ACCOUNTS - Final Accounts preparation

Unaudited Financial Statements

Carnbane Health Limited

For the year ended 31 December 2024

Registered number: NI654954


Carnbane Health Limited

Company Information

Directors	Tyrone Allard
	Eamon O'Hare (resigned 24 October 2024
	Sean O'Hare (resigned 24 October 2024)
	Cathal O'Hare (appointed 28 May 2025)


Registered number	NI654954


Registered office	Carnbane House
	Shepherds Way
	Carnbane Industrial Estate
	Newry
	United Kingdom
	BT35 6EE


Accountants	Grant Thornton (NI) LLP
	Chartered Accountants
	12 - 15 Donegall Square West
	Belfast
	BT1 6JH


Carnbane Health Limited

Contents

	Page
Accountant's report	1
Balance sheet	2 - 3
Statement of changes in equity	4
Notes to the financial statements	5 - 9

Independent Accountant's Report to the directors of the unaudited financial statements of Carnbane Health Limited for the year ended 31 December 2024

In order to assist you fulfil your duties under the Companies Act 2006, we have compiled the financial statements of Carnbane Health Limited for the year ended 31 December 2024, which comprise the Balance sheet, the Statement of changes in equity and the related notes to the financial statements, including a summary of significant accounting policies, from the Company's accounting records and from information and explanations you have given to us.

The financial statements have been prepared on the basis set out in the notes to the financial statements.

This report is made solely to the directors of Carnbane Health Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely that we might compile the financial statements that we have been engaged to compile, report to the Company's directors that we have done so and state those matters that we have agreed to state to the directors of Carnbane Health Limited, as a body, in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Carnbane Health Limited and its directors, as a body, for our work or for this report.

We have carried out this engagement in accordance with the technical guidance issued by Chartered Accountants Ireland ("the Institute") and have complied with the ethical guidance laid down by the Institute relating to members undertaking the compilation of financial statements.

You have approved the financial statements for the year ended 31 December 2024 and you have acknowledged on the Balance sheet as at 31 December 2024 your duty to ensure that Carnbane Health Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view in accordance with the Companies Act 2006. You consider that Carnbane Health Limited is exempt from the statutory audit requirement for the year ended 31 December 2024.

We have not been instructed to carry out an audit or review the financial statements of Carnbane Health Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Grant Thornton (NI) LLP
Chartered Accountants 12 - 15 Donegall Square West Belfast BT1 6JH

Date: 29 September 2025

Page 1


Carnbane Health Limited Registered number:NI654954

Balance sheet

As at 31 December 2024

		2024		2023
Note		£		£

Fixed assets
Investments	4		5,000		4,000
			5,000		4,000
Current assets
Debtors	5	1,665,632		1,730,857
Cash at bank and in hand	6	50,130		171,075
		1,715,762		1,901,932
Current liabilities
Creditors: amounts falling due within one year	7	(896,596)		(1,267,346)
Net current assets			819,166		634,586
Total assets less current liabilities			824,166		638,586

Net assets			824,166		638,586

Capital and reserves
Called up share capital	8	1	1
Profit and loss account	9	824,165	638,585
Shareholders' funds		824,166	638,586

Page 2


Carnbane Health Limited Registered number:NI654954

Balance sheet (continued)

As at 31 December 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 29 September 2025.

Tyrone Allard

Director

The notes on pages 5 to 9 form part of these financial statements.

Page 3


Carnbane Health Limited

Statement of changes in equity

For the year ended 31 December 2024

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 January 2024	1	638,585	638,586

Profit for the year	-	185,580	185,580
At 31 December 2024	1	824,165	824,166

Statement of changes in equity

For the year ended 31 December 2023

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 January 2023	1	496,993	496,994

Profit for the year	-	141,592	141,592
At 31 December 2023	1	638,585	638,586

The notes on pages 5 to 9 form part of these financial statements.

Page 4


Carnbane Health Limited

Notes to the financial statements

For the year ended 31 December 2024

1.	General information

Carnbane Health Limited is a private company limited by shares incorporated in Northern Ireland. The registered office is Carnbane House, Shepherd's Way, Carnbane Industrial Estate, Newry, BT35 6EE.
The principal activity of the Company is that of an investment holding property.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are presented in Sterling (£).

The following principal accounting policies have been applied:

2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

∙the requirements of Section 7 Statement of Cash Flows;

∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);

∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;

∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Carnbane Estates Limited as at 31 December 2024 and these financial statements may be obtained from Companies House.

2.3

Going concern

The directors have assessed that the Company has adequate resources to meet the ongoing costs of the business for a minimum of 12 months from the date of signing the financial statements. For this reason, the financial statements have been prepared on a going concern basis which presumes the realisation of assets and liabilities in the normal course of business.
The parent shareholders will provide the financial resources necessary to enable the Company to continue its normal course of operations during the coming financial year on a going concern basis for a period of 12 months from the date of signing the financial statements.

Page 5


Carnbane Health Limited

Notes to the financial statements

For the 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:

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 measured reliably;

∙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 the contract can be measured reliably.

2.5

Interest income

Interest income is recognised as profit or loss using the effective interest method.

2.6

Taxation

Tax is recognised as 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.

2.7

Associates and joint ventures

Associates and Joint Ventures are held at cost less impairment.

2.8

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.

2.9

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.

Page 6


Carnbane Health Limited

Notes to the financial statements

For the year ended 31 December 2024

2.Accounting policies (continued)

2.10

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.

3.	Employees
	The Company has no employees other than the directors, who did not receive any remuneration in the year (2023: £Nil).

4.	Fixed asset investments

		Investments in associates
		£
	Cost or valuation
	At 1 January 2024	4,000
	Additions	1,000
	At 31 December 2024	5,000

Debtors

					2024	2023
					£	£

Due after more than one year
Due from associates	1,368,386	1,368,386
	1,368,386	1,368,386
Due within one year
Other debtors	200	200
Due from associates	297,046	362,271
	1,665,632	1,730,857

Page 7


Carnbane Health Limited

Notes to the financial statements

For the year ended 31 December 2024

6.	Cash and cash equivalents
		2024	2023
		£	£

Cash at bank and in hand	50,130	171,075
	50,130	171,075

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

Trade creditors	-	1,200
Amounts owed to group undertakings	896,122	1,265,922
Other creditors	474	224
	896,596	1,267,346

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

8.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

1 (2023 - 1) Ordinary share of £1.00	1	1

Reserves

Called up share capital

This represents the nominal value of shares that have been issued.

Profit and loss account

This reserve includes all current and prior period retained profit and losses.

10.	Related party transactions
	The Company has availed of the exemption in s33 FRS102 from disclosing transactions with other wholly owned subsidiary companies. GPG O'Hare (Lisburn) Limited is a related party by virtue of the Company's shareholding. At 31 December 2024, the Company is due £1,368,386 (2023: £1,368,386) from GPG O'Hare (Lisburn) Limited.

Page 8


Carnbane Health Limited

Notes to the financial statements

For the year ended 31 December 2024

11.	Post balance sheet events

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

12.	Controlling party

The Company is a 100% subsidiary of Carnbane Estates Limited, a company incorporated in Northern Ireland. It is included within the consolidated financial statements of Carnbane Estates Limited which are available from Companies House. Carnbane Estates Limited is both the smallest and largest group for which group accounts are prepared.

Page 9