REGISTERED NUMBER: NI627960 (Northern Ireland)

Financial Statements for the Year Ended 31 December 2024

for

Lagan Homes (Lisburn) Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

S G McCann

M McCormick

Mrs L McKillen

C J Mulligan

REGISTERED OFFICE:

Lagan House

19 Clarendon Road

Belfast

Co. Antrim

BT1 3BG

REGISTERED NUMBER:

NI627960 (Northern Ireland)

AUDITORS:

BMK Accounting Limited

43 Lockview Road

Belfast

Antrim

BT9 5FJ

FIXED ASSETS

Tangible assets

4

190,210

179,066

CURRENT ASSETS

Stocks

717,191

717,191

Debtors

5

14,105,262

14,290,754

14,822,453

15,007,945

CREDITORS

Amounts falling due within one year

6

14,958,684

14,042,873

NET CURRENT (LIABILITIES)/ASSETS

(136,231

)

965,072

TOTAL ASSETS LESS CURRENT LIABILITIES

53,979

1,144,138

CREDITORS

Amounts falling due after more than one year

7

-

1,164,054

NET ASSETS/(LIABILITIES)

53,979

(19,916

)

CAPITAL AND RESERVES

Called up share capital

9

1

1

Retained earnings

53,978

(19,917

)

SHAREHOLDERS' FUNDS

53,979

(19,916

)

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 August 2025 and were signed on its behalf by:

Mrs L McKillen - Director

1.	STATUTORY INFORMATION

Lagan Homes (Lisburn) Ltd 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 Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on cost

Motor vehicles

-

25% on cost

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

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

Going concern

The financial statements have been prepared on a going concern basis. The Directors have reviewed funding and liquidity needs for a period of more than one year after the balance sheet date and concluded sufficient reserves exist within the Group and its wider accessible funding to ensure the future trading of the business. On this basis, the Directors have therefore concluded that it is appropriate to prepare the financial statements on a going concern basis.

Debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 42 (2023 - 46 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 January 2024

560,890

484,827

1,045,717

Additions

-

108,889

108,889

Disposals

(162,530

)

(79,344

)

(241,874

)

At 31 December 2024

398,360

514,372

912,732

DEPRECIATION

At 1 January 2024

531,614

335,037

866,651

Charge for year

17,949

79,796

97,745

Eliminated on disposal

(162,530

)

(79,344

)

(241,874

)

At 31 December 2024

387,033

335,489

722,522

NET BOOK VALUE

At 31 December 2024

11,327

178,883

190,210

At 31 December 2023

29,276

149,790

179,066

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:

31.12.24

31.12.23

£

£

Motor vehicles

62,385

96,485

Plant & machinery

-

45,333

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

100,000

38,005

Amounts owed by group undertakings

12,836,918

12,956,343

Amounts owed by associates

789,423

-

Other debtors

378,921

1,296,406

14,105,262

14,290,754

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans and overdrafts

8,003,952

8,524,690

Hire purchase contracts

12,752

34,771

Trade creditors

85,818

269,303

Amounts owed to group undertakings

6,520,393

5,134,995

Amounts owed to associates

108,532

-

Taxation and social security

83,256

84,884

Other creditors

143,981

(5,770

)

14,958,684

14,042,873

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Hire purchase contracts

-

15,000

Amounts owed to group undertakings

-

1,149,054

-

1,164,054

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.24

31.12.23

£

£

Hire purchase contracts

12,752

49,771

Secured loans and overdrafts

Bank facilities are secured by fixed and floating charges and inter-company cross guarantees.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

1

Ordinary

1

1

1

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Brian McKee (Senior Statutory Auditor)

for and on behalf of BMK Accounting Limited

11.	RELATED PARTY DISCLOSURES

The company has taken advantage of the exemptions contained in FRS 102 not to disclose transactions with related companies which are controlled within the Lagan Homes Group Ltd of which the company is a subsidiary.

The company had the following transactions with related undertakings during the year:

31.12.24

31.12.23

£

£

Lagan Management Limited

324,969

341,318

L.P.I Properties Limited

97,239

61,679

The company had the following amounts outstanding from/(to) related undertakings:

31.12.24

31.12.23

£

£

Mealough Developments LLP

608,929

136,733

Lagan Cement Ltd

-

307

Lagpor Developments Ltd

1,230,182

1,230,194

Lagan Management Limited

-

(938)

LPI (Properties) Limited

(108,532)

-

Eastonville Ltd

-

(104,847)

Lagan Investment Ltd

180,494

-

12.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is JPK Lagan.