REGISTERED NUMBER: NI620390 (Northern Ireland)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 December 2024

for

Lagan Homes (N.I.) Ltd

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Income Statement

9

Other Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Notes to the Financial Statements

13

DIRECTORS:

S G McCann

M McCormick

Mrs L McKillen

C J Mulligan

REGISTERED OFFICE:

Lagan House

19 Clarendon Road

Belfast

BT1 3BG

REGISTERED NUMBER:

NI620390 (Northern Ireland)

AUDITORS:

BMK Accounting Limited

43 Lockview Road

Belfast

Antrim

BT9 5FJ

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

REVIEW OF BUSINESS

Lagan Homes (N.I.) Ltd is a private limited company incorporated and domiciled in Northern Ireland. The registered address is 19 Clarendon Road, Belfast, BT1 38G. The principal activity is that of a holding company.

The profit for the financial year principally arises due to income from its subsidiary company and the taxation relates to taxation borne in respect of three partnerships in which the company is a partner. The company's statement of financial position at 31 December 2024 shows net assets of £7,838,486 (2023: £10,355,254).

In future years the directors expect the company to continue to invest in its subsidiary and associate undertakings and to seek new opportunities for growth.

PRINCIPAL RISKS AND UNCERTAINTIES

The directors are of the opinion that there are no specific risks attributable to the company which need to be highlighted other than normal commercial risks. Risks to the business are reported and reviewed at regular meetings of the directors and risk mitigation strategies implemented as appropriate.

FINANCIAL RISK MANAGEMENT

The company's operations expose it to a variety of financial risks that include the effects of liquidity risk and interest risk. The company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the company of these aforementioned risks.

LIQUIDITY RISK

The company actively maintains short term finance that is designed to ensure the company has sufficient available funds for operations and planned expansions. The company actively maintains short term finance that is designed to ensure the company has sufficient available funds for operations and planned expansions.

INTEREST RATE RISK

The company has interest bearing liabilities. Interest bearing liabilities relate to bank overdrafts and is primarily maintained at variable rates.

ENVIRONMENT

The company recognises its corporate responsibility to carry out its operations whilst minimising environmental impacts. The directors' continued aim is to comply with all applicable environmental legislation and to remain best in class in respect of all environmental practices.

KEY PERFORMANCE INDICATORS (KPL'S)

Given the nature of the business activities and the fact that the company has not traded during the current or prior year the directors do not believe that the use of key performance indicators are required.

ON BEHALF OF THE BOARD:

C J Mulligan - Director

18 August 2025

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

DIRECTORS

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

S G McCann

M McCormick

Mrs L McKillen

C J Mulligan

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:

C J Mulligan - Director

18 August 2025

Opinion

We have audited the financial statements of Lagan Homes (N.I.) Ltd (the 'company') for the year ended 31 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 31 December 2024 and of its loss 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 three, 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

18 August 2025

TURNOVER

-

-

Administrative expenses

527,851

661,221

(527,851

)

(661,221

)

Other operating income

11,425

12,800

OPERATING LOSS

4

(516,426

)

(648,421

)

Interest payable and similar expenses

5

2,041,153

1,303,163

LOSS BEFORE TAXATION

(2,557,579

)

(1,951,584

)

Tax on loss

6

196,693

16,310

LOSS FOR THE FINANCIAL YEAR

(2,754,272

)

(1,967,894

)

LOSS FOR THE YEAR

(2,754,272

)

(1,967,894

)

OTHER COMPREHENSIVE INCOME

Equity settlement

91,879

271,117

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

91,879

271,117

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(2,662,393

)

(1,696,777

)

FIXED ASSETS

Tangible assets

7

217,500

-

Investments

8

261

110

217,761

110

CURRENT ASSETS

Stocks

9

1,033,031

151,031

Debtors

10

28,450,677

20,352,866

Cash at bank

9,457,297

8,931,094

38,941,005

29,434,991

CREDITORS

Amounts falling due within one year

11

204,788

1,933,365

NET CURRENT ASSETS

38,736,217

27,501,626

TOTAL ASSETS LESS CURRENT LIABILITIES

38,953,978

27,501,736

CREDITORS

Amounts falling due after more than one year

12

(31,206,742

)

(17,146,482

)

PROVISIONS FOR LIABILITIES

14

(54,375

)

-

NET ASSETS

7,692,861

10,355,254

CAPITAL AND RESERVES

Called up share capital

15

12,500,001

12,500,001

Share premium

16

193,483

193,483

Profit and loss - equity settl Profit and loss - equity settled

16

362,996

271,117

Retained earnings

16

(5,363,619

)

(2,609,347

)

SHAREHOLDERS' FUNDS

7,692,861

10,355,254

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

Profit

and loss

- equity

settl

Profit

Called up

and loss

share

Retained

Share

- equity

Total

capital

earnings

premium

settled

equity

£

£

£

£

£

Balance at 1 January 2023

12,500,001

(641,453

)

193,483

-

12,052,031

Changes in equity

Total comprehensive income

-

(1,967,894

)

-

271,117

(1,696,777

)

Balance at 31 December 2023

12,500,001

(2,609,347

)

193,483

271,117

10,355,254

Changes in equity

Total comprehensive income

-

(2,754,272

)

-

91,879

(2,662,393

)

Balance at 31 December 2024

12,500,001

(5,363,619

)

193,483

362,996

7,692,861

1.	STATUTORY INFORMATION

Lagan Homes (N.I.) 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 company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows.

Preparation of consolidated financial statements

The financial statements contain information about Lagan Homes (N.I.) Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Lagan Homes Group Limited, 19 Clarendon Road, Belfast, BT1 3BG.

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

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.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery - 25% straight line

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.

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.

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.

Going concern

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.

Share based payments

The cost and corresponding increase in equity in respect of equity-settled share-based payment transactions with employees are measured by reference to the fair value of equity instruments issued at the date of grant. Amounts are expensed on a straight line basis over the vesting period based on the estimate of shares that will eventually vest and adjusted for the effect of non market-based vesting conditions. The cost and fair value of the liability incurred in respect of cash-settled transactions is measured using an appropriate option pricing model with changes in fair value recognised in profit or loss for the period. Further detail is provided in note 14.

3.	EMPLOYEES AND DIRECTORS

31.12.24

31.12.23

£

£

Wages and salaries

91,879

271,117

The average number of employees during the year was as follows:

31.12.24

31.12.23

Management staff

5

5

31.12.24

31.12.23

£

£

Directors' remuneration

91,879

271,117

4.	OPERATING LOSS

The operating loss is stated after charging:

31.12.24

31.12.23

£

£

Depreciation - owned assets

43,500

-

Auditors' remuneration

4,000

3,500

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.12.24

31.12.23

£

£

Interest paid

4,331

-

Interest on amounts due to group

2,036,822

1,303,163

2,041,153

1,303,163

6.

TAXATION

Analysis of the tax charge

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

31.12.24

31.12.23

£

£

Current tax:

UK corporation tax

142,318

16,310

Deferred tax

54,375

-

Tax on loss

196,693

16,310

Reconciliation of total tax charge included in profit and loss

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

31.12.24

31.12.23

£

£

Loss before tax

(2,557,579

)

(1,951,584

)

Loss multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 23.500%)

(639,395

)

(458,622

)

Effects of:

Expenses not deductible for tax purposes

422,845

220,716

Tax on partnerships

492,562

313,581

Effects of group relief

(133,694

)

(59,356

)

Rounding adjustment

-

(9

)

Deffered tax movement

54,375

-

Total tax charge

196,693

16,310

Tax effects relating to effects of other comprehensive income

31.12.24

Gross

Tax

Net

£

£

£

Equity settlement

91,879

-

91,879

31.12.23

Gross

Tax

Net

£

£

£

Equity settlement

271,117

-

271,117

7.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

Additions

261,000

At 31 December 2024

261,000

DEPRECIATION

Charge for year

43,500

At 31 December 2024

43,500

NET BOOK VALUE

At 31 December 2024

217,500

8.	FIXED ASSET INVESTMENTS

The company has taken advantage of the exemption available in section 401 of the Companies Act 2006 not to disclose the results of its undertakings as it is part of a larger group preparing consolidated accounts. For the same reason, the accounts present information about the company as an individual entity and not in relation to the group.

9.

STOCKS

31.12.24

31.12.23

£

£

Stocks

1,033,031

151,031

10.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Amounts owed by group undertakings

27,491,433

20,131,483

Other debtors

221,383

221,383

VAT

563,382

-

Prepayments

174,479

-

28,450,677

20,352,866

11.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Hire purchase contracts (see note 13)

49,997

-

Trade creditors

410

-

Tax

150,271

330,696

VAT

-

1,602,559

Accrued expenses

4,110

110

204,788

1,933,365

12.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Hire purchase contracts (see note 13)

116,567

-

Amounts owed to group undertakings

31,090,175

17,146,482

31,206,742

17,146,482

13.	LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

31.12.24

31.12.23

£

£

Net obligations repayable:

Within one year

49,997

-

Between one and five years

116,567

-

166,564

-

14.	PROVISIONS FOR LIABILITIES

31.12.24

31.12.23

£

£

Deferred tax

54,375

-

Deferred

tax

£

Accelerated capital allowances

54,375

Balance at 31 December 2024

54,375

15.	CALLED UP SHARE CAPITAL

Award of Growth Shares

The Company issued 752 A shares (the "Growth Shares) on 15 January 2021.

The Growth Shares may be forfeited for nil value if the participant leaves the Group. The Growth Shares are not subject to any performance conditions and are subject to a put and call agreement.

It is expected that the shares will not be purchased by the company and therefore being accounted for as an equity-settled share-based payment in the accounts of the company.

Details of the growth share awards outstanding during the year are as follows:

At 31 December 2024

Outstanding at the begining of the year

752

Disposed of during the year

-

Outstanding at the end of the year

752

The fair value of the growth share awards at the grant date was calculated using a Black-Scholes model, which is considered to be the most appropriate generally accepted valuation method of measuring fair value.

16.

RESERVES

Share premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs.

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