Company registration number NI072126 (Northern Ireland)
JHT PROPERTY DEVELOPMENT LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2025
PAGES FOR FILING WITH REGISTRAR
JHT PROPERTY DEVELOPMENT LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
JHT PROPERTY DEVELOPMENT LIMITED
BALANCE SHEET
AS AT
30 DECEMBER 2025
30 December 2025
- 1 -
2025
2024
Notes
£
£
£
£
Current assets
Stocks
4,415,062
3,505,785
Debtors
3
748,393
587,004
Cash at bank and in hand
8,961
30,314
5,172,416
4,123,103
Creditors: amounts falling due within one year
4
(422,275)
(1,595,722)
Net current assets
4,750,141
2,527,381
Capital and reserves
Called up share capital
5
1
1
Profit and loss reserves
4,750,140
2,527,380
Total equity
4,750,141
2,527,381

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 12 June 2026 and are signed on its behalf by:
Mr G T Turkington
Mr M R Dundas
Director
Director
Company registration number NI072126 (Northern Ireland)
JHT PROPERTY DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2025
- 2 -
1
Accounting policies
Company information

JHT Property Development Limited is a private company limited by shares incorporated in Northern Ireland. The registered office is James Park, Mahon Road, Portadown, Craigavon, Co Armagh, BT62 3EH.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Other income

Land and property

Revenue is recognised in relation to land and property held as stock i n accordance with the terms of the relevant sales contract. At the date of contract completion and when all relevant conditions have been met the company recognises the disposal of the land, at open market value, whether the sale is to a third party or to other group companies.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

JHT PROPERTY DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2025
1
Accounting policies (Continued)
- 3 -

Partially completed houses and sites are valued on the basis of all material, labour, sub-contractor costs and finance costs appropriate to the stage of completion. Completed houses are excluded from work in progress and included in sales and debtors when the completion date per the relevant sales contract passes. Land for development is accounted for in full at the date of the purchase contract and charged to the Statement of Comprehensive Income proportionately on the sale of houses.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

JHT PROPERTY DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2025
1
Accounting policies (Continued)
- 4 -
1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Leases
As lessor

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

JHT PROPERTY DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2025
1
Accounting policies (Continued)
- 5 -
1.12

Jointly controlled operations

JHT Property Development Limited has a contractual agreement with a nother participant to engage in a joint activity that does not create an entity carrying on a trade or business of its own. In accordance with FRS 102, the financial statements for JHT Property Development Limited include its share of assets, liabilities and cashflows in this jointly controlled operation, measured in accordance with the terms of the agreement.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
0
0
3
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
55,059
50,182
Amounts owed by group undertakings
685,216
525,613
Other debtors
8,118
11,209
748,393
587,004
4
Creditors: amounts falling due within one year
2025
2024
£
£
Payments received on account
3,698
4,098
Trade creditors
1,378
25,439
Corporation tax
22,685
-
0
Other creditors
36,799
1,478,114
Accruals and deferred income
357,715
88,071
422,275
1,595,722
5
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 0.01p each
10,001
1
1
1

During the year, the company subdivided its issued ordinary share capital from 1 ordinary share of £1 each into 10,000 ordinary shares of £0.0001 each. During the year, the company issued one share of £0.0001 as part of a debt equity swap. The fair value of the share issued was considered to be the nominal amount.

JHT PROPERTY DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2025
- 6 -
6
Related party transactions
Transactions with related parties

During the year, the company ceased to be a wholly owned subsidiary undertaking. As a result, transactions and balances with fellow group undertakings are disclosed as related party transactions in these financial statements.

Transactions with related parties during the year consisted principally of intercompany funding transactions and balances arising in the normal course of business.

At 31 December 2025, amounts due from related parties totalled £685,216 (2024: £525,613). The balances are unsecured, interest free and repayable on demand.

Other information

Mr T H Turkington

At the beginning of the year a balance of £1,466,432 was due to Mr T H Turkington. During the year the director waived the loan in exchange for a share in the company, which represented 0.009999% of equity. At 30 December 20 25 no balance was due to Mr T H Turkington from the company.

Exemptions

The company did not enter into any other transactions with related parties such as are required to be disclosed under FRS 102 Section 1A.

7
Parent company

The company's ultimate parent company is Turkington Holdco (NI) Limited, a company incorporated in Northern Ireland.

Turkington Holdco (NI) Limited has included the results of JHT Property Development Limited in its group financial statements, copies of which are available from its registered office at James Park, Mahon Road, Portadown, County Armagh, BT62 3EH.

8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 30 December 2025 and of its profit 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.

Senior Statutory Auditor:
Mrs Susan Dunlop FCA
Statutory Auditor:
GMcG BELFAST
Date of audit report:
12 June 2026
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