REGISTERED NUMBER: NI648213 (Northern Ireland)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

KH (BALMORAL) DEVELOPMENTS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

to

5

DIRECTORS:

D A Burrows

B T Connolly

J P Morgan

REGISTERED OFFICE:

Crobane Enterpise Park

25 Hilltown Road

Newry

BT34 2LJ

REGISTERED NUMBER:

NI648213 (Northern Ireland)

AUDITORS:

Baker Tilly Mooney Moore

Statutory Auditors

17 Clarendon Road

Belfast

BT1 3BG

BANKERS:

Danske Bank

Donegall Square West

Belfast

BT1 6JS

CURRENT ASSETS

Stocks

3,761,860

3,285,956

Debtors

4

625,377

123,947

Cash at bank

10,271

53,993

4,397,508

3,463,896

CREDITORS

Amounts falling due within one year

5

5,922,634

4,017,537

NET CURRENT LIABILITIES

(1,525,126

)

(553,641

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(1,525,126

)

(553,641

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(1,525,226

)

(553,741

)

(1,525,126

)

(553,641

)

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 23 December 2025 and were signed on its behalf by:

J P Morgan - Director

B T Connolly - Director

1.	STATUTORY INFORMATION

KH (Balmoral) Developments Limited 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.

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

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.

Going concern

The company made a loss in the year of £971,485 and as at 31 December 2024 has net current liabilities of £1,525,126. Subsequent to year end the company sold one of their plots and had sufficient funds to repay their liabilities. The directors have considered future plans and believes that it is appropriate to prepare the financial statements on the going concern basis.

Significant judgements and estimates

In preparing these financial statements the director has made the following judgements:

Consider the recoverability of trade debtors and work in progress and the need for impairment provisions. These considerations are undertaken regularly by the director, and especially at the year end date. Factors taken into account include historical experience, current market conditions and knowledge of the sector. Amounts identified as irrecoverable will be provided against in the relevant period.

Turnover

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

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments

All financial instruments of the company are considered to meet the definition of basic financial instruments.

- Short term debtors and creditors

Debtors and creditors with no stated interest rate and are receivable or payable on demand are recognised at transaction price, and subject to annual impairment reviews. Any losses arising on impairment are recognised in the profit and loss account.

- Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand.

- Loans and borrowings

All loans and borrowings are initially recorded at the present value of cash payable to the lender in settlement of the liability discounted at the market interest rate. Subsequently loans and borrowings are stated at amortised cost using the effective interest rate method. The computation of amortised cost includes any issue costs, transaction costs and fees, and any discount or premium on settlement, and the effect of this is to amortise these amounts over the expected borrowing period. Loans with no stated interest rate and repayable within one period or on demand are not amortised. Loans and borrowings are classified as current liabilities unless the borrower has an unconditional right to defer settlement of the liability for at least 12 months after the financial period end date.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

30,064

17,184

Other debtors

595,313

106,763

625,377

123,947

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans and overdrafts

61,594

75,000

Trade creditors

201,435

16,111

Amounts owed to group undertakings

4,818,999

3,852,916

Taxation and social security

116,398

-

Other creditors

724,208

73,510

5,922,634

4,017,537

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

The Report of the Auditors was unqualified.

Eimear Brown (Senior Statutory Auditor)

for and on behalf of Baker Tilly Mooney Moore

7.	CONTINGENT LIABILITIES

There is an ongoing VAT matter which is currently being reviewed. At the date of signing the financial statements an element of the amount involved cannot be reliably estimated and therefore this element has not been included in the financial statements. The amount which can be reliably estimated has been included in creditors in the financial statements.

8.	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.

The company has a balance owed by related parties, included in other debtors at year end of £493,814 (2024: £Nil). The company has a balance owing to related parties, included in other creditors at year end of £214,620 (2024: £64,660). The amounts are unsecured, interest free and repayable on demand.