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COMPANY REGISTRATION NUMBER: NI004897

Craigantlet Farms Limited

Financial Statements

31 January 2025

Craigantlet Farms Limited

Financial Statements

Year ended 31 January 2025

Contents | Pages

Officers and professional advisers | 1

Strategic report | 2 to 3

Directors' report | 4 to 5

Independent auditor's report to the members | 6 to 9

Statement of income and retained earnings | 10

Statement of financial position | 11

Statement of cash flows | 12

Notes to the financial statements | 13 to 23

Craigantlet Farms Limited

Officers and Professional Advisers

The board of directors Mr G R Weir BSc FCA |

Ms M Beverland

Company secretary | Mr G R Weir BSc FCA

Registered office | La Mon Hotel and Country Club
| 41 Gransha Road
| Comber
| Newtownards
| BT23 5RF

Auditor | MBS Chartered Accountants
| Chartered accountants & statutory auditor
| 3 High Street
| Larne
| Co Antrim
| BT40 1JN

Bankers | Bank of Ireland
| 1 Donegall Square South
| Beldast
| BT1 5LR

Solicitors | Agnew Andress Higgins
| 92 High Street
| Belfast
| BT1 2BG

Craigantlet Farms Limited

Strategic Report

Year ended 31 January 2025
Strategy & objectives Our objective is to be one of the leading hotels in the country in our class by providing a quality product and excellent service throughout the business, and ensuring all products are priced to be competitive and profitable. We aim to increase our customer base across all product ranges and services we provide, to ensure we are in a strong position and not reliant on any one stream of revenue. Our staff and human resource are key to the success of the business. We want to ensure we have the right people in the right jobs, through developing our own staff internally and recruiting experienced knowledgeable staff from the labour market when needed. Business Model Given the versatile nature of services on offer at the hotel we have several business models which combine to allow us to be successful. Accommodation is maintained to a high standard with the aim of achieving good occupancy at sustainable rates. Our restaurant and bistro offer comfortable and attractive dining areas with menus priced to ensure we are competitive but still profitable. By doing this we are able to attract local regular customers as well as hotel guests. Our country club offers excellent facilities to members and hotel guests. Our ample car parking, foyet space and function halls put us in a unique position to cater for conferences and functions of all sizes. Investment has also been made in the hotel WIFI infrastructure, a key requirement for conference business. Business environment The general tourism environment within N.I. has been and remains uncertain over the course of the last number of years. The outlook for the future of the industry continues to face challenges with regards to increase costs and labour availability. Risks facing the hotel The main risks facing the hotel include: - The UK’s decision to leave the European Union has continued to cause difficulties in recruiting staff and the more recent decision by the UK government to remove hospitality from the list of professions eligible for immigration. - The construction of new hotels in Belfast. - A reduced pool of talent of skilled employees in the hospitality sector. - Currency risk - the company has limited risk to currency fluctuations. - Finance & interest rate risk - the company has limited exposure to interest rate variations, as borrowings are small as a proportion of overall finances. - Credit risk - the company has no significant risks associated with credit. Customers who trade on credit terms are subject to strict verification procedures in advance of credit being granted. Outstanding balances are constantly monitored. Business performance Financial - Revenue for the year ended 31 January 2025 £4,921,589 (2024: £4,501,223). Revenue for the financial year continued to increase on prior year with the easing of covid restrictions and an increase in custom. - Gross margin is 75%. - Administration expenses continue to increase. - Limited marketing support and discounts have been obtained from beverage suppliers. - Net assets at the year end are £3.29m compared to £3.18m at the prior year end. The company has secure banking facilities and positive cash flows. Non-financial - Business levels improved significantly as the covid restrictions were relaxed.
This report was approved by the board of directors on 23 October 2025 and signed on behalf of the board by:

Mr G R Weir BSc FCA
Company Secretary

Registered office:
La Mon Hotel and Country Club
41 Gransha Road
Comber
Newtownards
BT23 5RF

Craigantlet Farms Limited

Directors' Report

Year ended 31 January 2025
The directors present their report and the financial statements of the company for the year ended 31 January 2025 .
Directors
The directors who served the company during the year were as follows:

Mr G R Weir BSc FCA |
Ms M Beverland |

Dividends
The directors do not recommend the payment of a dividend.
Disclosure of information in the strategic report
A strategic report has been prepared and is included within these financial statements.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies 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 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.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. A resolution to reappoint MBS Chartered Accountants as auditors will be proposed at the forthcoming Annual General Meeting.
This report was approved by the board of directors on 23 October 2025 and signed on behalf of the board by:

Mr G R Weir BSc FCA
Company Secretary

Registered office:
La Mon Hotel and Country Club
41 Gransha Road
Comber
Newtownards
BT23 5RF

Craigantlet Farms Limited

Independent Auditor's Report to the Members of Craigantlet Farms Limited

Year ended 31 January 2025
Opinion
We have audited the financial statements of Craigantlet Farms Limited (the 'company') for the year ended 31 January 2025 which comprise the statement of income and retained earnings, statement of financial position, statement of cash flows 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 FRS 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 January 2025 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 auditor's 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 UK, including the FRC’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 auditor’s report thereon. The directors are responsible for the other information. 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. 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 or apparent material misstatements, 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 strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In 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 strategic report or the director's report. We have nothing to report in respect of the following matters where 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.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, 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.
Auditor's 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 auditor’s 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: We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. In identifying and assessing potential risks of material misstatements in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the sales accounting as the most likely to be the area of highest risk. We remain mindful that fraud, by its nature, may be difficult to detect but we have tested controls in place and consider that our audit has a reasonable chance of detecting a material fraud in this area. Owing to the inherent limitation of an audit there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. In addition, as with any audit, there remains a higher risk of non-detection of irregularities, as they may involve collusion, forgery, intentional omission, misrepresentations or the override of financial controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. 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 on the effectiveness of the 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 auditor’s 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 auditor’s 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 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.

Simon Hopper FCA
(Senior Statutory Auditor)

For and on behalf of
MBS Chartered Accountants
Chartered accountants & statutory auditor
3 High Street
Larne
Co Antrim
BT40 1JN

23 October 2025

Craigantlet Farms Limited

Statement of Income and Retained Earnings

Year ended 31 January 2025

| 2025 | 2024
Note | £ | £
Turnover | 4 | 4,921,589 | 4,501,223

Cost of sales | 1,207,043 | 972,054
| ------------ | ------------
Gross profit | 3,714,546 | 3,529,169

Administrative expenses | 3,601,279 | 3,428,145
Other operating income | 5 | 558 | 1,568
|  | ------------ | ------------
Operating profit | 6 | 113,825 | 102,592

Other interest receivable and similar income | 10 | 63,491 | –
Interest payable and similar expenses | 11 | 246 | 1,653
| ------------ | ------------
Profit before taxation | 177,070 | 100,939

Tax on profit | 12 | 70,517 | 156,714
| --------- | ---------
Profit/(loss) for the financial year and total comprehensive income | 106,553 | ( 55,775)
| --------- | ---------

Retained earnings at the start of the year | 3,082,090 | 3,137,865
| ------------ | ------------
Retained earnings at the end of the year | 3,188,643 | 3,082,090
| ------------ | ------------

All the activities of the company are from continuing operations.

Craigantlet Farms Limited

Statement of Financial Position

31 January 2025

| 2025 | 2024
Note | £ | £ | £

Fixed assets

Intangible assets | 13 |  | 52,500 | 157,500
Tangible assets | 14 |  | 3,546,629 | 3,719,520
Investments | 15 |  | 395,000 | 395,000
|  | ------------ | ------------
|  | 3,994,129 | 4,272,020

Current assets

Stocks | 16 | 38,255 |  | 46,546
Debtors | 17 | 249,164 |  | 264,716
Cash at bank and in hand | 3,868,113 |  | 1,946,583
| ------------ |  | ------------
| 4,155,532 |  | 2,257,845

Creditors: amounts falling due within one year | 18 | 4,476,960 |  | 2,926,928
| ------------ |  | ------------
Net current liabilities |  | 321,428 | 669,083
|  | ------------ | ------------
Total assets less current liabilities |  | 3,672,701 | 3,602,937

Provisions

Taxation including deferred tax | 19 |  | 383,058 | 419,847
|  | ------------ | ------------
Net assets |  | 3,289,643 | 3,183,090
|  | ------------ | ------------

Capital and reserves

Called up share capital | 23 |  | 101,000 | 101,000
Profit and loss account |  | 3,188,643 | 3,082,090
|  | ------------ | ------------
Shareholders funds |  | 3,289,643 | 3,183,090
|  | ------------ | ------------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 23 October 2025 , and are signed on behalf of the board by:

Mr G R Weir BSc FCA |
Director |

Company registration number: NI004897

Craigantlet Farms Limited

Statement of Cash Flows

Year ended 31 January 2025

| 2025 | 2024
| £ | £

Cash flows from operating activities

Profit/(loss) for the financial year | 106,553 | ( 55,775)

Adjustments for: |  |
Depreciation of tangible assets | 172,891 | 168,995
Amortisation of intangible assets | 105,000 | 105,000
Government grant income | ( 558) | ( 1,568)
Other interest receivable and similar income | ( 63,491) | –
Interest payable and similar expenses | 246 | 1,653
Gains on disposal of tangible assets | – | ( 18,652)
Tax on profit | 70,517 | 156,714
Accrued income | ( 17,684) | ( 12,061)

Changes in: |  |
Stocks | 8,291 | ( 19,906)
Trade and other debtors | 50,331 | ( 58,552)
Trade and other creditors | ( 200,831) | 148,280
| --------- | ---------
Cash generated from operations | 231,265 | 414,128

Interest paid | ( 246) | ( 1,653)
Interest received | 28,712 | –
Tax paid | ( 78,578) | ( 73,821)
| --------- | ---------
Net cash from operating activities | 181,153 | 338,654
| --------- | ---------

Cash flows from investing activities

Purchase of tangible assets | – | ( 65,810)
Proceeds from sale of tangible assets | – | 29,167
| --------- | ---------
Net cash used in investing activities | – | ( 36,643)
| --------- | ---------

Cash flows from financing activities

Proceeds from borrowings | ( 7,361) | ( 31,043)
Proceeds from loans from group undertakings | 1,747,180 | ( 40,900)
Government grant income | 558 | 1,568
| ------------ | ---------
Net cash from/(used in) financing activities | 1,740,377 | ( 70,375)
| ------------ | ---------

Net increase in cash and cash equivalents | 1,921,530 | 231,636
Cash and cash equivalents at beginning of year | 1,946,583 | 1,714,947
| ------------ | ------------
Cash and cash equivalents at end of year | 3,868,113 | 1,946,583
| ------------ | ------------

Craigantlet Farms Limited

Notes to the Financial Statements

Year ended 31 January 2025
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is La Mon Hotel and Country Club, 41 Gransha Road, Comber, Newtownards, BT23 5RF.
2. Statement of compliance
The financial statements have been prepared in compliance with FRS102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The directors have estimated both the useful life and expected residual value of each fixed asset in arriving at the charge for depreciation in the period. Any changes in these estimates will be reflected in the financial year the changes take place.
Revenue recognition
Turnover represents the total invoice value, excluding value added tax, of sales made during the year. The turnover has all been derived from it's hotel division.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Transactions in foreign currencies are translated at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the balance sheet date. Non-monetary items carried at fair value that are denominated in foreign currencies are re-translated at the rates prevailing on the date when the fair value was determined. Non-monetary items that are measured at historical cost in a foreign currency are not re-translated. Exchange differences arising on the settlement of monetary items and on the retranslation of monetary items are taken to the profit and loss account. Exchange differences arising on non-monetary items, carried at fair value, are included in the profit and loss account, except for the differences arising on the retranslation of non-monetary items in respect of which gains and losses are recorded in equity. For such non-monetary items, any exchange component of that gain or loss is also recognised directly in equity.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

| Goodwill | - | 10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

| Land and buildings | - | 2% straight line
| Plant and machinery | - | 15% reducing balance
| Fixtures and fittings | - | 15% reducing balance
| Motor vehicles | - | 25% reducing balance

Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stock is valued at the lower of cost and net realisable value. Cost is computed by reference to the invoiced value of goods purchased on a first in, first out basis. Net realisable value is computed by reference to the market value less direct selling costs.
Government grants
Grants are credited to deferred income. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Turnover
It is not practical to separate turnover between sale of goods and provision of services.
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Other operating income

| 2025 | 2024
| £ | £
Government grant income | 558 | 1,568
| ---- | -------

6. Operating profit
Operating profit or loss is stated after charging/crediting:

| 2025 | 2024
| £ | £
Amortisation of intangible assets | 105,000 | 105,000
Depreciation of tangible assets | 172,891 | 168,995
Gains on disposal of tangible assets | – | ( 18,652)
Operating lease rentals | 9,004 | –
Foreign exchange differences | ( 7,644) | 12,639
| --------- | ---------

7. Auditor's remuneration

| 2025 | 2024
| £ | £
Fees payable for the audit of the financial statements | 8,000 | 8,000
| ------- | -------

8. Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:

| 2025 | 2024
| No. | No.
Administrative staff | 8 | 8
Number of other staff | 88 | 80
| ---- | ----
| 96 | 88
| ---- | ----

The aggregate payroll costs incurred during the year, relating to the above, were:

| 2025 | 2024
| £ | £
Wages and salaries | 1,418,118 | 1,366,288
Social security costs | 108,762 | 82,761
| ------------ | ------------
| 1,526,880 | 1,449,049
| ------------ | ------------

9. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:

| 2025 | 2024
| £ | £
Remuneration | 39,187 | 39,206
| -------- | --------

.
10. Other interest receivable and similar income

| 2025 | 2024
| £ | £
Interest on bank deposits | 63,491 | –
| -------- | ----

11. Interest payable and similar expenses

| 2025 | 2024
| £ | £
Interest on banks loans and overdrafts | – | 1,653
Other interest payable and similar charges | 246 | –
| ---- | -------
| 246 | 1,653
| ---- | -------

12. Tax on profit
Major components of tax expense

| 2025 | 2024
| £ | £

Current tax:

UK current tax expense | 107,306 | 78,637

Deferred tax:

Origination and reversal of timing differences | ( 36,789) | 78,077
| -------- | ---------
Tax on profit | 70,517 | 156,714
| -------- | ---------

Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2024: higher than) the standard rate of corporation tax in the UK of 25 % (2024: 25 %).

| 2025 | 2024
| £ | £
Profit on ordinary activities before taxation | 177,070 | 100,939
| --------- | ---------
Profit on ordinary activities by rate of tax | 44,268 | 24,256
(Surplus)/Deficit of capital allowances over depreciation | 63,038 | 54,381
Deferred tax | (36,789) | 78,077
| --------- | ---------
Tax on profit | 70,517 | 156,714
| --------- | ---------

13. Intangible assets

| Goodwill
| £
Cost |
At 1 February 2024 and 31 January 2025 | 1,050,000
| ------------
Amortisation |
At 1 February 2024 | 892,500
Charge for the year | 105,000
| ------------
At 31 January 2025 | 997,500
| ------------
Carrying amount |
At 31 January 2025 | 52,500
| ------------
At 31 January 2024 | 157,500
| ------------

14. Tangible assets

| Land and buildings | Plant and machinery | Fixtures and fittings | Motor vehicles | Total
| £ | £ | £ | £ | £
Cost |  |  |  |  |
At 1 February 2024 and 31 January 2025 | 5,681,726 | 2,696,695 | 3,166,932 | 89,310 | 11,634,663
| ------------ | ------------ | ------------ | -------- | -------------
Depreciation |  |  |  |  |
At 1 February 2024 | 2,312,546 | 2,567,233 | 3,013,107 | 22,257 | 7,915,143
Charge for the year | 113,635 | 19,419 | 23,074 | 16,763 | 172,891
| ------------ | ------------ | ------------ | -------- | -------------
At 31 January 2025 | 2,426,181 | 2,586,652 | 3,036,181 | 39,020 | 8,088,034
| ------------ | ------------ | ------------ | -------- | -------------
Carrying amount |  |  |  |  |
At 31 January 2025 | 3,255,545 | 110,043 | 130,751 | 50,290 | 3,546,629
| ------------ | ------------ | ------------ | -------- | -------------
At 31 January 2024 | 3,369,180 | 129,462 | 153,825 | 67,053 | 3,719,520
| ------------ | ------------ | ------------ | -------- | -------------

15. Investments

| Shares in group undertakings
| £
Cost |
At 1 February 2024 and 31 January 2025 | 395,000
| ---------
Impairment |
At 1 February 2024 and 31 January 2025 | –
| ---------

Carrying amount |
At 31 January 2025 | 395,000
| ---------
At 31 January 2024 | 395,000
| ---------

Shares in subsidiary companies consist of:-
La Mon House Limited
Country of incorporation Northern Ireland
Shares held 231,000 £1 ordinary shares
Proportion of nominal value shares held 100%
Principal activities Dormant company
Capital and reserves as at 31 January 2025 £20,000
Marmont Investment Company Limited
Country of incorporation Northern Ireland
Shares held 150,000 Ordinary shares of 1p each
150,000 Deferred shares of £1 each
Proportion of nominal value shares held 100%
Principal activities Property management
Capital and reserves as at 31 January 2025 £3,276,542
Loss for the year ended 31 January 2025 £362,662
Marmont Investment Company Limited, a subsidiary of Craigantlet Farms Limited also has an investment in a Spanish subsidiary company details of which are listed below:-
Craigantlet Marmont SL
Country of incorporation Spain
Shares held 5,400 shares of €100 each
Proportion of nominal value shares held 100%
Principal activities Property development
Capital and reserves as at 31 January 2025 -€157,929
Loss for the period ended 31 January 2025 €186,737
The statutory year end of Craigantlet Marmont SL is 31 December. The above figures are based on management accounts.
The company's interests in its subsidiary companies have been included at cost.
The directors are of the opinion that the aggregate value of the company consisting of shares in, or amounts owing from, the company's subsidiary undertakings is not less than the aggregate of the amounts at which those assets are stated or included in the company's balance sheet.
16. Stocks

| 2025 | 2024
| £ | £
Raw materials and consumables | 15,318 | 9,739
Finished goods and goods for resale | 22,937 | 36,807
| -------- | --------
| 38,255 | 46,546
| -------- | --------

17. Debtors

| 2025 | 2024
| £ | £
Trade debtors | 49,052 | 57,904
Amounts owed by group undertakings | ( 18,463) | 21,563
Prepayments and accrued income | 69,075 | 35,749
Other debtors | 149,500 | 149,500
| --------- | ---------
| 249,164 | 264,716
| --------- | ---------

18. Creditors: amounts falling due within one year

| 2025 | 2024
| £ | £
Bank loans and overdrafts | – | 7,361
Trade creditors | 130,337 | 275,825
Amounts owed to group undertakings | 3,279,680 | 1,532,500
Accruals and deferred income | 164,363 | 182,047
Corporation tax | 107,307 | 78,579
Social security and other taxes | 184,422 | 166,073
Other creditors | 610,851 | 684,543
| ------------ | ------------
| 4,476,960 | 2,926,928
| ------------ | ------------

19. Provisions

| Deferred tax (note 20)
| £
At 1 February 2024 | 419,847
Charge against provision | ( 36,789)
| ---------
At 31 January 2025 | 383,058
| ---------

20. Deferred tax
The deferred tax included in the statement of financial position is as follows:

| 2025 | 2024
| £ | £
Included in provisions (note 19) | 383,058 | 419,847
| --------- | ---------

The deferred tax account consists of the tax effect of timing differences in respect of:

| 2025 | 2024
| £ | £
Accelerated capital allowances | 383,058 | 419,847
| --------- | ---------

21. Government grants
The amounts recognised in the financial statements for government grants are as follows:

| 2025 | 2024
| £ | £

Recognised in other operating income:

Government grants recognised directly in income | 558 | 1,568
| ---- | -------

22. Financial instruments
The carrying amount for each category of financial instrument is as follows:

| 2025 | 2024
| £ | £

Financial assets measured at fair value through profit or loss

Investments | 395,000 | 395,000
| --------- | ---------

Financial assets that are debt instruments measured at amortised cost

Trade debtors | 49,052 | 57,904
| -------- | --------

Financial liabilities measured at amortised cost

Bank loans | – | 7,361
Trade creditors | 130,337 | 275,825
Other creditors | 610,851 | 684,543
| --------- | ---------
| 741,188 | 967,729
| --------- | ---------

23. Called up share capital
Issued, called up and fully paid

| 2025 | 2024
| No. | £ | No. | £
'A' Ordinary shares of £ 1 each | 73,800 | 73,800 | 73,800 | 73,800
'B' Ordinary shares of £ 1 each | 5,440 | 5,440 | 5,440 | 5,440
'C' Ordinary shares of £ 1 each | 5,440 | 5,440 | 5,440 | 5,440
'D' Ordinary shares of £ 1 each | 5,440 | 5,440 | 5,440 | 5,440
'E' Ordinary shares of £ 1 each | 5,440 | 5,440 | 5,440 | 5,440
'F' Ordinary shares of £1 each | 5,440 | 5,440 | 5,440 | 5,440
| --------- | --------- | --------- | ---------
| 101,000 | 101,000 | 101,000 | 101,000
| --------- | --------- | --------- | ---------

All classes of shares rank pari passu in respect of voting rights. Holders of B, C, D and E shares are entitled to a total cumulative preferential dividend of £5,000 per year per class of share. The holder of F shares is entitled to a total cumulative preferential dividend of £10,000 per year. No dividends declared in year.
24. Analysis of changes in net debt

| At 1 Feb 2024 | Cash flows | At 31 Jan 2025
| £ | £ | £
Cash at bank and in hand | 1,946,583 | 1,921,530 | 3,868,113
Debt due within one year | (1,539,861) | (1,739,819) | (3,279,680)
| ------------ | ------------ | ------------
| 406,722 | 181,711 | 588,433
| ------------ | ------------ | ------------

25. Related party transactions
The balance owed to Craigantlet Farms Limited from Nugent Estates Trading Company Limited at period end is £(18,463) (2024: £21,563). The balance owed to Marmont Investment Company Limited from Craigantlet Farms Limited at period end £3,259,680 (2024: £1,512,500) The balance owed to La Mon House Ltd, a subsidiary company, from Craigantlet Farms Limited at period end £20,000 (2024: £20,000)
26. Controlling party
The ultimate parent company is Craigantlet Holdings Limited, a company registered in Northern Ireland. The ultimate controlling party are the directors of that company by virtue of their shareholding.