ACCOUNTS - Final Accounts preparation

Financial Statements

Degfont (UK) Limited

For the year ended 31 December 2025

Registered number: 10390582


Degfont (UK) Limited

Company Information

Directors	Eoin Gallagher
	Matthew Gallagher
	Conor Gallagher


Registered number	10390582


Registered office	8 Bridle Close
	Kingston Upon Thames
	United Kingdom
	KT1 2JW


Accountants	Grant Thornton Corporate Finance Limited
	Chartered Accountants
	13 - 18 City Quay
	Dublin 2


Solicitors	Eversheds
	1 Earlsfort Centre
	Earlsfort Terrace
	Dublin 2


Degfont (UK) Limited

Contents

	Page
Directors' report	1
Directors' responsibilities statement	2
Accountant's report	3
Statement of comprehensive income	4
Statement of financial position	5
Statement of changes in equity	6
Notes to the financial statements	7 - 10


Degfont (UK) Limited

Directors' report

For the year ended 31 December 2025

The directors present their report and the financial statements for the year ended 31 December 2025.

Principal activity

The principal activity during the year was the development of building projects.

Results and dividends

The loss for the year, after taxation, amounted to £3,653 (2024 - loss £429,868).

Directors

The directors who served during the year were:

Eoin Gallagher

Matthew Gallagher

Conor Gallagher

None of the directors or secretary who served the Company during the year held any beneficial interest in the shares of the Company at any stage during the current or preceding year.

Going concern

The directors, having made the necessary enquiries, are confident that the Company has adequate resources to continue in operational existence for the foreseeable future. The directors, shareholders and related group companies (under common control) have undertaken to provide continuing financial support to the Company to ensure that it can meet its financial liabilities as they fall due for the foreseeable future. In addition, they will support the Company during initial stages of the project until it becomes self-sustaining. The directors are therefore satisfied to prepare the financial statements on a going concern basis.

Events since the end of year

There have been no significant events affecting the Company since the year end.

Notice to members

These financial statements have not been audited. Your attention is drawn to your rights under the safeguards for member provisions contained in section 476 of the Companies Act 2006.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.

................................................

Conor Gallagher

Director

Date: 17 September 2026

Page 1


Degfont (UK) Limited

Directors' responsibilities statement

For the year ended 31 December 2025

The directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Company's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

On behalf of the board:

................................................

Conor Gallagher

Director

Date: 17 September 2026

Page 2

Independent Accountant's Report to the directors of the unaudited financial statements of Degfont (UK) Limited for the year ended 31 December 2025

In order to assist you fulfil your duties under the Companies Act 2006, we have compiled the financial statements of Degfont (UK) Limited for the year ended 31 December 2025, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity 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 Degfont (UK) 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 Degfont (UK) 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 Degfont (UK) 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 December 2025 and you have acknowledged on the Statement of financial position as at 31 December 2025 your duty to ensure that Degfont (UK) 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 Degfont (UK) Limited is exempt from the statutory audit requirement for the year ended 31 December 2025.

We have not been instructed to carry out an audit or review the financial statements of Degfont (UK) 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.

John Botha
for and on behalf of
Grant Thornton Corporate Finance Limited
Chartered Accountants 13 - 18 City Quay Dublin 2

Date: 17 September 2026

Page 3


Degfont (UK) Limited

Statement of comprehensive income

For the year ended 31 December 2025

	2025	2024
Note	£	£


Administrative expenses	(3,653)	(3,745)
Provision for inventory write down	-	(426,123)
Operating loss	(3,653)	(429,868)
Loss for the year	(3,653)	(429,868)

These relate to the continuing operations of the company.

There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of comprehensive income.

The notes on pages 7 to 10 form part of these financial statements.

Page 4


Degfont (UK) Limited Registered number:10390582

Statement of financial position

As at 31 December 2025

		2025		2024
Note		£		£


Current assets
Stocks	5	731,959		700,000
Debtors: amounts falling due within one year	6	1,972		1,860
		733,931		701,860
Current liabilities
Creditors: amounts falling due within one year	7	(1,208,589)		(1,172,865)
Net current liabilities			(474,658)		(471,005)
Net liabilities			(474,658)		(471,005)

Capital and reserves
Called up share capital	8	100	100
Profit and loss account		(474,758)	(471,105)
Shareholders' deficit		(474,658)	(471,005)

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 were approved and authorised for issue by the board and were signed on its behalf by:

................................................

Conor Gallagher

Director

Date: 17 September 2026

The notes on pages 7 to 10 form part of these financial statements.

Page 5


Degfont (UK) Limited

Statement of changes in equity

For the year ended 31 December 2025

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 January 2025	100	(471,105)	(471,005)
Comprehensive expenses for the financial year
Loss for the financial year	-	(3,653)	(3,653)
At 31 December 2025	100	(474,758)	(474,658)

Statement of changes in equity

For the year ended 31 December 2024

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 January 2024	100	(41,237)	(41,137)
Comprehensive expenses for the financial year
Loss for the financial year	-	(429,868)	(429,868)
At 31 December 2024	100	(471,105)	(471,005)

The notes on pages 7 to 10 form part of these financial statements.

Page 6


Degfont (UK) Limited

Notes to the financial statements

For the year ended 31 December 2025

1.	General information

Degfont (UK) Limited is a company limited by shares which was registered and incorporated in the United Kingdom on 22 September 2016. The Company's registered office is 8 Bridle Close, Kingston Upon Thames, United Kingdom, KT1 2JW. The principal activity during the financial year was the development of building projects.

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 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 judgment in applying the Company's accounting policies (see note 3).

The financial statements are presented in GBP (£).

2.2

Going concern

2.3

Work in progres

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 reporting 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 profit or loss.

2.4

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, inclusive of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.5

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, including transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 7


Degfont (UK) Limited

Notes to the financial statements

For the year ended 31 December 2025

2.Accounting policies (continued)

2.6

Foreign currency translation

Functional and presentation currency

The Company'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. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary 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 period-end 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.

2.7

Taxation

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 reporting date in the countries where the Company operates and generates income.

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgments and estimates. Judgments and estimates 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. Actual results may ultimately differ from these estimates.

Page 8


Degfont (UK) Limited

Notes to the financial statements

For the year ended 31 December 2025

3.Judgments in applying accounting policies (continued)

In the process of applying the Company accounting policies, management has made the following judgments and estimates, which have the most significant effect on the amounts recognized in the financial statements:

Determining net realisable value of stocks
Management estimates the net realisable values of stocks, taking into account the most reliable evidence available at each reporting date. The future realisation of these stocks may be affected by future market-driven changes that may reduce future selling prices.

Going concern
The director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. As disclosed in Note 2.2, the directors, shareholders and related group companies (under common control) have undertaken to provide continuing financial support to the Company to ensure that it can meet its financial liabilities as they fall due for the foreseeable future. In addition, they will support the Company during initial stages of the project until it becomes self-sustaining. The directors are therefore satisfied to prepare the financial statements on a going concern basis.

Employees

The Company has no employees other than the directors, who did not receive any remuneration (2024 - £NIL).

5.	Stocks
		2025	2024
		£	£

	Work in progress	731,959	700,000

The Company has provided an inventory write down amounting to £426,123 in 2024.

6.	Debtors: Amounts falling due within one year

					2025	2024
					£	£


Prepayments	1,972	1,860

Page 9


Degfont (UK) Limited

Notes to the financial statements

For the year ended 31 December 2025

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

Amounts owed to group undertakings	1,197,973	1,162,249
Accruals	10,616	10,616
	1,208,589	1,172,865

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

Accruals are payable at various times over the coming months in accordance with the suppliers' usual and customary credit terms.

8.	Share capital
		2025	2024
		£	£

Authorised, allotted, called up and fully paid

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

Related party transactions

The Company is related to Earlsfort Centre (Developments) Unlimited Company through common directors. Earlsfort Centre (Developments) Unlimited Company is owed £1,009,804 (2024 - £1,009,804) by Degfont (UK) Limited for advances made on behalf of the Company. The movement relates to services provided during the year to the Company.

The Company had an amount due to Degfont Limited of £188,169 (2024 - £152,445) at year end. The movement relates to services provided during the year to the Company.

There were no other material transactions with related parties undertaken during the financial year such as are required to be disclosed under FRS 102 section 33.

10.	Ultimate parent undertaking and controlling party

The Company is a wholly owned subsidiary of Degfont Limited, a company incorporated in Ireland. The Company's ultimate controlling party are June Hynes and Orlaith O'Brien.

11.	Approval of the financial statements

The board of directors approved these financial statements on 17 September 2026.

Page 10