REGISTERED NUMBER: NI625410 (Northern Ireland)

FRATELLI (BELFAST) LTD

Financial Statements for the Year Ended 31 October 2025

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

Colin William Johnston

Tiarnán O'Neill

Israel Robb

Lynsey Gordon

REGISTERED OFFICE:

C/o Carson McDowell LLP

Murray House

Murray Street

Belfast

Antrim

BT1 6DN

REGISTERED NUMBER:

NI625410 (Northern Ireland)

INDEPENDENT AUDITORS:

Cooper Parry Audit (Ireland) Limited

Statutory Auditor

Unit 7 Dyehouse

Linen Green

Dungannon

Co. Tyrone

BT71 7HB

BANKERS:

AIB

78 Wellington Street

Ballymena

Antrim

BT43 6AF

SOLICITORS:

McGarrigle Legal Limited

7th Floor West Tower

8 Lanyon Place

Belfast

BT1 3LP

NON-CURRENT ASSETS

Tangible assets

5

176,966

220,197

CURRENT ASSETS

Stocks

6

19,242

15,850

Receivables: amounts falling due within one year

7

66,086

45,240

Cash at bank

23,558

32,423

108,886

93,513

PAYABLES

Amounts falling due within one year

8

(271,277

)

(252,411

)

NET CURRENT LIABILITIES

(162,391

)

(158,898

)

TOTAL ASSETS LESS CURRENT LIABILITIES

14,575

61,299

PAYABLES

Amounts falling due after more than one year

9

(220,000

)

(325,000

)

PROVISIONS FOR LIABILITIES

10

-

(1,678

)

NET LIABILITIES

(205,425

)

(265,379

)

CAPITAL AND RESERVES

Called up share capital

11

3

3

Retained earnings

(205,428

)

(265,382

)

SHAREHOLDERS' FUNDS

(205,425

)

(265,379

)

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 July 2026 and were signed on its behalf by:

Tiarnán O'Neill - Director

1.	STATUTORY INFORMATION

Fratelli (Belfast) Ltd is a private company, limited by shares, registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

The principal activity of the company is the provision of restaurant and bar facilities.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented unless otherwise stated.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared on a going concern basis under the historical cost convention, unless otherwise specified within these accounting policies.

The financial statements are presented in Sterling (£).

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires the directors to exercise judgement in applying the company's accounting policies.

No critical judgements or accounting estimates have been identified when applying the company's accounting policies.

Going concern

The company has generated a profit for the financial year of £59,954 (2024: £85,099). Profits generated have reduced the closing net deficit position recorded on the balance sheet, with the financial statements reporting a closing net deficit at 31 October 2025 of £205,425 (2024: £265,379). Management have prepared a cash flow forecast to ensure that the company can meet its operating and debt service commitments for a period of 12 months from the date of signing the financial statements. The directors have obtained confirmation that the company has underlying support from Eirmon Holdings Limited, the company's ultimate parent, for a period of at least 12 months from the date of signing these financial statements. Accordingly, the directors have prepared the financial statements on a going concern basis.

Revenue

Revenue is recognised in the Income Statement and represents amounts invoiced during the year, exclusive of Value Added Tax. Revenue is recognised when, and to the extent that, the company obtains the right to consideration in exchange for its performance. With respect to food and bar income, revenue is recognised at the point when the service is provided.

Property, plant and equipment

Property, plant and equipment 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.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

The company adds to the carrying amount of an item of property, plant and equipment the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to the Income Statement during the period in which they are incurred.

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

10-50% Straight line

Computer Equipment

25% 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 the Income Statement.

Inventories

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each Statement of Financial Position 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 the Income Statement.

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other

consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond

normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each

reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Income Statement.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the

difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the Statement of Financial Position date.

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Operating leases: the company as lessee

Rentals paid under operating leases are charged to the Income Statement on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight- line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Interest income

Interest income is recognised in the Income Statement using the effective interest method.

Finance costs

Finance costs are charged to the Income Statement 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.

Pensions

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in the Income Statement when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

Cash flow statement

The company has availed of the exemption in FRS 102 Section 1A from the requirement to prepare a Statement of Cash Flows because it is classified as a small company.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 29 (2024 - 27 ) .

5.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 November 2024

926,058

37,649

963,707

Additions

18,775

-

18,775

At 31 October 2025

944,833

37,649

982,482

DEPRECIATION

At 1 November 2024

714,697

28,813

743,510

Charge for year

58,553

3,453

62,006

At 31 October 2025

773,250

32,266

805,516

NET BOOK VALUE

At 31 October 2025

171,583

5,383

176,966

At 31 October 2024

211,361

8,836

220,197

6.

STOCKS

31/10/25

31/10/24

£

£

Inventories

19,242

15,850

In the opinion of the directors, the replacement value of stock is not materially different from the disclosed amounts at year end.

7.

RECEIVABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/10/25

31/10/24

£

£

Trade receivables

-

561

Other receivables

550

240

Amounts owed by group undertakings

2,006

3,080

Amounts owed by related parties

25,699

3,304

Prepayments

37,831

38,055

66,086

45,240

Amounts owed by group undertakings and related parties are interest free, unsecured and repayable on demand, except those which are financing in nature whereby a market rate of interest is applied.

8.

PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/10/25

31/10/24

£

£

Trade payables

63,666

60,997

Amounts owed to group undertakings

15,613

1,687

Social security and other taxes

62,846

51,550

Other payables

18,520

39,629

Accruals and deferred income

110,632

98,548

271,277

252,411

Amounts owed to group undertakings are interest free, unsecured and repayable on demand, except those which are financing in nature whereby a market rate of interest is applied.

9.

PAYABLES: AMOUNTS FALLING DUE AFTER ONE YEAR

31/10/25

31/10/24

£

£

Amounts owed to group undertakings

220,000

325,000

Amounts owed to group undertakings are interest free, unsecured and repayable on demand, except those which are financing in nature whereby a market rate of interest is applied.

10.	PROVISIONS FOR LIABILITIES

31/10/25

31/10/24

£

£

Deferred tax

Accelerated capital allowances

-

1,678

Deferred

tax

£

Balance at 1 November 2024

1,678

Credit to Income Statement during year

(1,678

)

Balance at 31 October 2025

-

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31/10/25

31/10/24

value:

£

£

3

Ordinary Shares

£1

3

3

12.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Auditors' Report was unqualified.

Mr. Ryan Falls (F.C.A) (Senior Statutory Auditor)

for and on behalf of Cooper Parry Audit (Ireland) Limited

13.	RELATED PARTY DISCLOSURES

The company has taken advantage of the exemptions given in FRS 102, section 33. This exemption permits non-disclosure of related party transactions of wholly owned subsidiary companies within a group.

During the year Fratelli (Belfast) Ltd made sales to Cafe Parisien (Belfast) Limited, a company related by virtue of common control, of £56,302 (31/10/24: £26,738) and purchases of £31,409 (31/10/24: £5,760). At 31 October 31/10/25, the balance due from related parties was £25,699 (31/10/24: £3,304). No other transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Paragraph 33.

14.	ULTIMATE CONTROLLING PARTY

The company’s immediate parent undertaking is Eirmon Group Limited, a company incorporated in the Isle of Man.

The company's ultimate parent undertaking is Eirmon Holdings Limited, a company incorporated in the Isle of Man, by virtue of its shareholding in Eirmon Group Limited.

The smallest and largest group for which consolidated accounts are prepared including the results of this company is Eirmon Holdings Limited.

The Hill family is deemed to be the ultimate controlling party of the company.