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Registration number: NI029095

Carngore Limited
Unaudited Filleted Financial Statements
for the Year Ended 31 July 2025

Carngore Limited

Contents

Balance Sheet | 1 to 2
Notes to the Unaudited Financial Statements | 3 to 11

Carngore Limited

(Registration number: NI029095)
Balance Sheet as at 31 July 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 4 | 2,044,469 | 2,117,739
Investment property | 5 | 748,700 | 748,700
Investments | 6 | - | 2
|  | 2,793,169 | 2,866,441
Current assets |  |  |
Stocks | 7 | 11,394 | 9,950
Debtors | 8 | 28,287 | 19,777
Cash at bank and in hand |  | 446,468 | 414,210
|  | 486,149 | 443,937
Creditors: Amounts falling due within one year | 9 | (126,691) | (144,118)
Net current assets |  | 359,458 | 299,819
Total assets less current liabilities |  | 3,152,627 | 3,166,260
Provisions for liabilities |  | (134,953) | (144,757)
Net assets |  | 3,017,674 | 3,021,503
Capital and reserves |  |  |
Called up share capital | 10 | 2,800,000 | 2,800,000
Revaluation reserve |  | 328,207 | 328,207
Retained earnings |  | (110,533) | (106,704)
Shareholders' funds |  | 3,017,674 | 3,021,503

For the financial year ending 31 July 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• | The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
• | The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

Carngore Limited

(Registration number: NI029095)
Balance Sheet as at 31 July 2025

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 26 March 2026 and signed on its behalf by:

......................................... Mr P Ward Director
......................................... Mr A R Morrison Director

Carngore Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 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:
51-53 Thomas Street
Ballymena
Co. Antrim
BT43 6AZ
Northern Ireland

The principal place of business is:
IMC Ballymena
Larne Road Link
Ballymena
Antrim
BT42 3HA
Northern Ireland

These financial statements were authorised for issue by the Board on 26 March 2026.

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.

The presentational currency of these financial statements is sterling and all amounts have been rounded to the nearest £1.

Group accounts not prepared

The company has taken advantage of the exemption in section 398 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the grounds that it is a small sized group.

Going concern

The financial statements have been prepared on a going concern basis. The directors have assessed a period of 12 months from the date of approving the financial statements with regard to the appropriateness of the going concern assumption in preparing the financial statements. As at the date of sign off of the financial statements the directors believe that the company will continue as a going concern and be able to realise its assets and discharge its liabilities in the normal course of business.

Carngore Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amount of assets and liabilities, income and expenses. The 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.

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.

Government grants

Government grants relating to revenue are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Any grant which becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the company with no future related costs shall be recognised in income in the period in which it becomes receivable.

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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The company assesses at each reporting date whether tangible fixed assets are impaired.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Carngore Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025

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
Other tangible assets (including equipment, fixtures and fittings) | 20% reducing balance

Investment property

Investment properties are properties which are held either to earn rental income or for capital appreciation, or for both. Investment properties are initially recognised at cost.
Subsequent to initial recognition, investment properties whose fair value can be reliably measured are held at fair value, derived from the current market prices for comparable real estate and indicative yields, and are determined annually by the directors. The directors 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 in the period that they arise. No depreciation is provided.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

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.
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.

Carngore Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025

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.

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.

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.

Carngore Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025

Financial instruments

Classification
Financial assets and liabilities are recognised when the company becomes party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the related contracttual arrangements. An equity arrangement is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified at fair value through profit and loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction.
The company only has financial assets and liabilities of the kind that qualify as basic financial instruments. Basic financial instruments are initially recognised by transaction value and subsequently measured at their settlement value.
Impairment
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset's carrying amount and the present value of estimated future cashflows, discounted at the financial asset's original effective interest rate. For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 15 (2024 - 14).

Carngore Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025

4 | Tangible assets

| Land and buildings £ | Other tangible assets £ | Total £
Cost or valuation
At 1 August 2024 | 2,162,421 | 2,428,727 | 4,591,148
Additions | 11,324 | - | 11,324
At 31 July 2025 | 2,173,745 | 2,428,727 | 4,602,472
Depreciation
At 1 August 2024 | 250,279 | 2,223,130 | 2,473,409
Charge for the year | 43,475 | 41,119 | 84,594
At 31 July 2025 | 293,754 | 2,264,249 | 2,558,003
Carrying amount
At 31 July 2025 | 1,879,991 | 164,478 | 2,044,469
At 31 July 2024 | 1,912,142 | 205,597 | 2,117,739

Included within the net book value of land and buildings above is £1,879,991 (2024 - £1,912,142) in respect of freehold land and buildings.

5 | Investment properties

| 2025 £
At 1 August | 748,700
At 31 July | 748,700

The investment properties have been valued by the Directors using indicative yields. The directors are of the opinion that the above valuation reflects the open market value of the investment property at 31 July 2025.

There has been no valuation of investment property by an independent valuer.

Carngore Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025

6 | Investments

| 2025 £ | 2024 £
Investments in subsidiaries | - | 2

Subsidiaries | £
Cost or valuation
At 1 August 2024 | 2
Provision
Provision | 2
Carrying amount
At 31 July 2025 | -
At 31 July 2024 | 2

7 | Stocks

| 2025 £ | 2024 £
Other inventories | 11,394 | 9,950

8 | Debtors

| Note | 2025 £ | 2024 £
Amounts owed by related parties | 11 | 904 | 904
Other debtors |  | 17,226 | 10,287
Prepayments |  | 10,157 | 8,586
|  | 28,287 | 19,777

Carngore Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025

9 | Creditors

Creditors: amounts falling due within one year

| 2025 £ | 2024 £
Due within one year |  |
Trade creditors | 25,644 | 55,740
Taxation and social security | 24,854 | 39,283
Accruals and deferred income | 53,954 | 48,454
Other creditors | 22,239 | 641
| 126,691 | 144,118

10 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary A shares of £1 each | 1,400,000 | 1,400,000 | 1,400,000 | 1,400,000
Ordinary B shares of £1 each | 1,400,000 | 1,400,000 | 1,400,000 | 1,400,000
| 2,800,000 | 2,800,000 | 2,800,000 | 2,800,000

11 | Related party transactions

Key management personnel

The company's key management personnel are deemed to be the directors.

Carngore Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025

Directors' remuneration

The directors' remuneration for the year was as follows:

| 2025 £ | 2024 £
Remuneration | 43,000 | 43,000

Income and receivables from related parties

2025 | Entities with joint control or significant influence £
Amounts receivable from related party | 904

2024 | Entities with joint control or significant influence £
Amounts receivable from related party | 904

Expenditure with and payables to related parties

2025 | Other related parties £
Rendering of services | 86,000
Amounts payable to related party | 32,375

2024 | Other related parties £
Rendering of services | 86,000
Amounts payable to related party | 10,675

12 | Parent and ultimate parent undertaking

The ultimate controlling party is Samuel V Morrison and Underwood Entertainments (Belfast) Limited.