ACCOUNTS - Final Accounts preparation

Analysis of the maturity of loans is given below:

Unaudited Financial Statements

Craighill Developments Limited

For the year ended 31 March 2026

Registered number: NI651546


Craighill Developments Limited

Company Information

Directors	Stephen Bell
	Noel Murphy
	William Quinn


Registered number	NI651546


Registered office	4a Enterprise Road
	Bangor
	Co. Down
	BT19 7TA


Accountants	Grant Thornton Advisors (NI) LLP
	Chartered Accountants
	12 - 15 Donegall Square West
	Belfast
	BT1 6JH


Solicitors	MKB Law
	14 Great Victoria Street
	Belfast
	BT2 7BA


Craighill Developments Limited

Contents

	Page
Accountants' report	1
Balance sheet	2 - 3
Notes to the financial statements	4 - 11

Independent Accountant's Report to the directors of the unaudited financial statements of Craighill Developments Limited for the year ended 31 March 2026

In order to assist you fulfil your duties under the Companies Act 2006, we have compiled the financial statements of Craighill Developments Limited for the year ended 31 March 2026, which comprise the Balance sheet and the related notes to the financial statements, including a summary of significant accounting policies, from the company's accounting records and from information and explanations you have given to us.

The financial statements have been prepared on the basis set out in the notes to the financial statements.

This report is made solely to the directors of Craighill Developments Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely that we might compile the financial statements that we have been engaged to compile, report to the company's directors that we have done so and state those matters that we have agreed to state to the directors of Craighill Developments Limited, as a body, in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Craighill Developments Limited and its directors, as a body, for our work or for this report.

We have carried out this engagement in accordance with International Standard on Related Services 4410 (Revised) Compilation Engagements issued by the International Auditing and Assurance Standards Board (the ‘IAASB’’) and have complied with the ethical guidance laid down by the IESBA Code and Chartered Accountants Ireland relating to members undertaking the compilation of financial statements.

You have approved the financial statements for the year ended 31 March 2026 and you have acknowledged on the Balance sheet as at 31 March 2026 your duty to ensure that Craighill Developments Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view in accordance with the Companies Act 2006. You consider that Craighill Developments Limited is exempt from the statutory audit requirement for the year ended 31 March 2026.

We have not been instructed to carry out an audit or review the financial statements of Craighill Developments Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Maeve Hunt FCA
for and on behalf of
Grant Thornton Advisors (NI) LLP
Chartered Accountants 12 - 15 Donegall Square West Belfast BT1 6JH

Date: 11 June 2026

Page 1


Craighill Developments Limited Registered number:NI651546

Balance sheet

As at 31 March 2026

		2026		2025
Note		£		£

Fixed assets
Tangible assets	5		2,975		8,075
			2,975		8,075
Current assets
Stocks	6	3,119,006		3,664,805
Debtors: amounts falling due within one year	7	139,256		6,574
Cash at bank and in hand	8	308		456
		3,258,570		3,671,835
Creditors: amounts falling due within one year	9	(1,947,485)		(1,725,247)
Net current assets			1,311,085		1,946,588
Total assets less current liabilities			1,314,060		1,954,663
Creditors: amounts falling due after more than one year	10		(528,543)		(1,895,067)
Provisions for liabilities
Deferred tax	12	(744)		(1,534)
			(744)		(1,534)
Net assets			784,773		58,062

Capital and reserves
Called up share capital	13	2	2
Profit and loss account	14	784,771	58,060
		784,773	58,062

Page 2


Craighill Developments Limited Registered number:NI651546

Balance sheet (continued)

As at 31 March 2026

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 11 June 2026.

Noel Murphy

Director

The notes on pages 4 to 11 form part of these financial statements.

Page 3


Craighill Developments Limited

Notes to the financial statements

For the year ended 31 March 2026

1.	General information

Craighill Developments Limited is company limited by shares and is incorporated in Northern Ireland. The registered office address is 4a Enterprise Road, Bangor, County Down, BT19 7TA.
The principal activity is that of property development.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The financial statements are presented in Sterling (£).

The following principal accounting policies have been applied:

2.2

Going concern

The directors have assessed that there are adequate resources to meet the ongoing costs of the business for a minimum of 12 months from the date of signing the financial statements. For this reason the financial statements have been prepared on a going concern basis which presumes the realisation of assets and liabilities in the normal course of business.

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 4


Craighill Developments Limited

Notes to the financial statements

For the year ended 31 March 2026

2.Accounting policies (continued)

2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5


Craighill Developments Limited

Notes to the financial statements

For the year ended 31 March 2026

2.Accounting policies (continued)

2.8

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings

20%

straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is 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.

2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 6


Craighill Developments Limited

Notes to the financial statements

For the year ended 31 March 2026

2.Accounting policies (continued)

2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:
a) Carrying value of stock
Stock represents goods for resale and is measured at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs necessary to make the sale. Provision is made for obsolete and slow moving stock based on historical experience.
b) Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on future investments, economic utilisation and the physical condition of the assets.

Employees

The average monthly number of employees, including directors, during the year was 3 (2025 - 3).

Page 7


Craighill Developments Limited

Notes to the financial statements

For the year ended 31 March 2026

5.	Tangible fixed assets

		Fixtures and fittings
		£
	Cost or valuation
	At 1 April 2025	25,500
	At 31 March 2026	25,500
	Depreciation
	At 1 April 2025	17,425
	Charge for the year	5,100
	At 31 March 2026	22,525
	Net book value
	At 31 March 2026	2,975
	At 31 March 2025	8,075

6.	Stocks
		2026	2025
		£	£

	Work in progress	3,119,006	3,664,805

Debtors

					2026	2025
					£	£


Other debtors	139,174	6,492
Prepayments and accrued income	82	82
	139,256	6,574

Page 8


Craighill Developments Limited

Notes to the financial statements

For the year ended 31 March 2026

8.	Cash and cash equivalents
		2026	2025
		£	£

Cash at bank and in hand	308	456
	308	456

9.	Creditors: Amounts falling due within one year
		2026	2025
		£	£

Related party loan	352,363	1,263,378
Trade creditors	76,585	25,784
Amounts owed to related parties	814,950	109,167
Corporation tax	243,674	8,238
Directors current account	45,446	45,446
Accruals and deferred income	414,467	273,234
	1,947,485	1,725,247

10.	Creditors: Amounts falling due after more than one year
		2026	2025
		£	£

	Related party loan	528,543	1,895,067

Page 9


Craighill Developments Limited

Notes to the financial statements

For the year ended 31 March 2026

Amounts falling due within one year
Related party loan	352,363	1,263,378
	352,363	1,263,378
Amounts falling due 1-2 years
Related party loan	352,363	1,263,378
	352,363	1,263,378
Amounts falling due 2-5 years
Related party loan	176,180	631,689
	176,180	631,689

	880,906	3,158,445

12.	Deferred taxation

	2026	2025
	£	£

At beginning of year	1,534	2,503
Charged to profit or loss	(790)	(969)
At end of year	744	1,534

The provision for deferred taxation is made up as follows:
	2026	2025
	£	£

	Fixed asset timing differences	744	1,534
		744	1,534

Page 10


Craighill Developments Limited

Notes to the financial statements

For the year ended 31 March 2026

13.	Share capital
		2026	2025
		£	£

Allotted, called up and fully paid

1 (2025 - 1) Ordinary X share of £1.00	1	1
1 (2025 - 1) Ordinary Y share of £1.00	1	1

	2	2

14.

Reserves

Profit and loss account

Includes all current and prior period retained profits and losses.

15.

Related party transactions

The Company had the following related party transactions:
At the balance sheet date, £45,446 was owed to a director (2025: £45,446). No transactions occurred with the director during the year (2025: net transactions totalling £125,000). The balance is unsecured, interest free and repayable on demand.
During the year, the Company had net transactions with an entity related by common control totalling £481,804 (2025: £86,115). At the balance sheet date, the amount owed to the related party was £567,971 (2025: £86,167). The balance is unsecured, interest free and repayable on demand.
During the year, the Company had net transactions with an entity related by common control totalling £223,979 (2025: £23,000). At the balance sheet date, the amount owed to the related party was £246,979 (2025: £23,000). The balance is unsecured, interest free and repayable on demand.
The related party loan comprises a loan from an entity related by common control. During the year, the Company took drawdowns totalling £3,903,104 (2025: £3,078,574), incurred interest totalling £270,217 (2025: £79,871) and made repayments totalling £6,450,861 (2025: £Nil). At the balance sheet date, the total loan balance outstanding was £880,906 (2025: £3,158,445). The loan is subject to variable rate interest and is repayable by June 2027. The loan is secured by a first ranking debenture incorporating a first fixed charge over the property and fixed and floating charges over the assets and undertaking of the company.

16.	Controlling party

The company is under control of the shareholders: Acornhouse Property Ltd and Ballyeaston Property Ltd.

17.	Comparative information

Comparative information has been restated to conform with current year presentation. This has had no impact on profit or loss reported.

Page 11