JAQ Group Properties Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

1	General information

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

The address of its registered office is: Unit 13 Craigstown Road Industrial Estate, Craigstown Road, Randalstown, Co Antrim, BT41 2PT.

These financial statements were authorised for issue by the director on 30 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

The financial statements have been prepared on a going concern basis.

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 30 December 2025 was Peter Stevenson, who signed for and on behalf of Stevenson & Wilson.

Revenue recognition

Rental income is recognised on a straight-line basis over the lease term. The aggregate cost of lease incentives are initially held on the balance sheet and released to the profit and loss account on a straight-line basis over the lease term.

Tax

The tax expense for the period comprises 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.

JAQ Group Properties Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

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 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
Plant & Machinery	15% Reducing Balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss. Direct costs initially incurred in arranging a lease are included in the cost of the property and subsequently expensed over the lease term.

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.

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in operating expenses.

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.

JAQ Group Properties Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

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.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4	Tangible assets

	Plant & Machinery £	Total £
Cost or valuation
Additions	25,926	25,926
At 31 December 2024	25,926	25,926
Depreciation
Charge for the year	603	603
At 31 December 2024	603	603
Carrying amount
At 31 December 2024	25,323	25,323

5	Investment properties

	2024 £
At 1 January	551,417
Additions	4,721,531
At 31 December 2024	5,272,948

The investment properties were acquired during the current and prior year and are held at cost at the balance sheet date. In the opinion of the director, there hasn't been a significant change in value since acquisition to necessitate a revaluation.

JAQ Group Properties Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

6

Debtors

	2024 £	2023 £
Trade debtors	43,468	-
Amounts owed by related parties	271,576	271,576
Prepayments	68,269	-
Other debtors	228,779	81,050
	612,092	352,626

7	Creditors: due within one year

	2024 £	2023 £
Bank borrowings	91,120	-
Trade creditors	244,620	-
Amounts owed to group undertakings	4,408,517	903,694
Accruals and deferred income	7,047	1,000
	4,751,304	904,694

Amounts due to group undertakings are unsecured and interest free. There is no fixed term of repayment.

Bank borrowings are secured by way of a fixed charge over the company's investment properties and from cross guarantees from fellow group companies.

8	Creditors: due after more than on year

	2024 £	2023 £
Bank borrowings	1,196,594	-

Bank borrowings are secured by way of a fixed charge over the company's investment properties and from cross guarantees from fellow group companies. They are repayable by instalment, of which £755,940 is estimated to fall due after more than 5 years from the balance sheet date. The current rate of interest charged is 7.66%.

JAQ Group Properties Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

9	Share capital

Allotted, called up and fully paid shares

	2024		2023
	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100

10	Related party transactions

The Company has taken advantage of the exemption provisions in FRS 102 permitting non-disclosure of transactions with fellow group companies.

Key management personnel

The directors are considered to be the key management personnel of the Company. They did not receive any remuneration during the year (2023 : £Nil).

11	Parent and ultimate parent undertaking

The company's immediate parent is JAQ Group Holdings limited, incorporated in Northern Ireland. This is both the largest and smallest group for which consolidated financial statements are prepared and which are publicly available. The company and its parent share the same registered office address.

 The ultimate controlling party is Connor Martin.