Harbour Mills Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

1. General Information

Harbour Mills Limited is a private company, limited by shares, incorporated in Northern Ireland, registered number NI643465 . The registered office is Unit 8 Quayside Centre, Strand Road, Londonderry, BT48 7PX.

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:

Fixtures & Fittings

20% Straight line

2.4. 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.

2.5. 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.

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Harbour Mills Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 January 2026

2.6. Debtors

Debtors are stated at transaction price, less any impairment.

2.7. Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments regardless of maturity.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 6 (2025: 6)

4. Tangible Assets

	Fixtures & Fittings
	£
Cost
As at 1 February 2025	55,644
Additions	32,224

As at 31 January 2026	87,868

Depreciation
As at 1 February 2025	21,166
Provided during the period	13,089

As at 31 January 2026	34,255

Net Book Value
As at 31 January 2026	53,613

As at 1 February 2025	34,478

5. Investment Property

	2026
	£
Fair Value
As at 1 February 2025 and 31 January 2026	3,800,000

6. Debtors

	2026	2025
	£	£
Due within one year
Trade debtors	40,009	133,343
Prepayments and accrued income	75,694	27,543
Other debtors	8,830	8,830
Deposit	63,661	63,661
Amounts owed by associates	4,052	630

	192,246	234,007

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Harbour Mills Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 January 2026

7. Creditors: Amounts Falling Due Within One Year

	2026	2025
	£	£
Trade creditors	35,866	37,881
Bank loans and overdrafts	4,391	10,000
Other loans	125,936	118,068
Corporation tax	53,748	67,385
Other taxes and social security	22,942	28,218
Other creditors	52,536	55,268
Accruals and deferred income	27,321	38,711
Amounts owed to related parties	1,357,138	1,357,138

	1,679,878	1,712,669

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

	2026	2025
	£	£
Bank loans	-	4,762
Other loans	1,865,017	1,991,034

	1,865,017	1,995,796

9. Secured Creditors

Security

By charges created on 4 May 2017 and 5 May 2017 the company created a fixed and floating charge and rental assignment over all the lands and premises comprised in Land Registry Folios LY16113L, LY16490 and LY117346, County Londonderry, being situate at Quayside Shopping Centre, Strand Road, Derry, as continuing security for the payment, discharge and performance of its obligations due to Assetz SME Capital Limited.

Repayment

The loan was re-financed on 30 March 2022 and is being repaid by 59 monthly repayments in the sum of £20,804 by way of capital and interest with the balance of capital in month 60. The loan carries interest at 6.4%.

	2026		2025
	£		£
Bank loans and overdrafts	1,990,953		2,109,102

10. Share Capital

	2026	2025
	£	£
Allotted, Called up and fully paid	4	4

11. Post Balance Sheet Events

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

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Harbour Mills Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 January 2026

12. Related Party Transactions

By reason of JC McGinnis and P Brady both being directors of Uladh Properties Limited and McGinnis Developments Limited, the directors regard both companies as related parties.

By reason of B Duddy and L Duddy both being directors of Quayside Derry Ltd, the directors regard Quayside Derry Ltd as a related party.

The undernoted outstanding balances record the position at the end of the year:

Uladh Properties Limited

Due to Uladh Properties Limited

£578,569

Quayside Derry Ltd

Due to Quayside Derry Ltd

£778,569

McGinnis Developments Limited

Due from McGinnis Developments Limited

£4,052

13. Ultimate Controlling Party

There is no ultimate controlling party.

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		2026		2025
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		53,613		34,478
Investment Properties	5		3,800,000		3,800,000

			3,853,613		3,834,478
CURRENT ASSETS
Debtors	6	192,246		234,007
Cash at bank and in hand		219,975		180,381

		412,221		414,388
Creditors: Amounts Falling Due Within One Year	7	(1,679,878 )		(1,712,669 )

NET CURRENT ASSETS (LIABILITIES)			(1,267,657 )		(1,298,281 )

TOTAL ASSETS LESS CURRENT LIABILITIES			2,585,956		2,536,197

Creditors: Amounts Falling Due After More Than One Year	8		(1,865,017 )		(1,995,796 )

NET ASSETS			720,939		540,401

CAPITAL AND RESERVES
Called up share capital	10		4		4
Profit and Loss Account			720,935		540,397

SHAREHOLDERS' FUNDS			720,939		540,401