ACCOUNTS - Final Accounts preparation

Analysis of the maturity of loans is given below:

Financial Statements

Byeways Developments Limited

For the Financial year Ended 31 December 2024

Registered number: NI649541


Byeways Developments Limited

Contents

	Page
Independent Auditor's Report	1 - 4
Balance Sheet	5
Notes to the Financial Statements	6 - 12

Independent Auditor's Report to the Members of Byeways Developments Limited

Opinion

We have audited the financial statements of Byeways Developments Limited, which comprise the Statement of comprehensive income, the Balance Sheet for the financial year ended 31 December 2024, and the related notes to the financial statements, including a summary of significant accounting policies.

The financial reporting framework that has been applied in the 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, Byeways Developments Limited's financial statements:

∙give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the assets, liabilities and financial position of the Company as at 31 December 2024 and of its financial performance for the financial year then ended; 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 'Responsibilities of the auditor for the audit of the financial statements' section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, namely the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances of the entity. We have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from the date 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.

Page 1

Independent Auditor's Report to the Members of Byeways Developments Limited (continued)

Other information

Other information comprises the information included in the Annual Report, other than the financial statements and our Auditor's Report thereon, including the Directors' Report. The Directors are responsible for the other information. Our opinion on the financial statements does not cover the 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 in the financial statements, 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements, and

∙the Directors' Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment we have obtained in the course of the audit, we have not identified material misstatements in 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, or returns adequate for our audit have not been received from branches not visited by us; or

∙the financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of Directors' remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit; or

∙the Directors were not entitled to take advantage of the small companies' exemptions from the requirement to prepare a strategic report or in preparing the Directors' Report.

Page 2

Independent Auditor's Report to the Members of Byeways Developments Limited (continued)

Responsibilities of management and those charged with governance for the financial statements

Management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS102 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, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Company's financial reporting process.

Responsibilities of the auditor for the audit of the financial statements

The objectives of an auditor 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 their 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.

A further description of an auditor's 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 auditor's report.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

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. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK).

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 that the principal risks of non-compliance with laws and regulations related to compliance with Data Privacy law, Environmental Regulations and Health and safety laws and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as Companies Act 2006 and applicable tax laws. We evaluated management's incentives and opportuntities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial performance and management bias through judgements and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions.

Page 3

Independent Auditor's Report to the Members of Byeways Developments Limited (continued)

Responsibilities of the auditor for the audit of the financial statements (continued)

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud (continued)

We apply professional scepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statements.
In response to these principal risks, our audit procedures included but were not limited to:

∙inquiries of managements on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud;

∙inspection of the company's regulatory and legal correspondence and review of minutes of the board of directors meetings during the year to corroborate inquiries made;

∙gaining an understanding of the internal controls established to mitigate risk related to fraud;

∙discussion amongst the engagement team in relation to the identified laws and regulations and regarding the manipulation of financial statements throughout the audit;

∙identifying and testing journal entries to address the risk of inappropriate journals and management override of controls;

∙designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing;

∙challenging assumptions and judgements made by management in their significant accounting estimates, including estimating useful lives of tangible fixed assets and revenue recognition;

∙review of the financial statement disclosures to underlying supporting documentation and inquiries of management.

The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.

The purpose of our audit work and to whom we owe our responsibilities

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.

Louise Kelly (Senior Statutory Auditor)

for and on behalf of

Grant Thornton (NI) LLP

Chartered Accountants

& Statutory Auditor

Belfast
24 September 2025

Page 4


Byeways Developments Limited Registered number:NI649541

Balance Sheet

As at 31 December 2024

		2024		2023
Note		£		£

Fixed assets
Investment property	5		2,763,258		2,763,258
			2,763,258		2,763,258
Current assets
Debtors: amounts falling due within one year	6	79,966		101,934
Cash at bank and in hand	7	30,470		38,310
		110,436		140,244
Current liabilities
Creditors: amounts falling due within one year	8	(1,914,342)		(1,908,225)
Net current liabilities			(1,803,906)		(1,767,981)
Total assets less current liabilities			959,352		995,277
Creditors: amounts falling due after more than one year	9		(532,950)		(578,634)
Net assets			426,402		416,643

Capital and reserves
Called up share capital	11	100	100
Profit and loss account	12	426,302	416,543
Shareholders' funds		426,402	416,643

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 September 2025.

................................................

Rory Byrne

Director

The notes on pages 6 to 12 form part of these financial statements.

Page 5


Byeways Developments Limited

Notes to the Financial Statements

For the Financial year Ended 31 December 2024

1.	General information

Byeways Developments Limited is a private company, limited by shares and incorporated in Northern Ireland. Its registered office is 56 Tempo Road, Enniskillen, County Fermanagh BT74 6HR.
The principal activity of the Company is the rental of investment property.

2.Accounting policies

2.1

Basis of preparation of financial statements

These financial statements have been prepared in accordance with applicable accounting standards, including Section 1A of the Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' ('FRS 102'), and with the Companies Act 2006. The financial statements have been prepared on the historical cost basis except for the modification to a fair value basis for certain financial instruments as specified in the accounting policies below.

The financial statements are presented in Sterling (£).

The preparation of the financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (note 3).

The following principal accounting policies have been applied:

2.2

Going concern

After reviewing the Company’s forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other

Page 6


Byeways Developments Limited

Notes to the Financial Statements

For the Financial year Ended 31 December 2024

2.Accounting policies (continued)

2.3

Foreign currency translation (continued)

foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

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Byeways Developments Limited

Notes to the Financial Statements

For the Financial year Ended 31 December 2024

2.Accounting policies (continued)

2.4

Revenue

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:

Rental of investment property
Revenue from a contract to lease the property is recognised in the period in which the property is occupied. Any rent free periods included within the lease agreement are spread across the useful life of the lease, when all of the following conditions are satisfied:

−the amount of revenue can be measured reliably; and

−it is probable that the company will receive the consideration due under the contract.

2.5

Operating leases: the Company as lessor

Rental income from operating leases is credited to profit or loss on a straight line basis over the lease term.

2.6

Finance costs

Finance costs are charged to profit or loss 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.

2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the financial year in which they are incurred.

2.8

Taxation

Tax is recognised in profit or loss 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 income 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 balance sheet date in the countries where the Company operates and generates income.

2.9

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Page 8


Byeways Developments Limited

Notes to the Financial Statements

For the Financial year Ended 31 December 2024

2.Accounting policies (continued)

2.10

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.

2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.12

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.

2.13

Dividends

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

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The Company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:
a) Recoverability of debtors
Estimates are made in respect of the recoverable value of trade and other debtors. When assessing the level of provisions required, factors including current trading experience, historical experience and the aging profile of debtors are considered.
b) Market value of investment property
Estimates are made in respect of the market value of investment property. When assessing the market value of these assets, factors including current rent receivable and available data on current market yields and activity are considered.

Page 9


Byeways Developments Limited

Notes to the Financial Statements

For the Financial year Ended 31 December 2024

4.	Employees
	The Company has no employees other than the directors, who did not receive any remuneration during the year.

The average monthly number of employees, including the Directors, during the financial year was as follows:

	2024	2023
	No.	No.

Directors	4	4

5.	Investment property

		Long term leasehold investment property
		£
	Valuation
	At 1 January 2024	2,763,258
	At 31 December 2024	2,763,258

The 2024 valuations were made by the directors, on an open market value for existing use basis.

Page 10


Byeways Developments Limited

Notes to the Financial Statements

For the Financial year Ended 31 December 2024

6.	Debtors: Amounts falling due within one year

					2024	2023
					£	£


Trade debtors	12,479	17,201
Amounts owed by related parties	63,876	78,376
Other debtors	3,611	5,485
Prepayments and accrued income	-	872
	79,966	101,934

7.	Cash and cash equivalents
		2024	2023
		£	£

	Cash at bank and in hand	30,470	38,310

8.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Bank loans	45,683	45,683
Amounts owed to related parties	1,804,504	1,783,008
Corporation tax	37,242	31,954
Other taxation and social security	7,725	8,457
Accruals and deferred income	2,663	7,598
Directors' current account	16,525	31,525
	1,914,342	1,908,225

9.	Creditors: Amounts falling due after more than one year
		2024	2023
		£	£

	Bank loans	532,950	578,634

The bank loans and overdrafts are secured by the Company by way of fixed and floating charges over the
properties of the Company.

Page 11


Byeways Developments Limited

Notes to the Financial Statements

For the Financial year Ended 31 December 2024

Amounts falling due within one year
Bank loans	45,683	45,683
Amounts falling due 1-2 years
Bank loans	532,950	578,634


	578,633	624,317

11.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

100 (2023 -100) Ordinary Shares of £1.00 each	100	100

12.

Reserves

Called up share capital
This represents the nominal value of shares that have been issued.
Profit & loss account
This includes all current and prior period retained profits and losses.

13.

Related party transactions

The Company is related to Modern Tyres Limited and Harolds Cross Estates Limited by virtue of common directorship.
During the year, Modern Tyres Limited paid £50,000 to Byeways Developments Limited for the rental of two properties (2023: £50,000). At the year end, a balance of £1,804,504 was owed by the Company to Modern Tyres Limited.
At the balance sheet date, the balances that were payable from and to related parties are disclosed within in notes 8 and 10 respectively.

14.	Controlling party

The ultimate controlling parties of Byeways Developments Limited are deemed to be the shareholders.

Page 12