Hilmark Limited

	Page
Company Information	1
Strategic Report	2
Directors' Report	3—4
Independent Auditor's Report	5—7
Profit and Loss Account	8
Statement of Comprehensive Income	9
Balance Sheet	10
Statement of Changes in Equity	11
Cash Flow Statement	12
Notes to the Cash Flow Statement	13
Notes to the Financial Statements	14—20

Page 1

Page 2

Hilmark Limited

Strategic Report

For The Year Ended 31 December 2024

Strategic Report

The directors present their strategic report for the year ended 31 December 2024.

Review of the Business

Hilmark Limited's trading results for the year ended 31 December 2024 show a profit of £696,453 (2023: £422,908).

The business has continued its development of land sites during the year.

The key financial and other performance indicators during the year were as follows:

	2024	2023
	£	£
Turnover	12,015,531	10,954,363
GP%	13.21%	15.61%
NP%	5.06%	3.86%
Current Ratio	1.78 : 1	1.69 : 1

Principal Risks and Uncertainties

There are certain risk factors which could affect the company's future results and cause them to be materially different from expected results. The factors considered should not be regarded as a complete and comprehensive statement of all risks and uncertainties.

Market risk

The principal risk is a reduction in sales volume in response to the macroeconomic environment including the availability of mortgage finance for house purchases. The company manages this risk by strengthening the sales team and reviewing sales targets on a regular basis.

Liquidity risk

The company manages financial risk by monitoring cashflow to ensure that the company is able to meet its foreseeable debts as they fall due.

Financial key performance indicators

The business produces a range of Key Performance Indicators to aid the effective management of the business.

On behalf of the board

Mr Ashley Elliott

Director

03/11/2025

Page 2

Page 3

Hilmark Limited

Company No. NI039845

Directors' Report For The Year Ended 31 December 2024

Directors' Report

The directors present their report and the financial statements for the year ended 31 December 2024.

Principal Activity

The company's principal activity continues to be that of residential property development..

Dividends

No dividends will be distributed for the year ended 31 December 2024.

Political Donations and Expenditure

The company did not make any disclosable political donations in the current financial year.

Directors

The directors who held office during the year were as follows:

Mr Keith Elliott

Mr Mark Elliott

Mr Steven Elliott

Mr Ashley Elliott

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', 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 of the profit or loss of the company for that period. In preparing the 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;
state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
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.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement of Disclosure of Information to Auditors

In the case of each director in office at the date the Directors' Report is approved:

so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Page 3

Page 4

Hilmark Limited

Directors' Report (continued)

For The Year Ended 31 December 2024

Independent Auditors

The auditors, WHR Accountants Ltd, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.

On behalf of the board

Mr Ashley Elliott

Director

03/11/2025

Page 4

Page 5

Independent Auditor's Report

to the Members of

Hilmark Limited

Independent Auditor's Report

Opinion

We have audited the financial statements of Hilmark Limited for the year ended 31 December 2024 which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes of Equity, Cash Flow Statement 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit/(loss) 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 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 entity's ability to continue as a going concern for a period of at least 12 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 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. 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 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.

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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Page 5

Page 6

Independent Auditor's Report (continued)

to the Members of

Hilmark Limited

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 Strategic Report or 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 or 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 set out on page 3—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.

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, and 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:

-the Company's own assessment of the risk that irregularities may occur either as a result of fraud or error;

-the results of our enquiries of management about their own identification and assessment of the risks of irregularities;

-any matters we identified having obtained and reviewed the Company's documentation of their policies and procedures relating to:

identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;

detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and

the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and

-the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

In addition to the above, our procedures to respond to risks identified included the following:

-reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

-enquiring of management, directors concerning actual and potential litigation and claims;

-performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

-reading minutes of meeting of directors, reviewing internal audit reports and reviewing correspondence with HMRC; and

-in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments;

-assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and

-evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occuring due to fraud rather than error, as fraud involves intentional concealment,forgery,collusion,omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Page 6

Page 7

Independent Auditor's Report (continued)

to the Members of

Hilmark Limited

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 that 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.

James Robinson (Senior Statutory Auditor)

for and on behalf of WHR Accountants Ltd , Statutory Auditor

03/11/2025

WHR Accountants Ltd

Chartered Certified Accountants

56 Upper English Street

Armagh

Co. Armagh

BT61 7LG

Page 7

Page 8

Hilmark Limited

Profit and Loss Account

For The Year Ended 31 December 2024

Profit and Loss Account

		2024	2023
	Notes	£	£
TURNOVER	3	12,015,531	10,954,363
Cost of sales		(10,428,569 )	(9,244,518 )

GROSS PROFIT		1,586,962	1,709,845

Administrative expenses		(967,020 )	(902,682 )
Other operating income		123,759	128,138

OPERATING PROFIT	4	743,701	935,301
Income from other fixed asset investments		87,593	142,321
Loss on disposal of fixed asset investments		(87,500)	(397,685)
Other interest receivable and similar income	9	30,521	18,416
Interest payable and similar charges	10	(166,139 )	(275,445 )

PROFIT FOR THE FINANCIAL YEAR		608,176	422,908

The notes on pages 13 to 20 form part of these financial statements.

Page 8

Page 9

Hilmark Limited

Statement of Comprehensive Income

For The Year Ended 31 December 2024

Statement of Comprehensive Income

	2024	2023
	£	£
PROFIT FOR THE FINANCIAL YEAR	608,176	422,908
OTHER COMPREHENSIVE INCOME FOR THE YEAR	-	-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR	608,176	422,908

Page 9

Page 10

Hilmark Limited

Balance Sheet

As At 31 December 2024

Balance Sheet

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	12		35,892		47,731
Investment Properties	13		750,667		742,333
Investments	14		185,087		272,587

			971,646		1,062,651
CURRENT ASSETS
Stocks	15	27,978,021		28,561,122
Debtors	16	3,749,847		3,926,508
Cash at bank and in hand		720,192		716,336

		32,448,060		33,203,966
Creditors: Amounts Falling Due Within One Year	17	(18,181,388 )		(19,636,475 )

NET CURRENT ASSETS (LIABILITIES)			14,266,672		13,567,491

TOTAL ASSETS LESS CURRENT LIABILITIES			15,238,318		14,630,142

NET ASSETS			15,238,318		14,630,142

CAPITAL AND RESERVES
Called up share capital	18		100		100
Profit and Loss Account			15,238,218		14,630,042

SHAREHOLDERS' FUNDS			15,238,318		14,630,142

On behalf of the board

Mr Ashley Elliott

Director

03/11/2025

The notes on pages 13 to 20 form part of these financial statements.

Page 10

Page 11

Hilmark Limited

Statement of Changes in Equity

For The Year Ended 31 December 2024

Statement of Changes in Equity

	Share Capital	Profit and Loss Account	Total
	£	£	£
As at 1 January 2023	100	14,207,134	14,207,234
Profit for the year and total comprehensive income	-	422,908	422,908

As at 31 December 2023 and 1 January 2024	100	14,630,042	14,630,142


Profit for the year and total comprehensive income	-	608,176	608,176

As at 31 December 2024	100	15,238,218	15,238,318

Page 11

Page 12

Hilmark Limited

Cash Flow Statement

For The Year Ended 31 December 2024

Cash Flow Statement

		2024	2023
	Notes	£	£
Cash flows from operating activities
Net cash generated from operations	1	60,215	4,378,288
Interest paid		(166,139 )	(275,445 )

Net cash (used in)/generated from operating activities		(105,924 )	4,102,843

Cash flows from investing activities
Purchase of tangible assets		(8,334 )	(137,355 )
Proceeds from disposal of other fixed asset investments		-	118,393
Interest received		30,521	18,416
Dividends received		87,593	142,321

Net cash generated from investing activities		109,780	141,775

Cash flows from financing activities
Proceeds from new other loans		-	(4,635,699)



Increase/(decrease) in cash and cash equivalents		3,856	(391,081 )
Cash and cash equivalents at beginning of year	2	716,336	1,107,417

Cash and cash equivalents at end of year	2	720,192	716,336

Page 12

Page 13

Hilmark Limited

Notes to the Cash Flow Statement

For The Year Ended 31 December 2024

Notes to the Cash Flow Statement

1. Reconciliation of profit for the financial year to cash generated from operations

	2024	2023
	£	£
Profit for the financial year	608,176	422,908
Adjustments for:
Interest expense	166,139	275,445
Interest income	(30,521 )	(18,417 )
Income from investments	(87,593)	(142,321)
Depreciation of tangible assets	11,839	10,325
Loss on disposal of fixed asset investments	87,500	397,685
Movements in working capital:
Decrease in stocks	583,101	227,057
Decrease in trade and other debtors	176,661	3,389,514
Decrease in trade and other creditors	(1,455,087 )	(183,908 )

Net cash generated from operations	60,215	4,378,288

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	2024	2023
	£	£
Cash at bank and in hand	720,192	716,336

3. Analysis of changes in net funds

	As at 1 January 2024	Cash flows	As at 31 December 2024
	£	£	£
Cash at bank and in hand	716,336	3,856	720,192

Page 13

Page 14

Hilmark Limited

Notes to the Financial Statements

For The Year Ended 31 December 2024

Notes to the Financial Statements

1. General Information

Hilmark Limited is a private company, limited by shares, incorporated in Northern Ireland, registered number NI039845 . The registered office is 19 Church Road, Portadown, Co. Armagh, BT63 5HY.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

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

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 FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 33 Related Party Disclosures paragraph 33.7.

2.3. Exemption From Preparing Consolidated Financial Statements

The company has taken advantage of the exemption under section 401 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group on the basis that it is a subsidiary undertaking and its immediate parent undertaking is not established under the law of an EEA State.

2.4. Significant judgements and estimations

Management is required to make key decisions and judgements in the process of applying the company's accounting policies. Management has not made any critical judgements that have a significant effect on the amounts recognised in the financial statements. The key source of estimation uncertainty is the valuation of work in progress. Where judgement and estimation has been applied, the key factors taken into consideration are disclosed in the accounting policies and the appropriate note in these financial statements.

Net realisable value of development sites and land

There can be an underlying volatility to the property market at any paricular point in time. The directors regularly review both the carrying value and the net realisable value of development sites and work in progress to ensure a write-down is not required. All of the company's development sites continue to generate healthy levels of profitability.

2.5. Turnover

The Company's primary source of income is generated from the sale of residential property. Revenue from property sales is recognised at the contract date, at which point a binding legal agreement between the company and the purchaser has been agreed.

Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for houses supplied and services rendered, stated net of discounts and value added taxes.

2.6. Tangible Fixed Assets and Depreciation

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

Fixtures & Fittings

20% Straight Line

2.7. Investment Properties

Investment properties are initally measured at cost. Cost comprises the purchase price and directly attributable expenditure including fees, taxes and other transaction costs. The property will continue to be measured at cost until construction is completed, after which it will be measured at fair value where this can be determined reliably without undue cost or effort.

2.8. Investments

Investments in subsidiary and associate undertakings are recognised at cost.

Page 14

Page 15

Hilmark Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.9. Stocks and Work in Progress

Stocks are valued at the lower of cost and net realisable value. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. Net realisable value represents the estimated selling price less all estimated costs to completion taking into account current market conditions.

Work in progress is valued on the bais of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

2.10. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

2.11. Financial Instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit of loss.

All other such investments are subsequently measured at cost less impairment.

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

2.12. Taxation

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

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

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

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

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

Page 15

Page 16

Hilmark Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.13. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

3. Turnover

Analysis of turnover by class of business is as follows:

	2024	2023
	£	£
Residential Property Sales	12,015,531	10,954,363

4. Operating Profit

The operating profit is stated after charging:

	2024	2023
	£	£
Operating lease rentals	3,593	4,089
Depreciation of tangible fixed assets	11,839	10,325

5. Auditor's Remuneration

Remuneration received by the company's auditors and their associates during the year was as follows:

	2024	2023
	£	£
Audit Services
Audit of the company's financial statements	21,541	16,697

6. Staff Costs

Staff costs, including directors' remuneration, were as follows:

	2024	2023
	£	£
Wages and salaries	588,339	536,681
Other pension costs	24,417	21,471

	612,756	558,152

7. Average Number of Employees

Average number of employees, including directors, during the year was as follows:

	2024	2023
Office and administration	12	10

	12	10

8. Directors' remuneration

	2024	2023
	£	£
Emoluments	193,333	160,833

Page 16

Page 17

Hilmark Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

9. Interest Receivable and Similar Income

	2024	2023
	£	£
Deposit account interest	30,521	18,416
Other fixed asset invest - FII	87,593	142,321

	118,114	160,737

10. Interest Payable and Similar Charges

	2024	2023
	£	£
Bank loans and overdrafts	166,139	275,445

11. Tax on Profit

	2024	2023
The tax (credit)/charge on the profit for the year was as follows:
	£	£
Current tax
UK Corporation Tax	-	-


The actual (credit)/charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
	2024	2023
	£	£
Profit before tax	608,176	422,908

Tax on profit at 0% (UK standard rate)	-	-
Total tax charge for the period	-	-

12. Tangible Assets

	Fixtures & Fittings
	£
Cost
As at 1 January 2024	59,349
Disposals	(1,038 )

As at 31 December 2024	58,311

Depreciation
As at 1 January 2024	11,618
Provided during the period	11,839
Disposals	(1,038 )

As at 31 December 2024	22,419

Net Book Value
As at 31 December 2024	35,892

As at 1 January 2024	47,731

Page 17

Page 18

Hilmark Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

13. Investment Property

	2024
	£
Fair Value
As at 1 January 2024	742,333
Additions	8,334

As at 31 December 2024	750,667

Investment property under construction is carried at cost, including directly attributable development expenditure, in accordance with FRS 102. The property will continue to be measured at cost until construction is completed, after which it will be measured at fair value where this can be determined reliably without undue cost or effort.

14. Investments

	Subsidiaries	Associates	Other	Total
	£	£	£	£
Cost
As at 1 January 2024	102	184,985	87,500	272,587
Disposals	-	-	(87,500 )	(87,500 )

As at 31 December 2024	102	184,985	-	185,087

Provision
As at 1 January 2024	-	-	-	-

As at 31 December 2024	-	-	-	-

Net Book Value
As at 31 December 2024	102	184,985	-	185,087

As at 1 January 2024	102	184,985	87,500	272,587

Investments are shown at cost.

The market value of Loans to undertakings in which the company has a participating interest amounted to NIL at the balance sheet date.

Subsidiaries

Details of the company's subsidiaries as at 31 December 2024 are as follows:

Name of undertaking	Registered Office	Class of shares held	Direct holding	Indirect holding
LMG Developments Limited	19 Church Road, Portadown, BT63 5HY	Ordinary	100.00%	-
Regent Park Developments Limited	19 Church Road, Portadown, BT63 5HY	Ordinary	100.00%	-

15. Stocks

	2024	2023
	£	£
Stock	22,653,293	26,336,533
Work in progress	5,324,728	2,224,589

	27,978,021	28,561,122

Page 18

Page 19

Hilmark Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

16. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	6,000	140,000
Prepayments and accrued income	-	500
Other debtors	393,231	445,541
VAT	6,602	23,119
Amounts owed by group undertakings	1,696,919	1,070,000
Amounts owed by other participating interests	1,647,095	2,247,348

	3,749,847	3,926,508

17. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Trade creditors	522,848	285,204
Other taxes and social security	16,876	15,399
Other creditors	6,352	103,139
Accruals and deferred income	3,002	3,002
Amounts owed to group undertakings	17,632,310	19,229,731

	18,181,388	19,636,475

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

18. Share Capital

	2024	2023
Allotted, called up and fully paid	£	£
100 Ordinary Shares of £ 1.00 each	100	100

19. Post Balance Sheet Events

Subsequent to the balance sheet date, on 2 August 2025, the Company completed the disposal of its Investment in Crewsure Insurance Services Limited for a total consideration of £511,890.

20. Related Party Disclosures

During the year the company entered into the following transactions with related parties:

	Transaction value		Balance owed by / (owed to)
	2024	2023	2024	2023
	£	£	£	£
Hilmark Blue Horizon Developments LLP	(63,260)	(547,972)	74,643	137,384
Pharmapac (UK) Limited	(120,000)	(120,000)	6,000	126,000
Mercia Square Ltd	-	-	87,750	87,750
Kamell Ltd	-	-	122,645	122,645
Toberhewny Developments LLP	(148,042)	(113,251)	41,179	568,195
Farleigh Hilmark (Tower Bridge) LLP	11,372	288,528	1,529,565	1,540,936
Mountmorris Developments LLP	125	165	710	835

The company is a 50% partner in Hilmark Blue Horizon Developments LLP. Sales included £281,579 from Hilmark Blue Horizon Developments LLP and expenditure included £218,319.

...CONTINUED

Page 19

Page 20

Hilmark Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

20. Related Party Disclosures - continued

The company is a 50% partner in Toberhewny Developments LLP. Sales included £766,039 from Toberhewny Developments LLP and expenditure included £617,997.

The company is 50% partner in Farleigh Hilmark (Tower Bridge) LLP. Sales included £1,070,166 from Farleigh Hilmark (Tower Bridge) LLP and expenditure included £1,081,538

The company is a 33.3% partner in Mountnorris Developments LLP. Expenditure included from Mountnorris Developments LLP incuded £125.

21. Controlling Parties

Pincap Limited has control of the company, and the group, by way of a 100% shareholding. Pincap Limited is a company incorporated on the Isle of Man therefore group accounts for this company are not publicly available.

Page 20