ACCOUNTS - Final Accounts preparation

Analysis of the maturity of loans is given below:

Unaudited Financial Statements

Sarcon (No. 388) Limited

For the year ended 31 October 2025

Registered number: NI642816


Sarcon (No. 388) Limited

Company Information

Directors	Andrew R Lynas
	Hannah E Lynas


Registered number	NI642816


Registered office	Loughanhill Industrial Estate
	Gateside Road
	Coleraine
	BT52 2NR


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


Sarcon (No. 388) Limited

Contents

	Page
Accountants' report	1
Balance sheet	2 - 3
Notes to the financial statements	4 - 12

Independent Accountant's Report to the directors of the unaudited financial statements of Sarcon (No. 388) Limited for the year ended 31 October 2025

In order to assist you fulfil your duties under the Companies Act 2006, we have compiled the financial statements of Sarcon (No. 388) Limited for the year ended 31 October 2025, which comprise the Statement of comprehensive income, 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 Sarcon (No. 388) 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 Sarcon (No. 388) 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 Sarcon (No. 388) 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 October 2025 and you have acknowledged on the Balance sheet as at 31 October 2025 your duty to ensure that Sarcon (No. 388) 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 Sarcon (No. 388) Limited is exempt from the statutory audit requirement for the year ended 31 October 2025.

We have not been instructed to carry out an audit or review the financial statements of Sarcon (No. 388) 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: 31 July 2026

Page 1


Sarcon (No. 388) Limited Registered number:NI642816

Balance sheet

As at 31 October 2025

		2025		2024
Note		£		£

Fixed assets
Investments	5		903,519		903,519
Investment property	6		3,230,000		3,230,000
			4,133,519		4,133,519
Current assets
Cash at bank and in hand	7	87,859		44,795
		87,859		44,795
Creditors: amounts falling due within one year	8	(2,809,520)		(2,908,453)
Net current liabilities			(2,721,661)		(2,863,658)
Total assets less current liabilities			1,411,858		1,269,861
Creditors: amounts falling due after more than one year	9		(149,784)		(258,063)
Provisions for liabilities
Deferred tax liability	11	(274,312)		(274,312)
			(274,312)		(274,312)
Net assets			987,762		737,486

Capital and reserves
Called up share capital	12	100	100
Profit and loss account	13	987,662	737,386
		987,762	737,486

Page 2


Sarcon (No. 388) Limited Registered number:NI642816

Balance sheet (continued)

As at 31 October 2025

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 31 July 2026.

Mr. Andrew Lynas

Director

The notes on pages 4 to 12 form part of these financial statements.

Page 3


Sarcon (No. 388) Limited

Notes to the financial statements

For the year ended 31 October 2025

1.	General information

Sarcon (No.388) Limited is a private company limited by shares and incorporated in Northern Ireland. The registered office is Loughanhill Industrial Estate, Gateside Road, Coleraine, BT52 2NR.
The principal activity of the company is the letting of investment property.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and 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

Consolidation

These financial statements contain information about the company as an individual and do not contain consolidated financial information as the parent undertaking of a group. The company has taken advantage of exemptions available to small groups not to prepare consolidated financial statements.

Page 4


Sarcon (No. 388) Limited

Notes to the financial statements

For the year ended 31 October 2025

2.Accounting policies (continued)

2.4

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:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

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

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.5

Interest income

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

2.6

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.

2.7

Borrowing costs

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

Page 5


Sarcon (No. 388) Limited

Notes to the financial statements

For the year ended 31 October 2025

2.Accounting policies (continued)

2.8

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.

2.9

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated 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


Sarcon (No. 388) Limited

Notes to the financial statements

For the year ended 31 October 2025

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:
Carrying value of investments
Investment in subsidiary undertakings is measured at cost less accumulated impairment. Where there is an indication of impairment the recoverable amount is estimated and compared with the carrying amount. The estimate of recoverable amount is considered in light of the trading and balance sheet strength of the subsidiary together with the director's best estimate of future performance of the subsidiary.
Market value of investment properties
Estimates are made in respect of the market value of investment properties. When assessing the market value of these assets, factors including current rent receivable and available data on current market yields and activity are considered.

Employees

The average monthly number of employees, including directors, during the year was 2 (2024 - 2).

Page 7


Sarcon (No. 388) Limited

Notes to the financial statements

For the year ended 31 October 2025

5.	Fixed asset investments

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 November 2024	1,622,101
	At 31 October 2025	1,622,101
	Impairment
	At 1 November 2024	718,582
	At 31 October 2025	718,582
	Net book value
	At 31 October 2025	903,519
	At 31 October 2024	903,519

Subsidiary undertakings
The following were subsidiary undertakings of the Company:
Name	Registered office	Class of shares	Holding

	Keenan Seafood Limited	17 Clarendon Road, Clarendon Dock, Belfast, Northern Ireland, BT1 3BG	Ordinary	100%
	First4Fruit Limited	Loughanhill Industrial Estate, Gateside Road, Coleraine, Northern Ireland, BT52 2NR	Ordinary	100%

Page 8


Sarcon (No. 388) Limited

Notes to the financial statements

For the year ended 31 October 2025

6.	Investment property

		Freehold investment property
		£
	Valuation
	At 1 November 2024	3,230,000
	At 31 October 2025	3,230,000

The 2025 valuations were made by the Directors, on an open market value basis.

7.	Cash and cash equivalents
		2025	2024
		£	£

Cash at bank and in hand	87,859	44,795
	87,859	44,795

8.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Bank loans	107,470	105,730
Amounts owed to connected company	2,209,791	2,115,227
Corporation tax	66,813	37,980
Deferred consideration	-	199,223
Other creditors	415,900	415,900
Accruals and deferred income	9,546	34,393
	2,809,520	2,908,453

Page 9


Sarcon (No. 388) Limited

Notes to the financial statements

For the year ended 31 October 2025

9.	Creditors: Amounts falling due after more than one year
		2025	2024
		£	£

Bank loans	149,784	258,063
	149,784	258,063

Amounts falling due within one year
Bank loans	107,470	105,730
	107,470	105,730
Amounts falling due 1-2 years
Bank loans	107,470	105,730
	107,470	105,730
Amounts falling due 2-5 years
Bank loans	42,314	152,333
	42,314	152,333

	257,254	363,793

Bank loan security:
Northern Bank Limited hold a fixed and floating all monies Debenture over all the company's property, assets and undertaking to incorporate a first and only legal charge over property at 3 Gateside Road, Coleraine, BT52 2NR.

Page 10


Sarcon (No. 388) Limited

Notes to the financial statements

For the year ended 31 October 2025

11.	Deferred tax liability

	2025	2024
	£	£

At beginning of year	274,312	-
Charged to profit or loss	-	(274,312)
At end of year	274,312	274,312

The provision for deferred taxation is made up as follows:
	2025	2024
	£	£

	Capital gains	274,312	274,312
		274,312	274,312

12.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

100 (2024 - 100) Ordinary shares of £1.00 each	100	100

13.

Reserves

Profit and loss account

Includes all current and prior period retained profits and losses.

Page 11


Sarcon (No. 388) Limited

Notes to the financial statements

For the year ended 31 October 2025

14.

Related party transactions

The Company has taken advantage of the exemption available under FRS 102 Section 33 from disclosing transactions between wholly owned members of the Group.
The company had the following related party transactions during the year:
At the balance sheet date, £415,900 was owed to the directors (2024: £415,900). There were no transactions with the directors during the current or prior year. The loan is unsecured, interest free and repayable on demand.
The company is related to Lynas Foodservice by virtue of common control. During the year, the Company received net funds of £94,564 from the related party (2024: £827,001). At the balance sheet date, the amount owed to the related party was £2,209,791 (2024: £2,115,227). The loan is unsecured, interest free and repayable on demand.

15.	Controlling party

The company is controlled by the directors.

Page 12