Lisclare Holdings Limited Group accounts (Group and Company)

COMPANY REGISTRATION NUMBER: NI054902

Lisclare Holdings Limited

Financial Statements

31 December 2024

Lisclare Holdings Limited

Financial Statements

Year ended 31 December 2024

Contents	Page

Officers and professional advisers	1

Strategic report	2

Directors' report	4

Independent auditor's report to the members	6

Consolidated statement of income and retained earnings	10

Company statement of income and retained earnings	11

Consolidated statement of financial position	12

Company statement of financial position	13

Consolidated statement of cash flows	14

Notes to the financial statements	15

Lisclare Holdings Limited

Officers and Professional Advisers

The board of directors	Colin James Johnston
	Eamonn Drayne
	Stephen Graham Hall

Company secretary	Stephen Hall

Registered office	Unit 4 & 5 Montgomery Business Park
	Montgomery Road
	Belfast
	BT6 9HL

Auditor	Hill Vellacott
	Chartered accountants & statutory auditor
	22 Great Victoria Street
	Belfast
	BT2 7BA

Bankers	Danske Bank
	Donegall Square West
	Belfast
	BT1 6JS

Lisclare Holdings Limited

Strategic Report

Year ended 31 December 2024

Business Review The principal activities of the companies within the group during the year was: the sale and distribution of rehabilitation equipment, the delivery of goods and the distribution of laboratory supplies . The directors are satisfied with the group's performance. The group operates in a very competitive marketplace and the directors have taken steps to ensure that the group will maintain its competitive strengths and are confident of future results. Given the nature of the group's activities, the directors are of the opinion that the use of key performance indicators is not necessary for an understanding of the development, performance or position of the group.

Financial risk management objectives and policies The group has exposures to three main areas of risk - foreign exchange currency exposure, liquidity risk and customer credit exposure. To a lesser extent the group is exposed to interest rate risk. The group recognises that there is an exposure to currency risk as the group both sells and purchases in foreign currencies, notable the Euro. The directors manage the risk through the matching of payments and receipts in the foreign currency and transferring monies from one currency to another when they consider it is prudent and to take advantage of any perceived value in the foreign exchange rates. The objective of the group in managing liquidity risk is to ensure that it can meet its financial obligations as and when they fall due. The group expects to meet its financial obligations through operating cash flows. In the event that the operating cash flows would not cover all the financial obligations the group will seek additional credit facilities. Given the maturity of the bank loans, the group is in position to meet its commitments and obligations as they come due. The group may offer credit terms to its customers which allow payment of the debt after delivery of the goods or services. The group is at risk to the extent that a customer may be unable to pay the debt on the specified due date. This risk is managed by the strong on-going customer relationships and by credit control procedures. The group borrows from its bankers using either overdrafts or term loans whose tenure depends on the nature of the asset and management's view of the future direction of interest rate.

This report was approved by the board of directors on 19 May 2025 and signed on behalf of the board by:

Stephen Graham Hall

Director

Registered office:

Unit 4 & 5 Montgomery Business Park

Montgomery Road

Belfast

BT6 9HL

Lisclare Holdings Limited

Directors' Report

Year ended 31 December 2024

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

Directors

The directors who served the company during the year were as follows:

Colin James Johnston
Eamonn Drayne
Stephen Graham Hall

Dividends

Particulars of recommended dividends are detailed in note 12 to the financial statements.

Directors' responsibilities statement

The directors are responsible for preparing the strategic report, directors' 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 the company and the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments 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.

Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.

This report was approved by the board of directors on 19 May 2025 and signed on behalf of the board by:

Stephen Graham Hall

Director

Registered office:

Unit 4 & 5 Montgomery Business Park

Montgomery Road

Belfast

BT6 9HL

Lisclare Holdings Limited

Independent Auditor's Report to the Members of Lisclare Holdings Limited

Year ended 31 December 2024

Opinion

We have audited the financial statements of Lisclare Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the consolidated statement of income and retained earnings, company statement of income and retained earnings, consolidated statement of financial position, company statement of financial position, consolidated statement of cash flows and the related notes, 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 FRS 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 group's and of the parent company's affairs as at 31 December 2024 and of the group's profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 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 or the 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.

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. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report 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 group and the parent company and its 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: - adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company 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 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 group's and 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 group or 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. 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: Our approach was as follows: We obtained an understanding of the legal and regulatory frameworks that are applicable to the group and determined that the most significant are those that relate to the Companies Act 2006 and compliance with FRS102; and we assessed the risks of material misstatement in respect of fraud with the consideration of the groups own assessment of the risks that irregularities may occur either because of fraud or error; the results of our enquiries of management about their own identification and assessment of the risks of irregularities; any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above, we considered the opportunities and incentives that may exist within the group for fraud and identified the greatest potential for fraud in the areas in which management is required to exercise significant judgment, such as disclosure of adjusting items. In common with all audits under ISAs (UK), we are also required to perform specific procedures to to respond to the risk of management override; we also obtained an understanding of the legal and regulatory framework that the group 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 UK Companies Act and tax legislation; and in addition, we considered provisions of other laws and regulations that do not have a a direct effect on the financial statements but compliance with which may be fundamental to the groups ability to operate or to avoid a material penalty. These included data protection, employment and health and safety regulations. Audit procedures designed to respond to the risks of fraud: We considered the risk of fraud through management override and, in response, we incorporated testing of manual journal entries into our audit approach. We considered the risk of fraud through transactions outside the normal course of transactions by noting anything that was unusual in nature or size and enquired about such transaction to gain an understanding of their nature; based on the results of our risk assessment we designed our audit procedures to identify and to address material misstatements in relation to fraud and other irregularities; extent of audit procedures; and we evaluated the selection and application of accounting policies by the group, particularly those related to subjective measurements and complex transactions, that may be indicative of fraudulent financial reporting. 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 group's 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 group's or the parent 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 group or the parent 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. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. 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. 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.

Eoin McMullan ACA

(Senior Statutory Auditor)

For and on behalf of

Hill Vellacott

Chartered accountants & statutory auditor

22 Great Victoria Street

Belfast

BT2 7BA

19 May 2025

Lisclare Holdings Limited

Consolidated Statement of Income and Retained Earnings

Year ended 31 December 2024

		2024	2023
Note		£	£
Turnover	4	16,050,196	16,898,013

Cost of sales	10,353,441	11,309,754
	-------------	-------------
Gross profit	5,696,755	5,588,259

Distribution costs		282,543	301,633
Administrative expenses		4,519,843	4,229,154
Other operating income	5	21,250	21,250
		------------	------------
Operating profit	6	915,619	1,078,722

Other interest receivable and similar income	9	193,102	165,409
Interest payable and similar expenses	10	1,358	635
		------------	------------
Profit before taxation		1,107,363	1,243,496

Tax on profit	11	334,897	365,578
		------------	------------
Profit for the financial year and total comprehensive income		772,466	877,918
		------------	------------

Dividends paid and payable	12	( 163,932)	( 151,327)

Retained earnings at the start of the year	6,386,986	5,660,395
	------------	------------
Retained earnings at the end of the year	6,995,520	6,386,986
	------------	------------

All the activities of the group are from continuing operations.

Lisclare Holdings Limited

Company Statement of Income and Retained Earnings

Year ended 31 December 2024

		2024	2023
Note		£	£
Profit for the financial year and total comprehensive income		109,379	166,198
Dividends paid and payable	12	( 163,933)	( 151,327)

Retained earnings at the start of the year	1,886,163	1,871,292
	------------	------------
Retained earnings at the end of the year	1,831,609	1,886,163
	------------	------------

Lisclare Holdings Limited

Consolidated Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

Fixed assets

Intangible assets	13	337,545	419,390
Tangible assets	14	917,256	926,623
		------------	------------
		1,254,801	1,346,013

Current assets

Stocks	16	1,296,174	1,186,384
Debtors	17	4,434,608	5,239,412
Cash at bank and in hand		2,262,296	1,183,905
		------------	------------
		7,993,078	7,609,701

Creditors: amounts falling due within one year	19	1,937,418	2,207,419
		------------	------------
Net current assets		6,055,660	5,402,282
		------------	------------
Total assets less current liabilities		7,310,461	6,748,295

Creditors: amounts falling due after more than one year	20	193,887	239,433

Provisions	22	121,052	121,874
		------------	------------
Net assets		6,995,522	6,386,988
		------------	------------

Capital and reserves

Called up share capital	25	2	2
Profit and loss account		6,995,520	6,386,986
		------------	------------
Shareholders funds		6,995,522	6,386,988
		------------	------------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.

These financial statements were approved by the board of directors and authorised for issue on 19 May 2025 , and are signed on behalf of the board by:

Stephen Graham Hall

Director

Company registration number: NI054902

Lisclare Holdings Limited

Company Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

Fixed assets

Investments	15	4,541,266	4,538,664

Current assets

Debtors	17	699	699
Cash at bank and in hand		13,168	16,078
		--------	--------
		13,867	16,777

Creditors: amounts falling due within one year	19	2,529,635	2,429,843
		------------	------------
Net current liabilities		2,515,768	2,413,066
		------------	------------
Total assets less current liabilities		2,025,498	2,125,598

Creditors: amounts falling due after more than one year	20	193,887	239,433
		------------	------------
Net assets		1,831,611	1,886,165
		------------	------------

Capital and reserves

Called up share capital	25	2	2
Profit and loss account		1,831,609	1,886,163
		------------	------------
Shareholders funds		1,831,611	1,886,165
		------------	------------

The profit for the financial year of the parent company was £ 109,379 (2023: £ 166,198 ).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.

These financial statements were approved by the board of directors and authorised for issue on 19 May 2025 , and are signed on behalf of the board by:

Stephen Graham Hall

Director

Company registration number: NI054902

Lisclare Holdings Limited

Consolidated Statement of Cash Flows

Year ended 31 December 2024

	2024	2023
Note	£	£

Cash flows from operating activities

Profit for the financial year	772,466	877,918

Adjustments for:
Depreciation of tangible assets	224,043	174,033
Amortisation of intangible assets	84,447	84,979
Other interest receivable and similar income	( 193,102)	( 165,409)
Interest payable and similar expenses	1,358	635
Gains on disposal of tangible assets	( 5,352)	( 10,021)
Tax on profit	334,897	365,578
Accrued income	( 196,126)	( 85,530)

Changes in:
Stocks	( 109,790)	79,777
Trade and other debtors	804,804	( 763,561)
Trade and other creditors	( 39,949)	( 133,138)
	------------	---------
Cash generated from operations	1,677,696	425,261

Interest paid	( 1,358)	( 635)
Interest received	193,102	165,409
Tax paid	( 340,268)	( 396,552)
	------------	---------
Net cash from operating activities	1,529,172	193,483
	------------	---------

Cash flows from investing activities

Purchase of tangible assets	( 218,055)	( 293,221)
Proceeds from sale of tangible assets	8,601	11,100
Other investing cash flow adjustment	( 2,472)	4,258
	------------	---------
Net cash used in investing activities	( 211,926)	( 277,863)
	------------	---------

Cash flows from financing activities

Repayments of borrowings	( 71,863)	( 58,682)
Payments of finance lease liabilities	( 3,060)	( 3,060)
Dividends paid	( 163,932)	( 151,327)
	------------	---------
Net cash used in financing activities	( 238,855)	( 213,069)
	------------	---------

Net increase/(decrease) in cash and cash equivalents		1,078,391	( 297,449)
Cash and cash equivalents at beginning of year		1,182,094	1,479,543
		------------	------------
Cash and cash equivalents at end of year	18	2,260,485	1,182,094
		------------	------------

Lisclare Holdings Limited

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Unit 4 & 5 Montgomery Business Park, Montgomery Road, Belfast, BT6 9HL.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Disclosure exemptions

The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under 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.

(c) Disclosures in respect of financial instruments have not been presented.

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

Consolidation

The financial statements consolidate the financial statements of Lisclare Holdings Limited and all of its subsidiary undertakings.

The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.

The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.

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. Significant judgements There are no judgements (apart from those involving estimations) that management has made in the process of applying the group's accounting policies and that have the most significant effect on the amounts recognised in the financial statements. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Stocks are stated at the lower of cost and net realisable value. At each reporting date, stocks are assessed for impairment and this value may vary depending on a number of factors.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible 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:

Freehold property	-	Straight line over the life of the asset
Long leasehold property	-	Straight line over the life of the asset
Plant and machinery	-	26% Straight line and 10% Reducing balance
Fixtures and fittings	-	29% Straight line
Motor vehicles	-	23% Straight line

Investments

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

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the associate.

Investments in joint ventures

Investments in joint ventures are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the joint venture.

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.

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.

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.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

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.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Turnover

Turnover arises from:

	2024	2023
	£	£
Sale of goods	11,913,255	12,576,615
Rendering of services	4,136,941	4,321,398
	-------------	-------------
	16,050,196	16,898,013
	-------------	-------------

The turnover is attributable to the one principal activity of the group. An analysis of turnover by the geographical markets that substantially differ from each other is given below:

	2024	2023
	£	£
United Kingdom	10,906,174	11,575,007
Overseas	5,144,022	5,323,006
	-------------	-------------
	16,050,196	16,898,013
	-------------	-------------

5. Other operating income

	2024	2023
	£	£
Other operating income	21,250	21,250
	--------	--------

6. Operating profit

Operating profit or loss is stated after charging/crediting:

	2024	2023
	£	£
Amortisation of intangible assets	84,447	84,979
Depreciation of tangible assets	224,043	174,033
Gains on disposal of tangible assets	( 5,352)	( 10,021)
Impairment of trade debtors	2	(4,912)
	---------	---------

7. Auditor's remuneration

	2024	2023
	£	£
Fees payable for the audit of the financial statements	30,000	30,000
	--------	--------

8. Staff costs

The average number of persons employed by the group during the year, including the directors, amounted to:

	2024	2023
	No.	No.
Production staff	13	14
Distribution staff	5	5
Administrative staff	42	38
Sales staff	15	15
	----	----
	75	72
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2024	2023
	£	£
Wages and salaries	2,362,577	2,257,340
Social security costs	248,478	227,160
Other pension costs	134,580	108,838
	------------	------------
	2,745,635	2,593,338
	------------	------------

9. Other interest receivable and similar income

	2024	2023
	£	£
Interest on loans and receivables	(5,340)	–
Interest on cash and cash equivalents	( 22,513)	( 26,298)
Bank interest received	6,209	892
Other interest receivable and similar income	214,746	190,815
	---------	---------
	193,102	165,409
	---------	---------

10. Interest payable and similar expenses

	2024	2023
	£	£
Interest on obligations under finance leases and hire purchase contracts	1,358	635
	-------	----

11. Tax on profit

Major components of tax expense

	2024	2023
	£	£

Current tax:

UK current tax expense	324,895	292,498
Adjustments in respect of prior periods	10,824	34,595
	---------	---------
Total current tax	335,719	327,093
	---------	---------

Deferred tax:

Origination and reversal of timing differences	( 822)	38,485
	---------	---------
Tax on profit	334,897	365,578
	---------	---------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 25 % (2023: 25 %).

	2024	2023
	£	£
Profit on ordinary activities before taxation	1,107,363	1,243,496
	------------	------------
Profit on ordinary activities by rate of tax	276,841	310,874
Adjustment to tax charge in respect of prior periods	10,824	34,596
Effect of expenses not deductible for tax purposes	4,082	5,389
Effect of capital allowances and depreciation	22,038	11,874
Effect of different UK tax rates on some earnings	–	(18,400)
Amortisation of goodwill on consolidation	21,112	21,245
	------------	------------
Tax on profit	334,897	365,578
	------------	------------

12. Dividends

	2024	2023
	£	£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )	163,932	151,327
	---------	---------

13. Intangible assets

Group	Goodwill
	£
Cost
At 1 January 2024	2,340,249
Other movements	2,602
	------------
At 31 December 2024	2,342,851
	------------
Amortisation
At 1 January 2024	1,920,859
Charge for the year	84,447
	------------
At 31 December 2024	2,005,306
	------------
Carrying amount
At 31 December 2024	337,545
	------------
At 31 December 2023	419,390
	------------

The company has no intangible assets.

14. Tangible assets

Group	Freehold property	Long leasehold property	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£	£	£
Cost
At 1 Jan 2024	372,680	565,822	729,352	907,470	665,415	3,240,739
Additions	–	–	42,177	6,519	169,359	218,055
Disposals	–	–	( 275,224)	( 7,442)	( 42,205)	( 324,871)
Other movements	–	–	–	( 130)	–	( 130)
	---------	---------	---------	---------	---------	------------
At 31 Dec 2024	372,680	565,822	496,305	906,417	792,569	3,133,793
	---------	---------	---------	---------	---------	------------
Depreciation
At 1 Jan 2024	79,233	404,034	681,150	875,013	274,686	2,314,116
Charge for the year	7,454	19,396	42,383	13,628	141,182	224,043
Disposals	–	–	( 275,223)	( 7,442)	( 38,957)	( 321,622)
	---------	---------	---------	---------	---------	------------
At 31 Dec 2024	86,687	423,430	448,310	881,199	376,911	2,216,537
	---------	---------	---------	---------	---------	------------
Carrying amount
At 31 Dec 2024	285,993	142,392	47,995	25,218	415,658	917,256
	---------	---------	---------	---------	---------	------------
At 31 Dec 2023	293,447	161,788	48,202	32,457	390,729	926,623
	---------	---------	---------	---------	---------	------------

The company has no tangible assets.

15. Investments

The group has no investments.

Company	Shares in group undertakings
	£
Cost
At 1 January 2024	4,538,664
Revaluations	2,602
	------------
At 31 December 2024	4,541,266
	------------
Impairment
At 1 January 2024 and 31 December 2024	–
	------------

Carrying amount
At 31 December 2024	4,541,266
	------------
At 31 December 2023	4,538,664
	------------

Subsidiaries, associates and other investments

Details of the investments in which the parent company has an interest of 20% or more are as follows:

	Registered office	Class of share	Percentage of shares held
Subsidiary undertakings
Lisclare Limited	Unit 4-5 Montgomery Business Park	Ordinary	100
	38 Montgomery Road
	Belfast
	BT6 9HL

OMC Couriers Limited	Unit 3a Norfil Business Park	Ordinary	100
	Randalstown Road
	Antrim
	BT41 4LD
Davidson & Hardy (Laboratory Supplies) Limited	453-455 Antrim Road	Ordinary	100
	Belfast
	BT15 3BL

16. Stocks

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Finished goods and goods for resale	1,296,174	1,186,384	–	–
	------------	------------	----	----

17. Debtors

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Trade debtors	1,348,937	2,260,377	–	–
Amounts owed by undertakings in which the company has a participating interest	2,755,831	2,752,249	–	–
Prepayments and accrued income	301,514	184,733	–	–
Other debtors	28,326	42,053	699	699
	------------	------------	----	----
	4,434,608	5,239,412	699	699
	------------	------------	----	----

18. Cash and cash equivalents

Cash and cash equivalents comprise the following:

	2024	2023
	£	£
Cash at bank and in hand	2,262,296	1,183,905
Bank overdrafts	( 1,811)	( 1,811)
	------------	------------
	2,260,485	1,182,094
	------------	------------

19. Creditors: amounts falling due within one year

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Bank loans and overdrafts	42,605	68,922	40,794	67,111
Trade creditors	854,159	827,702	–	–
Amounts owed to group undertakings	–	–	1,353,688	1,195,625
Amounts owed to undertakings in which the company has a participating interest	–	–	1,114,525	1,114,525
Accruals and deferred income	442,295	633,889	4,001	4,000
Corporation tax	213,669	218,218	8,082	21,860
Social security and other taxes	338,783	391,208	–	–
Obligations under finance leases and hire purchase contracts	255	3,315	–	–
Director loan accounts	8,429	8,429	8,429	8,429
Other creditors	37,223	55,736	116	18,293
	------------	------------	------------	------------
	1,937,418	2,207,419	2,529,635	2,429,843
	------------	------------	------------	------------

The bank overdraft and loans are secured on the following: Fixed and floating charge, where floating charge covers all the property or undertaking of the company.

20. Creditors: amounts falling due after more than one year

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Bank loans and overdrafts	193,887	239,433	193,887	239,433
	---------	---------	---------	---------

21. Finance leases and hire purchase contracts

The total future minimum lease payments under finance leases and hire purchase contracts are as follows:

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Not later than 1 year	255	3,315	–	–
	----	-------	----	----

22. Provisions

Group	Deferred tax (note 23)
	£
At 1 January 2024	121,874
Additions	( 822)
	---------
At 31 December 2024	121,052
	---------

The company does not have any provisions.

23. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Included in provisions (note 22)	121,052	121,874	–	–
	---------	---------	----	----

The deferred tax account consists of the tax effect of timing differences in respect of:

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Accelerated capital allowances	121,052	121,874	–	–
	---------	---------	----	----

24. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 134,580 (2023: £ 108,838 ).

25. Called up share capital

Issued, called up and fully paid

	2024		2023
	No.	£	No.	£
Ordinary shares of £ 1 each	2	2	2	2
	----	----	----	----

26. Analysis of changes in net debt

	At 1 Jan 2024	Cash flows	At 31 Dec 2024
	£	£	£
Cash at bank and in hand	1,183,905	1,078,391	2,262,296
Bank overdrafts	(1,811)	–	(1,811)
Debt due within one year	(78,855)	29,377	(49,478)
Debt due after one year	(239,433)	45,546	(193,887)
	------------	------------	------------
	863,806	1,153,314	2,017,120
	------------	------------	------------

27. Limitation of auditors liability

The group has entered into a liability limitation agreement with the group's auditor which was approved on 12th March 2025. The principal terms of the agreement are that the auditor's liability is limited to a multiple of the audit fee issued and paid for the year, but the multiple cannot be less than such amount as is fair and reasonable.

28. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company and its subsidiary undertakings:

	2024
	Balance brought forward	Amounts repaid	Balance outstanding
	£	£	£
Colin James Johnston	1,545	–	1,545
Stephen Graham Hall	( 9,974)	–	( 9,974)
	-------	----	-------
	( 8,429)	–	( 8,429)
	-------	----	-------

	2023
	Balance brought forward	Amounts repaid	Balance outstanding
	£	£	£
Colin James Johnston	12,373	( 10,828)	1,545
Stephen Graham Hall	855	( 10,829)	( 9,974)
	--------	--------	-------
	13,228	( 21,657)	( 8,429)
	--------	--------	-------

Lisclare Holdings Limited

Notes to the Financial Statements (continued)

Year ended 31 December 2024

29. Related party transactions

Group

Lisclare Limited is related to Expedia Capital Limited and Lisbull Limited by way of common control. At the balance sheet date Lisclare Limited was owed £2,600,000 (2023: £2,600,000) by Expedia Capital Limited. At the balance sheet date Lisclare Limited was owed £155,831 (2023: £152,249) by Lisbull Limited.