Doherty & Gray Limited - Period Ending 2025-03-31

Registration number: NI037742

Doherty & Gray Limited

Annual Report and Financial Statements

for the Year Ended 31 March 2025

Doherty & Gray Limited

Contents

Company Information	1
Strategic Report	2
Directors' Report	3
Statement of Directors' Responsibilities	4
Independent Auditor's Report	5 to 7
Profit and Loss Account	8
Statement of Comprehensive Income	9
Balance Sheet	10
Statement of Changes in Equity	11
Statement of Cash Flows	12
Notes to the Financial Statements	13 to 26

Doherty & Gray Limited

Company Information

Directors

Mr Terence Doherty

Mr Seamus Doherty

Mr Brendan Doherty

Registered office

Woodside Ind Estate East
Woodside Road
Ballymena
BT42 4HX

Solicitors

Anderson Agnew & Company
Solicitors
14 Mill Street
Ballymena
BT43 5AE

Auditors

McKeague Morgan & Company 27 College Gardens
Belfast
BT9 6BS

Doherty & Gray Limited

Strategic Report for the Year Ended 31 March 2025

The directors present their strategic report for the year ended 31 March 2025.

Principal activity

The principal activity of the company is the processing and supply of meat products.

Fair review of the business

The financial performance for the year was satisfactory. The company has recorded a sharp increase in its turnover for the year, largely driven by inflation in its products. The gross margin has decreased by approximately 0.6% with inflationary pressures on product and labour costs continuing within the industry.

The company operates in a competitive market, where raw material costs and sales prices fluctuate on a week-to-week basis. The company's management review raw material costs and sale prices on a daily basis, along with production yield and costs to ensure profit levels are maximised.

The Directors are confident that its gross margin will improve in the forthcoming year as inflation in the economy slows.

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

Financial KPIs	Unit	2025	2024
Movement in sales	%	18.11	0.20
Gross profit	£'000s	2,051.40	1,997.86
Gross margin	%	3.80	4.37
Profit/(loss) before tax	£'000s	6.90	(97.20)

Principal risks and uncertainties

The principal risks and uncertainties affecting the company are controlling raw material costs and maintaining profit margin levels. The company’s management endeavours to mitigate these risks by implementing regular strategic and operational reviews.

Approved and authorised by the Board on 22 December 2025 and signed on its behalf by:

.........................................
Mr Brendan Doherty
Director

Doherty & Gray Limited

Directors' Report for the Year Ended 31 March 2025

The directors present their report and the financial statements for the year ended 31 March 2025.

Directors of the company

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

Mr Terence Doherty

Mr Seamus Doherty

Mr Brendan Doherty

Financial instruments

Objectives and policies

The company's trading activities expose it to a variety of financial risks including credit, liquidity and foreign exchange. The company has in place a risk management programme which seeks to limit any adverse effects on its financial performance.

Price risk, credit risk, liquidity risk and cash flow risk

Credit risk
The company is exposed to the usual credit and cash flow risks associated with selling on credit. These risks are managed through appropriate credit control procedures, including the use of credit insurance cover, and regular debtor review meetings.

Liquidity risk
The company maintains a mixture of debt finance, including a debt finance agreement that ensures the company has sufficient funds available for its current operations.

Foreign exchange risk
The company’s principal operating activities are in the United Kingdom and Republic of Ireland, and as a result it is primarily exposed to foreign exchange risk with respect to the Euro. The company uses forward contracts to mitigate risk from currency fluctuations.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved and authorised by the Board on 22 December 2025 and signed on its behalf by:

.........................................
Mr Brendan Doherty
Director

Doherty & Gray Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual 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 of 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 apply them consistently;

•	make judgements and accounting estimates that are reasonable and prudent;

•	state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

•	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.

Doherty & Gray Limited

Independent Auditor's Report to the Members of Doherty & Gray Limited

Opinion

We have audited the financial statements of Doherty & Gray Limited (the 'company') for the year ended 31 March 2025, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, 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 Financial Reporting Standard 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 March 2025 and of its 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 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 director's 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 original financial statements were 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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

Doherty & Gray Limited

Independent Auditor's Report to the Members of Doherty & Gray Limited

Opinion on other matter 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.

Matters on which we are required to report by exception

In the light of our 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 and the Directors' 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 Statement of Directors' Responsibilities [set out on page 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 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

On the basis of our understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, we considered the risk of non-compliance and to what extent it might have a material effect on the financial statements. The principal laws and regulations that we determined as being the most significant are the Companies Act 2006, FRS 102 - "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the relevant UK tax compliance regulations.

•	We made enquiries of management to understand how the company is complying with its legal and regulatory obligations.
•	We evaluated the susceptibility of the financial statements to material misstatement and discussed with management the areas where we believed risk of fraud may be higher and what procedures are in place to prevent or detect fraud or non-compliance.
•	We reviewed manual journal entries for any unusual postings.

Doherty & Gray Limited

Independent Auditor's Report to the Members of Doherty & Gray Limited

•

We performed tests in areas where significant accounting estimates and judgements are made to assess their reasonableness.

There are inherent limitations in the audit procedures described above. The further removed any non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Furthermore, the risk of material misstatement due to fraud is higher than the risk of material misstatement due to error, as fraud may involve deliberate concealment.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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.

......................................
Darren McKeown (Senior Statutory Auditor)
For and on behalf of McKeague Morgan & Company, Statutory Auditor
27 College Gardens
Belfast
BT9 6BS

22 December 2025

Doherty & Gray Limited

Profit and Loss Account for the Year Ended 31 March 2025

	Note	2025 £	2024 £
Turnover	4	54,039,838	45,754,204
Cost of sales		(51,988,436)	(43,756,348)
Gross profit		2,051,402	1,997,856
Distribution costs		(491,470)	(505,955)
Administrative expenses		(1,171,319)	(1,201,800)
Operating profit	6	388,613	290,101
Income from other fixed asset investments		1,171	1,217
Interest payable and similar expenses	7	(382,889)	(388,517)
		(381,718)	(387,300)
Profit/(loss) before tax		6,895	(97,199)
Taxation	11	(17,584)	(4,669)
Loss for the financial year		(10,689)	(101,868)

The above results were derived from continuing operations.

Doherty & Gray Limited

Statement of Comprehensive Income for the Year Ended 31 March 2025

	2025 £	2024 £
Loss for the year	(10,689)	(101,868)
Share of associate's profit after tax	87,971	31,769
Total comprehensive income for the year	77,282	(70,099)

Doherty & Gray Limited

(Registration number: NI037742)
Balance Sheet as at 31 March 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	12	2,983,093	3,045,813
Investments	13	465,943	377,972
		3,449,036	3,423,785
Current assets
Stocks	14	1,477,270	1,118,699
Debtors	15	8,228,038	6,775,435
Investments	16	320,417	319,246
Cash at bank and in hand		280,059	304,368
		10,305,784	8,517,748
Creditors: Amounts falling due within one year	18	(9,639,167)	(7,868,660)
Net current assets		666,617	649,088
Total assets less current liabilities		4,115,653	4,072,873
Creditors: Amounts falling due after more than one year	18	(94,823)	(146,909)
Provisions for liabilities	19	(28,298)	(10,714)
Net assets		3,992,532	3,915,250
Capital and reserves
Called up share capital	21	100,000	100,000
Profit and loss account		3,892,532	3,815,250
Total equity		3,992,532	3,915,250

Approved and authorised by the Board on 22 December 2025 and signed on its behalf by:

.........................................
Mr Brendan Doherty
Director

Doherty & Gray Limited

Statement of Changes in Equity for the Year Ended 31 March 2025

	Share capital £	Retained earnings £	Total £
At 1 April 2024	100,000	3,815,250	3,915,250
Loss for the year	-	(10,689)	(10,689)
Other comprehensive income	-	87,971	87,971
Total comprehensive income	-	77,282	77,282
At 31 March 2025	100,000	3,892,532	3,992,532

	Share capital £	Retained earnings £	Total £
At 1 April 2023	100,000	3,885,349	3,985,349
Loss for the year	-	(101,868)	(101,868)
Other comprehensive income	-	31,769	31,769
Total comprehensive income	-	(70,099)	(70,099)
At 31 March 2024	100,000	3,815,250	3,915,250

Doherty & Gray Limited

Statement of Cash Flows for the Year Ended 31 March 2025

	Note	2025 £	2024 £
Cash flows from operating activities
Loss for the year		(10,689)	(101,868)
Adjustments to cash flows from non-cash items
Depreciation and amortisation	6	223,725	247,812
Profit on disposal of tangible assets	5	(2,937)	(33,624)
Finance income		(1,171)	(1,217)
Finance costs	7	382,889	388,517
Income tax expense	11	17,584	4,669
		609,401	504,289
Working capital adjustments
(Increase)/decrease in stocks	14	(358,571)	59,476
(Increase)/decrease in trade debtors		(1,111,751)	332,283
Increase in other debtors	15	(340,852)	(204,222)
Increase in trade creditors		849,138	353,060
(Decrease)/increase in other creditors	18	(35,673)	52,137
Cash generated from operations		(388,308)	1,097,023
Income taxes received	11	-	50,063
Net cash flow from operating activities		(388,308)	1,147,086
Cash flows from investing activities
Acquisitions of tangible assets		(165,568)	(216,816)
Proceeds from sale of tangible assets		7,500	52,000
Net cash flows from investing activities		(158,068)	(164,816)
Cash flows from financing activities
Interest paid	7	(382,889)	(388,517)
Repayment of bank borrowing		(27,778)	(119,351)
Increase/(decrease) in utilisation of invoice discounting facility		1,082,152	(402,338)
Repayment of other borrowing		(13,220)	(9,145)
Proceeds from finance lease drawdowns		34,750	59,122
Payments to finance lease creditors		(74,236)	(72,448)
Net cash flows from financing activities		618,779	(932,677)
Net increase in cash and cash equivalents		72,403	49,593
Cash and cash equivalents at 1 April		(449,037)	(498,630)
Cash and cash equivalents at 31 March		(376,634)	(449,037)

Doherty & Gray Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

1	General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
Woodside Ind Estate East
Woodside Road
Ballymena
BT42 4HX

These financial statements were authorised for issue by the Board on 22 December 2025.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Group accounts not prepared

Group accounts have not been prepared as its sole subsidiary undertaking has been excluded from consolidation as it is a dormant company.

Going concern

The financial statements have been prepared on the going concern basis, which assumes that the company will continue to be able to meet its liabilities as they fall due for the foreseeable future. The directors continually review the trading and financial position of the company and assess its future prospects, liquidity and borrowing position.

In the preparation of its financial projections the directors have considered the uncertainties presented by a difficult economic and business environment and are confident about future trading outcomes. However there can be no certainty that the results will be as forecast.

Taking all matters into consideration, the directors consider that the company has sufficient cash and liquidity to meet its obligations as they fall due for a period of at least 12 months from the date of signing these financial statements. Accordingly, the directors continue to adopt the going concern basis in preparing the Annual Report and Financial Statements.

Doherty & Gray Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

2	Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets is stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Land and buildings	2% straight line
Plant and machinery	20% reducing balance
Commercial motor vehicles	25% reducing balance

Doherty & Gray Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

2	Accounting policies (continued)

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the Group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss.

Investments in associates are accounted for using the equity method. The investment is initially recognised at transaction price (including transaction costs) and subsequently adjusted to reflect the company’s share of the profit or loss and other comprehensive income of the associate, less any distributions received; the carrying amount is reduced if there is objective evidence of impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Doherty & Gray Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

2	Accounting policies (continued)

Trade creditors

Trade creditors 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 the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Doherty & Gray Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

3	Judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. These estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements:

Useful economic life 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 reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

Inventory provision

The company considers the recoverability of the cost of inventory and the associated provisioning required. When calculating the inventory provision, management considers the nature and condition of the inventory, as well as applying assumptions around anticipated saleability of finished goods and future usage of raw materials.

Impairment of debtors

The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

4

Turnover

The analysis of the company's turnover for the year from continuing operations is as follows:

	2025 £	2024 £
Sale of goods	53,983,463	45,668,211
Other revenue	56,375	85,993
	54,039,838	45,754,204

5	Other gains and losses

The analysis of the company's other gains and losses for the year is as follows:

	2025 £	2024 £
Gain on disposal of Tangible assets	2,937	33,624

Doherty & Gray Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

6	Operating profit

Arrived at after charging/(crediting)

	2025 £	2024 £
Depreciation expense	223,725	247,812
Profit on disposal of property, plant and equipment	(2,937)	(33,624)

7	Interest payable and similar expenses

	2025 £	2024 £
Interest on bank overdrafts and borrowings	375,689	378,736
Interest on obligations under finance leases and hire purchase contracts	7,200	9,781
	382,889	388,517

8	Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

	2025 £	2024 £
Wages and salaries	2,947,987	2,752,470
Social security costs	297,565	269,681
Pension costs, defined contribution scheme	120,329	57,353
	3,365,881	3,079,504

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

	2025 No.	2024 No.
Production	75	72
Administration and support	11	15
Sales, marketing and distribution	6	4
	92	91

9	Directors' remuneration

The directors' remuneration for the year was as follows:

	2025 £	2024 £
Remuneration	159,717	165,000

Doherty & Gray Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

10	Auditors' remuneration

	2025 £	2024 £
Audit of the financial statements	11,000	11,000

11

Taxation

Tax charged/(credited) in the profit and loss account

	2025 £	2024 £
Deferred taxation
Arising from origination and reversal of timing differences	17,584	4,669

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2024 - higher than the standard rate of corporation tax in the UK) of 25% (2024 - 25%).

The differences are reconciled below:

	2025 £	2024 £
Profit/(loss) before tax	6,895	(97,199)
Corporation tax at standard rate	1,724	(24,300)
Tax increase/(decrease) from effect of capital allowances and depreciation	25,302	(2,640)
Effect of tax losses	(27,026)	26,940
Deferred tax expense from unrecognised tax loss or credit	17,584	4,669
Total tax charge	17,584	4,669

Doherty & Gray Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

11	Taxation (continued)

Deferred tax

Deferred tax assets and liabilities

2025	Asset £	Liability £
Difference between depreciation and amortisation and capital allowances	-	28,298
	-	28,298

2024	Asset £	Liability £
Difference between depreciation and amortisation and capital allowances	-	10,714
	-	10,714

12	Tangible assets

Land and buildings
£

Plant and machinery
£

Commercial vehicles
£

Total
£

Cost or valuation

At 1 April 2024

3,127,815

2,559,125

581,864

6,268,804

Additions

42,118

46,050

77,400

165,568

Disposals

-

-

(26,500)

(26,500)

At 31 March 2025

3,169,933

2,605,175

632,764

6,407,872

Depreciation

At 1 April 2024

826,277

1,908,999

487,715

3,222,991

Charge for the year

63,399

134,237

26,089

223,725

Eliminated on disposal

-

-

(21,937)

(21,937)

At 31 March 2025

889,676

2,043,236

491,867

3,424,779

Carrying amount

At 31 March 2025

2,280,257

561,939

140,897

2,983,093

At 31 March 2024

2,301,538

650,126

94,149

3,045,813

Included within the net book value of land and buildings above is £2,280,257 (2024 - £2,301,538) in respect of freehold land and buildings.

Doherty & Gray Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

12	Tangible assets (continued)

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

	2025 £	2024 £
Commercial vehicles	65,969	9,756
Plant and machinery	212,562	265,703
	278,531	275,459

13	Investments

	2025 £	2024 £
Investments in subsidiaries	1	1
Investments in associates	465,942	377,971
	465,943	377,972

Subsidiaries	£
Carrying value
At 1 April 2024	1
At 31 March 2025	1

Associates

£

Carrying value

At 1 April 2024

377,971

Share of profit

87,971

At 31 March 2025

465,942

Doherty & Gray Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

13	Investments (continued)

Aggregate financial information of associates

	2025 £	2024 £
Total assets	3,505,682	3,157,704
Total liabilities	(2,107,855)	(2,023,792)
Net assets	1,397,827	1,133,912
Revenues	7,609,210	3,243,239
Profit or loss	263,335	95,886

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Registered office	Holding	Proportion of voting rights and shares held
			2025	2024
Subsidiary undertakings
Hull's of Ballymena Ltd	7 Woodside Industrial Estate Woodside Road Ballymena Co Antrim BT42 4QJ Northern Ireland	Ordinary shares	100%	100%
Associates
DMP Foods Limited	7 Woodside Industrial Estate Woodside Road Ballymena Co Antrim BT43 4QJ	Ordinary shares	33.3%	33.3%
	Northern Ireland

Subsidiary undertakings

Hull's of Ballymena Ltd

The principal activity of Hull's of Ballymena Ltd is a dormant company.

Associates

DMP Foods Limited

The principal activity of DMP Foods Limited is the provision of abattoir services.

Doherty & Gray Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

14

Stocks

	2025 £	2024 £
Raw materials and consumables	396,675	157,964
Finished goods and goods for resale	1,080,595	960,735
	1,477,270	1,118,699

15

Debtors

	Note	2025 £	2024 £
Trade debtors		6,188,632	5,076,881
Amounts owed by related parties	23	468,973	420,520
Other debtors		1,290,274	1,093,405
Prepayments		280,159	184,629
		8,228,038	6,775,435

16	Current asset investments

	2025 £	2024 £
Other investments	320,417	319,246

17	Cash and cash equivalents

	2025 £	2024 £
Cash at bank	280,059	304,368
Bank overdrafts	(656,693)	(753,405)
Cash and cash equivalents in statement of cash flows	(376,634)	(449,037)

Doherty & Gray Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

18

Creditors

	Note	2025 £	2024 £
Due within one year
Loans and borrowings	22	5,715,738	4,758,696
Trade creditors		3,564,978	2,715,840
Social security and other taxes		64,791	62,215
Other payables		293,660	316,111
Accrued expenses		-	15,798
		9,639,167	7,868,660
Due after one year
Loans and borrowings	22	94,823	146,909

19	Provisions for liabilities

	Deferred tax £	Total £
At 1 April 2024	10,714	10,714
Increase (decrease) in existing provisions	17,584	17,584
At 31 March 2025	28,298	28,298

20	Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £120,329 (2024 - £57,353).

21	Share capital

Allotted, called up and fully paid shares

	2025		2024
	No.	£	No.	£
Ordinary shares of £1 each	100,000	100,000	100,000	100,000

Doherty & Gray Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

22	Loans and borrowings

Non-current loans and borrowings

	2025 £	2024 £

Hire purchase contracts	80,480	119,346
Other borrowings	14,343	27,563
	94,823	146,909

Current loans and borrowings

	2025 £	2024 £

Bank borrowings	-	27,778
Bank overdrafts	656,693	753,405
Invoice discounting	4,975,157	3,893,005
Hire purchase contracts	83,888	84,508
	5,715,738	4,758,696

Bank borrowings

The bank borrowings and overdrafts is denominated in sterling. The carrying amount at year end is £656,693 (2024 - £781,183).

Bank borrowings are secured by a debenture over the assets and undertakings of the company and a first legal charge over the factory premises at Woodside Industrial Estate, Ballymena, registered in the name of Doherty & Gray Limited in favour of Bank of Ireland.

The invoice discounting facility is denominated in sterling. The carrying amount at year end is £4,975,157 (2024 - £3,893,005).

Amounts advanced under the invoice discounting arrangements are secured by an equitable assignment of book debts.

23	Related party transactions

Loans to related parties

2025	Associates £	Key management £	Total £
At start of period	420,520	67,913	488,433
Advanced	537,953	37,206	575,159
Repaid	(489,500)	(22,370)	(511,870)
At end of period	468,973	82,749	551,722

Doherty & Gray Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

23	Related party transactions (continued)

2024	Associates £	Key management £	Total £
At start of period	379,580	785	380,365
Advanced	744,538	74,128	818,666
Repaid	(703,598)	(7,000)	(710,598)
At end of period	420,520	67,913	488,433

Terms of loans to related parties

Loans to associates are interest-free and repayable on demand.
Loans to key management are interest-free and repayable on demand.

Loans from related parties

2025	Key management £	Total £
At start of period	27,563	27,563
Advanced	1,400	1,400
Repaid	(14,620)	(14,620)
At end of period	14,343	14,343

2024	Key management £	Total £
At start of period	36,708	36,708
Repaid	(9,145)	(9,145)
At end of period	27,563	27,563

Terms of loans from related parties

Loans from key management are interest-free and repayable on demand.

24	Contingent liabilities

The company had entered into forward foreign exchange contracts at 31 March 2025 to the value of £830,500.

	Land and buildings £	Plant and machinery £	Commercial vehicles £	Total £
Cost or valuation
At 1 April 2024	3,127,815	2,559,125	581,864	6,268,804
Additions	42,118	46,050	77,400	165,568
Disposals	-	-	(26,500)	(26,500)
At 31 March 2025	3,169,933	2,605,175	632,764	6,407,872
Depreciation
At 1 April 2024	826,277	1,908,999	487,715	3,222,991
Charge for the year	63,399	134,237	26,089	223,725
Eliminated on disposal	-	-	(21,937)	(21,937)
At 31 March 2025	889,676	2,043,236	491,867	3,424,779
Carrying amount
At 31 March 2025	2,280,257	561,939	140,897	2,983,093
At 31 March 2024	2,301,538	650,126	94,149	3,045,813