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Company statement of cash flows
17
Notes to the financial statements
18 - 46
TURKINGTON HOLDCO (NI) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 DECEMBER 2024
- 1 -

The directors present the strategic report for the year ended 30 December 2024.

Business review

The directors consider the results for the year to be satisfactory in the current economic climate. Further details have been provided in the Key Financial Performance indicators below.

Prinicpal risks and uncertainties

The directors consider that the principal risks and uncertainties facing the group are:

 

Economic Risk

The impact on long-term contractual commitments of:

1. Rises in interest rates and inflation increases;

2. Wage inflation and increases in sub-contractor costs;

3. Legislative change relating to utility charges, including property rates;

4. Falls in demand for residential and commercial property; and

5. Reductions in government capital expenditure.

 

The directors work closely with suppliers, customers and financial institutions to carefully manage these risks, inherent in the group's business, in these uncertain times.

 

Competition Risk

Competition risk is managed through close attention to product quality, customer service and sustainable markets.

 

Financial Risk

The bank borrowings of the group have increased in the year. With the bank borrowings that are in place the group is exposed to risks in relation to interest rates, liquidity and cashflow. The group manages interest payments, liquidity and cashflows by budgetary and financial reporting functions and by seeking to develop a close working relationship with its bankers.

TURKINGTON HOLDCO (NI) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2024
- 2 -
Financial key performance indicators

The directors have determined that the following financial indicators are the most effective measures of progress towards achieving the group's objectives:

 

 

Year ended

Year ended

 

30 December 2024

30 December 2023

 

£

£

Turnover

38,241,244

27,998,601

Gross profit

6,105,705

6,472,471

Profit before tax

3,420,616

4,596,123

 

The directors consider the results for the year to be satisfactory in the current economic climate and they are encouraged by the current order book.

 

The increase in turnover from the previous year has mainly been driven by work on constructions contracts, with turnover from construction contracts having increased from £25.4m to £35.7m.

 

Overall, gross profit has decreased by £367k and profit before tax is down to £3.42m. However, this is stated after accounting for net gains from exceptional items totalling £200k that relates to the reversal of provisions for debts that had previously been provided for. The corresponding gain was £818k in the prior year; further details are included in note 5 to the financial statements. The group also disposed of a subsidiary during the year recognising a gain of £703k. Further details are included in note 10 to the financial statements. The net assets at the balance sheet date were £32.0m (2023 - £29.3m).

 

The directors are satisfied with the performance of the trading operations of the group during the year and are committed to develop this performance in the future. The directors recognise the challenges being faced in the property market; they are, however, encouraged by efforts made in relation to the trading activities of the group.

Financing

The directors consider that the outlook presents significant challenges and they are continuing to carefully manage costs and aim to maintain revenues and operating performance.

On behalf of the board

Mr G T Turkington
Director
23 June 2025
TURKINGTON HOLDCO (NI) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 DECEMBER 2024
- 3 -

The directors present their annual report and financial statements for the year ended 30 December 2024.

Principal activities

The group's principal activities during the year were that of builders, general contractors, manufacturers of related products, property development and holding of property investment interests for rental return.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr M R Dundas
Mr G T Turkington
Mr T H Turkington
Results and dividends

The results for the year are set out on page 11.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Auditor

The auditor, GMcG BELFAST, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the Annual 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). 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

TURKINGTON HOLDCO (NI) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2024
- 4 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company and group is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company and group is aware of that information.

On behalf of the board
Mr G T Turkington
Director
23 June 2025
TURKINGTON HOLDCO (NI) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TURKINGTON HOLDCO (NI) LIMITED
- 5 -
Opinion

We have audited the financial statements of Turkington Holdco (NI) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 December 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including 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:

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 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 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.

TURKINGTON HOLDCO (NI) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TURKINGTON HOLDCO (NI) LIMITED
- 6 -

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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 course of 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 our audit:

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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

TURKINGTON HOLDCO (NI) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TURKINGTON HOLDCO (NI) LIMITED
- 7 -
Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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 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.

TURKINGTON HOLDCO (NI) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TURKINGTON HOLDCO (NI) LIMITED
- 8 -
Extent to which the audit was considered capable of detecting irregularities, including fraud

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and assessing potential risks of material misstatement in respect of irregularities, including fraud and non-compliances with laws and regulations, we considered the following:

As a result of these procedures, we considered the opportunities and incentives that may exist within the group and company for fraud and identified the greatest potential for fraud in income recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the group and company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Companies Act 2006, and local tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the group and company’s ability to operate or to avoid a material penalty.

TURKINGTON HOLDCO (NI) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TURKINGTON HOLDCO (NI) LIMITED
- 9 -
Audit response to risks identified

Our procedures to respond to the risks identified included the following:

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. In addition, as with any audit, there remains a higher risk of non-detection of irregularities, as they may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

TURKINGTON HOLDCO (NI) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TURKINGTON HOLDCO (NI) LIMITED
- 10 -

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 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.

Mrs Susan Dunlop FCA (Senior Statutory Auditor)
For and on behalf of GMcG BELFAST
23 June 2025
Chartered Accountants
Statutory Auditor
Chartered Accountants & Statutory Auditor
Alfred House
19 Alfred Street
Belfast
BT2 8EQ
TURKINGTON HOLDCO (NI) LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 DECEMBER 2024
- 11 -
2024
2023
Notes
£
£
Turnover
3
38,241,244
27,998,601
Cost of sales
(32,135,539)
(21,526,130)
Gross profit
6,105,705
6,472,471
Distribution costs
(595,136)
(581,642)
Administrative expenses
(3,620,262)
(3,006,374)
Other operating income
1,053,182
1,479,500
Impairment losses
7
-
0
(250,000)
Other exceptional items
7
200,000
818,000
Operating profit
4
3,143,489
4,931,955
Share of results of joint ventures
(46,049)
139,422
Interest receivable and similar income
11
246,484
265,715
Interest payable and similar expenses
9
(626,725)
(740,969)
Amounts written off investments
10
703,417
-
Profit before taxation
3,420,616
4,596,123
Tax on profit
12
(687,376)
(251,591)
Profit for the financial year
29
2,733,240
4,344,532
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
TURKINGTON HOLDCO (NI) LIMITED
GROUP BALANCE SHEET
AS AT 30 DECEMBER 2024
30 December 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Negative goodwill
15
-
0
(120,415)
Total intangible assets
-
0
(120,415)
Tangible assets
13
2,434,446
14,462,238
Investment property
14
2,964,276
2,964,276
Investments
16
2,141,812
2,487,853
7,540,534
19,793,952
Current assets
Stocks
19
21,650,707
8,985,914
Debtors falling due after more than one year
20
698,540
1,344,058
Debtors falling due within one year
20
15,040,678
10,641,245
Cash at bank and in hand
8,432,290
8,372,213
45,822,215
29,343,430
Creditors: amounts falling due within one year
21
(12,273,574)
(12,554,509)
Net current assets
33,548,641
16,788,921
Total assets less current liabilities
41,089,175
36,582,873
Creditors: amounts falling due after more than one year
22
(8,993,085)
(7,212,365)
Provisions for liabilities
Deferred tax liability
28
76,193
83,851
(76,193)
(83,851)
Net assets
32,019,897
29,286,657
Capital and reserves
Called up share capital
27
100
100
Revaluation reserve
29
57,660
57,660
Profit and loss reserves
29
31,962,137
29,228,897
Total equity
32,019,897
29,286,657
The financial statements were approved by the board of directors and authorised for issue on 23 June 2025 and are signed on its behalf by:
23 June 2025
Mr M R Dundas
Mr G T Turkington
Director
Director
Company registration number NI623671 (Northern Ireland)
TURKINGTON HOLDCO (NI) LIMITED
COMPANY BALANCE SHEET
AS AT 30 DECEMBER 2024
30 December 2024
- 13 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
16
1,337,138
1,337,139
1,337,138
1,337,139
Current assets
Debtors
20
1,219,143
1,252,143
Creditors: amounts falling due within one year
21
(2,650,648)
(2,619,690)
Net current liabilities
(1,431,505)
(1,367,547)
Total assets less current liabilities
(94,367)
(30,408)
Creditors: amounts falling due after more than one year
22
-
(33,000)
Net liabilities
(94,367)
(63,408)
Capital and reserves
Called up share capital
27
100
100
Profit and loss reserves
29
(94,467)
(63,508)
Total equity
(94,367)
(63,408)

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £30,959 (2023 - £10,131 loss).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 23 June 2025 and are signed on its behalf by:
23 June 2025
Mr M R Dundas
Mr G T Turkington
Director
Director
Company registration number NI623671 (Northern Ireland)
TURKINGTON HOLDCO (NI) LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 DECEMBER 2024
- 14 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 31 December 2022
100
57,660
24,884,365
24,942,125
Year ended 30 December 2023:
Profit and total comprehensive income
-
-
4,344,532
4,344,532
Balance at 30 December 2023
100
57,660
29,228,897
29,286,657
Year ended 30 December 2024:
Profit and total comprehensive income
-
-
2,733,240
2,733,240
Balance at 30 December 2024
100
57,660
31,962,137
32,019,897
TURKINGTON HOLDCO (NI) LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 DECEMBER 2024
- 15 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 31 December 2022
100
(53,377)
(53,277)
Year ended 30 December 2023:
Loss and total comprehensive income for the year
-
(10,131)
(10,131)
Balance at 30 December 2023
100
(63,508)
(63,408)
Year ended 30 December 2024:
Profit and total comprehensive income
-
(30,959)
(30,959)
Balance at 30 December 2024
100
(94,467)
(94,367)
TURKINGTON HOLDCO (NI) LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 DECEMBER 2024
- 16 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
35
(6,676,874)
2,458,649
Interest paid
(626,725)
(740,969)
Income taxes paid
(569,642)
(564,224)
Net cash (outflow)/inflow from operating activities
(7,873,241)
1,153,456
Investing activities
Proceeds from disposal of business
1
-
Purchase of tangible fixed assets
(645,306)
(56,206)
Proceeds from disposal of tangible fixed assets
-
42,598
Proceeds from disposal of joint ventures
-
66,666
Proceeds from disposal of investments
294,967
280,628
Interest received
246,484
265,715
Net cash (used in)/generated from investing activities
(103,854)
599,401
Financing activities
Repayment of borrowings
-
(266,666)
Proceeds from new bank loans
8,745,485
-
Repayment of bank loans
(649,575)
(976,183)
Payment of finance leases obligations
(58,738)
(121,827)
Net cash generated from/(used in) financing activities
8,037,172
(1,364,676)
Net increase in cash and cash equivalents
60,077
388,181
Cash and cash equivalents at beginning of year
8,372,213
7,984,032
Cash and cash equivalents at end of year
8,432,290
8,372,213
TURKINGTON HOLDCO (NI) LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 DECEMBER 2024
- 17 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
36
(1)
-
0
Investing activities
Proceeds from disposal of subsidiaries
1
-
0
Net cash generated from/(used in) investing activities
1
-
Net increase in cash and cash equivalents
-
-
Cash and cash equivalents at beginning of year
-
0
-
0
Cash and cash equivalents at end of year
-
0
-
0
TURKINGTON HOLDCO (NI) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2024
- 18 -
1
Accounting policies
Company information

Turkington Holdco (NI) Limited (“the company”) is a private limited company domiciled and incorporated in Northern Ireland. The registered office is James Park, Mahon Road, Portadown BT62 3EH.

 

The group consists of Turkington Holdco (NI) Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Turkington Holdco (NI) Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 30 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

TURKINGTON HOLDCO (NI) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2024
1
Accounting policies (Continued)
- 19 -

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

 

Turnover for the period includes facilities management fees receivable and interest generated in the period, accrued on a time basis, on a finance asset and an element of deferred revenue released to the Statement of Comprehensive Income as detailed below.

 

A subsidiary company of the group entered into a Public Finance Initiative agreement (PFI) on 20 July 2004 with the South Eastern Education and Library Board. An income subsidy was received and recorded as deferred revenue to be released to the Statement of Comprehensive Income over the PFI period on a straight line basis.

 

TURKINGTON HOLDCO (NI) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2024
1
Accounting policies (Continued)
- 20 -

Other income

Building work

Revenue is recognised on legal completion of sales contracts in respect of building and development work. Revenue is measured at the fair value of the consideration received or receivable and represents amounts for goods and services provided in the normal course of business, exclusive of Value Added Tax.

 

Land and property

Revenue is recognised in relation to land, held as stock or as development property, in accordance with the terms of the relevant sales contracts. At the date of contract completion and when all relevant conditions have been met the company recognises the disposal of the land, at open market value, whether the sale is to a third party or to other group companies.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which does not exceed ten years.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

 

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 

Amortisation is provided on the following bases:

 

Negative goodwill - 10 % & 50% per annum straight line

1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

 

On transition to FRS 102 the group has elected to use the revaluation of certain premises at 30 December 2014 as the deemed cost for those assets and continue to adopt a policy of non-revaluation from that date, as permitted under Section 35 of FRS 102. The property is depreciated over its useful economic life from 31 December 2014.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
4% per annum straight line
Plant and equipment
20% per annum straight line
Fixtures and fittings
20% per annum straight line
Motor vehicles
20% per annum reducing balance / 25% per annum straight line
Developm't property
no depreciation
TURKINGTON HOLDCO (NI) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2024
1
Accounting policies (Continued)
- 21 -

Freehold land and assets in the course of construction are not depreciated.

 

Development property represents self-developed property projects of the group. These properties are stated at cost attributable to their current stage of completion.

 

Development properties are transferred to investment properties and thus subject to annual revaluation if the directors decide in principle that the relevant property is to be retained by the group in the medium to long term for its investment potential. If the relevant property is not to be retained by the group, then the property is transferred to trading stock on issue of the Certificate of Practical Completion.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.8
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

 

Property rented to a group entity is accounted for as tangible fixed assets.

1.9
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company 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.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

TURKINGTON HOLDCO (NI) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2024
1
Accounting policies (Continued)
- 22 -
1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.11
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Work in progress

 

Commercial properties:

Work in progress is stated at the lower of cost and net realisable value. Cost includes all costs incurred in bringing each property or site to its present location and condition. Net realisable value is based on estimated selling price less any further costs expected to be incurred to completion and disposal.

 

Residential properties:

Residential properties are stated at the lower of cost and net realisable value. Cost of partially completed houses and sites is valued on the basis of all material, labour and sub-contractor costs appropriate to the stage of completion. Net realisable value of partially completed houses is based on estimated selling price less any further costs expected to be incurred to completion and disposal. On completion of legal sales contracts houses are excluded from work in progress and included in sales and debtors. Materials are valued at the lower of cost and net realisable value. Land for development is accounted for in full at the date of contract and charged to the profit and loss Account proportionately on the sale of the houses.

TURKINGTON HOLDCO (NI) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2024
1
Accounting policies (Continued)
- 23 -
1.12
Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

 

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

 

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

1.13
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.14
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

TURKINGTON HOLDCO (NI) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2024
1
Accounting policies (Continued)
- 24 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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 profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

TURKINGTON HOLDCO (NI) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2024
1
Accounting policies (Continued)
- 25 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.15
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.16
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.17
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.18
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

TURKINGTON HOLDCO (NI) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2024
1
Accounting policies (Continued)
- 26 -
1.19
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.20
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.21

Service concession arrangements

Under the PFI agreement entered into by a subsidiary company on 20 July 2004, the group meets the definition of the operator of a Service Concession Arrangement under FRS 102.

 

In accordance with FRS 102 Section 35.10(i) an operator is not required to apply FRS Sections 34.12I to 34.16A to service concession arrangements that were entered into before the date of transition to FRS 102.

 

The group has adopted this optional exemption and continues to account for the PFI agreement using the same policies that were applied before the date of transition. Those policies adopted the provisions of FRS 5 Reporting the Substance of Transactions (Application note F) and had regard to Treasury guidance notes in determining the appropriate treatment of the principle assets of, and income streams from, PFI and similar contracts. Where it was demonstrated that the balance of risks and rewards derived from the underlying asset were not borne by the company the asset created and/or provided under the contract is accounted for as a financial asset. Income derived from such contracts is allocated between the provision of the asset and the provision of subsequent services. Upon acceptance of the constructed asset, the financial asset is amortised over the life of the contract against the relevant portion of the assured contract income.

1.22

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the group but are presented separately due to their size or incidence.

TURKINGTON HOLDCO (NI) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2024
- 27 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Fixed assets

The annual depreciation charge on fixed assets depends primarily on the estimated lives of each type of asset and estimates of residual values. The directors regularly review these asset lives and change them as necessary to reflect current thinking on remaining lives in light of prospective economic utilisation and physical condition of the assets concerned. Changes in asset lives can have a significant impact on depreciation and amortisation charges for the period. Detail of the useful lives is included in the accounting policies.

Investment property

Fair value is determined annually and derived from the current market rents and investment property yields for comparable real estate. Valuation involves some estimation uncertainty but is based on periodic advice from independent expert valuers.

Debtors and amounts recoverable on contracts

Short term debtors are measured at transaction price, less any impairment. Impairment of such debtors involves some estimation uncertainty.

 

There is some estimation uncertainty in relation to assumptions surrounding the stage of completion of contracts and costs to complete. Management are satisfied they have appropriate processes and controls in place to manage these uncertainties.

Stock and work in progress

At each balance sheet date the group's stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The assessment of the selling price of such stock involves some estimation uncertainty.

 

Work in progress is stated at the lower of cost and net realisable value. Cost includes all costs incurred in bringing each property or site to its present location and condition. Net realisable value is based on estimated selling price less any further costs expected to be incurred to completion and disposal.

Taxation

Judgements are made in relation to the calculation of certain aspects of the year end tax provisions and the respective tax charge. The management used external professional advice to support the year end provisions.

TURKINGTON HOLDCO (NI) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2024
- 28 -
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Construction
35,702,741
25,383,375
Finance asset interest receivable
382,188
332,212
Management charges
355,800
401,156
Other income
252,998
134,851
Property trading
1,547,517
1,747,007
38,241,244
27,998,601
2024
2023
£
£
Other revenue
Interest income
246,484
265,715
Net rents receivable
1,053,182
1,478,817
Sundry income
-
683

All turnover arose within the United Kingdom.

4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange gains
(249)
(4,959)
Depreciation of owned tangible fixed assets
144,124
132,379
Depreciation of tangible fixed assets held under finance leases
141,647
87,237
Impairment of owned tangible fixed assets
-
250,000
Loss/(profit) on disposal of tangible fixed assets
205
(9,736)
Amortisation of intangible assets
(120,415)
(160,432)
Operating lease charges
142,809
156,480
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
2,000
2,000
Audit of the financial statements of the company's subsidiaries
34,940
38,500
36,940
40,500
TURKINGTON HOLDCO (NI) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2024
- 29 -
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Number of production staff
17
20
-
-
Number of distribution staff
21
22
-
-
Number of administrative staff
8
9
-
-
Number of management/technical staff
34
28
-
-
Total
80
79
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
3,673,459
3,228,835
-
0
-
0
Social security costs
170,194
156,357
-
-
Pension costs
279,727
204,646
-
0
-
0
4,123,380
3,589,838
-
0
-
0
7
Exceptional item
2024
2023
£
£
Impairment losses
-
250,000
Reversal of provision for doubtful debts
(200,000)
(818,000)
(200,000)
(568,000)

Provision for doubtful debts

During the year, the group had a net reduction in its provision for doubtful debts of £200,000 (2023 - £818,000) following receipt of debts where recovery had previously been considered unlikely.

TURKINGTON HOLDCO (NI) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2024
- 30 -
8
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
255,068
245,339
Company pension contributions to defined contribution schemes
179,222
142,722
434,290
388,061
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
122,639
115,648
Company pension contributions to defined contribution schemes
57,211
60,711
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
461,960
579,580
Other interest on financial liabilities
-
10,842
461,960
590,422
Other finance costs:
Interest on finance leases and hire purchase contracts
21,174
14,991
Other interest
143,591
135,556
Total finance costs
626,725
740,969
10
Amounts written off investments
2024
2023
£
£
Gain on disposal of fixed asset investments
703,417
-

See note 30 for further details of gains on disposal.

11
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
164,480
158,032
Other interest income
82,004
107,683
Total income
246,484
265,715
TURKINGTON HOLDCO (NI) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2024
- 31 -
12
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
613,303
361,794
Adjustments in respect of prior periods
41,578
(88,482)
Total current tax
654,881
273,312
Deferred tax
Origination and reversal of timing differences
21,232
(12,369)
Adjustment in respect of prior periods
11,263
(9,352)
Total deferred tax
32,495
(21,721)
Total tax charge
687,376
251,591

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

2024
2023
£
£
Profit before taxation
3,420,616
4,596,123
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.50%)
855,154
1,080,089
Tax effect of expenses that are not deductible in determining taxable profit
15,215
68,388
Tax effect of income not taxable in determining taxable profit
(50,000)
(192,264)
Adjustments in respect of prior years
52,841
(97,834)
Effect of change in corporation tax rate & other adjustments
920
796
Deferred tax asset not recognised
(34,431)
(513,102)
Adjustments on consolidation
(152,323)
(94,482)
Taxation charge
687,376
251,591
TURKINGTON HOLDCO (NI) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2024
- 32 -
13
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Developm't property
Total
£
£
£
£
£
£
Cost
At 31 December 2023
1,408,005
278,012
243,915
993,392
15,788,891
18,712,215
Additions
104
658
36,072
165,736
442,736
645,306
Disposals
-
0
-
0
-
0
(62,595)
(15,698,338)
(15,760,933)
At 30 December 2024
1,408,109
278,670
279,987
1,096,533
533,289
3,596,588
Depreciation and impairment
At 31 December 2023
321,539
183,525
85,455
323,988
3,335,470
4,249,977
Depreciation charged in the year
40,568
27,085
49,231
168,887
-
0
285,771
Eliminated in respect of disposals
-
0
-
0
-
0
(38,136)
(3,335,470)
(3,373,606)
At 30 December 2024
362,107
210,610
134,686
454,739
-
0
1,162,142
Carrying amount
At 30 December 2024
1,046,002
68,060
145,301
641,794
533,289
2,434,446
At 30 December 2023
1,086,466
94,487
158,460
669,404
12,453,421
14,462,238
The company had no tangible fixed assets at 30 December 2024 or 30 December 2023.

The carrying value of land and buildings comprises:

Group
Company
2024
2023
2024
2023
£
£
£
£
Freehold
1,046,002
1,086,466
-
0
-
0

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2024
2023
2024
2023
£
£
£
£
Plant and equipment
39,333
54,083
-
0
-
0
Motor vehicles
526,281
556,637
-
0
-
0
565,614
610,720
-
-

Freehold land and buildings and development property with a carrying amount of £982,964 (2023 - £12,546,061) have been pledged to secure borrowings of the group.

TURKINGTON HOLDCO (NI) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2024
13
Tangible fixed assets (Continued)
- 33 -

Land with a carrying amount of £408,750 (2023 - £408,750) is not being depreciated.

14
Investment property
Group
Company
2024
2024
£
£
Fair value
At 31 December 2023 and 30 December 2024
2,964,276
-

Investment property comprises elements of freehold property that is held for rental return. The fair value of the investment property has been arrived at by the directors, having taken account of a valuation carried out in 2016 by CBRE, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Cost
3,739,339
3,739,339
-
-
Accumulated depreciation
(3,374,066)
(3,299,278)
-
-
Carrying amount
365,273
440,061
-
-

The investment property has been pledged to secure bank borrowings of the group.

The carrying value of land and buildings comprises:

Group
Company
2024
2023
2024
2023
£
£
£
£
Freehold
2,964,276
2,964,276
-
-
TURKINGTON HOLDCO (NI) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2024
- 34 -
15
Intangible fixed assets
Group
Negative goodwill
£
Cost
At 31 December 2023 and 30 December 2024
(4,862,360)
Amortisation and impairment
At 31 December 2023
(4,741,945)
Amortisation charged for the year
(120,415)
At 30 December 2024
(4,862,360)
Carrying amount
At 30 December 2024
-
0
At 30 December 2023
(120,415)
The company had no intangible fixed assets at 30 December 2024 or 30 December 2023.
16
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
17
-
0
-
0
1,337,138
1,337,139
Investments in joint ventures
18
1,307,272
1,353,321
-
0
-
0
Loans to joint ventures
175,491
175,491
-
0
-
0
Other loans
659,049
959,041
-
0
-
0
2,141,812
2,487,853
1,337,138
1,337,139
TURKINGTON HOLDCO (NI) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2024
16
Fixed asset investments (Continued)
- 35 -
Movements in fixed asset investments
Group
Shares in group undertakings and participating interests
Loans to group undertakings and participating interests
Other loans
Total
£
£
£
£
Cost or valuation
At 31 December 2023
1,353,321
175,491
1,039,576
2,568,388
Repayments
-
-
(294,967)
(294,967)
Disposals
(46,049)
-
-
(46,049)
At 30 December 2024
1,307,272
175,491
744,609
2,227,372
Impairment
At 31 December 2023
-
-
80,535
80,535
Impairment losses
-
-
5,025
5,025
At 30 December 2024
-
-
85,560
85,560
Carrying amount
At 30 December 2024
1,307,272
175,491
659,049
2,141,812
At 30 December 2023
1,353,321
175,491
959,041
2,487,853
Movements in fixed asset investments
Company
Shares in group undertakings
£
Cost or valuation
At 31 December 2023
1,337,139
Disposals
(1)
At 30 December 2024
1,337,138
Carrying amount
At 30 December 2024
1,337,138
At 30 December 2023
1,337,139
TURKINGTON HOLDCO (NI) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2024
- 36 -
17
Subsidiaries

Details of the company's subsidiaries at 30 December 2024 are as follows:

Name of undertaking
Address
Class of
% Held
shares held
Direct
Indirect
J. H. Turkington & Sons Limited
*
Ordinary
100.00
-
JHT (Library Services) Limited
*
Ordinary
100.00
-
JHT Clare Limited
*
Ordinary
0
100.00
JHT Property Development Limited
*
Ordinary
100.00
-
JHT Hotels Limited
*
Ordinary
100.00
-
JHT (Carrowdore) Limited
*
Ordinary
100.00
-
JHT Global Point Limited
*
Ordinary
100.00
-

Registered office addresses (all UK unless otherwise indicated):

*
James Park, Mahon Road, Portadown, BT62 3EH
18
Joint ventures

Details of joint ventures at 30 December 2024 are as follows:

Name of undertaking
Registered office
Interest
% Held
held
Direct
Indirect
Consul Services (NI) Limited
#
Ordinary
0
50.00
Consul Services FM Limited
#
Ordinary
0
50.00
Consul Services Holdings
#
Ordinary
0
50.00

# - The Diamond Centre, Market St, Magherafelt, BT45 6ED


Unaudited management accounts for the period ended 31 December 2024 for Consul Services (NI) Limited, Consul Services (NI) Limited and Consul Services FM Limited have been used for the purposes of consolidation.

 

The group's investment in joint ventures are all held by the subsidiary company, J. H. Turkington & Sons Limited.

19
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
136,264
101,582
-
-
Work in progress
21,514,443
8,884,332
-
-
21,650,707
8,985,914
-
-
TURKINGTON HOLDCO (NI) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2024
- 37 -
20
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,643,541
3,413,653
-
0
-
0
Gross amounts owed by contract customers
1,214,046
2,084,783
-
0
-
0
Amounts owed by group undertakings
-
-
1,186,043
1,186,043
Other debtors
11,969,583
4,880,563
33,100
66,100
Prepayments and accrued income
213,508
262,246
-
0
-
0
15,040,678
10,641,245
1,219,143
1,252,143
Amounts falling due after more than one year:
Other debtors
698,540
802,589
-
0
-
0
Prepayments and accrued income
-
0
541,469
-
0
-
0
698,540
1,344,058
-
-
Total debtors
15,739,218
11,985,303
1,219,143
1,252,143
21
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
23
606,735
709,990
-
0
-
0
Obligations under finance leases
24
155,780
138,078
-
0
-
0
Other loans
23
-
0
-
0
1,008,209
1,008,209
Payments received on account
587,580
676,573
-
0
-
0
Trade creditors
5,861,268
5,899,627
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
1,599,336
1,568,478
Corporation tax payable
292,598
261,383
-
0
-
0
Other taxation and social security
358,757
206,387
-
-
Other creditors
2,866,535
2,855,776
33,100
33,000
Accruals and deferred income
1,544,321
1,806,695
10,003
10,003
12,273,574
12,554,509
2,650,648
2,619,690

The group's obligations under finance leases are secured on the assets acquired.

TURKINGTON HOLDCO (NI) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2024
- 38 -
22
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
23
8,520,922
6,589,843
-
0
-
0
Obligations under finance leases
24
229,308
305,748
-
0
-
0
Deferred income
25
95,169
136,088
-
0
-
0
Other creditors
147,686
180,686
-
0
33,000
8,993,085
7,212,365
-
33,000

Obligations under finance leases are secured as disclosed in the previous note.

 

Other creditors includes unsecured convertible loans of £147,686, which comprises 147,686 unsecured loan notes of £1 each that mature on 30 June 2030. At the maturity date, the loan notes may be redeemed at par value plus any accrued interest. Interest accrues on the principal amount of the notes plus compounded interest on a daily basis at a rate of 15% per annum.

23
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
9,127,657
7,299,833
-
0
-
0
Loans from group undertakings
-
0
-
0
1,008,209
1,008,209
9,127,657
7,299,833
1,008,209
1,008,209
Payable within one year
606,735
709,990
1,008,209
1,008,209
Payable after one year
8,520,922
6,589,843
-
0
-
0

Three bank loans are secured by an all monies debenture in favour of the bank over the property, assets and undertaking of J. H. Turkington & Sons Limited, incorporating a first and only legal charge over premises at Mahon Road, Portadown. One loan is secured by an all monies debenture in favour of the bank over the property, assets and undertaking of the JHT Global Point Limited, incorporating a first and only legal charge over premises at lands 310m East of RLC, Global Point Avenue, Global Point Business Park, Newtownabbey, BT36 5TB

 

Bank loans are also secured by an all monies composite guarantee from Turkington Holdco (NI) Limited, Turkington Properties Limited, J. H. Turkington & Sons Limited, JHT Clare Limited and J . H . T . Newtownards Limited.

 

One loan of £7.35m was due for repayment within one year in accordance with the terms of facilities that were in place at the balance sheet date. However, prior to the year end the directors had entered into discussions with the bank to refinance the loan. New terms for the loan were agreed in June 2025 and the amount due for repayment within one year has been disclosed in accordance with those new terms.

The group has four bank loans that are repayable by way of monthly and quarterly instalments. Interest is charged at rates of between 2.25%-3.00% above base rate and all loans are due for repayment within five years.

TURKINGTON HOLDCO (NI) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2024
- 39 -
24
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
155,780
138,078
-
0
-
0
In two to five years
150,758
131,455
-
0
-
0
In over five years
78,550
174,293
-
0
-
0
385,088
443,826
-
-
25
Deferred income
Group
Company
2024
2023
2024
2023
£
£
£
£
Other deferred income
95,169
136,088
-
-
26
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
279,727
204,646

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

27
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of £1 each
20
40
20
40
B Ordinary shares of £1 each
55
35
55
35
C Ordinary shares of £1 each
10
10
10
10
D Ordinary shares of £1 each
15
15
15
15
100
100
100
100

The A Ordinary shares, B Ordinary shares, C Ordinary shares and D Ordinary shares have the right to vote at a meeting of Shareholders or on any resolution of the Shareholders, the right to equal share in the distribution of the surplus assets of the company on its winding up and the right to receive dividends paid by the company in respect of that class of share.

TURKINGTON HOLDCO (NI) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2024
- 40 -
28
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
81,447
116,970
Other temporary differences
(5,254)
(33,119)
76,193
83,851
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 31 December 2023
83,851
-
Credit to profit or loss
(7,658)
-
Liability at 30 December 2024
76,193
-
29
Reserves
Revaluation reserve

On transition to FRS 102 the group elected to use the revaluation of certain premises at 30 December 2014 as the deemed cost for those assets and continues to adopt a policy of non-revaluation from that date, as permitted under Section 35 of FRS 102. The revaluation reserve represents surpluses arising on the revaluation of the relevant premises.

Profit and loss reserves

The profit and loss account represents the retained earnings of the group. Included within the profit and loss account reserve are gains arising on the revaluation of the investment property totalling £2,599,003 (2023 - £2,524,515) that are not available for distribution. The profit and loss account of the company represents the accumulated losses of the company.

TURKINGTON HOLDCO (NI) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2024
- 41 -
30
Disposals

On 24 May 2024 the group disposed of its 100% holding in Turkington Properties Limited. Included in these financial statements are profits of £140,582 arising from the company's interests in Turkington Properties Limited up to the date of its disposal.

 

Net assets disposed of
£
Property, plant and equipment
11,438,030
Trade and other receivables
608,599
Trade and other payables
(6,208,062)
Tax liabilities
(134,330)
Borrowings
(6,367,500)
Deferred tax
(40,153)
(703,416)
Gain on disposal
703,417
Total consideration
1
The consideration was satisfied by:
£
Cash
1
-
31
Financial commitments, guarantees and contingent liabilities

There were no other contingencies requiring disclosure at the year end.

32
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
131,122
134,057
-
-
Between two and five years
387,805
418,401
-
-
In over five years
14,697,292
14,797,818
-
-
15,216,219
15,350,276
-
-
TURKINGTON HOLDCO (NI) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2024
32
Operating lease commitments (Continued)
- 42 -
Lessor

At the reporting end date the group had contracted with tenants for the following minimum lease payments:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
422,089
1,437,603
-
-
Between two and five years
105,522
3,443,150
-
-
In over five years
-
1,797,827
-
-
527,611
6,678,580
-
-
33
Directors' transactions

At 30 December 2024, the balance due to directors from the group was £1,534,204 (2023 - £1,532,277). No interest is charged on outstanding balances and they are considered to be repayable on demand.

 

There were no advances to directors in the year.

TURKINGTON HOLDCO (NI) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2024
- 43 -
34
Related party transactions

The directors are considered to be the key management personnel of the group. The remuneration payable to directors in the year is disclosed in note 8.

Transactions with related parties

During the year the group entered into the following transactions with related parties:

Sales
2024
2023
£
£
Group
Entities significantly influenced by a director
1,570,604
701,917
Entities under common control
330
147
Management charges and interest receivable
Interest payable
2024
2023
2024
2023
£
£
£
£
Group
Entities over which the entity has joint control or significant influence
569,786
423,269
-
-
Entities under common control
-
-
52,026
48,813

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2024
2023
£
£
Group
Entities significantly influenced by a director
9,169
259,169
Entities over which the group has joint control or significant influence
112,898
101,930
Entities under common control
905,020
852,894
TURKINGTON HOLDCO (NI) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2024
34
Related party transactions (Continued)
- 44 -

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2024
Balance
Provision
Net
£
£
£
Group
Entities significantly influenced by a director
22,053,816
11,049,185
11,004,631
Entities over which the group has joint control or significant influence
79,065
-
79,065
Amounts due in previous period
2023
Balance
Provision
Net
£
£
£
Group
Entities significantly influenced by a director
15,514,214
11,249,237
4,264,977
Entities over which the group has joint control or significant influence
61,899
-
61,899

The following amounts were recognised as an expense/(income) in the period in respect of bad and doubtful debts due from related parties:

2024
2023
£
£
Group
Entities significantly influenced by a director
(200,000)
(818,000)

 

TURKINGTON HOLDCO (NI) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2024
- 45 -
35
Cash (absorbed by)/generated from group operations
2024
2023
£
£
Profit after taxation
2,733,240
4,344,532
Adjustments for:
Share of results of associates and joint ventures
46,049
(139,422)
Taxation charged
687,376
251,591
Finance costs
626,725
740,969
Investment income
(246,484)
(265,715)
Loss/(gain) on disposal of tangible fixed assets
205
(9,736)
Amortisation and impairment of intangible assets
(120,415)
(160,432)
Depreciation and impairment of tangible fixed assets
285,771
219,616
Gain on sale of investments
(703,417)
-
Movements in working capital:
Increase in stocks
(12,664,793)
(2,637,382)
Increase in debtors
(3,145,316)
(2,004,668)
Increase in creditors
5,865,104
2,167,254
Decrease in deferred income
(40,919)
(47,958)
Cash (absorbed by)/generated from operations
(6,676,874)
2,458,649
36
Cash absorbed by operations - company
2024
2023
£
£
Loss after taxation
(30,959)
(10,131)
Movements in working capital:
Decrease/(increase) in debtors
33,000
(66,000)
(Decrease)/increase in creditors
(2,042)
76,131
Cash absorbed by operations
(1)
-
37
Analysis of changes in net funds/(debt) - group
31 December 2023
Cash flows
Acquisitions and disposals
Interest capitalised
30 December 2024
£
£
£
£
£
Cash at bank and in hand
8,372,213
60,077
-
-
8,432,290
Borrowings excluding overdrafts
(7,299,833)
(8,095,910)
6,367,500
(99,414)
(9,127,657)
Obligations under finance leases
(443,826)
58,738
-
-
(385,088)
628,554
(7,977,095)
6,367,500
(99,414)
(1,080,455)
TURKINGTON HOLDCO (NI) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2024
- 46 -
38
Analysis of changes in net debt - company
31 December 2023
30 December 2024
£
£
Borrowings excluding overdrafts
(1,008,209)
(1,008,209)
2024-12-302023-12-31falsefalseCCH SoftwareCCH Accounts Production 2025.100Mr M R DundasMr G T TurkingtonMr T H 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