Lagan Homes Limited - Limited company accounts 25.1

REGISTERED NUMBER: NI016805 (Northern Ireland)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31st December 2025

for

Lagan Homes Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

7

Statement of Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

13

Notes to the Financial Statements

14

DIRECTORS:

Mrs L Hopcraft

J P Lagan

S G McCann

M McCormick

Mrs L McKillen

C J Mulligan

REGISTERED OFFICE:

19 Clarendon Road

Clarendon Dock

Belfast

BT1 3BG

REGISTERED NUMBER:

NI016805 (Northern Ireland)

AUDITORS:

BMK Accounting Limited

43 Lockview Road

Belfast

Antrim

BT9 5FJ

The directors present their strategic report for the year ended 31st December 2025.

REVIEW OF BUSINESS

The company reported an operating loss in the period of £183,511 (2024- a profit of £103,243) on turnover of £13,622,930 (2024 - £15,479,288).

The company is actively pursuing further investment opportunities in the United Kingdom, consistent with its ethos of providing high quality housing in desirable locations.

The financial statements and statement of financial position are expressed in £ sterling.

PRINCIPAL RISKS AND UNCERTAINTIES

The key risks to the business are changes in housing demand, competition for development land, planning delays, the availability of mortgage finance, and more recently, increases in material and labour costs.

A number of these risks are outside the control of the Board. However, the directors ensure that they carefully monitor all external factors and take steps as necessary to revise strategy to react to them. In addition, other actions, such as those noted below, are taken by the business to help manage and/or mitigate these key risks.

- continually reviewing our criteria for development appraisal and adapting to the market

- trying to work with the planning authorities in all relevant jurisdictions to expedite the planning process where possible

- monitoring the marketplace and taking actions where possible to mitigate the impact of cost increases; and

- planning the required changes to comply with any new building regulations to be implemented across the regions

KEY PERFORMANCE INDICATORS

Due to the nature of the company, financial performance is reviewed and monitored at project level rather than on a global basis.

The principal non-financial performance measure used by the directors is the level of customer satisfaction, which is monitored on a client by client basis.

ENVIRONMENT AND CORPORATE RESPONSIBILITY

Lagan Homes Limited aims to improve it's environmental performance by working together with its people, customers, business partners, other stakeholders and the public to create a better environment for all. The company employs green construction methods by reducing, recycling and re-using waste to optimise resources and minimise disruption.

The company considers that, as a sustainable business, it is their responsibility to contribute to the economic, environmental and social well-being of the communities where it operates. Liaising with schools and neighbourhood groups, the company provides support and funding for good causes in an attempt to offer assistance where it is most needed.

EMPLOYMENT POLICY

The company subscribes to a Health and Safety and Welfare policy in which the primary objective is to provide and maintain healthy working conditions for all employees.

HUMAN RESOURCES

The company's most important resource is its people; their knowledge and experience is crucial to meeting day to day requirements to take the company forward.

GOING CONCERN

The company made a loss for the financial period of £1,591,890 (2024 - £1,195,984) leaving it with a surplus of assets of £14,480,485 (2024 - £21,427,570). The directors are confident the company can continue to trade profitably in the future.

The Directors have reviewed funding and liquidity needs for a period of more than one year after the balance sheet date and concluded sufficient reserves exist within the Group and its wider accessible funding to ensure the future trading of the business. On this basis, the Directors have therefore concluded that it is appropriate to prepare the financial statements on a going concern basis.

ON BEHALF OF THE BOARD:

J P Lagan - Director

25th September 2026

The directors present their report with the financial statements of the company for the year ended 31st December 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the development of high quality housing in the United Kingdom.

DIVIDENDS

No interim dividends were paid during the year ended 31st December 2025.

The directors recommend final dividends per share as follows:

Ordinary 1 shares

£5,355,195

B Ordinary 0.00000001/1 shares

NIL

B Ordinary 0.00000001/1 shares

NIL

The total distribution of dividends for the year ended 31st December 2025 will be £ 5,355,195 .

FUTURE DEVELOPMENTS

Future developments in the business of the company are discussed in the strategic report.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

The directors shown below have held office during the whole of the period from 1st January 2025 to the date of this report.

Mrs L Hopcraft

J P Lagan

S G McCann

M McCormick

Mrs L McKillen

C J Mulligan

Other changes in directors holding office are as follows:

J P K Lagan - resigned 10th February 2025

FINANCIAL INSTRUMENTS

Financial risk management objectives and policies

The company's operations expose it to a variety of financial risks. The company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the company. Given the size of the company, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The policies set out by the board of directors are implemented by the group's finance department.

Credit risk

The company has no significant concentrations of credit risk. Customers who wish to trade on credit terms are subject to strict verification procedures in advance of credit being awarded and are continually being monitored.

Liquidity risk

The company actively maintains a mixture of long-term and short-term finance that is designed to ensure the group has sufficient available funds for operations and planned expansions.

Interest rate risk

The company has both interest bearing assets and interest bearing liabilities. Interest bearing assets include cash balances which earn interest at both fixed and variable rates. The company debt, which relates to bank loans and obligations under hire purchase and finance lease agreements, is primarily maintained at variable rates.

Fixed assets

Details of movements in tangible fixed assets during the period under review are given in Note 9 to the financial statements.

Details of movements in investments during the period under review are given in Note 10 to the financial statements.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	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 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, BMK Accounting Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

J P Lagan - Director

25th September 2026

Opinion

We have audited the financial statements of Lagan Homes Limited (the 'company') for the year ended 31st December 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of 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 company's affairs as at 31st 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.

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company 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 directors' 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 company'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 directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 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

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors 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 directors determine 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 directors are responsible for assessing the company'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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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.

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:

Based on our understanding of the company and industry, we identified the principal risks of non-compliance with laws and regulations related to data protection rules, health and safety legislation and environmental law. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and Financial Reporting Standards.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements and determined that the principal risks related to fraudulent financial reporting and management bias in accounting estimates. We communicated the identified laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit. Audit procedures performed by the auditors included, but were not limited to:

Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;

Reviewing key correspondence with external legal advisors;

Challenging assumptions and judgements made by management in their significant accounting estimates; and

Identifying and testing of unusual journal entries.

Owing to 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.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

-

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

-	Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.

-	Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

-

Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Report of the Auditors to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Report of the Auditors. However, future events or conditions may cause the company to cease to continue as a going concern.

-	Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Brian McKee (Senior Statutory Auditor)

for and on behalf of BMK Accounting Limited

43 Lockview Road

Belfast

Antrim

BT9 5FJ

25th September 2026

TURNOVER

3

13,622,930

15,479,288

Cost of sales

12,196,233

13,479,868

GROSS PROFIT

1,426,697

1,999,420

Administrative expenses

1,626,993

1,917,340

(200,296

)

82,080

Other operating income

16,785

21,163

OPERATING (LOSS)/PROFIT

5

(183,511

)

103,243

Interest receivable and similar income

3,964

657

(179,547

)

103,900

Interest payable and similar expenses

6

1,412,343

1,299,884

LOSS BEFORE TAXATION

(1,591,890

)

(1,195,984

)

Tax on loss

7

-

LOSS FOR THE FINANCIAL YEAR

(1,591,890

)

(1,195,984

)

OTHER COMPREHENSIVE INCOME

-

TOTAL COMPREHENSIVE INCOME

FOR THE YEAR

(1,591,890

)

(1,195,984

)

FIXED ASSETS

Tangible assets

9

699,394

837,254

Investments

10

18,296,905

17,732,219

18,996,299

18,569,473

CURRENT ASSETS

Stocks

11

12,487,781

24,509,007

Debtors

12

1,322,592

2,976,440

Cash at bank

1,939,469

445,196

15,749,842

27,930,643

CREDITORS

Amounts falling due within one year

13

9,382,077

11,385,057

NET CURRENT ASSETS

6,367,765

16,545,586

TOTAL ASSETS LESS CURRENT

LIABILITIES

25,364,064

35,115,059

CREDITORS

Amounts falling due after more than one

year

14

(10,696,090

)

(13,500,000

)

PROVISIONS FOR LIABILITIES

18

(187,489

)

(187,489

)

NET ASSETS

14,480,485

21,427,570

CAPITAL AND RESERVES

Called up share capital

19

81,001

32,581,001

Retained earnings

20

14,399,484

(11,153,431

)

SHAREHOLDERS' FUNDS

14,480,485

21,427,570

The financial statements were approved by the Board of Directors and authorised for issue on 25th September 2026 and were signed on its behalf by:

J P Lagan - Director

Called up

share

Retained

Total

capital

earnings

equity

£

Balance at 1st January 2024

32,581,001

(9,957,447

)

22,623,554

Changes in equity

Total comprehensive income

-

(1,195,984

)

(1,195,984

)

Balance at 31st December 2024

32,581,001

(11,153,431

)

21,427,570

Changes in equity

Reduction in share capital

(32,500,000

)

32,500,000

-

Dividends

-

(5,355,195

)

(5,355,195

)

Total comprehensive income

-

(1,591,890

)

(1,591,890

)

Balance at 31st December 2025

81,001

14,399,484

14,480,485

1.	STATUTORY INFORMATION

Lagan Homes 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Financial Reporting Standard 102 - reduced disclosure exemptions

Consolidation

The company was, at the year end, a wholly-owned subsidiary of another company incorporated in the EEA and in accordance with Section 401 of the Companies Act 2006, is not required to produce, and has not published, consolidated accounts.

Disclosure exemptions

The directors have taken advantage of the exemption in FRS 102 from including a cash flow statement in the financial statements on the grounds that the company is wholly owned and its parent publishes a consolidated cash flow statement.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for houses supplied and services rendered, stated net of discounts and of Value Added Tax.

Revenue from the sale of houses is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on legal completion, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible fixed assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery

- 20% straight line

Fixtures and fittings

- 20% - 33% straight line

Motor vehicles

- 25% straight line

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

Stocks

Stocks are valued at the lower of cost and net realisable value. Net realisable value represents the estimated selling price less all estimated costs to completion taking into account current market conditions.

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern

The financial statements have been prepared on a going concern basis.

The company made a loss for the financial period of £1,591,890 (2024 - £1,195,984) and had net assets of £14,480,485 (2024 - £21,427,570).

The Directors have reviewed funding and liquidity needs for a period of more than one year after the balance sheet date and concluded sufficient reserves exist within the Group and its wider accessible funding to ensure the future trading of the business. On this basis, the Directors have therefore concluded that it is appropriate to prepare the financial statements on a going concern basis.

Impairment policy

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

3.

TURNOVER

The whole of the turnover is attributable to development and house sales.

All turnover arose within the United Kingdom.

No further analysis of turnover is presented as the directors believe that to disclose such information would be seriously prejudicial to the interests of the company.

4.	EMPLOYEES AND DIRECTORS

31.12.25

31.12.24

£

Wages and salaries

501,362

703,821

Other pension costs

51,346

44,543

552,708

748,364

The average number of employees during the year was as follows:

31.12.25

31.12.24

Production staff

60

51

31.12.25

31.12.24

£

Directors' remuneration

64,376

105,173

5.	OPERATING (LOSS)/PROFIT

The operating loss (2024 - operating profit) is stated after charging/(crediting):

31.12.25

31.12.24

£

Depreciation - owned assets

299,873

212,939

(Profit)/loss on disposal of fixed assets

(17,551

)

19,128

Auditors' remuneration

10,000

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.12.25

31.12.24

£

Bank interest

3,763

-

Interest paid

1,405,898

1,299,884

Hire purchase

2,682

-

1,412,343

1,299,884

7.

TAXATION

Analysis of the tax charge

No liability to UK corporation tax arose for the year ended 31st December 2025 nor for the year ended 31st December 2024.

8.

DIVIDENDS

31.12.25

31.12.24

£

Ordinary shares of 1 each

Final

5,355,195

-

9.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

COST

At 1st January 2025

966,701

418,177

365,721

1,750,599

Additions

67,671

11,483

104,788

183,942

Disposals

-

(112,204

)

(112,204

)

At 31st December 2025

1,034,372

429,660

358,305

1,822,337

DEPRECIATION

At 1st January 2025

410,045

337,558

165,742

913,345

Charge for year

179,617

36,425

83,831

299,873

Eliminated on disposal

-

(90,275

)

(90,275

)

At 31st December 2025

589,662

373,983

159,298

1,122,943

NET BOOK VALUE

At 31st December 2025

444,710

55,677

199,007

699,394

At 31st December 2024

556,656

80,619

199,979

837,254

10.	FIXED ASSET INVESTMENTS

31.12.25

31.12.24

£

Shares in group undertakings

1,119

1,118

Loans to group undertakings

18,295,786

14,970,930

Participating interests

-

15,008

Loans to undertakings in which the company

has a participating interest

-

2,745,163

18,296,905

17,732,219

Additional information is as follows:

Shares in

Interest

group

in joint

undertakings

venture

Totals

£

COST

At 1st January 2025

1,118

15,008

16,126

Additions

7

-

7

Disposals

(7

)

(15,008

)

(15,015

)

At 31st December 2025

1,118

-

1,118

PROVISIONS

Reversal of impairments

(1

)

-

(1

)

At 31st December 2025

(1

)

-

(1

)

NET BOOK VALUE

At 31st December 2025

1,119

-

1,119

At 31st December 2024

1,118

15,008

16,126

Loans to

group

Loans to

undertakings

associates

Totals

£

At 1st January 2025

14,970,930

2,745,163

17,716,093

New in year

17,178,176

(2,745,163

)

14,433,013

Repayment in year

(13,853,320

)

-

(13,853,320

)

At 31st December 2025

18,295,786

-

18,295,786

The directors consider the value of the investments to be supported by their underlying assets.

The company has taken advantage of the exemption available in Section 401 of the Companies Act 2006 not to disclose the results of its undertakings as it is part of a larger group preparing consolidated accounts. For the same reason, the accounts present information about the company as an individual entity and not in relation to the group.

11.

STOCKS

31.12.25

31.12.24

£

Work-in-progress

3,742,704

12,358,564

Development land

8,745,077

12,150,443

12,487,781

24,509,007

12.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

Trade debtors

448,358

531,528

Amounts owed by group undertakings

-

1,482,666

Other debtors

4,104

2,126

VAT

563,056

445,032

Prepayments

307,074

515,088

1,322,592

2,976,440

13.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

Bank loans and overdrafts (see note 15)

1,815

14,847

Hire purchase contracts (see note 16)

170,317

228,139

Trade creditors

6,085,838

5,721,313

Amounts owed to group undertakings

-

3,393,707

Tax

405

Social security and other taxes

328,630

151,200

Other creditors

1,062,788

-

Accrued expenses

1,732,284

1,875,446

9,382,077

11,385,057

14.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE

YEAR

31.12.25

31.12.24

£

Amounts owed to associates

10,696,090

13,500,000

15.

LOANS

An analysis of the maturity of loans is given below:

31.12.25

31.12.24

£

Amounts falling due within one year or on demand:

Bank loans

1,815

14,847

16.	LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

31.12.25

31.12.24

£

Net obligations repayable:

Within one year

170,317

228,139

17.	SECURED DEBTS

HSBC UK Bank Plc hold a fixed charge over the shares of Lagan Homes (G.B.) Limited.

18.	PROVISIONS FOR LIABILITIES

31.12.25

31.12.24

£

Deferred tax

187,489

Deferred

tax

£

Balance at 1st January 2025

187,489

Balance at 31st December 2025

187,489

19.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.25

31.12.24

value:

£

81,001

Ordinary

1

81,001

20,000,000

B Ordinary

0.00000001/1

-

20,000,000

12,500,000

B Ordinary

0.00000001/1

-

12,500,000

81,001

32,581,001

During the year, the X and Y preference shares were reduced to a value of £0.00000001 per share and subsequently converted into B shares.

20.

RESERVES

Called-up share capital - This represents the nominal value of shares that have been issued.

Profit and loss account - This reserve records retained earnings and accumulated losses.

21.	POST BALANCE SHEET EVENTS

On 18th March 2026 ownership of the shares in the group transferred to the LAN Trust 2026.

22.	ULTIMATE CONTROLLING PARTY

At 31st December 2025, the controlling party was JPK Lagan.

23.	DEFINED CONTRIBUTION PLANS

The amount recognised in profit or loss as an expense in relation to defined contribution plans was 51,346 (2024: £44,543).

24.	CAPITAL REDUCTION

During the year, the Company undertook a reduction of its share capital pursuant to the provisions of the Companies Act 2006. The reduction was approved by the shareholders by special resolution and resulted in £32,500,000 of the Company's issued share capital being reduced to nominal value. The reduction became effective upon registration of the relevant documents with the Registrar of Companies. No consideration was paid to shareholders in respect of the capital being reduced to nominal value. Accordingly, the amount of £32,500,000 arising on the reduction of share capital was transferred to the Company's profit and loss reserve. The transaction had no effect on the net assets of the Company, representing a transfer between components of shareholders' funds.