REGISTERED NUMBER: NI051631 (Northern Ireland)

PK MURPHY DEVELOPMENTS LTD

Audited Financial Statements for the Year Ended 31 March 2025

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

Patrick Kieran Murphy

Ryan Murphy

Niall Murphy

REGISTERED OFFICE:

91 Sluggan Road

Pomeroy

Co. Tyrone

BT70 2UP

REGISTERED NUMBER:

NI051631 (Northern Ireland)

INDEPENDENT AUDITORS:

Cooper Parry Audit (Ireland) Limited

Statutory Auditor

36-38 Northland Row

Dungannon

Co. Tyrone

BT71 6AP

BANKERS:

Bank of Ireland

Market Street

Magherafelt

Derry

BT45 6EE

SOLICITORS:

Miller Shearer & Black

40 Molesworth Street

Cookstown

BT80 8PH

CURRENT ASSETS

Inventories

5

6,573,359

6,850,446

Receivables: amounts falling due within one year

6

884,586

252,710

Cash at bank

2,341,538

2,689,269

9,799,483

9,792,425

PAYABLES

Amounts falling due within one year

7

(8,399,422

)

(8,453,219

)

NET CURRENT ASSETS

1,400,061

1,339,206

TOTAL ASSETS LESS CURRENT LIABILITIES

1,400,061

1,339,206

CAPITAL AND RESERVES

Called up share capital

8

2

2

Retained earnings

1,400,059

1,339,204

SHAREHOLDERS' FUNDS

1,400,061

1,339,206

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 November 2025 and were signed on its behalf by:

Patrick Kieran Murphy - Director

1.	STATUTORY INFORMATION

PK Murphy Developments Ltd is a private company, limited by shares, registered in Northern Ireland within the United Kingdom. The company's registered number and registered office address can be found on the Company Information page.

The presentational currency of the financial statements is Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets. The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.

Revenue

Turnover represents net invoices sales of goods and services , excluding value added tax. The majority of turnover is on long term contracts. These contracts are assessed on a contract by contract basis and are reflected in the profit and loss account by recording turnover and related costs by reference to the stage of completion at the reporting date. Where the outcome of each long-term contract can be assessed with reasonable certainty before its conclusion, the attributable profit is recognised in the profits and loss account as the difference between the reported turnover and related costs for that contract. Provision is made for all known or expected losses.

Inventories

Inventories and Work in Progress are valued at the lower of cost and net realisable value. Cost in respect of finished goods represents direct materials, direct labour and a proportion of appropriate overheads. Net realisable value is the price at which inventory can be realised in the normal course of business. Provision is made where necessary for obsolete, slow moving and defective inventory.

Work in Progress is valued on the basis of direct costs plus attributable overheads based on normal activity. Provisions are made for any foreseeable losses where appropriate. No element of profit is included in the valuation of Work in Progress.

Financial instruments

The company have chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other receivables, cash and bank balances and amounts owed by related parties are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans and overdrafts and amounts owed to related parties are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

(iii) Offsetting

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation

Taxation for the year comprises current tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Cash flow statement

The company has availed of the exemption in FRS 102 Section 1A from the requirement to prepare a Statement of Cash Flows because it is classified as a small company.

Dividends

Dividends are recognised when they become legally payable. Interim dividends are recognised when paid. Final dividends are recognised when approved by the shareholders at an annual general meeting.

Cash and cash equivalents

Cash and cash equivalents includes cash in hand and deposits held at call with banks.

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

Finance Costs

Finance costs are charged to the Income Statement over the term of the debt.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2024 - NIL).

5.	INVENTORIES

2025

2024

£

£

Work-in-progress

6,573,359

6,850,446

6.

RECEIVABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Amounts owed by group undertakings

50,045

50,045

Other receivables

218,157

202,665

Tax

66,381

-

Prepayments and accrued income

550,003

-

884,586

252,710

The amounts owed by group undertakings are not secured and are repayable on demand.

7.

PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade payables

3,135

8,026

Amounts owed to group undertakings

7,528,727

7,125,207

Amounts owed to related parties

847,790

1,035,225

Tax

-

83,845

Accruals and deferred income

19,770

200,916

8,399,422

8,453,219

Amount owed to group companies and related undertakings are considered to be payable on demand.

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

200

W Ordinary

0.01

2

2

10

X Ordinary

0.01

-

-

10

Y Ordinary

0.01

-

-

2

2

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Auditors' Report was unqualified.

Mr. Desmond Kelly FCA (Senior Statutory Auditor)

for and on behalf of Cooper Parry Audit (Ireland) Limited

10.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

At the year end there were amounts owed to related parties of £847,790 (2024: £1,035,225) disclosed within note 7.

Related parties are deemed to be related by virtue of common directors and shareholders.

Dividends were issued to the directors of the company totalling £40,000 (2024: £40,000), by virtue of their shareholding in the company.

No other transactions with related parties were undertaken such as are required to be disclosed under FRS102 paragraph 33.

11.	ULTIMATE CONTROLLING PARTY

The immediate and ultimate parent company is Termon Holdings Ltd, a company incorporated in Northern Ireland.

The smallest and largest group for which consolidated accounts are prepared including the results of this company is Termon Holdings Ltd.

The ultimate controlling party is the Murphy family.