REGISTERED NUMBER: NI642999 (Northern Ireland)

FRATELLI (ORMEAU ROAD) LIMITED

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

REGISTERED OFFICE:

Murray House

Murray Street

Belfast

Antrim

BT1 6DN

REGISTERED NUMBER:

NI642999 (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

563,972

562,340

CURRENT ASSETS

Receivables: amounts falling due within one year

6

5,736

6,562

Cash at bank

729

6,217

6,465

12,779

PAYABLES

Amounts falling due within one year

7

(214,408

)

(171,573

)

NET CURRENT LIABILITIES

(207,943

)

(158,794

)

TOTAL ASSETS LESS CURRENT LIABILITIES

356,029

403,546

PAYABLES

Amounts falling due after more than one year

8

(678,500

)

(654,500

)

NET LIABILITIES

(322,471

)

(250,954

)

CAPITAL AND RESERVES

Called up share capital

9

1

1

Retained earnings

(322,472

)

(250,955

)

SHAREHOLDERS' FUNDS

(322,471

)

(250,954

)

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 (Ormeau Road) Limited is a private company, limited by shares and registered in Northern Ireland. The address of its registered office is Murray House, Murray Street, Belfast, Antrim, United Kingdom, BT1 6DN.

The company continues to be in the development stage and as such has not traded during the year under review.

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 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 judgements in applying the company's accounting policies.

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

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 accounts are prepared under the historical cost convention modified when necessary to include the revaluation of certain fixed assets.

Going Concern

The company had a closing net deficit of £322,471 at 31 October 2025 (2024: £250,954). The company did not trade during the period as it is in the process of redeveloping assets held. Given the current circumstances, the directors have obtained confirmation that the company has underlying support from its parent and fellow group undertakings for a period of at least 12 months from the date of signing these financial statements. The directors are satisfied that parent and fellow group undertakings can demonstrate a strong financial position to withstand potential future challenges or cash flow requirements for the foreseeable future. It is on this basis, that the directors have prepared the financial statements on a going concern basis.

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.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The assets of the company are under construction in the year and as such, no depreciation has been charged.

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 toss.

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.

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.

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.

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.

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.

Finance costs

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

4.	EMPLOYEES AND DIRECTORS

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

5.	PROPERTY, PLANT AND EQUIPMENT

Assets

under

Construction

£

COST

At 1 November 2024

562,340

Additions

1,632

At 31 October 2025

563,972

NET BOOK VALUE

At 31 October 2025

563,972

At 31 October 2024

562,340

6.

RECEIVABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/10/25

31/10/24

£

£

Other receivables

311

838

Prepayments

5,425

5,724

5,736

6,562

7.

PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/10/25

31/10/24

£

£

Trade payables

17,291

16,157

Other payables

197,117

155,416

214,408

171,573

8.

PAYABLES: AMOUNTS FALLING DUE AFTER ONE YEAR

31/10/25

31/10/24

£

£

Amounts owed to group undertakings

678,500

-

Amounts owed to related parties

-

654,500

678,500

654,500

The loan above is unsecured, repayable on demand and has a market interest rate charged.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31/10/25

31/10/24

value:

£

£

1

Ordinary shares

£1

1

1

10.	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

11.	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.