W E Elliott & Son Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—7

1. General Information

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

The address of its registered office is:

50 Manse Road

Kilkeel

County Down

BT34 4BN

Northern Ireland

The presentation currency is £ Sterling. The level of rounding is to the nearest £.

2. Statement of Compliance

The financial statements have been prepared in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.(as applicable to companies subject to the small companies' regime).

3. Accounting Policies

3.1. Basis of Preparation of Financial Statements

These financial statements have been prepared using the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3.2. 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.

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.

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.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

3.3. Intangible Fixed Assets and Amortisation - 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

Goodwill - 10% straight line

Page 3

Page 4

W E Elliott & Son Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 August 2025

3.4. Tangible Fixed Assets and Depreciation

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:

Freehold	No depreciation
Plant & Machinery	15% on reducing balnace method
Motor Vehicles	25% on reducing balnace method
Computer Equipment	33.33% on reducing balnace method

3.5. Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable

3.6. Stocks and Work in Progress

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.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. 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

3.7. 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.

3.8. Taxation

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

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 asset reflects 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

Page 4

Page 5

W E Elliott & Son Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 August 2025

3.9. Pensions

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

3.10. 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

3.11. 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

3.12. 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.

4. Average Number of Employees

Average number of employees, including directors, during the year was: 8 (2024: 8)

5. Intangible Assets

	Goodwill
	£
Cost
As at 1 September 2024	82,500

As at 31 August 2025	82,500

Amortisation
As at 1 September 2024	82,500

As at 31 August 2025	82,500

Net Book Value
As at 31 August 2025	-

As at 1 September 2024	-

Page 5

Page 6

W E Elliott & Son Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 August 2025

6. Tangible Assets

	Land & Property
	Freehold	Plant & Machinery	Motor Vehicles	Computer Equipment	Total
	£	£	£	£	£
Cost
As at 1 September 2024	27,917	53,630	117,952	10,278	209,777

As at 31 August 2025	27,917	53,630	117,952	10,278	209,777

Depreciation
As at 1 September 2024	-	33,829	90,496	9,602	133,927
Provided during the period	-	2,970	6,864	225	10,059

As at 31 August 2025	-	36,799	97,360	9,827	143,986

Net Book Value
As at 31 August 2025	27,917	16,831	20,592	451	65,791

As at 1 September 2024	27,917	19,801	27,456	676	75,850

7. Stocks

	2025	2024
	£	£
Stock	786,632	534,674

8. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	208,160	347,686
Prepayments and accrued income	5,502	5,315
Other debtors	986,773	476,973
VAT	58,366	81,827

	1,258,801	911,801

9. Current Asset Investments

	2025	2024
	£	£
Other investments, held for sale	1,048,910	1,029,393

Page 6

Page 7

W E Elliott & Son Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 August 2025

10. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	368,821	256,535
Corporation tax	179,074	123,303
Other taxes and social security	3,832	3,326
Other creditors	239,550	5,001
Accruals and deferred income	4,360	19,714

	795,637	407,879

11. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	500	500

12. Related Party Disclosures

An amount of £446,375 (2024 - £446,375) was owing at 31 August 2025 by J K R Properties Limited, a related party by virtue of common control. The amount outstanding is included within other debtors in Note 7 to these accounts.

An amount of £28,928 (2024 - £28,928) was owing at 31 August 2025 by Glebe Homes Limited, a related party by virtue of common control. The amount outstanding is included within other debtor in Note 7 to these accounts.

An amount of £351,470 (2024 - £1,470 ) was owing at 31 August 2025 by Seamount Developments Limited, a related party by virtue of common control. The amount outstanding is included within other debtor in Note 7 to these accounts.

Page 7

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	6		65,791		75,850

			65,791		75,850
CURRENT ASSETS
Stocks	7	786,632		534,674
Debtors	8	1,258,801		911,801
Investments	9	1,048,910		1,029,393
Cash at bank and in hand		1,282,021		1,258,624

		4,376,364		3,734,492
Creditors: Amounts Falling Due Within One Year	10	(795,637 )		(407,879 )

NET CURRENT ASSETS (LIABILITIES)			3,580,727		3,326,613

TOTAL ASSETS LESS CURRENT LIABILITIES			3,646,518		3,402,463

PROVISIONS FOR LIABILITIES
Deferred Taxation			(9,468 )		(11,983 )

NET ASSETS			3,637,050		3,390,480

CAPITAL AND RESERVES
Called up share capital	11		500		500
Profit and Loss Account			3,636,550		3,389,980

SHAREHOLDERS' FUNDS			3,637,050		3,390,480

Kenneth John Elliott Director	Roy Elliott Director
28/05/2026