McCausland Group Limited

	Page
Strategic Report	1
Directors' Report	2
Independent Auditor's Report	3—5
Consolidated Statement of Comprehensive Income	6
Consolidated Balance Sheet	7—8
Company Balance Sheet	9
Consolidated Statement of Changes in Equity	10
Company Statement of Changes in Equity	11
Consolidated Statement of Cash Flows	12
Notes to the Consolidated Statement of Cash Flows	13
Notes to the Financial Statements	14—25

The directors present their strategic report for the year ended 30 June 2026.

Principal Activity

The principal activity of the company is that of a non-trading holding company.

Review of the Business

The directors aim to present a balanced and comprehensive review of the development and performance of the company during the year and its position as at 30 June 2026. This review is consistent with the size and nature of the business and is written in the context of the risks and uncertainties it faces.

The directors are pleased with the group results for the year. The directors continue to identify opportunities to increase turnover and continue to monitor and reduce costs where possible. The directors anticipate higher volumes of trade in relation to the group's continuing activities, and are hopeful of maintaining market share.

Principal risks and uncertainties

The key risks and uncertainties affecting the company are considered to relate to competition from other businesses, employee retention and the general downturn in customer spending. The directors carefully manage these key business risks.

Financial key performance indicators

The directors consider that the key performance indicators are those that communicate the financial performance and strength of the group as a whole, these being turnover, gross margin, operating profit and net assets.

It is noted that due to a group restructuring in 2025, pre-acquisition trading results of certain subsidiaries were excluded upon consolidation. This is a key reason for the increase in reported consolidated turnover in 2026 in comparison to 2025.

There has been an increase in turnover of 85% from £12.3m to £22.8m. The gross profit margin decreased slightly from 50.5% in 2025 to 49.1% in 2026. The company had a profit before tax for the year of £3,631,097 compared to profit before tax of £2,054,564 in 2025. The net assets have increased from £17m in 2025 to £19.6m in 2026.

The consolidated financial statements present the results of the company and its subsidiaries for the year ended 30 June 2026.

On behalf of the board

Mr Christopher McCausland

Director

23/09/2026

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McCausland Group Limited

Company No. NI663164

Directors' Report For The Year Ended 30 June 2026

Directors' Report

The directors present their report and the financial statements for the year ended 30 June 2026.

Directors

The directors who held office during the year were as follows:

Ms Emma McCausland

Mr Christopher McCausland

Mr Jonathan McCausland

Mr Michael McCausland

Mr Peter McCausland

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, 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 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 the group and of the profit or loss of the group for that period. In preparing the financial statements the directors are required to:

select suitable accounting policies and then apply them consistently;
make judgments 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 and group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement of Disclosure of Information to Auditors

In the case of each director in office at the date the Directors' Report is approved:

so far as the director is aware, there is no relevant audit information of which the company and group's auditors are unaware; and
they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company and group's auditors are aware of that information.

Independent Auditors

The auditors, RBCA Limited, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.

On behalf of the board

Mr Christopher McCausland

Director

23/09/2026

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Independent Auditor's Report

to the Members of

McCausland Group Limited

Independent Auditor's Report

Opinion

We have audited the financial statements of McCausland Group Limited (the "parent company") and its subsidiaries (the "group") for the year ended 30 June 2026 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes of Equity, Company Statement of Changes of Equity, Consolidated Cash Flow Statement and the related notes, 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

In our opinion the financial statements:

give a true and fair view of the state of the group's and of the parent company's affairs as at 30 June 2026 and of the group's profit/(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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group and parent company's ability to continue as a going concern for a period of at least 12 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 other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

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Independent Auditor's Report (continued)

to the Members of

McCausland Group Limited

Matters on Which We Are Required to Report by Exception

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

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records or 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 Directors' Responsibilities Statement set out on page 2, 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 is 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 group and parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 an auditor's report 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience through discussion with the Directors and other management (as required by auditing standards).
We had regard to laws and regulations in areas that directly affect the financial statements including financial reporting and taxation legislation. We considered that extent of compliance with those laws and regulations as part of our procedures on the related financial statement items.
With the exception of any known or possible non-compliance, and as required by auditing standards, our work in respect of these was limited to enquiry of the Directors.
We communicated applicable laws and regulations throughout our audit team and remained alert to any indications of non-compliance throughout the audit.
We addressed the risk of fraud through management override of controls, by testing the appropriateness of journal entries, and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential basis; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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Independent Auditor's Report (continued)

to the Members of

McCausland Group Limited

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 that we are required to state to them in an auditor's report 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 Stewart (Senior Statutory Auditor)

for and on behalf of RBCA Limited , Statutory Auditor

23/09/2026

RBCA Limited

Linenhall Exchange

26 Linenhall Street

Belfast

BT2 8BG

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McCausland Group Limited

Consolidated Statement of Comprehensive Income

For The Year Ended 30 June 2026

Consolidated Statement of Comprehensive Income

		2026	2025 as restated
	Notes	£	£
TURNOVER	4	22,759,279	12,318,977
Cost of sales		(11,593,414 )	(6,102,248 )

GROSS PROFIT		11,165,865	6,216,729

Administrative expenses		(7,150,838 )	(3,827,945 )
Other operating income		733,532	326,615

OPERATING PROFIT	6	4,748,559	2,715,399
(Loss)/profit on disposal of fixed assets		(2,000 )	1,000
Interest payable and similar charges	11	(1,115,461 )	(661,835 )

PROFIT BEFORE TAXATION		3,631,098	2,054,564
Tax on Profit	12	(842,620 )	(412,625 )

PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT		2,788,478	1,641,939
OTHER COMPREHENSIVE INCOME FOR THE YEAR		-	-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT		2,788,478	1,641,939

In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's profit for the year was £687,699 (2025: £444,176 profit)

The notes on pages 13 to 25 form part of these financial statements.

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McCausland Group Limited

Consolidated Balance Sheet

As At 30 June 2026

Consolidated Balance Sheet

Registered number: NI663164

		2026		2025 as restated
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	14		589,379		535,625
Tangible Assets	15		27,545,582		27,676,073
Investment Properties	16		3,057,612		-

			31,192,573		28,211,698
CURRENT ASSETS
Stocks	18	3,408,146		3,384,695
Debtors	19	7,162,242		7,545,991
Cash at bank and in hand		998,976		561,193

		11,569,364		11,491,879
Creditors: Amounts Falling Due Within One Year	20	(8,009,439 )		(7,255,951 )

NET CURRENT ASSETS (LIABILITIES)			3,559,925		4,235,928

TOTAL ASSETS LESS CURRENT LIABILITIES			34,752,498		32,447,626

Creditors: Amounts Falling Due After More Than One Year	21		(14,868,447 )		(15,163,108 )

PROVISIONS FOR LIABILITIES
Deferred Taxation	24		(267,591 )		(256,536 )

NET ASSETS			19,616,460		17,027,982

CAPITAL AND RESERVES
Called up share capital	25		6,047		6,047
Share premium account			5,507,000		5,507,000
Revaluation reserve			4,636,820		4,636,820
Capital redemption reserve			(316,550 )		(316,550 )
Profit and Loss Account			9,783,143		7,194,665

SHAREHOLDERS' FUNDS			19,616,460		17,027,982

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McCausland Group Limited

Consolidated Balance Sheet (continued)

As At 30 June 2026

The financial statements were approved by the board of directors on 23 September 2026 and signed on its behalf by:

Mr Christopher McCausland

Director

The notes on pages 13 to 25 form part of these financial statements.

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McCausland Group Limited

Company Balance Sheet

As At 30 June 2026

Company Balance Sheet

Registered number: NI663164

		2026		2025 as restated
	Notes	£	£	£	£
FIXED ASSETS
Investments	17		15,175,764		15,175,764

			15,175,764		15,175,764
CURRENT ASSETS
Cash at bank and in hand		2,402		16,269

		2,402		16,269
Creditors: Amounts Falling Due Within One Year	20	(316,410 )		(308,210 )

NET CURRENT ASSETS (LIABILITIES)			(314,008 )		(291,941 )

TOTAL ASSETS LESS CURRENT LIABILITIES			14,861,756		14,883,823

Creditors: Amounts Falling Due After More Than One Year	21		(1,100,027 )		(1,609,793 )

NET ASSETS			13,761,729		13,274,030

CAPITAL AND RESERVES
Called up share capital	25		6,047		6,047
Share premium account			11,789,130		11,789,130
Profit and Loss Account			1,966,552		1,478,853

SHAREHOLDERS' FUNDS			13,761,729		13,274,030

The financial statements were approved by the board of directors on 23 September 2026 and were signed on its behalf by:

Mr Christopher McCausland

Director

The notes on pages 13 to 25 form part of these financial statements.

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McCausland Group Limited

Consolidated Statement of Changes in Equity

For The Year Ended 30 June 2026

Consolidated Statement of Changes in Equity

	Share Capital	Share Premium	Revaluation reserve	Capital Redemption
	£	£	£	£
As at 1 July 2024	59	5,507,000	4,636,820	(316,550 )
Profit for the year and total comprehensive income	-	-	-	-

Dividends paid	-	-	-	-
Arising on shares issued during the period	5,988	-	-	-

As at 30 June 2025 and 1 July 2025 as restated	6,047	5,507,000	4,636,820	(316,550 )


Profit for the year and total comprehensive income	-	-	-	-

Dividends paid	-	-	-	-

As at 30 June 2026	6,047	5,507,000	4,636,820	(316,550 )

	Profit and Loss Account	Total
	£	£
As at 1 July 2024	5,642,726	15,470,055
Profit for the year and total comprehensive income	1,641,939	1,641,939

Dividends paid	(90,000)	(90,000)
Arising on shares issued during the period	-	5,988

As at 30 June 2025 and 1 July 2025 as restated	7,194,665	17,027,982


Profit for the year and total comprehensive income	2,788,478	2,788,478

Dividends paid	(200,000)	(200,000)

As at 30 June 2026	9,783,143	19,616,460

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McCausland Group Limited

Company Statement of Changes in Equity

For The Year Ended 30 June 2026

Company Statement of Changes in Equity

	Share Capital	Share Premium	Profit and Loss Account	Total
	£	£	£	£
As at 1 July 2024	59	5,507,000	1,034,677	6,541,736
Profit for the year and total comprehensive income	-	-	444,176	444,176

Arising on shares issued during the period	5,988	6,282,130	-	6,288,118

As at 30 June 2025 and 1 July 2025 as restated	6,047	11,789,130	1,478,853	13,274,030


Profit for the year and total comprehensive income	-	-	687,699	687,699

Dividends paid	-	-	(200,000)	(200,000)

As at 30 June 2026	6,047	11,789,130	1,966,552	13,761,729

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McCausland Group Limited

Consolidated Statement of Cash Flows

For The Year Ended 30 June 2026

Consolidated Statement of Cash Flows

		2026	2025 as restated
	Notes	£	£
Cash flows from operating activities
Net cash generated from operations	1	5,238,728	2,503,425

Net cash generated from operating activities		5,238,728	2,503,425

Cash flows from investing activities
Purchase of intangible assets		(161,080 )	(60,000 )
Purchase of tangible assets		(3,786,171 )	(3,738,819 )
Proceeds from disposal of tangible assets		280,627	955

Net cash used in investing activities		(3,666,624 )	(3,797,864 )

Cash flows from financing activities
Equity dividends paid		(200,000 )	(90,000 )
Interest paid		(1,115,461)	(667,237)
Increase in loans and lease contracts		181,140	1,698,130

Net cash (used in)/generated from financing activities		(1,134,321 )	940,893



Increase/(decrease) in cash and cash equivalents		437,783	(353,546 )
Cash and cash equivalents at beginning of year	2	561,193	914,739

Cash and cash equivalents at end of year	2	998,976	561,193

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McCausland Group Limited

Notes to the Consolidated Statement of Cash Flows

For The Year Ended 30 June 2026

Notes to the Consolidated Statement of Cash Flows

1. Reconciliation of profit for the financial year to cash generated from operations

	2026	2025 as restated
	£	£
Profit for the financial year	2,788,478	1,641,939
Adjustments for:
Tax on profit	842,620	412,625
Interest expense	1,115,462	667,237
Amortisation of intangible assets	107,326	45,326
Depreciation of tangible assets	576,424	261,567
Loss/(profit) on disposal of tangible assets	2,000	(1,000)
Movements in working capital:
(Increase)/decrease in stocks	(23,451 )	1,212,160
Increase in trade and other debtors	(265,381 )	(1,948,223 )
(Decrease)/increase in trade and other creditors	(8,750 )	211,794
Stock write off	104,000	-

Net cash generated from operations	5,238,728	2,503,425

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	2026	2025 as restated
	£	£
Cash at bank and in hand	998,976	561,193

3. Analysis of changes in net debt

	As at 1 July 2025	Cash flows	As at 30 June 2026
	£	£	£
Cash at bank and in hand	561,193	437,783	998,976
Finance leases	(3,854,246)	(63,592)	(3,917,838)
Debts falling due within one year	(1,581,406 )	(123,479)	(1,704,885 )
Debts falling due after more than one year	(13,448,351)	551,059	(12,897,292)

	(18,322,810)	801,771	(17,521,039)

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McCausland Group Limited

Notes to the Financial Statements

For The Year Ended 30 June 2026

Notes to the Financial Statements

1. General Information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:

33-35 Grosvenor Road

Belfast

BT12 4GR

Northern Ireland

The presentation currency is £ sterling and the level of rounding is to the nearest £.

2. Statement of Compliance

The 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.

3. Accounting Policies

3.1. Basis of Preparation of Financial Statements

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

3.2. Basis Of Consolidation

The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the group’s share of the results of associates made up to 30 June 2026.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity, it accounts for that entity as a subsidiary.

Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the group holds a long-term interest and where the group has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. The results of associates are accounted for using the equity method of accounting.

Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively.

Where control of a subsidiary is lost, the gain or loss is recognised in the consolidated income statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss also includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified.

Where control of a subsidiary is achieved in stages, the initial acquisition that gave the group control is accounted for as a business combination. Thereafter where the group increases its controlling interest in the subsidiary the transaction is treated as a transaction between equity holders. Any difference between the fair value of the consideration paid and the carrying amount of the non-controlling interest acquired is recognised directly in equity. No changes are made to the carrying value of assets, liabilities or provisions for contingent liabilities.

3.3. Business Combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

3.4. Going Concern Disclosure

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

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McCausland Group Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 June 2026

3.5. Significant judgements and estimations

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources.

The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:

Fixed assets

The annual depreciation charge on fixed assets depends primarily on the estimated lives of each type of asset and estimates of residual values. The directors regularly review these asset lives and change them as necessary to reflect current thinking on remaining lives in light of prospective economic utilisation and physical condition of the assets concerned. Changes in asset lives can have a significant impact on depreciation and amortisation charges for the period. Detail of the useful lives is included in the accounting policies.

3.6. Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.

The group recognises revenue when:

The amount of revenue can be reliably measured;

it is probable that future economic benefits will flow to the entity;

and specific criteria have been met for each of the group's activities.

3.7. Intangible Fixed Assets and Amortisation - Goodwill

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date. Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life.

3.8. Intangible Fixed Assets and Amortisation - Other Intangible

Other intangible assets are Software Enhancement and Internally Generated Software Development Costs. It is amortised to the profit and loss account over its estimated economic life.

3.9. Tangible Fixed Assets and Depreciation

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Freehold	1% Straight Line
Plant & Machinery	10% - 50 % Straight Line
Motor Vehicles	10% - 50 % Straight Line
Fixtures & Fittings	10% - 50 % Straight Line

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McCausland Group Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 June 2026

3.10. Investment Properties

All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.

3.11. Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment. Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

3.12. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the group. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

3.13. Stocks and Work in Progress

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

3.14. Cash and Cash Equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

3.15. Foreign Currencies

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

3.16. Taxation

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 group operates and generates taxable income.

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 asset reflects 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.

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McCausland Group Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 June 2026

3.17. Pensions

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3.18. Trade Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.

3.19. Trade Creditors

Trade creditors 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 the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

3.20. Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

3.21. Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the statement of comprehensive income and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability

3.22. Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3.23. Dividends

Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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McCausland Group Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 June 2026

4. Turnover

Analysis of turnover by class of business is as follows:

	2026	2025 as restated
	£	£
Administrator charge income	150,254	23,726
Commission	1,750	2,647
Interest Received	-	737
Leasing of Equipment	13,500	7,249
Rental income	21,758	21,743
Sales	22,572,017	12,262,875

	22,759,279	12,318,977

5. Other Operating Income

	2026	2025 as restated
	£	£
Other operating income	733,532	326,615

	733,532	326,615

6. Operating Profit

The operating profit is stated after charging:

	2026	2025 as restated
	£	£
Bad debts	5,465	(720)
Depreciation of tangible fixed assets	576,424	261,567
Amortisation of intangible fixed assets	107,326	45,327

7. Auditor's Remuneration

Remuneration received by the group's auditors and their associates during the year was as follows:

	2026	2025 as restated
	£	£
Audit Services
Audit of the company's financial statements	16,800	16,000

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McCausland Group Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 June 2026

8. Staff Costs

Staff costs, including directors' remuneration, were as follows:

	2026	2025 as restated
	£	£
Wages and salaries	3,566,944	2,098,450
Social security costs	320,979	249,292
Other pension costs	45,619	30,687

	3,933,542	2,378,429

9. Average Number of Employees

Group

Average number of employees, including directors, during the year was: 152 (2025: 144)

Company

Average number of employees, including directors, during the year was: 5 (2025: 5)

10. Directors' remuneration

	2026	2025 as restated
	£	£
Emoluments	897,905	545,019

11. Interest Payable and Similar Charges

	2026	2025 as restated
	£	£
Bank loans and overdrafts	821,348	504,501
Finance charges payable under finance leases and hire purchase contracts	294,113	156,577
Foreign exchange charges	-	757

	1,115,461	661,835

12. Tax on Profit

The tax charge on the profit for the year was as follows:

	Tax Rate		2026	2025 as restated
	2026	2025	£	£
Current tax
UK Corporation Tax	25.0%	25.0%	831,565	262,026
Deferred Tax
Deferred taxation			11,055	150,599


Total tax charge for the period			842,620	412,625

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McCausland Group Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 June 2026

The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:

	2026	2025
	£	£
Profit before tax	3,631,098	2,054,564

Tax on profit at 25% (UK standard rate)	907,774	513,641
Goodwill/depreciation not allowed for tax	170,938	76,724
Expenses not deductible for tax purposes	168,822	108,502
Tax losses utilised	(174,783 )	(146,777 )
Capital allowances	(155,916 )	(164,933 )
Group relief	(85,270 )	(125,131 )

Total tax charge for the period	831,565	262,026

13. Prior Period Adjustment

An adjustment has been made to prior year balances to account for deferred tax which should have been provided for. The impact of this is to reduce retained earnings as at 1 July 2024 by £42,785, increase the tax charge for the year ended 30 June 2025 by £37,435 and increase the deferred tax provision at 30 June 2025 by £80,220.

14. Intangible Assets

Group

	Goodwill	Software Development Costs	Software Enhancement	Total
	£	£	£	£
Cost
As at 1 July 2025	522,300	368,737	4,200	895,237
Additions	140,000	-	21,080	161,080

As at 30 June 2026	662,300	368,737	25,280	1,056,317

Amortisation
As at 1 July 2025	283,765	73,747	2,100	359,612
Provided during the period	64,730	36,874	5,722	107,326

As at 30 June 2026	348,495	110,621	7,822	466,938

Net Book Value
As at 30 June 2026	313,805	258,116	17,458	589,379

As at 1 July 2025	238,535	294,990	2,100	535,625

Company

The company had no intangible fixed assets as at 30 June 2026 or 30 June 2025.

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McCausland Group Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 June 2026

15. Tangible Assets

Group

	Plant & Machinery	Motor Vehicles	Fixtures & Fittings	Land & Buildings	Total
	£	£	£	£	£
Cost
As at 1 July 2025	4,080,604	1,482,214	1,553,061	26,471,005	33,586,884
Additions	279,270	239,938	133,795	75,556	728,559
Disposals	-	(405,632 )	(12,000 )	-	(417,632 )

As at 30 June 2026	4,359,874	1,316,520	1,674,856	26,546,561	33,897,811

Depreciation
As at 1 July 2025	3,794,967	437,401	1,415,635	262,808	5,910,811
Provided during the period	180,121	196,989	72,325	126,989	576,424
Disposals	-	(135,006 )	-	-	(135,006 )

As at 30 June 2026	3,975,088	499,384	1,487,960	389,797	6,352,229

Net Book Value
As at 30 June 2026	384,786	817,136	186,896	26,156,764	27,545,582

As at 1 July 2025	285,637	1,044,813	137,426	26,208,197	27,676,073

Company

The company had no tangible fixed assets as at 30 June 2026 or 30 June 2025.

16. Investment Property

Group

	2026
	£
Fair Value
As at 1 July 2025	-
Additions	3,057,612

As at 30 June 2026	3,057,612

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McCausland Group Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 June 2026

Company

The company had no investment property as at 30 June 2026 or 30 June 2025.

17. Investments

Company

	Subsidiaries
	£
Cost or Valuation
As at 1 July 2025	15,175,764

As at 30 June 2026	15,175,764

Provision
As at 1 July 2025	-

As at 30 June 2026	-

Net Book Value
As at 30 June 2026	15,175,764

As at 1 July 2025	15,175,764

Subsidiaries

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital

are as follows:

Name of undertaking	Registered Office	Class of shares held	Direct holding	Indirect holding
McCauslands Airport Garage Limited	33-35 Grosvenor Road, Belfast, BT12 4GR, Northern Ireland	Ordinary £1 Shares	100.00%	-
McCausland (Holdings) Limited	33-35 Grosvenor Road, Belfast, BT12 4GR, Northern Ireland	Ordinary £1 Shares	100.00%	-
Titanic Cabs Limited	33-35 Grosvenor Road, Belfast, BT12 4GR, Northern Ireland	Ordinary £1 Shares	100.00%	-
Value Cabs Limited	33-35 Grosvenor Road, Belfast, BT12 4GR, Northern Ireland	Ordinary £1 Shares	-	100.00%
Value Car Parks Limited	33-35 Grosvenor Road, Belfast, BT12 4GR, Northern Ireland	Ordinary £1 Shares	-	100.00%
Mara Developments Limited	33-35 Grosvenor Road, Belfast, BT12 4GR, Northern Ireland	Ordinary £1 Shares	-	100.00%

18. Stocks

	2026	2025 as restated
	£	£
Stock	3,408,146	3,384,695

Stock above relates to stock held within the group.

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McCausland Group Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 June 2026

19. Debtors

	Group		Company
	2026	2025 as restated	2026	2025 as restated
	£	£	£	£
Due within one year
Trade debtors	664,831	659,045	-	-
Other debtors	2,546,354	3,644,700	-	-

	3,211,185	4,303,745	-	-
Due after more than one year
Other debtors	3,951,057	3,242,246	-	-

	7,162,242	7,545,991	-	-

20. Creditors: Amounts Falling Due Within One Year

	Group		Company
	2026	2025 as restated	2026	2025 as restated
	£	£	£	£
Net obligations under finance lease and hire purchase contracts	1,946,683	2,139,489	-	-
Trade creditors	98,699	72,978	-	-
Bank loans and overdrafts	1,704,885	1,581,406	-	-
Other creditors	2,354,274	2,141,359	300,000	300,000
Corporation tax	865,716	490,262	-	-
Taxation and social security	828,005	540,303	-	-
Accruals and deferred income	211,177	290,154	16,410	8,210

	8,009,439	7,255,951	316,410	308,210

21. Creditors: Amounts Falling Due After More Than One Year

	Group		Company
	2026	2025 as restated	2026	2025 as restated
	£	£	£	£
Net obligations under finance lease and hire purchase contracts	1,971,155	1,714,757	-	-
Bank loans	11,797,265	11,838,558	-	-
Other loans	1,100,027	1,609,793	1,100,027	1,609,793

	14,868,447	15,163,108	1,100,027	1,609,793

A prior-year misclassification between hire purchase and bank loans has been corrected in the current year in McCauslands Airport Garage Limited, with £40,880 reclassified from hire purchase <1 year to bank loans <1 year and £431,952 reclassified from hire purchase >1 year to bank loans >1 year.

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McCausland Group Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 June 2026

22. Loans

An analysis of the maturity of loans is given below:

	Group
	2026	2025 as restated
	£	£
Amounts falling due within one year or on demand:
Bank loans	1,704,885	1,581,406

	Group		Company
	2026	2025 as restated	2026	2025 as restated
	£	£	£	£
Amounts falling due between one and five years:
Bank loans	11,797,265	11,838,558	-	-
Other loans	1,100,027	1,609,793	1,100,027	1,609,793

	12,897,292	13,448,351	1,100,027	1,609,793

Bank borrowings are secured via a number of fixed and floating charges over the assets of the company in favour of Northern Bank Limited.

23. Obligations Under Finance Leases and Hire Purchase

	Group
	2026	2025 as restated
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	1,946,683	2,139,489
Later than one year and not later than five years	1,971,155	1,714,757

	3,917,838	3,854,246

	3,917,838	3,854,246

24. Deferred Taxation

The provision for deferred tax is made up as follows:

	2026	2025 as restated
	£	£
Other timing differences	267,591	256,536

25. Share Capital

	2026	2025 as restated
Allotted, called up and fully paid	£	£
6,047 Ordinary Shares of £ 1.00 each	6,047	6,047

26. Directors Advances, Credits and Guarantees

Included within debtors are loans to directors amounting to £72,020.

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McCausland Group Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 June 2026

27. Related Party Disclosures

The Group owed £1,518,526 as at 30 June 2026 (2025: £2,153,292) to an individual who is considered to be a related party.

28. Relationship between entity and subsidiaries

The parent of the largest group in which these financial statements are consolidated is McCausland Group Limited, incorporated in the United Kingdom.

Page 25