Company registration number NI003765 (Northern Ireland)
PROFAST (NI) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
PAGES FOR FILING WITH REGISTRAR
PROFAST (NI) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
PROFAST (NI) LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2025
31 December 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
35,061
68,794
Current assets
Stocks
734,185
723,259
Debtors
4
2,453,980
2,378,661
Cash at bank and in hand
56,147
95,684
3,244,312
3,197,604
Creditors: amounts falling due within one year
5
(1,237,851)
(1,235,222)
Net current assets
2,006,461
1,962,382
Total assets less current liabilities
2,041,522
2,031,176
Creditors: amounts falling due after more than one year
6
(33,021)
(37,791)
Provisions for liabilities
(6,446)
(13,937)
Net assets
2,002,055
1,979,448
Capital and reserves
Called up share capital
7
1,000
1,000
Other reserves
8
90
90
Profit and loss reserves
8
2,000,965
1,978,358
Total equity
2,002,055
1,979,448

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 27 May 2026 and are signed on its behalf by:
Mr S D Clarke
Director
Company registration number NI003765 (Northern Ireland)
PROFAST (NI) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
1
Accounting policies
Company information

Profast (NI) Limited is a private company limited by shares incorporated in Northern Ireland. The registered office is 26-30 Rydalmere Street, Belfast, BT12 6GF.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
20% straight line
Computers
25% straight line
Motor vehicles
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

PROFAST (NI) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies (Continued)
- 3 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

PROFAST (NI) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies (Continued)
- 4 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

PROFAST (NI) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies (Continued)
- 5 -
1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases
As lessee

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

As lessor

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.13
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
19
20
PROFAST (NI) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 6 -
3
Tangible fixed assets
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2025
193,042
53,227
104,952
351,221
Additions
1,750
2,385
-
0
4,135
Disposals
(2,843)
(8,931)
-
0
(11,774)
At 31 December 2025
191,949
46,681
104,952
343,582
Depreciation and impairment
At 1 January 2025
169,756
40,741
71,930
282,427
Depreciation charged in the year
14,007
8,227
15,080
37,314
Eliminated in respect of disposals
(2,843)
(8,377)
-
0
(11,220)
At 31 December 2025
180,920
40,591
87,010
308,521
Carrying amount
At 31 December 2025
11,029
6,090
17,942
35,061
At 31 December 2024
23,286
12,486
33,022
68,794
4
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
758,106
684,085
Amounts owed by group undertakings
1,651,126
1,642,806
Other debtors
206
4,725
Prepayments and accrued income
44,542
47,045
2,453,980
2,378,661
5
Creditors: amounts falling due within one year
2025
2024
£
£
Debtor finance
583,032
490,889
Obligations under finance leases
1,846
5,358
Trade creditors
278,321
326,137
Amounts owed to group undertakings
187,427
95,211
Corporation tax
-
0
99,325
Other taxation and social security
124,167
142,865
Government grants
2,220
2,220
Other creditors
146
3,788
Accruals and deferred income
60,692
69,429
1,237,851
1,235,222
PROFAST (NI) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
5
Creditors: amounts falling due within one year (Continued)
- 7 -

Debtor finance of £583,032 (2024 - £490,889) is secured by way of a debenture over the assets and undertakings of the company and an unlimited cross company guarantee between the company, Fortus Hardware Limited, Profast Limited, Profast Group Limited and Titan GRP Limited.

Obligations under finance lease s are secured on the assets to which they relate.

6
Creditors: amounts falling due after more than one year
2025
2024
£
£
Obligations under finance leases
-
0
2,550
Government grants
33,021
35,241
33,021
37,791

Obligations under finance lease s are secured on the assets to which they relate.

7
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
8
Reserves
Other reserves

Other reserves represent a capital redemption reserve.

Profit and loss reserves

The profit and loss account represents the retained earnings of the company that are available for distribution.

9
Financial commitments, guarantees and contingent liabilities

The company has entered into an all monies cross guarantee as security for certain borrowings of its ultimate parent company Titan GRP Limited, its parent company Profast Group Limited and its fellow subsidiaries Profast Limited and Fortus Hardware Limited. The total relevant borrowings of Titan GRP Limited at the year end was £1.295m (2024 - £1.665m), and of other group companies was £798,498 (2024 - £957,782).

The company has also granted a debenture creating fixed and floating security over its assets and undertakings in favour of its ultimate parent company, Titan GRP Limited. The relevant borrowings of Titan GRP Limited at the year end was £372,885 (2024 - £459,642).

10
Operating lease commitments
As lessee
PROFAST (NI) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
10
Operating lease commitments (Continued)
- 8 -

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2025
2024
£
£
Total commitments
351,381
436,256
11
Related party transactions

As the company is a wholly owned subsidiary the directors have taken advantage of the exemption from disclosing related party transactions with other wholly owned group companies, in accordance with FRS 102.

No other transactions with related parties were undertaken that are required to be disclosed under FRS102, Section 1A.

12
Parent company

The company's parent company is Profast Group Limited. Profast Group Limited is the smallest group for which consolidated financial statements have been prepared, copies of which are available from its registered office at 26-30 Rydalmere Street, Belfast, BT12 6GF.

The company's controlling party and ultimate parent company is Titan GRP Limited, a company incorporated in Northern Ireland.

13
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit 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.

Senior Statutory Auditor:
Mr Nigel Moore FCA
Statutory Auditor:
GMcG BELFAST
Date of audit report:
27 May 2026
2025-12-31 2025-01-01 false false false 27 May 2026 CCH Software CCH Accounts Production 2026.100 No description of principal activity Mr Jonathan Henry Aiken Mr Stephen David Clarke Mr Craig Bennet Milne Ms J Macartney NI003765 2025-01-01 2025-12-31 NI003765 2025-12-31 NI003765 2024-12-31 NI003765 core:FurnitureFittings 2025-12-31 NI003765 core:ComputerEquipment 2025-12-31 NI003765 core:MotorVehicles 2025-12-31 NI003765 core:FurnitureFittings 2024-12-31 NI003765 core:ComputerEquipment 2024-12-31 NI003765 core:MotorVehicles 2024-12-31 NI003765 core:WithinOneYear 2025-12-31 NI003765 core:WithinOneYear 2024-12-31 NI003765 core:AfterOneYear 2025-12-31 NI003765 core:AfterOneYear 2024-12-31 NI003765 core:CurrentFinancialInstruments core:WithinOneYear 2025-12-31 NI003765 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 NI003765 core:Non-currentFinancialInstruments 2025-12-31 NI003765 core:Non-currentFinancialInstruments 2024-12-31 NI003765 core:ShareCapital 2025-12-31 NI003765 core:ShareCapital 2024-12-31 NI003765 core:OtherMiscellaneousReserve 2025-12-31 NI003765 core:OtherMiscellaneousReserve 2024-12-31 NI003765 core:RetainedEarningsAccumulatedLosses 2025-12-31 NI003765 core:RetainedEarningsAccumulatedLosses 2024-12-31 NI003765 core:ShareCapitalOrdinaryShareClass1 2025-12-31 NI003765 core:ShareCapitalOrdinaryShareClass1 2024-12-31 NI003765 bus:Director2 2025-01-01 2025-12-31 NI003765 core:FurnitureFittings 2025-01-01 2025-12-31 NI003765 core:ComputerEquipment 2025-01-01 2025-12-31 NI003765 core:MotorVehicles 2025-01-01 2025-12-31 NI003765 2024-01-01 2024-12-31 NI003765 core:FurnitureFittings 2024-12-31 NI003765 core:ComputerEquipment 2024-12-31 NI003765 core:MotorVehicles 2024-12-31 NI003765 2024-12-31 NI003765 core:CurrentFinancialInstruments 2025-12-31 NI003765 core:CurrentFinancialInstruments 2024-12-31 NI003765 core:Non-currentFinancialInstruments core:AfterOneYear 2025-12-31 NI003765 core:Non-currentFinancialInstruments core:AfterOneYear 2024-12-31 NI003765 bus:OrdinaryShareClass1 2025-01-01 2025-12-31 NI003765 bus:OrdinaryShareClass1 2025-12-31 NI003765 bus:OrdinaryShareClass1 2024-12-31 NI003765 bus:PrivateLimitedCompanyLtd 2025-01-01 2025-12-31 NI003765 bus:SmallCompaniesRegimeForAccounts 2025-01-01 2025-12-31 NI003765 bus:FRS102 2025-01-01 2025-12-31 NI003765 bus:Audited 2025-01-01 2025-12-31 NI003765 bus:Director1 2025-01-01 2025-12-31 NI003765 bus:Director3 2025-01-01 2025-12-31 NI003765 bus:CompanySecretary1 2025-01-01 2025-12-31 NI003765 bus:FullAccounts 2025-01-01 2025-12-31 xbrli:pure xbrli:shares iso4217:GBP