Bradagh Interiors Ltd

	Page
Statement of Financial Position	1—2
Notes to the Financial Statements	3—6

1. General Information

Bradagh Interiors Ltd is a private company, limited by shares, incorporated in Northern Ireland, registered number NI629460 . The registered office is 33 Tracy's Way, Dungiven, Derry, BT47 4JZ.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold	No depreciation
Leasehold	No depreciation
Plant & Machinery	20% straight line
Motor Vehicles	20% straight line
Fixtures & Fittings	20% straight line
Computer Equipment	20% straight line

2.4. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

2.5. Financial Instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102.

Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument.

Basic financial assets, including trade and other debtors and cash and bank balances, are initially recognised at transaction price and subsequently measured at amortised cost, being transaction price less any amounts settled and any impairment losses.

Trade debtors are assessed for impairment at the end of each reporting period and an allowance is recognised where there is objective evidence of impairment.

Basic financial liabilities, including trade and other creditors and the company credit card, are initially recognised at transaction price and subsequently measured at amortised cost.

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Bradagh Interiors Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

2.6. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.7. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.8. Government Grant

Government grants are recognised in the income statement in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.

Grants for immediate financial support or to cover costs already incurred are recognised immediately in the income statement. Grants towards general activities of the entity over a specific period are recognised in the income statement over that period.

Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the income statement over the useful life of the asset concerned.

All grants in the income statement are recognised when all conditions for receipt have been complied with.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 10 (2025: 9)

4. Tangible Assets

	Land & Property
	Freehold	Plant & Machinery	Motor Vehicles	Fixtures & Fittings	Total
	£	£	£	£	£
Cost
As at 1 April 2025	326,154	213,824	133,780	22,738	696,496
Additions	-	16,509	-	-	16,509
Disposals	-	(30,643 )	-	-	(30,643 )

As at 31 March 2026	326,154	199,690	133,780	22,738	682,362

...CONTINUED

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Bradagh Interiors Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

Depreciation
As at 1 April 2025	-	166,534	18,216	16,300	201,050
Provided during the period	-	16,918	26,756	2,022	45,696
Disposals	-	(30,643 )	-	-	(30,643 )

As at 31 March 2026	-	152,809	44,972	18,322	216,103

Net Book Value
As at 31 March 2026	326,154	46,881	88,808	4,416	466,259

As at 1 April 2025	326,154	47,290	115,564	6,438	495,446

5. Stocks

	2026	2025 as restated
	£	£
Work in progress	405,011	297,730

6. Debtors

	2026	2025 as restated
	£	£
Due within one year
Trade debtors	54,238	13,893
Other debtors	49,466	18,666

	103,704	32,559
Due after more than one year
Amounts owed by group undertakings	304,036	298,035
Other debtors	97,564	67,061

	401,600	365,096

	505,304	397,655

7. Creditors: Amounts Falling Due Within One Year

	2026	2025 as restated
	£	£
Trade creditors	126,016	39,663
Bank loans and overdrafts	8,639	9,985
Other creditors	3,026	8,518
Taxation and social security	55,682	28,266

	193,363	86,432

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Bradagh Interiors Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

8. Deferred Taxation

The provision for deferred tax is made up as follows:

Deferred tax is recognised in respect of the difference between the carrying value of tangible fixed assets in the financial statements and their tax written down value, arising because capital allowances have been claimed in advance of the related depreciation charge. The liability is measured at the rate of corporation tax expected to apply when the timing difference reverses, taken as 25%.

Deferred tax liability brought forward - £42,323

(Credit)/charge for the year - (£7,297)

Deferred tax liability carried forward - £35,026

The deferred tax liability is presented within provisions for liabilities.

In preparing these financial statements, the directors identified that a deferred tax liability of £42,323, relating to the excess of capital allowances claimed over depreciation charged on plant and machinery, motor vehicles, and fixtures and fittings, should have been recognised as at 1 April 2025 but was not included in the financial statements for the year ended 31 March 2025 as previously reported.

In accordance with Section 10 of FRS 102, this has been treated as the correction of a prior period error. The comparative figures for the year ended 31 March 2025 have been restated to reflect the deferred tax liability that should have been recognised at that date, with a corresponding reduction to reserves brought forward.

	2026	2025 as restated
	£	£
Other timing differences	35,026	42,323

9. Share Capital

	2026	2025 as restated
	£	£
Allotted, Called up and fully paid	2	2

10. Related Party Transactions

During the year, the following transactions arose between other group companies as follows:

Ikigae Limited

Funds received from Ikigae = £ 105,000

Funds paid to Ikigae = £40,001

Owed to Bradagh at year-end date = £ 211,939

Dividends paid to holding company = £75,400

Cute Properties Limited

Funds received from Cute Properties = £ 29,000

Funds paid to Cute Properties = £100,000

Owed to Bradagh at year-end date = £ 92,097

Transactions with Mactac Limited:
Bradgh Interiors Limited issued a loan of £100,000 to Mactax Limited during the year. This is being repaid over 25 years. Interest is being charged at commerical rate. Mactac Limited is a limited company controlled by one of the directors of Bradagh Interiors Limited.

11. Ultimate Parent Undertaking and Controlling Party

The company's immediate and ultimate parent undertaking is Ikigae Limited . Ikigae Limited was incorporated in Northern Ireland. The ultimate controlling party is Ikigae Limited who controls 100% of the shares of Bradagh Interiors Ltd .

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		2026		2025 as restated
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		466,259		495,446

			466,259		495,446
CURRENT ASSETS
Stocks	5	405,011		297,730
Debtors	6	505,304		397,655
Cash at bank and in hand		142,183		242,857

		1,052,498		938,242
Creditors: Amounts Falling Due Within One Year	7	(193,363 )		(86,432 )

NET CURRENT ASSETS (LIABILITIES)			859,135		851,810

TOTAL ASSETS LESS CURRENT LIABILITIES			1,325,394		1,347,256

PROVISIONS FOR LIABILITIES
Deferred Taxation	8		(35,026 )		(42,323 )

NET ASSETS			1,290,368		1,304,933

CAPITAL AND RESERVES
Called up share capital	9		2		2
Income Statement			1,290,366		1,304,931

SHAREHOLDERS' FUNDS			1,290,368		1,304,933