REGISTERED NUMBER: NI628016 (Northern Ireland)

Group Strategic Report, Report of the Directors and

Audited Consolidated Financial Statements for the Year Ended 31st December 2024

for

Lagan Homes Group Ltd

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

7

Consolidated Income Statement

11

Consolidated Other Comprehensive Income

12

Consolidated Balance Sheet

13

Company Balance Sheet

14

Consolidated Statement of Changes in Equity

15

Company Statement of Changes in Equity

16

Consolidated Cash Flow Statement

17

Notes to the Consolidated Cash Flow Statement

18

Notes to the Consolidated Financial Statements

20

DIRECTORS:

S D Bell

P G Lagan

J P Lagan

J P K Lagan

S G McCann

Mrs L McKillen

C J Mulligan

P J O'Brien

H J G Taylor

P G Woods

REGISTERED OFFICE:

Lagan House

19 Clarendon Road

Belfast

BT1 3BG

REGISTERED NUMBER:

NI628016 (Northern Ireland)

AUDITORS:

BMK Accounting Limited

43 Lockview Road

Belfast

Antrim

BT9 5FJ

The directors present their strategic report of the company and the group for the year ended 31st December 2024.

REVIEW OF BUSINESS

The principal activity of the Group is the construction and sale of high-quality housing in the United Kingdom ("UK") and the Republic of Ireland. As the companies' activities are inherently linked to the activities of the Lagan Homes Group Limited as a whole, the business review which follows considers that group position in addition to any company specific matters where relevant.

In 2024 the UK housing market experienced modest recovery in demand as mortgage rates stabilised in the first half of the year followed by two interest rate cuts in the second part of the year. However, affordability, particularly for first time buyers, continues to be a challenge due to sustained cost of living pressures. The previous acceleration of construction costs has finally abated; however costs have remained at their inflated amounts.

In contrast the market conditions in the Republic of Ireland continued to be buoyant, assisted by strong population growth, ongoing inward investment and the Public Housing Schemes (e.g. First Homes Scheme and Help to Buy). Challenges, however, remain around bringing sufficient utility connections, labour availability and cost inflation.

Throughout 2024, the Group has continued to seek opportunities to drive performance, from our continued focus on cost management and value improvement. Together these actions have delivered an increase in turnover, gross profit and operating profit. In addition, the Group has also continued to invest in new sites to ensure it can continue to provide high quality developments in the markets in which it operates.

The Group was also delighted, for the third year in a row, to have retained the maximum UK 5-star Homes Builders Federation customer satisfaction rating, reflecting the quality and desirability of the homes the Group constructs.

The Group reported an operating profit of £12,594,761 (2023 : £10,120,768) on a turnover of £155,370,702 (2023 : £130,556,987).

The financial statements are expressed in £ sterling.

PRINCIPAL RISKS AND UNCERTAINTIES

The key risks to the business are changes in housing demand, competition for development land, planning delays, uncertianty of sewage capacity, the availability of mortgage finance, and more recently, increases in material, labour costs and interest rates (which effects both Group borrowing costs and customer mortgage rates).

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

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

regions (which are in the majority climate led)

- prioritising cash efficiency and controlling the capital employed within the business; and

- adherence to revised Consumer Code for Home Builders in the UK

SECTION 172(1) STATEMENT

The Group's business relationship with suppliers, customers, and others

The Directors recognise that strong mutually beneficial relationships with suppliers, customers and our joint-venture partners are key to delivering our strategic ambitions. Communications with customers and suppliers tend to take place verbally on a continuous basis, either via our staff located at each divisional office and/or through our teams located on site. Where there are significant changes to the Group's operations, communications are made both verbally and in writing to inform customers and/or suppliers how changes may impact on their interactions with the business.

The interests of the Group's employees

The Directors recognise that our employees are fundamental and core to our business. The success of our business depends on attracting, retaining, and motivating employees. We ensure that we remain a responsible employer in our approach to employees' remuneration and benefits. Likewise, the health, safety and well-being of our employees is one of our primary considerations in the way we do business.

The impact of the Group's operations on the community and environment

At Lagan Homes Group, we recognise that everything we do has an impact on people, the environment, and the communities we strive to create. We take pride in fulfilling our duty to behave as a responsible business and are committed to supporting our local communities and to practice energy efficiency throughout our organisation.

As an established residential developer, the Directors recognise that climate change is the greatest challenge facing society today with the built environment responsible for a large proportion of carbon emissions. As a result, regulation within the housebuilding sector is growing in scope and depth.

Presently neither Lagan Homes Group Limited nor its subsidiaries are required to report greenhouse gas emission statistics under the UK government's Streamlined Energy & Carbon Reporting policy. Our focus therefore has been to bed in the requirements on building standards and pursue product development and implementation. The Group has an experienced management team who collaborate with associated businesses in seeking to improve energy efficiency and reducing the ongoing operating costs of the homes we build. For example, in 2024 the majority of all our homes were built using timber frame construction which delivers a significant reduction in embodied carbon over traditional methods of construction, we also increased the number of homes utilising air sourced heat pumps alongside the use of PV panels and started to introduce triple glazing. All our UK homes are EPC B standard or above or minimum A2 in the Republic of Ireland.

In 2025, the Group will continue to focus on increasing the number of homes utilising these energy efficient solutions.

In supporting our local communities, in 2024 Lagan Homes Group delivered a total of 122 affordable/social housing units. In addition, each division supports local charities, clubs and societies through sponsorship and/or donations.

KEY PERFORMANCE INDICATORS

Due to the nature of the business, 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.

GOING CONCERN

The Group made a profit before tax of £5,201,742 (2023 : £4,839,383) leaving it with a surplus of assets of 66,338,699 (2023 : £63,470,844). The directors are confident the Group can continue to trade profitably in the future. The Directors have reviewed funding and liquidity needs for a period of more than one year after the date of approval of the financial statements and concluded sufficient reserves exist within the Group and its wider accessible funding sources 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.

THE GROUP'S REPUTATION FOR HIGH STANDARDS OF BUSINESS CONDUCT

All stakeholders are treated with respect, and management endeavours to conduct the business within the highest standards of business conduct and good governance. In doing so, will contribute to the delivery of our long-term strategic goals.

ON BEHALF OF THE BOARD:

C J Mulligan - Director

21st August 2025

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

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of house development.

DIVIDENDS

Particulars of recommended dividends are detailed in note 10 to the financial statements.

FUTURE DEVELOPMENTS

Future developments in the business of the group are discussed in the strategic report.

DIRECTORS

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

P G Lagan

J P Lagan

J P K Lagan

S G McCann

Mrs L McKillen

C J Mulligan

P J O'Brien

H J G Taylor

Other changes in directors holding office are as follows:

S D Bell - appointed 11th October 2024

P G Woods - appointed 11th October 2024

DONATIONS

There were no political donations made during the year.

FIXED ASSETS

Details of movements in fixed assets and investments are as disclosed in Notes 10 and 11 of the financial statements.

DISCLOSURE OF INFORMATION IN THE STRATEGIC REPORT

The strategic report has replaced a number of disclosures that had previously been included in the directors' report. This includes information that would have been included in the business review.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group 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 the group and of 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 judgements and accounting estimates that are reasonable and prudent;

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

-	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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information.

AUDITORS

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.

ON BEHALF OF THE BOARD:

C J Mulligan - Director

21st August 2025

Opinion

We have audited the financial statements of Lagan Homes Group Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st December 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 31st 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; 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 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 and 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 directors are responsible for the other information. The other information comprises the information in the Group 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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 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 Statement of Directors' Responsibilities set out on pages five and six, 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 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.

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

21st August 2025

TURNOVER

3

155,370,702

130,556,987

Cost of sales

134,032,357

113,172,378

GROSS PROFIT

21,338,345

17,384,609

Administrative expenses

10,557,084

9,510,955

10,781,261

7,873,654

Other operating income

1,813,500

2,247,114

GROUP OPERATING PROFIT

5

12,594,761

10,120,768

Share of operating profit in

Joint ventures

2,047,000

1,334,390

Income from other participating interests

929

-

14,642,690

11,455,158

Interest payable and similar expenses

7

9,440,948

6,615,775

PROFIT BEFORE TAXATION

5,201,742

4,839,383

Tax on profit

8

1,577,947

1,043,977

PROFIT FOR THE FINANCIAL YEAR

3,623,795

3,795,406

Profit attributable to:

Owners of the parent

3,623,795

3,795,406

PROFIT FOR THE YEAR

3,623,795

3,795,406

OTHER COMPREHENSIVE INCOME

Foreign currency retranslation

(62,331

)

(58,887

)

Equity-settlement share based payments

163,482

271,117

Income tax relating to components of other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

101,151

212,230

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

3,724,946

4,007,636

Total comprehensive income attributable to:

Owners of the parent

3,724,946

4,007,636

FIXED ASSETS

Intangible assets

11

878,173

1,665,856

Tangible assets

12

1,632,296

1,347,526

Investments

13

Interest in joint venture

Share of gross liabilities

(9,607

)

(17,602

)

(9,607

)

(17,602

)

Interest in associate

16,181,948

14,175,980

Other investments

2,782,279

2,759,780

Investment property

14

1,314,590

1,314,590

22,779,679

21,246,130

CURRENT ASSETS

Stocks

15

176,875,392

119,163,182

Debtors

16

28,231,368

23,520,619

Cash at bank

17,633,342

17,044,702

222,740,102

159,728,503

CREDITORS

Amounts falling due within one year

17

57,307,172

52,662,392

NET CURRENT ASSETS

165,432,930

107,066,111

TOTAL ASSETS LESS CURRENT LIABILITIES

188,212,609

128,312,241

CREDITORS

Amounts falling due after more than one year

18

(121,619,882

)

(64,641,744

)

PROVISIONS FOR LIABILITIES

22

(254,028

)

(199,653

)

NET ASSETS

66,338,699

63,470,844

CAPITAL AND RESERVES

Called up share capital

23

50,000,200

50,000,100

Share premium

24

238,994

193,483

Special reserve

24

434,599

271,117

Retained earnings

24

15,664,906

13,006,144

SHAREHOLDERS' FUNDS

66,338,699

63,470,844

The financial statements were approved by the Board of Directors and authorised for issue on 21st August 2025 and were signed on its behalf by:

Mrs L McKillen - Director

FIXED ASSETS

Intangible assets

11

-

-

Tangible assets

12

-

-

Investments

13

99,672,718

83,415,900

Investment property

14

-

-

99,672,718

83,415,900

CURRENT ASSETS

Debtors

16

2,209,627

1,918,255

Cash at bank

18,520

11,212

2,228,147

1,929,467

CREDITORS

Amounts falling due within one year

17

243,170

1,356,688

NET CURRENT ASSETS

1,984,977

572,779

TOTAL ASSETS LESS CURRENT LIABILITIES

101,657,695

83,988,679

CREDITORS

Amounts falling due after more than one year

18

51,594,499

33,936,711

NET ASSETS

50,063,196

50,051,968

CAPITAL AND RESERVES

Called up share capital

23

50,000,200

50,000,100

Special reserve

24

59,007

-

Retained earnings

24

3,989

51,868

SHAREHOLDERS' FUNDS

50,063,196

50,051,968

Company's profit for the financial year

702,121

670,965

The financial statements were approved by the Board of Directors and authorised for issue on 20th August 2025 and were signed on its behalf by:

Mrs L McKillen - Director

Called up

share

Retained

Share

Special

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1st January 2023

50,000,100

10,019,625

193,483

-

60,213,208

Changes in equity

Dividends

-

(750,000

)

-

-

(750,000

)

Total comprehensive income

-

3,736,519

-

271,117

4,007,636

Balance at 31st December 2023

50,000,100

13,006,144

193,483

271,117

63,470,844

Changes in equity

Issue of share capital

100

-

45,511

-

45,611

Dividends

-

(902,702

)

-

-

(902,702

)

Total comprehensive income

-

3,561,464

-

163,482

3,724,946

Balance at 31st December 2024

50,000,200

15,664,906

238,994

434,599

66,338,699

Called up

share

Retained

Special

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1st January 2023

50,000,100

130,903

-

50,131,003

Changes in equity

Dividends

-

(750,000

)

-

(750,000

)

Total comprehensive income

-

670,965

-

670,965

Balance at 31st December 2023

50,000,100

51,868

-

50,051,968

Changes in equity

Issue of share capital

100

-

-

100

Dividends

-

(750,000

)

-

(750,000

)

Total comprehensive income

-

702,121

59,007

761,128

Balance at 31st December 2024

50,000,200

3,989

59,007

50,063,196

Cash flows from operating activities

Cash generated from operations

1

(41,220,389

)

2,616,141

Interest paid

(9,400,396

)

(6,609,597

)

Interest element of hire purchase payments paid

(40,552

)

(6,178

)

Tax paid

(3,797,643

)

(555,845

)

Net cash from operating activities

(54,458,980

)

(4,555,479

)

Cash flows from investing activities

Purchase of tangible fixed assets

(684,191

)

(913,947

)

Sale of tangible fixed assets

122,841

223,513

Interest received

-

9,859

Dividends received

929

-

Net cash from investing activities

(560,421

)

(680,575

)

Cash flows from financing activities

New loans in year

58,734,185

3,992,632

Capital repayments in year

(114,211

)

264,487

Share issue

100

-

Foreign currency retranslating

(62,331

)

58,887

Equity dividends paid

(902,702

)

(750,000

)

Share of profit of voint ventures

(2,047,000

)

-

Net cash from financing activities

55,608,041

3,566,006

Increase/(decrease) in cash and cash equivalents

588,640

(1,670,048

)

Cash and cash equivalents at beginning of year

2

17,044,702

18,714,750

Cash and cash equivalents at end of year

2

17,633,342

17,044,702

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.12.24

31.12.23

£

£

Profit before taxation

5,201,742

4,839,383

Depreciation charges

1,148,133

1,155,453

Profit on disposal of fixed assets

(83,870

)

(149,884

)

Movement in deferred tax

54,375

81,089

Share of profit of joint venture

(2,047,000

)

(1,334,390

)

Interest received

-

(9,859

)

Accrued expense/(income)

(116,566

)

454,402

Unrealised foreign currency (gains)/loss

62,331

(58,887

)

Finance costs

9,440,948

6,615,775

Finance income

(929

)

-

13,659,164

11,593,082

Increase in stocks

(57,712,210

)

(8,386,529

)

Increase in trade and other debtors

(934,990

)

(573,744

)

Increase/(decrease) in trade and other creditors

3,767,647

(16,668

)

Cash generated from operations

(41,220,389

)

2,616,141

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31st December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

17,633,342

17,044,702

Year ended 31st December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

17,044,702

18,714,750