ACCOUNTS - Final Accounts preparation

Hire purchase and finance leases

Unaudited Financial Statements

Lisowen Contracts Limited

For the year ended 31 March 2025

Registered number: NI635631


Lisowen Contracts Limited

Company Information

Directors	James Ronald David Stevenson
	Jamie Stevenson
	Robert Ian Mcdougall


Registered number	NI635631


Registered office	Doran's Rock
	124 Crossgar Road
	Saintfield
	Down
	BT24 7JQ


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


Bankers	Danske Bank
	South Business Centre
	45-48 High Street
	Portadown
	Craigavon
	BT62 1LB


Lisowen Contracts Limited

Contents

	Page
Accountants' report	1
Balance sheet	2 - 3
Notes to the financial statements	4 - 10

Independent Accountant's Report to the directors of the unaudited financial statements of Lisowen Contracts Limited for the year ended 31 March 2025

In order to assist you fulfil your duties under the Companies Act 2006, we have compiled the financial statements of Lisowen Contracts Limited 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 to the financial statements, including a summary of significant accounting policies, from the company's accounting records and from information and explanations you have given to us.

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

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

We have carried out this engagement in accordance with International Standard on Related Services 4410 (Revised) Compilation Engagements issued by the International Auditing and Assurance Standards Board (the ‘IAASB’’) and have complied with the ethical guidance laid down by the IESBA Code and Chartered Accountants Ireland relating to members undertaking the compilation of financial statements.

You have approved the financial statements for the year ended 31 March 2025 and you have acknowledged on the Balance sheet as at 31 March 2025 your duty to ensure that Lisowen Contracts Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view in accordance with the Companies Act 2006. You consider that Lisowen Contracts Limited is exempt from the statutory audit requirement for the year ended 31 March 2025.

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

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

Date: 11 December 2025

Page 1


Lisowen Contracts Limited Registered number:NI635631

Balance sheet

As at 31 March 2025

		2025		2024
Note		£		£

Fixed assets
Tangible assets	5		726,859		205,834
			726,859		205,834
Current assets
Debtors: amounts falling due within one year	6	5,259		40,493
Cash at bank and in hand	7	184,790		126,123
		190,049		166,616
Creditors: amounts falling due within one year	8	(162,552)		(46,651)
Net current assets			27,497		119,965
Total assets less current liabilities			754,356		325,799
Creditors: amounts falling due after more than one year	9		(355,604)		-
Provisions for liabilities
Deferred tax		(45,617)		(27,379)
			(45,617)		(27,379)
Net assets			353,135		298,420

Capital and reserves
Called up share capital	11	150	150
Profit and loss account	12	352,985	298,270
		353,135	298,420

Page 2


Lisowen Contracts Limited Registered number:NI635631

Balance sheet (continued)

As at 31 March 2025

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

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

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

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

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

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 11 December 2025.

Jamie Stevenson

Director

The notes on pages 4 to 10 form part of these financial statements.

Page 3


Lisowen Contracts Limited

Notes to the financial statements

For the year ended 31 March 2025

1.	General information

Lisowen Contracts Limited is a private company limited by shares and incorporated in Northern Ireland. Its registered office is Doran's Rock, 124 Crossgar Road, Saintfield, BT24 7JQ.
The principal activity of the company during the year was that of equipment rental.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2014. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The Company qualifies as a small company as defined by section 280A of the Act, in respect of the financial year and has applied the rules of the ‘Small Companies Regime’ in accordance with section 280C of the Act and section 1A of FRS 102.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The financial statements are presented in Sterling (£).
The following principal accounting policies have been applied:

2.2

Going concern

The directors have assessed that there are adequate resources to meet the ongoing costs of the business for a minimum of 12 months from the date of signing the financial statements. For this reason the financial statements have been prepared on a going concern basis which presumes the realisation of assets and liabilities in the normal course of business.

2.3

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.

Page 4


Lisowen Contracts Limited

Notes to the financial statements

For the year ended 31 March 2025

2.Accounting policies (continued)

2.4

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.

2.5

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.

2.6

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.

Page 5


Lisowen Contracts Limited

Notes to the financial statements

For the year ended 31 March 2025

2.Accounting policies (continued)

2.6

Tangible fixed assets (continued)

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:

Plant and machinery

10%

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.

2.7

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.

2.8

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.

2.9

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.

2.10

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.

Page 6


Lisowen Contracts Limited

Notes to the financial statements

For the year ended 31 March 2025

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

Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:
Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on future investments, economic utilisation and the physical condition of the assets.
Recoverability of debtors
Estimates are made in respect of the recoverable value of trade and other debtors. When assessing the level of provisions required, factors including current trading experience, historical experience and the ageing profile of debtors are considered.

Employees

The average monthly number of employees, including directors, during the year was 3 (2024 - 3).

Page 7


Lisowen Contracts Limited

Notes to the financial statements

For the year ended 31 March 2025

5.	Tangible fixed assets

		Plant and machinery
		£
	Cost or valuation
	At 1 April 2024	466,830
	Additions	697,000
	Disposals	(72,000)
	At 31 March 2025	1,091,830
	Depreciation
	At 1 April 2024	260,996
	Charge for the year	103,975
	At 31 March 2025	364,971
	Net book value
	At 31 March 2025	726,859
	At 31 March 2024	205,834

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
	2025	2024
	£	£


Plant and machinery	567,708	-
	567,708	-

Page 8


Lisowen Contracts Limited

Notes to the financial statements

For the year ended 31 March 2025

6.	Debtors: Amounts falling due within one year

					2025	2024
					£	£


Prepayments and accrued income	5,259	40,493
	5,259	40,493

7.	Cash and cash equivalents
		2025	2024
		£	£

Cash at bank and in hand	184,790	126,123
	184,790	126,123

8.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Trade creditors	4,584	1,080
Amounts owed to connected company	39,535	8,994
Corporation tax	-	26,857
Other taxation and social security	13,511	6,820
Obligations under finance lease and hire purchase contracts	101,222	-
Accruals and deferred income	3,700	2,900
	162,552	46,651

Trade and other creditors are payable at various dates over the coming months in accordance with the suppliers’ usual and customary credit terms.
Corporation tax and other taxes including social insurance are repayable at various dates over the coming months in accordance with the applicable statutory provisions.

9.	Creditors: Amounts falling due after more than one year
		2025	2024
		£	£

Net obligations under finance lease and hire purchase contracts	355,604	-
	355,604	-

Page 9


Lisowen Contracts Limited

Notes to the financial statements

For the year ended 31 March 2025

Within one year	101,222	-
Between 1-5 years	355,605	-
	456,827	-

11.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

100 (2024 - 100) A Ordinary shares of £1.00 each	100	100
50 (2024 - 50) B Ordinary shares of £1.00 each	50	50

	150	150

12.

Reserves

Profit and loss account

Profit and loss account includes all current and prior year retained profits and losses.

13.	Related party transactions
	The company had the following related party transactions during the period: The company had net transactions of £30,541 with a company connected by common control. At the balance sheet date the amount owed to that company was £39,535 (2024: £8,994). The loan is unsecured, interest free and repayable upon demand.

Page 10