REGISTERED NUMBER: NI654922 (Northern Ireland)

STRAND HOLDINGS LIMITED

Unaudited Financial Statements for the Year Ended 31 December 2024

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

10

Directors:

P Cusack

S Dillon

Registered office:

68 Coleraine Road

Portrush

BT56 8HN

Registered number:

NI654922 (Northern Ireland)

Accountants:

Cooper Parry Advisory Limited

CUBO Birmingham

4th Floor

Two Chamberlain Square

Birmingham

West Midlands

B3 3AX

Fixed assets

Intangible assets

4

1,879,513

72,829

Tangible assets

5

1,512,057

1,190,690

Investments

6

3,750

2,500

3,395,320

1,266,019

Current assets

Stocks

7

89,562

59,653

Debtors

8

283,603

246,045

Cash at bank and in hand

1,109,346

1,059,423

1,482,511

1,365,121

Creditors

Amounts falling due within one year

9

2,246,827

1,123,690

Net current (liabilities)/assets

(764,316

)

241,431

Total assets less current liabilities

2,631,004

1,507,450

Creditors

Amounts falling due after more than one year

10

(2,062,659

)

(676,571

)

Provisions for liabilities

12

(111,216

)

(110,244

)

Net assets

457,129

720,635

Capital and reserves

Called up share capital

13

100

100

Retained earnings

457,029

720,535

Shareholders' funds

457,129

720,635

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2025 and were signed on its behalf by:

P Cusack - Director

1.	Statutory information

Strand Holdings Limited is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going Concern

The company is in a net current liabilities position at the balance sheet date, however this is a reflection of the nature of the fast food industry and not a reflection of the strength of the business.

The directors have considered the application of the going concern basis of accounting, and in doing so they have considered the period from the date of this report until 31 December 2026. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods at its restaurants in the ordinary course of the company's activities. Turnover is shown net of discounts and Value Added Tax

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the company, and specific criteria have been met for each of the company's activities.

Franchise rights and fees

Franchise rights & fees are initially recognised at cost and are subsequently measured at cost less accumulated amortisation and impairment losses. They are amortised over their useful lives, which is taken as the remaining term stated in the franchise agreements.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

10% on cost

Fixtures and fittings

-

10% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cash at bank and in hand

Cash at bank and in hand are basic financial assets comprising of cash in hand, demand deposits with bank, other short-term liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown within current liabilities.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Impairment of fixed assets

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to each asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the Balance Sheet date and carried forward to future periods. This is measured at the undiscounted cost of the future holiday entitlement so accrued at the Balance Sheet date.

Financial instruments

For financial assets measured at amortised cost, the impairment cost is measured at the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the assets effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Finance costs

Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Dividends

Equity dividends are recognised when they legally become payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Judgements in applying accounting policies and key sources of estimation uncertainty

In the process of applying the company's accounting policies, management are required to make certain estimates and judgements. The key estimates and judgements are as follows:

Depreciation and residual values

The director has reviewed the asset lives and associated residual values of all fixed asset classes, and has concluded that asset lives and residual values are appropriate.

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.

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the Balance Sheet date and carried forward to future periods. This is measured at the undiscounted cost of the future holiday entitlement so accrued at the Balance Sheet date.

3.	Employees and directors

The average number of employees during the year was 280 (2023 - 292 ) .

4.	Intangible fixed assets

Franchise

Franchise

rights

fees

Stamp duty

Totals

£

£

£

£

Cost

At 1 January 2024

-

60,000

28,756

88,756

Additions

1,920,800

-

-

1,920,800

Reclassification/transfer

-

-

(28,756

)

(28,756

)

At 31 December 2024

1,920,800

60,000

-

1,980,800

Amortisation

At 1 January 2024

-

10,250

5,677

15,927

Amortisation for year

88,037

3,000

-

91,037

Reclassification/transfer

-

-

(5,677

)

(5,677

)

At 31 December 2024

88,037

13,250

-

101,287

Net book value

At 31 December 2024

1,832,763

46,750

-

1,879,513

At 31 December 2023

-

49,750

23,079

72,829

5.	Tangible fixed assets

Fixtures

Short

Plant and

and

leasehold

machinery

fittings

£

£

£

Cost

At 1 January 2024

-

1,755,442

1,362

Additions

-

519,273

9,886

Reclassification/transfer

28,756

-

-

At 31 December 2024

28,756

2,274,715

11,248

Depreciation

At 1 January 2024

-

571,596

148

Charge for year

1,582

224,013

368

Reclassification/transfer

5,677

-

-

At 31 December 2024

7,259

795,609

516

Net book value

At 31 December 2024

21,497

1,479,106

10,732

At 31 December 2023

-

1,183,846

1,214

Motor

Computer

vehicles

equipment

Totals

£

£

£

Cost

At 1 January 2024

25,494

3,309

1,785,607

Additions

-

-

529,159

Reclassification/transfer

-

-

28,756

At 31 December 2024

25,494

3,309

2,343,522

Depreciation

At 1 January 2024

21,244

1,929

594,917

Charge for year

4,249

659

230,871

Reclassification/transfer

-

-

5,677

At 31 December 2024

25,493

2,588

831,465

Net book value

At 31 December 2024

1

721

1,512,057

At 31 December 2023

4,250

1,380

1,190,690

6.	Fixed asset investments

Other

investments

£

Cost

At 1 January 2024

2,500

Additions

1,250

At 31 December 2024

3,750

Net book value

At 31 December 2024

3,750

At 31 December 2023

2,500

Fixed asset investments consists of 3,750 (2023 - 2,500) ordinary shares of £1 each in Fries Holding Company Limited, a company registered in Guernsey. The investments are included in the accounts at cost.

7.

Stocks

2024

2023

£

£

Food

65,653

59,653

Paper

18,498

-

Non product

5,411

-

89,562

59,653

8.

Debtors: amounts falling due within one year

2024

2023

£

£

Trade debtors

1,245

13,090

Other debtors

32,690

-

Directors' current accounts

179,905

195,107

Prepayments

69,763

37,848

283,603

246,045

9.

Creditors: amounts falling due within one year

2024

2023

£

£

Bank loans and overdrafts (see note 11)

393,108

256,685

Hire purchase contracts

-

9,918

Trade creditors

631,691

149,692

Social security and other taxes

46,268

25,952

VAT

572,862

384,639

Other creditors

463,409

-

Accrued expenses

139,489

296,804

2,246,827

1,123,690

10.

Creditors: amounts falling due after more than one year

2024

2023

£

£

Bank loans (see note 11)

2,062,659

676,571

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

550,408

-

11.

Loans

An analysis of the maturity of loans is given below:

2024

2023

£

£

Amounts falling due within one year or on demand:

Bank loans

393,108

256,685

Amounts falling due between one and two years:

Bank loans - 1-2 years

376,350

676,571

Amounts falling due between two and five years:

Bank loans - 2-5 years

1,135,901

-

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

550,408

-

The loan is due for repayment in equal monthly instalments with terms as stated above. It is unsecured with interest charged between 1.4% and 1.6% above the Bank of England base rate.

12.	Provisions for liabilities

2024

2023

£

£

Deferred tax

111,216

110,244

Deferred tax

£

Balance at 1 January 2024

110,244

Provided during year

972

Balance at 31 December 2024

111,216

13.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

100

Ordinary

£1

-

100

75

Ordinary A

£1

75

-

25

Ordinary B

£1

25

-

100

100

On 09 October 2024, a change to the company share capital was made at Companies House allotting the 100 £1 Ordinary shares to 75 £1 Ordinary A shares and 25 £1 Ordinary B shares, for par value.

14.	Directors' advances, credits and guarantees

The following advances and credits to a director subsisted during the years ended 31 December 2024 and 31 December 2023:

2024

2023

£

£

P Cusack

Balance outstanding at start of year

195,107

65,837

Amounts advanced

179,905

225,894

Amounts repaid

(195,107

)

(96,624

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

179,905

195,107

The balance attracts interest at the approved HMRC rate of 2.25% and is repayable on demand.

15.	Ultimate controlling party

The ultimate controlling party is P Cusack.