REGISTERED NUMBER: NI604207 (Northern Ireland)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31st December 2024

for

Lagan Homes (G.B.) Ltd.

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Income Statement

10

Other Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

13

Notes to the Financial Statements

14

DIRECTORS:

Mrs L Hopcraft

J P Lagan

S G McCann

Mrs L McKillen

REGISTERED OFFICE:

Lagan House

19 Clarendon Road

Belfast

Co. Antrim

BT1 3BG

REGISTERED NUMBER:

NI604207 (Northern Ireland)

AUDITORS:

BMK Accounting Limited

43 Lockview Road

Belfast

Antrim

BT9 5FJ

The directors present their strategic report for the year ended 31st December 2024.

REVIEW OF BUSINESS

The principal activity of the company is the development of high quality new housing in England.

The company reported an operating profit in the period of £3,265,518 (2023 - £2,094,904) on a turnover of £19,560,181 (2023 - £21,649,525) and is confident of maintaining profitability.

The company is actively pursuing further investment opportunities primarily in England, consistent with its ethos of providing high quality housing in desirable locations.

PRINCIPAL RISKS AND UNCERTAINTIES

The key risks to the business are changes in housing demand, competition for development land, planning delays, the availability of mortgage finance, and more recently, increases in material and labour costs.

A number of these risks are outside the control of the Board. However, the directors ensure that they carefully monitor all external factors and take steps as necessary to revise strategy to react to them. In addition, other actions, such as those noted below, are taken by the business to help manage and/or mitigate these key risks.

- continually reviewing our criteria for development appraisal and adapting to the market

-trying to work with the planning authorities in all relevant jurisdictions to expedite the planning process where possible

-monitoring the marketplace and taking actions where possible to mitigate the impact of cost increases; and

-planning the required changes to comply with any new building regulations to be implemented across the regions

Delays in the overall planning process have a negative effect on the housebuilding industry as a whole. The company continues to try and work with the Planning Authorities to expedite the process where possible.

KEY PERFORMANCE INDICATORS

Due to the nature of the company, financial performance is reviewed and monitored at project level rather than on a global basis.

The principal non-financial performance measure used by the directors is the level of customer satisfaction, which is monitored on a client by client basis.

ENVIRONMENT AND CORPORATE RESPONSIBILITY

Lagan Homes (G.B.) Ltd aims to improve their environmental performance by working together with their people, customers, business partners, other stakeholders and the public to create a better environment for all. The company employs green construction methods by reducing, recycling and re-using waste to optimise resources and minimise disruption.

The company believes that, as a sustainable business, it is their responsibility to contribute to the economic, environmental and social well-being of the communities where it operates. Liaising with schools and neighbourhood groups, the company provides support and funding for good causes in an attempt to offer assistance where it's most needed.

EMPLOYMENT POLICY

The company has no employees.

GOING CONCERN

The company made a profit in the year of £2,481,017 (2023 - £1,474,724), and is confident of maintaining profitability. The company retains the support of its parent company, related companies and ultimate controlling party.

ON BEHALF OF THE BOARD:

Mrs L McKillen - Director

18th August 2025

The directors present their report with the financial statements of the company for the year ended 31st December 2024.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of property development.

DIVIDENDS

No dividends will be distributed for the year ended 31st December 2024.

DIRECTORS

The directors shown below have held office during the whole of the period from 1st January 2024 to the date of this report.

Mrs L Hopcraft

J P Lagan

S G McCann

Mrs L McKillen

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, BMK Accounting Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mrs L McKillen - Director

18th August 2025

Opinion

We have audited the financial statements of Lagan Homes (G.B.) Ltd. (the 'company') for the year ended 31st December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31st December 2024 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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 company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

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

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

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

In preparing the financial statements, the directors are responsible for assessing the 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 company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors 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.

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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the company and industry, we identified the principal risks of non-compliance with laws and regulations related to data protection rules, health and safety legislation and environmental law. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and Financial Reporting Standards.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements and determined that the principal risks related to fraudulent financial reporting and management bias in accounting estimates. We communicated the identified laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit. Audit procedures performed by the auditors included, but were not limited to:

Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;

Reviewing key correspondence with external legal advisors;

Challenging assumptions and judgements made by management in their significant accounting estimates; and

Identifying and testing of unusual journal entries.

Owing to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the company to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.

Brian McKee (Senior Statutory Auditor)

for and on behalf of BMK Accounting Limited

43 Lockview Road

Belfast

Antrim

BT9 5FJ

18th August 2025

TURNOVER

3

19,560,181

21,649,525

Cost of sales

14,669,093

17,339,919

GROSS PROFIT

4,891,088

4,309,606

Administrative expenses

1,625,570

2,214,702

OPERATING PROFIT

5

3,265,518

2,094,904

Interest payable and similar expenses

6

784,501

620,180

PROFIT BEFORE TAXATION

2,481,017

1,474,724

Tax on profit

7

549,176

173,704

PROFIT FOR THE FINANCIAL YEAR

1,931,841

1,301,020

PROFIT FOR THE YEAR

1,931,841

1,301,020

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,931,841

1,301,020

FIXED ASSETS

Investments

8

8,574,822

8,574,722

CURRENT ASSETS

Stocks

9

17,399,883

19,957,722

Debtors

10

83,717

127,782

Cash at bank and in hand

211,882

232,901

17,695,482

20,318,405

CREDITORS

Amounts falling due within one year

11

5,717,283

10,271,947

NET CURRENT ASSETS

11,978,199

10,046,458

TOTAL ASSETS LESS CURRENT LIABILITIES

20,553,021

18,621,180

CREDITORS

Amounts falling due after more than one year

12

9,000,000

9,000,000

NET ASSETS

11,553,021

9,621,180

CAPITAL AND RESERVES

Called up share capital

15

100

100

Retained earnings

16

11,552,921

9,621,080

SHAREHOLDERS' FUNDS

11,553,021

9,621,180

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

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1st January 2023

100

8,320,060

8,320,160

Changes in equity

Total comprehensive income

-

1,301,020

1,301,020

Balance at 31st December 2023

100

9,621,080

9,621,180

Changes in equity

Total comprehensive income

-

1,931,841

1,931,841

Balance at 31st December 2024

100

11,552,921

11,553,021

1.	STATUTORY INFORMATION

Lagan Homes (G.B.) 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Lagan Homes Group Ltd. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102:

(a) Disclosures in respect of each class of share capital have not been presented.

(b) No cash flow statement has been presented for the company.

(e) No disclosure has been given for the aggregate remuneration of key management personnel.

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.

(a) COS/WIP

Qualified experts estimate the cost of houses sold during the year

(b) WIP accrual

Qualified experts and management estimate the value of the WIP accrual for completed sites at 31 December 2024

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for houses supplied and services rendered, stated net of discounts and of Value Added Tax.

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

Investments in subsidiaries

Investment in subsidiary undertakings are recognised at cost.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.

Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in joint ventures accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.

Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Fixed Asset Investments

Fixed Asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Stocks

Stock, consisting of undeveloped land, is valued at the lower of cost and net realisable value.

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

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.

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.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

31.12.24

31.12.23

£

£

United Kingdom

19,560,181

21,649,525

19,560,181

21,649,525

4.	EMPLOYEES AND DIRECTORS

31.12.24

31.12.23

£

£

Wages and salaries

989,715

1,274,579

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

31.12.24

31.12.23

£

£

Directors' remuneration

-

-

5.	OPERATING PROFIT

The operating profit is stated after charging:

31.12.24

31.12.23

£

£

Auditors' remuneration

6,500

6,491

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.12.24

31.12.23

£

£

Interest paid

784,501

620,180

7.

TAXATION

Analysis of the tax charge

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

31.12.24

31.12.23

£

£

Current tax:

UK corporation tax

549,176

173,704

Tax on profit

549,176

173,704

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.24

31.12.23

£

£

Profit before tax

2,481,017

1,474,724

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 23.520%)

620,254

346,855

Effects of:

Group relief

(71,078

)

(173,159

)

Rounding adj

-

8

Total tax charge

549,176

173,704

8.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1st January 2024

8,616,947

Additions

100

At 31st December 2024

8,617,047

PROVISIONS

At 1st January 2024

and 31st December 2024

42,225

NET BOOK VALUE

At 31st December 2024

8,574,822

At 31st December 2023

8,574,722

9.

STOCKS

31.12.24

31.12.23

£

£

Work-in-progress

5,188,478

9,095,324

Development land

12,211,405

10,862,398

17,399,883

19,957,722

10.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

30,508

29,008

Other debtors

52,501

97,501

VAT

708

1,273

83,717

127,782

11.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Amounts owed to group undertakings

4,321,860

8,319,435

Tax

240,875

173,699

Other creditors

45,727

261,958

Accrued expenses

1,108,821

1,516,855

5,717,283

10,271,947

12.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans (see note 13)

9,000,000

9,000,000

13.

LOANS

An analysis of the maturity of loans is given below:

31.12.24

31.12.23

£

£

Amounts falling due between one and two years:

Bank loans - 1-2 years

9,000,000

9,000,000

14.	SECURED DEBTS

HSBC UK Bank Plc holds a fixed and floating charge over the assets of the company.

15.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

100

Ordinary

1

100

100

16.

RESERVES

Called-up share capital - This represents the nominal value of shares that have been issued.

Profit and loss account - This reserve records retained earnings and accumulated losses.

17.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is JPK Lagan.