Eglinton Developments Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—7

1. General Information

The Company's principal activities during the year were the construction and development of property.

Eglinton Developments Limited is a private company limited by shares and is incorporated and domiciled in Northern Ireland, within the United Kingdom. The registered office is 1 Campsie Business Park, McLean Road, Eglinton, Londonderry, BT47 3XX.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

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

2.2. Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

• the Company has transferred the significant risks and rewards of ownership to the buyer;

• the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

• the amount of revenue can be measured reliably;

• it is probable that the Company will receive the consideration due under the transaction; and

• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

• the amount of revenue can be reliably measured;

• it is probable that the Company will receive the consideration due under the contract;

• the stage of completion of the contract at the end of the reporting period can be measured reliably; and

• the costs incurred and the costs to complete can be measured reliably.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery	25%
Motor Vehicles	25%
Computer Equipment	25%

2.4. Stocks and Work in Progress

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished work include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

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Eglinton Developments Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.5. Financial Instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties andloans to related parties.

Debt instruments (other than those wholly repayable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-tern instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at the market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of income and retained earnings.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a 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.

Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

2.6. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

2.7. Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

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Eglinton Developments Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.8. Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of income and retained earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income .

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of financial position date, except that:

• The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

• Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

2.9. Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from proceeds.

3. Average Number of Employees

The Company has no employees other than the directors, who did not receive any remuneration for their services to the company during the year.

NIL (2023: NIL)

4. Tangible Assets

	Plant & Machinery	Motor Vehicles	Total
	£	£	£
Cost
As at 1 January 2024	36,950	19,199	56,149
Additions	-	13,500	13,500

As at 31 December 2024	36,950	32,699	69,649

Depreciation
As at 1 January 2024	20,107	14,799	34,906
Provided during the period	6,237	4,681	10,918

As at 31 December 2024	26,344	19,480	45,824

Net Book Value
As at 31 December 2024	10,606	13,219	23,825

As at 1 January 2024	16,843	4,400	21,243

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Eglinton Developments Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

5. Investments

	Subsidiaries
	£
Cost or Valuation
As at 1 January 2024	4

As at 31 December 2024	4

Provision
As at 1 January 2024	-

As at 31 December 2024	-

Net Book Value
As at 31 December 2024	4

As at 1 January 2024	4

The company has a direct interest at the balance sheet date in the following:

Dingle Builders (NI) Limited

First Floor Templeback, 10 Temple Back, Bristol, BS1 6FL

Construction of residential properties

Ordinary shares

100%

Evander (NI) Limited

Unit 8 Quayside Centre, Strand Road, Londonderry, BT48 7PX

Development of building projects

Ordinary shares

100%

Merchants Bay Limited

Unit 8 Quayside Centre, Strand Road, Londonderry, BT48 7PX

Development of building projects

Ordinary shares

100%

6. Stocks

	2024	2023
	£	£
Stock	865,712	1,129,381

7. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	374,963	1,798
Prepayments and accrued income	2,171,293	772,766
Other debtors	157,936	78,331
Corporation tax recoverable assets	2,608	-
Amounts owed by related party undertaking	2,188,120	3,234,927

	4,894,920	4,087,822

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Eglinton Developments Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

8. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Trade creditors	55,027	33,756
Corporation tax	-	7,395
Other creditors	214,251	74,443
Obligations under finance lease and hire purchase contracts	-	4,010
Accruals and deferred income	192,615	18,150
Amounts owed to related party undertaking	475	1,742

	462,368	139,496

Security

The security held by Bank of Ireland for any indebtedness was fully satisfied on 25 September 2024.

9. Share Capital

	2024	2023
	£	£
Allotted, Called up and fully paid	313	313

10. Post Balance Sheet Events

There have been no significant events affecting the company since the year end.

11. Related Party Transactions

By reason of JC McGinnis, ND Hughes and PM Crowley being directors of Evander (NI) Limited and Merchants Bay Limited and JC McGinnis being a director of Dingles Builders (NI) Limited, those companies are regarded by the directors as being related parties.

By reason of ND Hughes and PM Crowley being directors of NP Holdings U.K. Limited and JC McGinnis being a director of McGinnis Developments Limited and Campsie Two Limited, those companies are regarded by the directors as being related parties

The undernoted outstanding balances as at 31 December 2024:

Due by Evander (NI) Limited

£1,261,955

Due by Merchants Bay Limited

£706,486

Due by Dingles Builders (NI) Limited

£210,306

Due by McGinnis Developments Limited

£9,373

Due to Campsie Two Limited

£475

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		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		23,825		21,243
Investments	5		4		4

			23,829		21,247
CURRENT ASSETS
Stocks	6	865,712		1,129,381
Debtors	7	4,894,920		4,087,822
Cash at bank and in hand		148,140		1,063,050

		5,908,772		6,280,253
Creditors: Amounts Falling Due Within One Year	8	(462,368 )		(139,496 )

NET CURRENT ASSETS (LIABILITIES)			5,446,404		6,140,757

TOTAL ASSETS LESS CURRENT LIABILITIES			5,470,233		6,162,004

NET ASSETS			5,470,233		6,162,004

CAPITAL AND RESERVES
Called up share capital	9		313		313
Capital redemption reserve			1,899,801		1,899,801
Profit and Loss Account			3,570,119		4,261,890

SHAREHOLDERS' FUNDS			5,470,233		6,162,004