REGISTERED NUMBER: NI639216 (Northern Ireland)

CORRIEWOOD ESTATES (N.I.) LIMITED

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

Ann Monica Byrne

Anthony John Coulter

Aisling Louise Byrne

Shauna Margaret Byrne

REGISTERED OFFICE:

1 Drumbuck Road

Castlewellan

BT31 9NG

REGISTERED NUMBER:

NI639216 (Northern Ireland)

INDEPENDENT AUDITORS:

Cooper Parry Audit (Ireland) Limited

Statutory Auditor

Unit 7 Dyehouse

Linen Green

Dungannon

Co. Tyrone

BT71 7HB

BANKERS:

Bank of Ireland

1 Donegall Square South

Belfast

BT1 5LR

SOLICITORS:

EDG

40 Linenhall Street

Belfast

BT2 8BA

NON-CURRENT ASSETS

Tangible assets

5

10,346,086

7,846,831

CURRENT ASSETS

Receivables: amounts falling due within one year

6

126,124

104,764

Cash at bank

79,473

16,246

205,597

121,010

PAYABLES

Amounts falling due within one year

7

(8,110,302

)

(6,044,333

)

NET CURRENT LIABILITIES

(7,904,705

)

(5,923,323

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,441,381

1,923,508

PAYABLES

Amounts falling due after more than one year

8

-

(25,587

)

PROVISIONS FOR LIABILITIES

9

(92,211

)

(102,262

)

NET ASSETS

2,349,170

1,795,659

CAPITAL AND RESERVES

Called up share capital

200

200

Retained earnings

2,348,970

1,795,459

2,349,170

1,795,659

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 19 August 2026 and were signed on its behalf by:

Anthony John Coulter - Director

1.	STATUTORY INFORMATION

Corriewood Estates (N.I.) Limited 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.

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.

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 and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise Judgment in applying the company's accounting policies. No critical judgements or critical accounting estimates have been applied to these financial statements.

The following principal accounting policies have been applied consistently unless otherwise stated:

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.

Provision of services:

Revenue from a contract to provide services is recognised in the period in which the services are provided. The following criteria must also be met before revenue is recognised:

- the amount of revenue can be measured reliably;

- it is probable that future economic benefits will flow through the company

- the costs incurred or to be incurred in respect of the transaction can be measured reliably

Property, plant and equipment

Property, plant and equipment are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Cost includes expenditure that is directly attributable to making the asset capable of operating as intended.

The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:

Freehold property

2% Straight line

Plant and machinery

20% Reducing balance

Fixtures, fittings and equipment

10% Reducing balance

Motor vehicles

10% Reducing balance

The carrying values of the property, plant and equipment are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

Financial instruments

The company have chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other receivables, cash and bank balances and amounts owed by related parties and are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans and overdrafts and amounts owed to related parties 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 receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

(iii) Offsetting

Financial assets and liabilities are offset and 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.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Share Capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

Dividends and distribution to equity holders

Dividends and other distributions to the company's shareholders are recognised as a liability in the financial period in which the dividends and other distributions are approved by the company's shareholders.

4.	EMPLOYEES AND DIRECTORS

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

5.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

Freehold

and

Motor

property

fittings

vehicles

Totals

£

£

£

£

COST

At 1 December 2024

8,203,234

1,165,256

68,112

9,436,602

Additions

2,760,689

-

-

2,760,689

At 30 November 2025

10,963,923

1,165,256

68,112

12,197,291

DEPRECIATION

At 1 December 2024

919,559

638,268

31,944

1,589,771

Charge for year

195,879

58,559

6,996

261,434

At 30 November 2025

1,115,438

696,827

38,940

1,851,205

NET BOOK VALUE

At 30 November 2025

9,848,485

468,429

29,172

10,346,086

At 30 November 2024

7,283,675

526,988

36,168

7,846,831

6.

RECEIVABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade receivables

29,343

36,395

Other receivables

-

14,513

Amounts owed by group undertakings

53,738

48,456

Prepayments and accrued income

43,043

5,400

126,124

104,764

The amount owed by group undertakings are interest free and recoverable on demand.

7.

PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Hire purchase contracts

27,816

12,501

Trade payables

23,542

11,794

Amounts owed to group undertakings

8,008,872

5,951,467

Corporation Tax

50,000

64,571

Accruals and deferred income

72

4,000

8,110,302

6,044,333

The amount owed by group undertakings are interest free and payable on demand.

An intercompany cross guarantee is in place with regards to the group borrowings from Bank of Ireland. This is secured over the assets and undertakings of Corriewood Estates (N.I.) Limited, Corriewood Private Clinic Limited, Corriewood Lodge Limited, Corriewood Developments Limited, Corriewood Holdings and G&M Lodge Caring Limited.

8.

PAYABLES: AMOUNTS FALLING DUE AFTER ONE YEAR

2025

2024

£

£

Hire purchase contracts

-

25,587

Hire purchases liabilities are secured against the assets to which they relate

9.	PROVISIONS FOR LIABILITIES

2025

2024

£

£

Deferred tax

92,211

102,262

Deferred

tax

£

Balance at 1 December 2024

102,262

Credit to Income Statement during year

(10,051

)

Balance at 30 November 2025

92,211

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

The Auditors' Report was unqualified.

Mr. Desmond Kelly (F.C.A) (Senior Statutory Auditor)

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

11.	RELATED PARTY DISCLOSURES

During the year the company was under the control of its directors and parent company.

The company has taken advantage of the exemption available in FRS 102 and has not disclosed transactions with fellow group members.

12.	ULTIMATE CONTROLLING PARTY

The immediate parent company is Corriewood Holdings Limited, a company incorporated in Northern Ireland.

The address of Corriewood Holdings Limited is 1 Drumbuck Road, Castlewellan, Northern Ireland, BT31 9NG.

The ultimate parent company is Carpe Diem 13 Limited, a company incorporated in Northern Ireland (registered number NI730899).

The address of Carpe Diem 13 Limited is 1 Drumbuck Road, Castlewellan, Northern Ireland, BT31 9NG.

The smallest and largest group in which the results of the company are consolidated for the year ended 30 November 2025 is that headed by Corriewood Holdings Limited.

Carpe Diem 13 Limited will prepare its first consolidated financial statements for the period ending 30 November 2026.

The consolidated financial statements of Corriewood Holdings Limited are available to the public at Companies House, Second Floor, The Linenhall, 32-38 Linenhall Street, Belfast.

The ultimate controlling party is considered to be the Byrne family, who collectively hold the majority of the issued share capital of Carpe Diem 13 Limited.