REGISTERED NUMBER: NI696404 (Northern Ireland)

LEITRIM NO 1 LTD

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

J Keenan

REGISTERED OFFICE:

Unit 8 Opus Business Park

Magherafelt

Co. Londonderry

BT45 6BB

REGISTERED NUMBER:

NI696404 (Northern Ireland)

AUDITORS:

McAleer Jackson Ltd

Chartered Accountants & Statutory Auditors

Church House

24 Dublin Road

OMAGH

Co. Tyrone

BT78 1HE

BANKERS:

Danske Bank

North Business Centre

1 - 2 Broadway

Ballymena

Co. Antrim

BT43 7AA

FIXED ASSETS

Tangible assets

4

1,385,775

1,424,344

CURRENT ASSETS

Debtors

5

43,086

-

Cash at bank

82,247

9,371

125,333

9,371

CREDITORS

Amounts falling due within one year

6

1,453,345

1,374,099

NET CURRENT LIABILITIES

(1,328,012

)

(1,364,728

)

TOTAL ASSETS LESS CURRENT LIABILITIES

57,763

59,616

PROVISIONS FOR LIABILITIES

88,364

96,472

NET LIABILITIES

(30,601

)

(36,856

)

CAPITAL AND RESERVES

Called up share capital

100

100

Revaluation reserve

7

46,159

46,159

Retained earnings

(76,860

)

(83,115

)

(30,601

)

(36,856

)

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 director and authorised for issue on 12 December 2025 and were signed by:

J Keenan - Director

1.	STATUTORY INFORMATION

Leitrim No 1 Ltd is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements are shown in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land & buildings

-

2% straight line

Plant and machinery

-

10% straight line

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provisions for impairment.

Taxation

Taxation for the year comprises current and deferred 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 or deferred taxation assets and liabilities are not discounted.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit and loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

Going concern

The director has a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. It has the continued support of the Group which has considerable financial resources, thus, it continues to adopt the going concern basis in preparing the annual financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2024 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Land &

Plant and

buildings

machinery

Totals

£

£

£

COST OR VALUATION

At 1 April 2024

1,100,000

324,344

1,424,344

Additions

7,617

-

7,617

At 31 March 2025

1,107,617

324,344

1,431,961

DEPRECIATION

Charge for year

13,752

32,434

46,186

At 31 March 2025

13,752

32,434

46,186

NET BOOK VALUE

At 31 March 2025

1,093,865

291,910

1,385,775

At 31 March 2024

1,100,000

324,344

1,424,344

Land and buildings originally cost £1,046,072 and was previously revalued in 2024.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Other debtors

43,086

-

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Amounts owed to group undertakings

1,436,962

1,364,199

Taxation and social security

14,283

7,900

Other creditors

2,100

2,000

1,453,345

1,374,099

7.

RESERVES

Revaluation

reserve

£

At 1 April 2024

and 31 March 2025

46,159

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

The Report of the Auditors was unqualified.

MICHAEL BARNETT (Senior Statutory Auditor)

for and on behalf of McAleer Jackson Ltd

9.	RELATED PARTY DISCLOSURES

The company has taken advantage of the exemption under FRS102 Section 33 'Related Party Disclosures' not to disclose transactions with its group undertakings.

10.	POST BALANCE SHEET EVENTS

There have been no significant post balance sheet events since the year end.

11.	ULTIMATE PARENT UNDERTAKING AND CONTROLLING PARTY

The ultimate controlling party is Mr J Keenan by virtue of his shareholding in the parent company.

The largest group in which the results of the Company are consolidated is that headed by Leitrim Holdings Limited, whose registered office is 65 Deerpark Road, Leitrim, Castledawson, Magherafelt, Co. Derry, BT45 8BS.

12.	CONTINGENT LIABILITIES

The director confirms that the company had no contingent liabilities at the year end.

13.	CAPITAL COMMITMENTS

At 31 March 2025 the company had no capital commitments.