RTU Developments Limited

	Page
Strategic Report	1
Directors' Report	2
Independent Auditor's Report	3—5
Profit and Loss Account	6
Statement of Comprehensive Income	7
Balance Sheet	8
Statement of Changes in Equity	9
Statement of Cash Flows	10
Notes to the Statement of Cash Flows	11
Notes to the Financial Statements	12—15

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

Principal Activity

The company's principal activity continues to be that of property development.

Review of the Business

During the year, the company did not undertake any active development projects and no turnover was generated. The company continues to hold development stock and incurred only minimal administrative costs.

During the year, the company acquired an investment of £420,000, funded through group financing. The financial position of the company remains stable with net assets of £92,695 at the year end.

Principal Risks and Uncertainties

The principal risks faced by the company relate to:

the valuation and recoverability of development stock

the performance and funding support of the wider group

market conditions impacting future development opportunities

The directors regularly review these risks and are satisfied that appropriate measures are in place to mitigate them.

Future Outlook

The company will continue to operate as a property development entity within the group. The directors expect development activity to recommence when suitable opportunities arise.

On behalf of the board

Mr Alan Sproule

Director

21 April 2026

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RTU Developments Limited

Company No. NI639511

Directors' Report For The Year Ended 31 July 2025

Directors' Report

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

Directors

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

Mr Daniel McIlroy

Mr David McIlroy

Mr Franklin McIlroy

Mr Samuel McIlroy

Mr Alan Sproule

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, the Directors' 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, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', 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 the financial statements the directors are required to:

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
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.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement of Disclosure of Information to Auditors

In the case of each director in office at the date the Directors' Report is approved:

so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Independent Auditors

The auditors, KGA Accountants LLP, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.

On behalf of the board

Mr Alan Sproule

Director

21 April 2026

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Independent Auditor's Report

to the Members of

RTU Developments Limited

Independent Auditor's Report

Opinion

We have audited the financial statements of RTU Developments Limited for the year ended 31 July 2025 which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes of Equity, Cash Flow Statement and the related notes, 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 31 July 2025 and of its profit/(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's 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 directors' 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 entity's ability to continue as a going concern for a period of at least 12 months from when the financial statements are 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 other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Opinions on Other Matters 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.

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Independent Auditor's Report (continued)

to the Members of

RTU Developments Limited

Matters on Which We Are Required to Report by Exception

In the light of the 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 or the Directors' Report.

We have nothing to report in respect of the following matters in relation to which 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 or 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 Directors' Responsibilities Statement set out on page 2, 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.

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Independent Auditor's Report (continued)

to the Members of

RTU Developments Limited

Auditor's 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:

Irregularities including fraud, are instances of non‐compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above to detect material misstatements in respect of irregularities, including Fraud. We

design and perform audit procedures responsive to those risks including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non‐compliance with Laws and Regulations, we considered the following :

‐The nature of the industry and sector, control environment and business performance targets.

Results of our enquiries of management and other key persons about the companies own identification and assessment of the risks of irregularities , including those that may occur a as result of fraud and error, and matters we identified from the

companies policies and procedures and internal controls and The matters discussed among the audit team regarding potential indicators of fraud and where it might occur in the

financial statements.

We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on those laws and regulations that had a direct effect on the material amounts and disclosures on the financial statements.

The Key laws and regulations we considered in this contest include the UK Companies Act, tax legislation, together with provisions of other laws and regulations that do not have a direct effect on the financial statements, but compliance with

which may be fundamental to the company ability to operate or avoid a material penalty.

We tailored our response to those risks identified to include enquiring of management and others concerning actual and potential litigation claims, performing analytical procedures to identify any unusual or unexpected relationships that may

indicate risks of material misstatement due to fraud, and reviewing correspondence with HMRC.

In addressing the risk of fraud through management override of controls we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a

potential bias, and evaluated the business rationale of any significant transactions that are outside the normal course of business.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non‐compliance with regulation. This risk increases the

more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non‐compliance. The risk is also greater regarding

irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website 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 that 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.

Eunan Kerlin (Senior Statutory Auditor)

for and on behalf of KGA Accountants LLP , Statutory Auditor

21 April 2026

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RTU Developments Limited

Profit and Loss Account

For The Year Ended 31 July 2025

Profit and Loss Account

		2025	2024
	Notes	£	£
TURNOVER		-	6,735
Cost of sales		-	-

GROSS PROFIT		-	6,735


OPERATING PROFIT AND PROFIT BEFORE TAXATION		-	6,735
Tax on Profit	5	-	(1,280 )

PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR		-	5,455

The notes on pages 11 to 15 form part of these financial statements.

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RTU Developments Limited

Statement of Comprehensive Income

For The Year Ended 31 July 2025

Statement of Comprehensive Income

	2025	2024
	£	£
PROFIT FOR THE FINANCIAL YEAR	-	5,455
OTHER COMPREHENSIVE INCOME FOR THE YEAR	-	-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR	-	5,455

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RTU Developments Limited

Balance Sheet

As At 31 July 2025

Balance Sheet

Registered number: NI639511

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Investments	6		420,000		-

			420,000		-
CURRENT ASSETS
Stocks	7	130,000		130,000
Cash at bank and in hand		100		100

		130,100		130,100
Creditors: Amounts Falling Due Within One Year	8	(750 )		(2,030 )

NET CURRENT ASSETS (LIABILITIES)			129,350		128,070

TOTAL ASSETS LESS CURRENT LIABILITIES			549,350		128,070

Creditors: Amounts Falling Due After More Than One Year	9		(456,655 )		(35,375 )

NET ASSETS			92,695		92,695

CAPITAL AND RESERVES
Called up share capital	10		100		100
Profit and Loss Account			92,595		92,595

SHAREHOLDERS' FUNDS			92,695		92,695

On behalf of the board

Mr Alan Sproule

Director

21 April 2026

The notes on pages 11 to 15 form part of these financial statements.

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RTU Developments Limited

Statement of Changes in Equity

For The Year Ended 31 July 2025

Statement of Changes in Equity

	Share Capital	Profit and Loss Account	Total
	£	£	£
As at 1 August 2023	100	87,140	87,240
Profit for the year and total comprehensive income	-	5,455	5,455

As at 31 July 2024 and 1 August 2024	100	92,595	92,695


Profit for the year and total comprehensive income	-	-	-

As at 31 July 2025	100	92,595	92,695

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RTU Developments Limited

Statement of Cash Flows

For The Year Ended 31 July 2025

Statement of Cash Flows

		2025	2024
	Notes	£	£
Cash flows from operating activities
Net cash generated from operations	1	421,280	5,027
Tax paid		(1,280 )	(5,027 )

Net cash generated from operating activities		420,000	-

Cash flows from investing activities
Purchase of other fixed asset investments		(420,000 )	-



Increase/(decrease) in cash and cash equivalents		-	-
Cash and cash equivalents at beginning of year	2	100	100

Cash and cash equivalents at end of year	2	100	100

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RTU Developments Limited

Notes to the Statement of Cash Flows

For The Year Ended 31 July 2025

Notes to the Statement of Cash Flows

1. Reconciliation of profit for the financial year to cash generated from operations

	2025	2024
	£	£
Profit for the financial year	-	5,455
Adjustments for:
Tax on profit	-	1,280
Movements in working capital:
Increase/(decrease) in trade and other creditors	421,280	(1,708 )

Net cash generated from operations	421,280	5,027

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	2025	2024
	£	£
Cash at bank and in hand	100	100

3. Analysis of changes in net funds

	As at 1 August 2024	Cash flows	As at 31 July 2025
	£	£	£
Cash at bank and in hand	100	-	100

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RTU Developments Limited

Notes to the Financial Statements

For The Year Ended 31 July 2025

Notes to the Financial Statements

1. General Information

RTU Developments Limited is a private company, limited by shares, incorporated in Northern Ireland, registered number NI639511 . The registered office is Cloughfern Avenue, Newtownabbey, BT37 0UZ.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

2.3. Investments

Investments are stated at cost less impairment.

At each reporting date, investments are reviewed for indicators of impairment. Where indicators exist, the recoverable amount is estimated and any impairment loss is recognised in the profit and loss account.

2.4. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.

2.5. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

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RTU Developments Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 July 2025

2.6. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

3. Auditor's Remuneration

Remuneration received by the company's auditors and their associates during the year was £nil (2024: £nil).

4. Average Number of Employees

Average number of employees, including directors, during the year was: NIL (2024: NIL)

5. Tax on Profit

	Tax Rate		2025	2024
The tax charge on the profit for the year was as follows:
	2025	2024	£	£
Current tax
UK Corporation Tax	25.0%	19.0%	-	1,280


Total tax charge for the period			-	1,280


The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
			2025	2024
			£	£
Profit before tax			-	6,735

Tax on profit at 25% (UK standard rate)			-	1,280
Total tax charge for the period			-	1,280

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RTU Developments Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 July 2025

6. Investments

	Other
	£
Cost or Valuation
As at 1 August 2024	-
Additions	420,000

As at 31 July 2025	420,000

Provision
As at 1 August 2024	-

As at 31 July 2025	-

Net Book Value
As at 31 July 2025	420,000

As at 1 August 2024	-

7. Stocks

	2025	2024
	£	£
Stock	130,000	130,000

8. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Corporation tax	-	1,280
Accruals and deferred income	750	750

	750	2,030

9. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Amounts owed to group undertakings	456,655	35,375

10. Share Capital

	2025	2024
Allotted, called up and fully paid	£	£
100 Ordinary Shares of £ 1.00 each	100	100

11. Dividends

No dividends were declared or paid during the year (2024: £nil).

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RTU Developments Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 July 2025

12. Related Party Disclosures

The company has taken advantage of the exemption under FRS 102 Section 33 from disclosing transactions with wholly owned group undertakings where appropriate. However, the following balances with related parties are considered material.

At the balance sheet date, amounts owed to group undertakings totalled £456,655 (2024: £35,375).

These balances are unsecured, interest-free and repayable on demand.

No guarantees have been given or received in respect of these balances.

13. Controlling Parties

The Company's parent and ultimate parent undertaking is RTU Limited (incorporated in Northern Ireland). Its registered office is Monkstown Industrial Estate Cloughfern Avenue Newtownabbey Co. Antrim BT37 0UZ .

Copies of the group accounts may be obtained from the company's registered office.

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