Registration number: NI046227

Sean Nugent Engineering Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 9

Sean Nugent Engineering Limited

Company Information

Directors

Shane Nugent Leigh Falls Damien Nugent Vanessa Rafferty

Company secretary

Shane Nugent

Registered office

15 Aughnagar Road Galbally Dungannon BT70 2HP

Auditors

McKeague Morgan & Company 27 College Gardens Belfast BT9 6BS

Sean Nugent Engineering Limited

(Registration number: NI046227)
Balance Sheet as at 31 March 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	4,638,916	5,918,292
Current assets
Stocks	5	435,869	3,603,029
Debtors	6	6,061,299	5,075,288
Cash at bank and in hand		44,289	1,511,020
		6,541,457	10,189,337
Creditors: Amounts falling due within one year	7	(1,206,994)	(5,063,920)
Net current assets		5,334,463	5,125,417
Total assets less current liabilities		9,973,379	11,043,709
Creditors: Amounts falling due after more than one year	7	(764,615)	(1,232,582)
Provisions for liabilities		(468,781)	(795,563)
Net assets		8,739,983	9,015,564
Capital and reserves
Called up share capital		2	2
Profit and loss account		8,739,981	9,015,562
Total equity		8,739,983	9,015,564

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 19 December 2025 and signed on its behalf by:
 

.........................................

Shane Nugent
Company secretary and director

Sean Nugent Engineering 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 the United Kingdom.

The address of its registered office is:
15 Aughnagar Road
Galbally
Dungannon
BT70 2HP

These financial statements were authorised for issue by the Board on 19 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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, the director continues to adopt the going concern basis of accounting in preparing the financial statements.

Sean Nugent Engineering Limited

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

2	Accounting policies (continued)

Audit report

The Independent Auditor's Report was unqualified.

The name of the Senior Statutory Auditor who signed the audit report on 19 December 2025 was Mr Terence Hollywood, who signed for and on behalf of McKeague Morgan & Company.

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 current and 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable 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.

Sean Nugent Engineering Limited

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

2	Accounting policies (continued)

Tangible assets

Tangible assets are stated in the balance sheet 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
Leasehold properties	Straight line over the life of the lease
Plant and machinery	10% Reducing balance
Motor vehicles	20% Reducing balance

Amortisation

Asset class	Amortisation method and rate
Goodwill	Fully amortised

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.

Sean Nugent Engineering 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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

Sean Nugent Engineering Limited

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

2	Accounting policies (continued)

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 27 (2024 - 150).

4	Tangible assets

	Long leasehold property £	Motor vehicles  £	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 April 2024	3,663,317	240,998	3,714,573	7,618,888
Additions	95,352	40,995	36,313	172,660
Disposals	-	(142,325)	(1,573,471)	(1,715,796)
At 31 March 2025	3,758,669	139,668	2,177,415	6,075,752
Depreciation
At 1 April 2024	329,907	94,104	1,276,585	1,700,596
Charge for the year	71,973	20,815	129,686	222,474
Eliminated on disposal	-	(38,249)	(447,985)	(486,234)
At 31 March 2025	401,880	76,670	958,286	1,436,836
Carrying amount
At 31 March 2025	3,356,789	62,998	1,219,129	4,638,916
At 31 March 2024	3,333,410	146,894	2,437,988	5,918,292

Sean Nugent Engineering Limited

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

5

Stocks

	2025 £	2024 £
Finished goods	233,162	2,211,927
Other inventories	202,707	1,391,102
	435,869	3,603,029

6

Debtors

	Note	2025 £	2024 £
Trade debtors		273,408	2,788,864
Amounts owed by related parties	9	5,739,313	1,819,123
Prepayments		406	33,074
Other debtors		48,172	434,227
		6,061,299	5,075,288

7

Creditors

	Note	2025 £	2024 £
Due within one year
Bank loans and overdrafts		127,182	206,224
HP and finance lease liabilities		329,252	334,382
Trade creditors		232,345	3,271,414
Corporation tax liability		42,860	474,811
Amounts owed to related parties	9	295,351	143,910
Taxation and social security		12,368	79,887
Other creditors		4,458	26,426
Accruals and deferred income		163,178	526,866
		1,206,994	5,063,920
Due after one year
Loans and borrowings		203,200	341,919
Obligations under finance leases		561,415	890,663
		764,615	1,232,582

Sean Nugent Engineering Limited

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

8	Share capital

Allotted, called up and fully paid shares

	2025		2024
	No.	£	No.	£
Ordinary shares of £1 each	2	2	2	2

9	Related party transactions

During the year, the company rendered services totalling £67,262 to related parties and purchased goods and services totalling £892,623 from related parties. At 31 March 2025 there were amounts outstanding from related parties totalling £6,464,112 (2024 : £1,819,123) and amounts owed to related parties totalling £20,150 (2024 : £143,910).The related parties involved in the aforementioned transactions are related by virtue of common shareholders and/or directors.

No other transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 33.

10	Parent and ultimate parent undertaking

The company's immediate parent is Sean Nugent Holdings Ltd, incorporated in Northern Ireland.

 The ultimate controlling party is Shane Nugent and Damien Nugent.