Grant_Thornton_(NI)_LLP

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF GRANT THORNTON (NI) LLP

Opinion

We have audited the financial statements of Grant Thornton (NI) LLP (the ‘limited liability partnership') for the year ended 31 December 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Reconciliation of Member's Interests and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the limited liability partnership's affairs as at 31 December 2025, and of its loss 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 as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor responsibilities for the audit of the financial statements section of our report. We are independent of the limited liability partnership in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the members' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the limited liability partnership's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the members with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the members' report, other than the financial statements and our auditor's report thereon. The members are responsible for the other information contained within the members' report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

we have not received all the information and explanations we require for our audit; or

the members were not entitled to prepare the financial statements in accordance with the small limited liability partnerships regime.

Responsibilities of members

As explained more fully in the members' responsibilities statement set out on page 2, the members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the members determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the members are responsible for assessing the limited liability partnership's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the members either intend to liquidate the limited liability partnership or to cease operations, or have no realistic alternative but to do so

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Auditor responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

We obtained an understanding of the legal and regulatory framework that the partnership operates in, focusing on provisions of those laws and regulations that had a direct effect on material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included in the UK Companies Act 2006 as applied to limited liability partnerships by the Limited Liability Partnerships (Application of Companies Act 2006) Regulations 2008, pensions and tax legislation, various employment legislation, together with provisions of other laws and regulations that do not have a direct effect on the financial statements, but compliance with which may be fundamental to the limited liability partnership's ability to avoid a material penalty.

We tailored our response to those identified risks to include enquiring of management and external legal advisors concerning actual and potential litigation and claims, performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud, and reviewing correspondence with tax authorities and other regulatory bodies.

In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias, and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business. We apply professional scepticism throughout the audit to consider deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statements.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

the nature of the industry and sector, control environment and business performance including the partnership's remuneration policies, and performance targets

results of our enquiries of management and other key persons about the partnership's own policies for the identification and assessment of the risks of irregularities, including those that may occur either as a result of fraud or error, and matters we identified from our review of the partnership's policies, procedures and internal controls; and

the matters discussed among the audit engagement team regarding potential indicators of fraud and where it might occur in the financial statements;

design of audit procedures responsive to those risks that incorporate unpredictability around the nature, timing and extent of our testing.

We communicatee a further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorresponsibilities. The description forms part of our Auditor's report.

Use of our report

This report is made solely to the limited liability partnership's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the limited liability partnership's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the limited liability partnership and the limited liability partnership's members as a body, for our audit work, for this report, or for the opinions we have formed.

Michael Barnett (Senior Statutory Auditor)

for and on behalf of McAleer Jackson Ltd

Statutory Auditors

Church House

24 Dublin Road

OMAGH

Co. Tyrone

BT78 1HE

19 August 2026

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Grant Thornton (NI) LLP

Registered number:NC001123

Balance sheet

As at 31 December 2025

As restated

2025

2024

Note

Fixed assets

7,638

14,050

Tangible assets

_________

7,638

14,050

Current assets

5,120,037

7,017,868

Debtors: amounts falling due within one year

2,130,836

Cash at bank and in hand

1,261,061

_________

7,250,873

8,278,929

Current liabilities

(7,258,076)

(5,563,069)

Creditors: amounts falling due within one year

(7,203)

2,715,860

Net current (liabilities)/assets

_________

Total assets less current liabilities

435

2,729,910

Creditors: amounts falling due after more than one year

(31,363)

_________

435

2,698,547

_________

Net assets

435

2,698,547

Represented by:

Loans and other debts due to members within one year

Members' other interests

Members' capital classified as equity

435

433,634

2,264,913

Other reserves classified as equity

435

2,698,547

_________

435

2,698,547

Total members' interests

Members' other interests

435

2,698,547

_________

435

2,698,547

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Grant Thornton (NI) LLP

Registered number:NC001123

Balance sheet (continued)

As at 31 December 2025

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.

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

The entity has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime.

The financial statements were approved and authorised for issue by the members and were signed on their behalf on 19 August 2026.

Louise Kelly

Designated member

The notes on pages 6 to 14 form part of these financial statements.

Grant Thornton (NI) LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of changes in equity.

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Grant Thornton (NI) LLP

Reconciliation of members' interests

For the year ended 31 December 2025

Members' capital

Other reserves

Total

Profit for the year available for discretionary division among members

2,264,915

_________

Balance at 31 December 2024

433,634

2,264,913

2,698,547

Other division of profits

(2,264,913)

Repayment of capital

(433,199)

_________

Balance at 31 December 2025

435

The notes on pages 6 to 14 form part of these financial statements.

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.

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Grant Thornton (NI) LLP

Notes to the financial statements

For the year ended 31 December 2025

General information

Grant Thornton (NI) LLP is a Limited Liability Partnership incorporated and registered in Northern Ireland. The registered number of the LLP is NC001123. The registered office of the LLP is 1215 Donegall Square West, Belfast, BT1 6JH, which is also the principal place of business of the LLP.

The principal activity of the LLP during the period was the provision of professional services.

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 LLP's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Going concern

After reviewing the LLP's forecasts and projections, the directors have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future. The LLP therefore adopts the going concern basis in preparing its financial statement.

2.3

Foreign currency translation

Functional and presentation currency

The LLP's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Nonmonetary items measured at historical cost are translated using the exchange rate at the date of the transaction and nonmonetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at periodend exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

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Grant Thornton (NI) LLP

Notes to the financial statements

For the year ended 31 December 2025

Accounting policies (continued)

2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP 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 LLP 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

Operating leases: the LLP as lessee

Rentals paid under operating leases are charged to profit or loss on a straightline basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straightline 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.

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.

2.8

Pensions

Defined contribution pension plan

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

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the LLP in independently administered funds.

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Grant Thornton (NI) LLP

Notes to the financial statements

For the year ended 31 December 2025

Accounting policies (continued)

2.9

Division and distribution of profits

A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.

An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.

The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense in .

2.10

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.

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

Depreciation is provided on the following basis:

Computer equipment

33%

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.

2.11

Amounts receivable under contracts

Amounts receivable under contracts is reflected in the accounts at the expected recoverable revenue due for work carried out during the financial period that has not yet been invoiced after impairment.

2.12

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.

2.13

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.

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Grant Thornton (NI) LLP

Notes to the financial statements

For the year ended 31 December 2025

Accounting policies (continued)

2.14

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.

2.15

Financial instruments

The LLP 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, loans to related parties and investments in ordinary shares.

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 shortterm instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an outright short term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

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 profit and loss account.

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 LLP would receive for the asset if it were to be sold at the reporting date.

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Grant Thornton (NI) LLP

Notes to the financial statements

For the year ended 31 December 2025

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 LLP 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) Recognition of revenue

In calculating revenue from service contracts, the LLP make certain estimates as to the extent to which performance obligations have been satisfied. In doing so, the LLP estimate the remaining time and external costs to be incurred in completing contracts and the clients' willingness and ability to pay for the services provided. These estimates depend upon the outcome of future events and may need to be revised as circumstances change. Estimates of revenue, cost or extent of progress toward completion are revised if circumstances change. Estimates are updated at each reporting date, including application of any constraint in respect of variable consideration until the uncertainty is resolved. Any resulting increases in estimated revenues or costs are reflected in the income statement in the period in which the circumstances arose.

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 reassessed annually. They are amended when necessary to reflect current estimates, based on future investments, economic utilisation and the physical condition of the assets

c) Recoverability of debtors

Estimates are made in respect of the recoverable value of trade and other debtors. When assessing the level of provisions required, factors including current trading experience, historical experience and the aging profile of debtors are considered.

d) Impairment of work in progress

The LLP makes an estimate of the provision required against work in progress for nonrecoverability. These estimates are based on historical experience and the level of provision is reviewed on an ongoing basis.

Employees

The average monthly number of employees, including members with contracts of employment, during the year was 4 (2024 - 230).

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Grant Thornton (NI) LLP

Notes to the financial statements

For the year ended 31 December 2025

Tangible fixed assets

Computer equipment

Cost or valuation

At 1 January 2025

199,391

_________

At 31 December 2025

199,391

Depreciation

At 1 January 2025

185,341

Charge for the year

6,412

_________

At 31 December 2025

191,753

_________

Net book value

At 31 December 2025

7,638

At 31 December 2024

14,050

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Grant Thornton (NI) LLP

Notes to the financial statements

For the year ended 31 December 2025

Debtors

As restated

2024

2025

Trade debtors

1,689,013

4,049,181

Amounts owed by group undertakings

2,288,278

Other debtors

468,319

6,302

Prepayments and accrued income

57,780

355,454

Amounts receivable under contracts

616,647

2,606,931

_________

5,120,037

7,017,868

Trade debtors are stated after provision for impairment of £10,950 (2024: £378,076).

Amounts owed by group undertakings are unsecured, interest free and repayable on demand.

Amounts receivable under contracts is stated after provision for impairment of £Nil (2024: £48,064).

_________

Cash and cash equivalents

2025

2024

Cash at bank and in hand

2,130,836

1,261,061

_________

2,130,836

1,261,061

Creditors: Amounts falling due within one year

2024

2025

Bank loans

659,967

Trade creditors

99,743

264,028

Amounts owed to group undertakings

6,914,470

3,123,844

Other taxation and social security

66,753

778,349

Other creditors

25,301

Accruals

151,809

736,881

_________

7,258,076

5,563,069

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

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Grant Thornton (NI) LLP

Notes to the financial statements

For the year ended 31 December 2025

Creditors: Amounts falling due after more than one year

2025

2024

Bank loans

31,363

_________

31,363

10.

Loans

Analysis of the maturity of loans is given below:

2025

2024

Amounts falling due within one year

659,967

Bank loans

_________

659,967

_________

Amounts falling due 1-2 years

Bank loans

31,363

_________

31,363

_________

691,330

11.

Pension commitments

The LLP operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the LLP in an independently administered fund. The pension cost charge represents contributions payable by the LLP to the fund and amounted to £9,747 (2024: £423,564). Contributions totaling £5,550 (2024: £Nil) were payable to the fund at the year end.

12.

Financial commitments

The LLP registered a charge dated 3 January 2025 granting security to Grant Thornton Holdings Limited for its obligations to Grant Thornton Holdings Limited under an Administrative Service Agreement.

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Grant Thornton (NI) LLP

Notes to the financial statements

For the year ended 31 December 2025

13.

Related party transactions

The LLP has availed of FRS 102 Section 33, Paragraph 33.1A which allows nondisclosure of transactions between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.

Grant Thornton Advisors (NI) LLP is a Partnership with common members. At the year end, Grant Thornton Advisors (NI) LLP owed Grant Thornton (NI) LLP £1,608,375 (2024: £279,788). During the year, Grant Thornton (NI) LLP purchased goods/services from Grant Thornton Advisors (NI) LLP totalling £13,338,628 (2024: £279,788). During the year, Grant Thornton (NI) LLP sold goods/services to Grant Thornton Advisors (NI) LLP totalling £4,137,266 (2024: £Nil).

Grant Thornton Kaizen Limited is a related party to Grant Thornton (NI) LLP. At the year end, Grant Thornton Kaizen Limited owed Grant Thornton (NI) LLP £149,638 (2024: £Nil). During the year, Grant Thornton (NI) LLP sold goods/services to Grant Thornton Kaizen Limited totalling £149,638.

Grant Thornton (Holdings) NI Limited is a related party to Grant Thornton (NI) LLP. At the year end, Grant Thornton (Holdings) NI Limited owed Grant Thornton (NI) LLP £79,643 (2024: £Nil). During the year, Grant Thornton (NI) LLP sold goods/services to Grant Thornton (Holdings) NI Limited totalling £79,643.

14.

Post balance sheet events

There are no post balance sheet events requiring disclosure.

15.

Comparative information

Some comparative figures have been reclassified to conform with current year presentation. There has been no impact on members' interests.

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