Oriel Developments Limited - Filleted accounts

Registered number

NI034586

Oriel Developments Limited

Filleted Accounts

31 August 2025

Oriel Developments Limited
Independent auditor's report
to the members of Oriel Developments Limited

Opinion

We have audited the accounts of Oriel Developments Limited for the year ended 31 August 2025 which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and notes to the accounts, 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, including FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the accounts:
●	give a true and fair view of the state of the company's affairs as at 31 August 2025 and of its loss for the year then ended;
●	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
●	have been prepared in accordance with the requirements of the Companies Act 2006.


Basis of 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 accounts 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.
In accordance with the exemption provided by FRC's Ethical Standard - Provisions Available for Audits of Small Entities, we have assisted with the preparation of the accounts.

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.
Our evaluation of the directors' assessment of the company's ability to continue to adopt the going concern basis of accounting included the following :
We considered as part of our audit risk assessment of the nature of the company, its business model and related risks including the impact of the 'Cost of Living' crisis, the recent exceptional flooding to the lands at Flurrybridge, the requirements of the applicable financial reporting framework and the system of internal control. We evaluated the directors' assessment of the company's ability to continue as a going concern, including challenging the underlying data and key assumptions used to make the assessment, and evaluated the directors' plans for future actions in relation to their going concern assessment.
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 company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibities 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 report and accounts, other than the accounts and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the accounts 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 accounts, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts 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 there is a material misstatement in the accounts or a material misstatement of the other information. 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 directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
●	the directors’ report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in 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 and 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; or
●	the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.

Responsibilities of directors
As explained more fully in the directors’ responsibilities statement, 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 accounts 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.

Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the accounts 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 accounts.

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. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below :

Identifying and Assessing potential risks related to irregularities
In identifying and assessing risks of material misstatment 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
●	results of our enquiries of management about their identification and assessment of the risks of irregularities
●	any matters we identified having obtained from management whether they were aware of any instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud; and reviewing the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and
●	the matters discussed among the audit engagement team regarding how and where fraud might occur in the accounts and any potential indicators of fraud.
As a result of these procedures, we identified the greatest potential for fraud in the areas in which management is required to exercise significant judgement. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory framework that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, pensions and tax legislation. In addition, we considered 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’s ability to operate or to avoid a material penalty. These included data protection, environmental and health and safety regulations.
Audit response to risks identified
As a result of performing the above, we identified the potential for management override of the controls as a key audit matter related to the potential risk of fraud. Our procedures to respond to the risks identified included the following:
●	reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
●	enquiring of management concerning actual and potential litigation and claims;
●	performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
●	reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC; and
●	in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at 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 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.





Ben Reynolds ACA
(Senior Statutory Auditor)
for and on behalf of		10c Marcus Square
Fitzpatrick & Kearney Ltd		Newry
Accountants and Statutory Auditors		Co. Down
26 May 2026		BT34 1AE

Oriel Developments Limited
Registered number:		NI034586
Balance Sheet
as at 31 August 2025

Notes			2025			2024
£				£
Fixed assets
Tangible assets	5		2,504,168			2,571,806

Current assets
Debtors	7	23,393			86,727
Cash at bank and in hand		91,787			198,227
		115,180			284,954

Creditors: amounts falling due within one year	8	(177,725)			(262,755)

Net current (liabilities)/assets			(62,545)			22,199

Total assets less current liabilities			2,441,623			2,594,005

Creditors: amounts falling due after more than one year	9		(231,869)			(326,979)

Provisions for liabilities			(1,082,475)			(1,114,071)


Net assets			1,127,279			1,152,955

Capital and reserves
Investment Capital			200			200
Profit and loss account			1,127,079			1,152,755

Members' funds			1,127,279			1,152,955

The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




John MacMahon			Stephen Begley
Director			Director
Approved by the board on 26 May 2026

Oriel Developments Limited
Notes to the Accounts
for the year ended 31 August 2025


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Turnover
	Turnover represents the value, net of value added tax and discounts, of rentals receivable from letting of commercial units at Flurry Bridge, Co. Armagh.

	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Buildings			2% straight line from the date of completion
	Plant and machinery			25% straight line

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
	Grants receivable
	Grants receivable in respect of capital expenditure have been credited to a deferred credit account shown seperately in the balance sheet. An amount equivalent to the depreciation charge for the period has been released to the profit and loss account thereby amortising the deferred credit over the useful lives of the assets. Grants are capitalised as they are received.

2	Audit information

	The audit report is unqualified.

	Senior statutory auditor:	Ben Reynolds ACA
	Firm:	Fitzpatrick & Kearney Ltd
	Date of audit report:	26 May 2026


3	Exceptional items
	There were no exceptional items during the year ended 31st August 2025.



4	Employees					2025		2024
Number							Number

	Average number of persons employed by the company					8		8


5	Property, Plant and Equipment
		Land		Plant and machinery		Buildings		Total
£			£		£		£
	Cost
	At 1 September 2024	197,690		20,470		3,498,392		3,716,552
	Additions	-		-		7,600		7,600
	At 31 August 2025	197,690		20,470		3,505,992		3,724,152

	Depreciation
	At 1 September 2024	-		14,757		1,129,989		1,144,746
	Charge for the year	-		5,118		70,120		75,238
	At 31 August 2025	-		19,875		1,200,109		1,219,984

	Net book value
	At 31 August 2025	197,690		595		2,305,883		2,504,168
	At 31 August 2024	197,690		5,713		2,368,403		2,571,806


6	Investment Capital					2025		2024
						£		£
	Newry & Mourne Co-operative Ltd					100		100
	Co. Armagh Development Trust					100		100

						200		200

7	Debtors					2025		2024
£							£

	Trade debtors					10,414		9,586
	Other debtors					12,979		77,141
						23,393		86,727


8	Creditors: amounts falling due within one year					2025		2024
£							£

	Bank loans and overdrafts					44,740		42,387
	Trade creditors					10,268		6,625
	Taxation and social security costs					2,978		12,817
	Other creditors					119,739		200,926
						177,725		262,755


9	Creditors: amounts falling due after one year					2025		2024
£							£

	Bank loans					231,869		326,979

	Bank loan is secured by a legal mortgage/charge over company lands at Flurrybridge, Co. Armagh.



10	Capital grants reserve					2025		2024
						£		£

	Capital grants					1,082,475		1,114,071


						2025		2024
						£		£
	At 1 September					1,114,071		1,146,330
	Transfer to the profit and loss account					(31,597)		(32,260)

	At 31 August					1,082,475		1,114,071



11	Events after the reporting date

	There were no events since the year end which would necessitate a change in the above figures.


12	Capital commitments

	The company did not have any capital commitments as at 31st August 2025 not already provided for in the financial statements.


13	Contingent liabilities

	There are no contingent liabilities which have not already been provided for in the financial statements.

14	Charitable Donations

	During the year the company made Charitable Donations of £30,000 under the Corporate Gift Aid Scheme.

15	Related party transactions

	During the year the company made Charitable contributions totalling £30,000 to Newry & Mourne Co-operative Ltd and Co. Armagh Development Trust both of whom are related parties.


16	Controlling party

	The company's ultimate control lies with Newry & Mourne Co-operative Ltd and Co. Armagh Development Trust, acting jointly.


17	Other information

	Oriel Developments Limited is a private company limited by guarantee and incorporated in Northern Ireland. Its registered office is:
	WIN Business Park
	Canal Quay
	Newry
	Co. Down