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Financial Statements
FET Investments Limited
For the year ended 31 December 2025
Registered number: NI681111
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Company Information
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Grant Thornton Corporate Finance Limited
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Contents
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Director's responsibilities statement
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Statement of comprehensive income
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Statement of financial position
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Statement of changes in equity
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Notes to the financial statements
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Director's report
For the year ended 31 December 2025
The director presents her report and the financial statements for the year ended 31 December 2025.
The Company is an investment holding company.
The director who served during the year was:
Post balance sheet events
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There have been no significant events affecting the Company since the year-end.
In preparing this report, the director has taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the director and signed on its behalf.
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Fiona Thomas
Director
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Page 1
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Director's responsibilities statement
For the year ended 31 December 2025
The director is responsible for preparing the Director's report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless she is 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 director is 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 director is 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 her to ensure that the financial statements comply with the Companies Act 2006. She is 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.
..........................................
Fiona Thomas
Director
Date: 15 September 2026
Page 2
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Independent Accountant's Report to the director of the unaudited financial statements of FET Investments 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 FET Investments 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 director of FET Investments 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 director that we have done so and state those matters that we have agreed to state to the director of FET Investments 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 FET Investments Limited and its director, 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 FET Investments 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 FET Investments 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 FET Investments 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.
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Grant Thornton Corporate Finance Limited
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Chartered Accountants
13 - 18 City Quay
Dublin 2
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Date: 15 September 2026
Page 3
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Statement of comprehensive income
For the year ended 31 December 2025
All amounts relate to continuing operations.
There was no other comprehensive income for 2025 (2024 - £NIL).
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The notes on pages 7 to 12 form part of these financial statements.
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Page 4
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FET Investments Limited
Registered number:NI681111
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Statement of financial position
As at 31 December 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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The director considers 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 director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and authorised for issue by the director and were signed on its behalf by:
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Fiona Thomas
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The notes on pages 7 to 12 form part of these financial statements.
Page 5
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Statement of changes in equity
For the year ended 31 December 2025
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Comprehensive income for the year
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Statement of changes in equity
For the year ended 31 December 2024
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Comprehensive income for the year
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The notes on pages 7 to 12 form part of these financial statements.
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Page 6
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Notes to the financial statements
For the year ended 31 December 2025
The Company is a private company limited by shares and is incorporated in the Republic of Ireland and registered under NI681111. The Company’s registered office is 12-15 Donegall Square W, Belfast, Northern Ireland, BT1 6JH.
2.Accounting policies
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Basis of preparation of financial statements
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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 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 Sterling (£), the Company's functional currency.
The following principal accounting policies have been applied:
Dividend income
Dividend income is recognised when the right to receive payment is established.
Interest income is recognised using the effective interest rate method.
Short-term debtors are measured at transaction price, less any impairment.
Investments in unlisted company are measured at cost less accumulated impairment.
Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.
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.
Page 7
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Notes to the financial statements
For the year ended 31 December 2025
2.Accounting policies (continued)
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Short-term creditors are measured at the transaction price.
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.
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 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 Statement of comprehensive income.
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 reporting date.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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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.
There were no area that significant judgements and estimates were applied during the year.
Page 8
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Notes to the financial statements
For the year ended 31 December 2025
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The Company has no employees other than the directors, who did not receive any remuneration (2024 - £NIL).
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Dividend income from listed investments
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Profit on disposal of listed investments
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Dividend income from unlisted investments
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The Company recognised a gain on the fair value remeasurement of its investment for the year amounting to 130,924 (2024 - gain of 126,386).
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Current tax on profits for the year
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Tax adjustments in respect to prior year
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Page 9
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Notes to the financial statements
For the year ended 31 December 2025
7.Taxation (continued)
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Factors affecting tax charge for the year
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The tax assessed for the year is lower than (2024 - lower than) the standard rate of corporation tax in the UK of 19% (2024 - 20%). The differences are explained below:
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Profit multiplied by standard rate of corporation tax in the UK of 19% (2024 - 20%)
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Expenses not deductible for tax purposes
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Tax adjustment in respect to prior year
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Total tax charge for the year
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Factors that may affect future tax charges
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There were no factors that may affect future tax charges.
Page 10
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Notes to the financial statements
For the year ended 31 December 2025
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Investment in unlisted investments
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Debtors: Amounts falling due within one year
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Page 11
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Notes to the financial statements
For the year ended 31 December 2025
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Creditors: Amounts falling due within one year
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Amounts owed to related party undertaking
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Amounts owed to related party undertaking are unsecured, interest free and repayable on demand.
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Reclassification of comparative amounts
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Certain comparative amounts have been reclassified to conform with the presentation and classification adopted in the current year. The reclassifications have been made to provide a more appropriate and consistent presentation of the financial statements and have no impact on the previously reported profit for the year or net assets of the Company.
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Related party transactions
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Gowan Group Limited is a related party of the Company by virtue of common shareholdings and the Company's indirect ownership interest in Gowan Group Limited. At the year end, the Company owed Gowan Group Limited £294 (2024 - £4,210), representing professional fees paid by Gowan Group Limited on behalf of the Company.
Other than those disclosed above, there were no material related party transactions during the year.
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Post balance sheet events
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There have been no significant events affecting the Company since the year end.
The ultimate controlling party is Fiona Thomas.
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Approval of financial statements
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The director approved these financial statements for issue on 15 September 2026.
Page 12
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