REGISTERED NUMBER: NI630600 (Northern Ireland)

Financial Statements for the Year Ended 31st December 2024

for

Lagan Homes (Rathgael) 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

BT1 3BG

REGISTERED NUMBER:

NI630600 (Northern Ireland)

AUDITORS:

BMK Accounting Limited

43 Lockview Road

Belfast

Antrim

BT9 5FJ

CURRENT ASSETS

Debtors

4

1,812,293

1,615,931

Cash at bank

4,084

-

1,816,377

1,615,931

CREDITORS

Amounts falling due within one year

5

1,825,857

1,625,411

NET CURRENT LIABILITIES

(9,480

)

(9,480

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(9,480

)

(9,480

)

CAPITAL AND RESERVES

Called up share capital

6

1

1

Retained earnings

(9,481

)

(9,481

)

SHAREHOLDERS' FUNDS

(9,480

)

(9,480

)

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 18th August 2025 and were signed on its behalf by:

Mrs L McKillen - Director

1.	STATUTORY INFORMATION

Lagan Homes (Rathgael) 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

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.

Judgements and key sources of estimation uncertainty

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.

3.	EMPLOYEES AND DIRECTORS

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

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Amounts owed by related parties

1,812,293

1,539,207

Other debtors

-

76,724

1,812,293

1,615,931

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans and overdrafts

-

213,687

Trade creditors

952,254

896,274

Amounts owed to related parties

602,299

140,295

Amounts owed to participating interests

-

100,794

Taxation and social security

2,821

32,370

Other creditors

268,483

241,991

1,825,857

1,625,411

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

1

Ordinary

1

1

1

7.	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

8.	RELATED PARTY DISCLOSURES

As a wholly owned subsidiary the company has taken advantage of the exemption under the terms of FRS102 from disclosing related party transactions with entities that are members of the group.

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

2024

2023

£

£

Renaissance Properties North LLP

6,442,081

8,689,086

LF Fasthouse Ltd

733,479

1,344,026

At 31 December 2024 an amount of £881,006 was due from Renaissance Properties North LLP (2023 - £1,482,856). There was an amount due to LF Fasthouse of £100,794 by the company at 31 December 2024 (2023 - £154,812).

9.	ULTIMATE CONTROLLING PARTY

The controlling party is JPK Lagan..