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Registered number: NI039294 NORTHERN IRELAND SCIENCE PARK (HOLDINGS) LIMITED DIRECTORS' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
NORTHERN IRELAND SCIENCE PARK (HOLDINGS) LIMITED COMPANY INFORMATION
Directors | E Graham (resigned 31 December 2024)
| N Crockett
| Dr. B Keating (resigned 30 June 2025)
| G Kindlon
| S Orr
| J Wylie (resigned 30 June 2025)
| C Langford (resigned 31 July 2025)
| C Jessup (resigned 10 April 2025)
| J Walker
| PA Hannigan
| Professor M Ferguson
| D Armstrong
| T Breslin (appointed 3 February 2025)
| L Tedstone (appointed 3 February 2025)
| Sir D Sterling (appointed 2 June 2025)
Company secretary | D Stewart
Registered number | NI039294
Registered office | The Innovation Centre
| Queens Road
| Belfast
| Co. Antrim
| Northern Ireland
| BT3 9DT
Independent auditors | AAB Group Accountants Limited
| 1 - 3 Arthur Street
| Belfast
| Co. Antrim
| Northern Ireland
| BT1 4GA
Bankers | Bank of Ireland
| 1 Donegall Square South
| Belfast
| Co. Antrim
| Northern Ireland
| BT1 5LR
Solicitors | Cleaver Fulton Rankin
| 50 Bedford Street
| Belfast
| Co. Antrim
| Northern Ireland
| BT2 7FW
NORTHERN IRELAND SCIENCE PARK (HOLDINGS) LIMITED CONTENTS
| Page
Directors' Report | 1 - 4
Independent Auditors' Report | 5 - 8
Statement of Comprehensive Income | 9
Balance Sheet | 10
Statement of Changes in Equity | 11
Notes to the Financial Statements | 12 - 23
NORTHERN IRELAND SCIENCE PARK (HOLDINGS) LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 MARCH 2025 The directors present their report and the financial statements for the year ended 31 March 2025.
Principal activity
The principal activity of the company continued to be that of the provision of efficient management of the assets of the Northern Ireland Science Park Foundation Limited Group ("the group") whilst ensuring that the objectives of the group are met. Northern Ireland Science Park Foundation Limited is the parent company of Northern Ireland Science Park (Holdings) Limited, which, in turn is the parent company of Northern Ireland Science Park Property Limited and North West Regional Science Park Limited. The largest and smallest group in which the results of the Company are consolidated is that headed by Northern Ireland Science Park Foundation Limited, incorporated in Northern Ireland whose registered office is The Innovation Centre, Queen's Road, Queen's Island, Belfast, BT3 9DT. The consolidated financial statements of this group are available to the public and may be obtained from Companies House.
Strategy
Catalyst is the trading name of Northern Ireland Science Park Foundation Limited and subsidiary companies. At Catalyst our vision is "Opportunity for all from world-leading innovation" and our mission is that "We make it easy for you to innovate". Our aim is that Catalyst will be a major agent in this transformation, working collaboratively with all who share our vision. At Catalyst our people are our most important asset and our values are pivotal to recruiting and retaining the best talent who have our vision at their heart. Our values of integrity, ‘be bold’ and passion are at the heart of all we do. Catalyst is a "not-for-profit" that focuses on three pillars: Future Workspace We set the standard for innovation workspace and on-campus amenities working with partners to build an Innovation District. Entrepreneurship & Scaling We exist so that on-campus and off-campus partners and entrepreneurs realise significant value to their work and wellbeing because they belong to the Catalyst Community. Open Innovation We focus on incubating and growing industry cluster through strategic partnerships with key institutions. Our proven model invests the surpluses generated from our agile connected workspace and facilities to provide the underwriting, supplemented by both financial and pro-bono support from the private sector and sponsors, necessary for the community-led development of our entrepreneurial innovation ecosystem.
Real estate
The group owns and operates seven buildings providing 279,047 sq. ft of agile connected work-space and event space, with space available from one desk to an entire building on flexible lease terms from one month upwards. Page 1
NORTHERN IRELAND SCIENCE PARK (HOLDINGS) LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
Entrepreneurship & Scaling
We believe that entrepreneurs are the most important people to the future of Northern Ireland's economy. Being an entrepreneur is challenging so we provide a way for our most experienced people to volunteer their time, share their experiences, contacts and collective intelligence to give our entrepreneurs an advantage. The result is a powerful network; a community of researchers, experienced entrepreneurs, executives, investors, legal and financial experts, and our diaspora united together to help make our most promising entrepreneurs more successful. Our partnership model enables Northern Ireland's main knowledge economy stakeholders not just to support with cash but to set the direction and create the conditions for the grassroots volunteer effort to flourish. With the support of these parties the Board has established a Catalyst Partners Leadership Board as a sub-committee of the Board. Catalyst has created an extensive network which at 31 March 2025 includes: ∙Queen's University Belfast, Ulster University and the Atlantic Technological University, with several other public research organisations; ∙Schools and further education colleges in Northern Ireland; ∙Elected officials for Northern Ireland and their executives; ∙Nearly 100 associates and license holders and scores of regular, but casual, users of Catalyst facilities including investors, business organisations, teacher organisations and politicians; ∙14 leaseholders, of whom 8 are "flagships" (tenant with over 5,000 sq. ft extending over 10 years); Global Corporates who came on acquisition of a local start-up include Aveva, Qualcomm Telefonica; NIVIDA; Others who grew here from small trial investments include AllState, Citi, L&T InfoTech, NantHealth; ∙Approximately 900 would-be entrepreneurs with knowledge-based business ideas and new start-ups; ∙A substantial volunteer force of experienced and successful entrepreneurs and business professional organisations; ∙Funders of early-stage ventures in Northern Ireland and elsewhere with support programmes to encourage and facilitate engagement; and ∙Business and professional organisations (e.g Health Innovation Research Alliance Northern Ireland, Fintech Northern Ireland, Chartered Accountants Ireland, Confederation of British Industry, etc.). Catalyst operates a very successful business creation and acceleration programme with the full support of the research community, the business community and the Government, while also supporting investment in those and other companies through our own Funding programme.
Results and dividends
The profit for the year, after taxation, amounted to £533 k (2024 - £280 k). The directors are satisfied the results of the Company for the year are as expected and are in line with the plan for the year to support local employment, programmes and project activities to invest in future growth and continued development of the entrepreneurial innovation ecosystem. The directors do not recommend the payment of a dividend (2024: £Nil). Page 2
NORTHERN IRELAND SCIENCE PARK (HOLDINGS) LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
Going Concern
In carrying out their duties in respect of going concern, the Directors have carried out a review of the financial position of the company for a period of twelve months from the date of signing these financial statements. These have been based on a review of revenue and expenditure, considering specific business risks and the uncertainties brought about by the current economic environment. At the current time the company has sufficient financial support to meet its ongoing working capital requirements. The company will be supported by its ultimate parent entity, Northern Ireland Science Park Foundation Limited, who have confirmed sufficient resources will be made available to the company for at least the next twelve months. At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Directors
The directors who served during the year, and up to the date of signing the financial statements were:
E Graham (resigned 31 December 2024)
N Crockett
Dr. B Keating (resigned 30 June 2025)
G Kindlon
S Orr
J Wylie (resigned 30 June 2025)
C Langford (resigned 31 July 2025)
C Jessup (resigned 10 April 2025)
J Walker
PA Hannigan
Professor M Ferguson
D Armstrong
T Breslin (appointed 3 February 2025)
L Tedstone (appointed 3 February 2025)
Political contributions
The Company has made no political donations or incurred any political expenditure during the year (2024: £Nil). Page 3
NORTHERN IRELAND SCIENCE PARK (HOLDINGS) LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
Directors' responsibilities statement
The directors are responsible for preparing the Directors' Report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙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 transactions and disclose with reasonable accuracy at any time the financial position of the Company and to 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Auditors
The auditors, AAB Group Accountants Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
Small companies note
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. This report was approved by the board on 24 September 2025 and signed on its behalf.
D Stewart Secretary | N Crockett Director
Page 4
NORTHERN IRELAND SCIENCE PARK (HOLDINGS) LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORTHERN IRELAND SCIENCE PARK (HOLDINGS) LIMITED
Opinion
We have audited the financial statements of Northern Ireland Science Park (Holdings) Limited (the 'Company') for the year ended 31 March 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, 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 Company's affairs as at 31 March 2025 and of its 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 Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 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 other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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. Page 5
NORTHERN IRELAND SCIENCE PARK (HOLDINGS) LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORTHERN IRELAND SCIENCE PARK (HOLDINGS) LIMITED (CONTINUED)
Opinion 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 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 prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 4, 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 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, the directors are 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 the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Page 6
NORTHERN IRELAND SCIENCE PARK (HOLDINGS) LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORTHERN IRELAND SCIENCE PARK (HOLDINGS) LIMITED (CONTINUED)
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 an Auditors' 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: 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 of the effectiveness of the Company's 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 Auditors' 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 Auditors' 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.
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 an Auditors' 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. Page 7
NORTHERN IRELAND SCIENCE PARK (HOLDINGS) LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORTHERN IRELAND SCIENCE PARK (HOLDINGS) LIMITED (CONTINUED) Teresa Campbell (Senior Statutory Auditor) for and on behalf of AAB Group Accountants Limited Statutory Auditors 1 - 3 Arthur Street Belfast Co. Antrim Northern Ireland BT1 4GA 24 September 2025 Page 8
NORTHERN IRELAND SCIENCE PARK (HOLDINGS) LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MARCH 2025
| 2025 | 2024
Note | £000 | £000
Turnover | 3 | 8,791 | 7,461
Cost of sales |  | (319) | (233)
Gross profit |  | 8,472 | 7,228
Distribution costs |  | (1,972) | (1,852)
Administrative expenses |  | (5,901) | (5,004)
Operating profit |  | 599 | 372
Interest payable and similar expenses | 7 | (24) | (36)
Profit before tax |  | 575 | 336
Tax on profit | 8 | (42) | (56)
Profit for the financial year |  | 533 | 280
There was no other comprehensive income for 2025 (2024:£NIL).
The notes on pages 12 to 23 form part of these financial statements.
Page 9
NORTHERN IRELAND SCIENCE PARK (HOLDINGS) LIMITED REGISTERED NUMBER: NI039294 BALANCE SHEET AS AT 31 MARCH 2025
|  | 2025 |  | 2024
Note |  | £000 |  | £000
Fixed assets |  |  |  |  |
Tangible assets | 9 |  | 473 |  | 622
Investments | 10 |  | - |  | -
|  |  | 473 |  | 622
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 11 | 1,360 |  | 903 |
Cash at bank and in hand | 12 | 960 |  | 1,765 |
|  | 2,320 |  | 2,668 |
Creditors: amounts falling due within one year | 13 | (1,710) |  | (2,614) |
Net current assets |  |  | 610 |  | 54
Total assets less current liabilities |  |  | 1,083 |  | 676
Creditors: amounts falling due after more than one year | 14 |  | (70) |  | (238)
Provisions for liabilities |  |  |  |  |
Deferred tax | 16 | (106) |  | (64) |
|  |  | (106) |  | (64)
Net assets |  |  | 907 |  | 374
Capital and reserves |  |  |  |  |
Profit and loss account |  |  | 907 |  | 374
|  |  | 907 |  | 374
The Company's financial statements have been prepared in accordance with the 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.
N Crockett
Director
The notes on pages 12 to 23 form part of these financial statements. Page 10
NORTHERN IRELAND SCIENCE PARK (HOLDINGS) LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2025
| Profit and loss account | Total equity
| £000 | £000
At 1 April 2023 | 94 | 94
Profit for the year | 280 | 280
Total comprehensive income for the year | 280 | 280
At 1 April 2024 | 374 | 374
Profit for the year | 533 | 533
Total comprehensive income for the year | 533 | 533
At 31 March 2025 | 907 | 907
| The notes on pages 12 to 23 form part of these financial statements.
Page 11
NORTHERN IRELAND SCIENCE PARK (HOLDINGS) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. | General information
Northern Ireland Science Park (Holdings) Limited is a private company limited by shares incorporated in Northern Ireland. The registered office is The Innovation Centre, Queens Road, Belfast, Antrim, Northern Ireland, BT3 9DT. 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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of 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. The following principal accounting policies have been applied:
| 2.2 | Going concern
The directors have considered the going concern basis of preparation. Having reviewed budgets and cashflows, the directors have reasonable expectation that the Company has adequate resources available to continue in operational existence for the foreseeable future. The directors are continually monitoring developments around the industry and are confident that the Company is well placed to manage its business risks successfully despite the uncertain economic outlook. Accordingly they continue to adopt the going concern basis in preparing the 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. Page 12
NORTHERN IRELAND SCIENCE PARK (HOLDINGS) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 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 | 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.
| 2.6 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.7 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds. Page 13
NORTHERN IRELAND SCIENCE PARK (HOLDINGS) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.8 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. 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. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet 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 tax 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 balance sheet date.
| 2.9 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Long-term leasehold property | - | 10% straight line
|  |  |  | Plant and machinery | - | 33.3% straight line
|  |  |  | Fixtures and fittings | - | 15 - 25% straight line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.10 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment. Page 14
NORTHERN IRELAND SCIENCE PARK (HOLDINGS) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.11 | 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.
| 2.12 | 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.
| 2.13 | 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.
| 2.14 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
3. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Rent | 3,051 | 2,026
| Service charge | 1,216 | 1,314
| Projects | 3,303 | 2,033
| Other income | 1,221 | 2,088
|  | 8,791 | 7,461
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NORTHERN IRELAND SCIENCE PARK (HOLDINGS) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
4. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Audit of the financial statements of the company | 4 | 2
| Audit of the financial statements of the company's subsidiaries | 8 | 6
| Audit-related assurance services | 7 | 7
| Taxation compliance services | 5 | 4
5. | Employees
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Wages and salaries | 2,803 | 2,388
| Social security costs | 260 | 274
| Cost of defined contribution scheme | 104 | 292
|  | 3,167 | 2,954
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Finance and admin | 14 | 16
|  | Property | 11 | 11
|  | Projects | 23 | 23
|  |  | 48 | 50
6. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Directors' emoluments | 286 | 299
|  | 286 | 299
| The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2024: 1).
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NORTHERN IRELAND SCIENCE PARK (HOLDINGS) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
7. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Bank interest payable | 24 | 36
|  | 24 | 36
8. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Corporation tax |  |
| Current tax on profits for the year | - | (8)
|  | - | (8)
| Total current tax | - | (8)
| Deferred tax |  |
| Origination and reversal of timing differences | 42 | 64
| Total deferred tax | 42 | 64
| Tax on profit | 42 | 56
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NORTHERN IRELAND SCIENCE PARK (HOLDINGS) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 8.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Profit on ordinary activities before tax | 575 | 336
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 144 | 84
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | (1) | (1)
| Capital allowances for year in excess of depreciation | (36) | -
| Utilisation of tax losses | (107) | (85)
| Adjustments to tax charge in respect of prior periods | - | (6)
| Deferred tax | 42 | 64
| Total tax charge for the year | 42 | 56
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NORTHERN IRELAND SCIENCE PARK (HOLDINGS) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
9. | Tangible fixed assets
|  | Long-term leasehold property | Plant and machinery | Fixtures and fittings | Total
|  | £000 | £000 | £000 | £000
| Cost or valuation |  |  |  |
| At 1 April 2024 | 372 | 747 | 2,017 | 3,136
| Additions | - | 6 | 123 | 129
| At 31 March 2025 | 372 | 753 | 2,140 | 3,265
| Depreciation |  |  |  |
| At 1 April 2024 | 372 | 650 | 1,492 | 2,514
| Charge for the year on owned assets | - | 56 | 222 | 278
| At 31 March 2025 | 372 | 706 | 1,714 | 2,792
| Net book value |  |  |  |
| At 31 March 2025 | - | 47 | 426 | 473
| At 31 March 2024 | - | 97 | 525 | 622
10. | Fixed asset investments
| Subsidiary undertakings
| The following were subsidiary undertakings of the Company:
| Name | Registered office | Class of shares | Holding
| Northern Ireland Science Park Property Limited | N. Ireland | Ordinary | 100%
| North West Regional Science Park Limited | N. Ireland | Ordinary | 100%
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NORTHERN IRELAND SCIENCE PARK (HOLDINGS) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
11. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Trade debtors | 313 | 451
| Amounts owed by group undertakings | 254 | 191
| Other debtors | - | 1
| Prepayments and accrued income | 793 | 260
|  | 1,360 | 903
| Amounts owed by group undertakings are unsecured, interest free and repayable on demand.
12. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Cash at bank and in hand | 960 | 1,765
|  | 960 | 1,765
13. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Bank loans | 168 | 170
| Trade creditors | 360 | 471
| Other taxation and social security | 102 | 108
| Other creditors | 115 | 38
| Accruals and deferred income | 965 | 1,827
|  | 1,710 | 2,614
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NORTHERN IRELAND SCIENCE PARK (HOLDINGS) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
14. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Bank loans | 70 | 238
|  | 70 | 238
| Bank loans consist of £238k (2024: £408k) of loans from the company's bankers relating to CBILS loans received. The loans are repayable in monthly instalments of £14k over 6 years from September 2020 to September 2026 at an interest rate of 3.5% plus Bank of Ireland UK Base Rate. This is a circular guarantee loan with security over the assets and holdings of the Catalyst group.
15. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Amounts falling due within one year |  |
| Bank loans | 168 | 170
|  | 168 | 170
| Amounts falling due 1-2 years |  |
| Bank loans | 70 | 238
|  | 70 | 238
|  | 238 | 408
| The long-term loans are secured by a circular guarantee over the assets and holdings of the Catalyst group.
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NORTHERN IRELAND SCIENCE PARK (HOLDINGS) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
16. | Deferred taxation
|  | 2025
|  | £000
| At beginning of year | (64)
| Charged to profit or loss | (42)
| At end of year | (106)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Accelerated capital allowances | (105) | (64)
|  | (105) | (64)
17. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
|  | Allotted, called up and fully paid |  |
|  | 1 (2024 - 1) Ordinary Shares share of £1.00 | - | -
18. | Contingent liabilities
The group of which this company is a member has granted fixed charges over its present and future freehold and leasehold property and on any rents receivable arising out of the lease of these properties and a floating charge over the undertaking, goodwill, property and assets both present and future in favour of the Department for the Economy and Belfast Harbour Commission in respect of all receipts of grant monies due or to become due under the terms of funding agreements. It has also given unlimited guarantee to repay all monies due on intra group receipts of capital grants under the funding agreements. At 31 March 2025 the group had received capital advances totalling £25m (2024: £25m).
19. | Related party transactions
| The Company is a wholly owned subsidiary of Northern Ireland Science Park Foundation Limited, a company incorporated in Northern Ireland, whose registered office is The innovation Centre, Queen's Road, Queen's Island, Belfast, BT3 9DT. Group financial statements for Northern Ireland Science Park Limited are prepared. The Company has taken advantage of the exemptions contained in FRS 102 not to disclose transactions with wholly owned subsidiaries of Northern Ireland Science Park Foundation Limited.
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NORTHERN IRELAND SCIENCE PARK (HOLDINGS) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
20. | Post balance sheet events
There were no events subsequent to the balance sheet date requiring disclosure in the financial statements
21. | Controlling party
The largest and smallest group in which the results of the Company are consolidated is that headed by Northern Ireland Science Park Foundation Limited, a company incorporated in Northern Ireland, whose registered office is The Innovation Centre, Queen's Road, Queen's Island, Belfast, BT3 9DT, which is considered to be the ultimate controlling party of the Company. No other group financial statements include the results of the Company. The consolidated financial statements of this group are available to the public and may be obtained from Companies House.
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