Registration number: NI026328

Dunluce PLC

Contents

Directors' Report	1 to 2
Statement of Directors' Responsibilities	1
Strategic Report	3
Independent Auditor's Report	4 to 6
Profit and Loss Account	7
Balance Sheet	8
Statement of Changes in Equity	9
Statement of Cash Flows	10
Notes to the Financial Statements	11 to 14
Detailed Profit and Loss Account	15

Dunluce PLC

Directors' Report for the Year Ended 31 March 2025

Directors of the company

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

Mr Nigel Robert Henry

Mrs Joan Henry

The following director was appointed after the year end:

Mr Garth Alexander Henry (appointed 26 July 2025)

The directors present their report and the financial statements for the year ended 31 March 2025.

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual 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 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 apply them consistently;

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

•	state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

•	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.

Required disclosures dealt with in the Strategic report

In accordance with the provisions of S414C(11) of the Companies Act 2006, the following matters, otherwise required for inclusion in the Directors’ Report, have been included in the Strategic Report:

• Review of business and likely future developments in the Company, and

• Key risks to the business

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Dunluce PLC

Directors' Report for the Year Ended 31 March 2025

Reappointment of auditors

A resolution proposing the re-appointment of Stevenson and Wilson as auditors' will be put to the forthcoming annual general meeting.

Approved and authorised by the Board on 29 September 2025 and signed on its behalf by:
 

......................................... Mrs Joan Henry Director

......................................... Mr Garth Alexander Henry Director

Dunluce PLC

Strategic Report for the Year Ended 31 March 2025

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

Fair review of the business

The company invests in property directly and in shares in various property related companies. There have been no significant changes during the year.
 

The company's key financial and other performance indicators during the year were as follows:

	2025	2024
Rental income	16,732	13,669
Operating profit before tax	12,698	10,414
Fair value (losses)/gains	(8,222)	186
Net current assets	427,349	417,064
Shareholders' funds	750,796	748,733

Principal risks and uncertainties

The principal risk facing the Company arises from failure of tenant business and the impact this would have on the performance of its investments.

Liquidity and cash flow still remain key concerns for the Company and the directors are managing the affairs to ensure that necessary funds are available to meet operating requirements. The Company is dependent on the long term support of the shareholders and related companies and the directors believe that this long term support will continue to be available.

Approved and authorised by the Board on 29 September 2025 and signed on its behalf by:

......................................... Mrs Joan Henry Director

......................................... Mr Garth Alexander Henry Director

Dunluce PLC

Independent Auditor's Report to the Members of Dunluce PLC

Opinion

We have audited the financial statements of Dunluce PLC (the 'company') for the year ended 31 March 2025, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, 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 31 March 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.

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 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 director's 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 original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Dunluce PLC

Independent Auditor's Report to the Members of Dunluce PLC

Opinion on other matter 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.

Matters on which we are required to report by exception

In the light of our 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 and the Directors' Report.

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 1], 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 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.

Auditor 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.

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.

Dunluce PLC

Independent Auditor's Report to the Members of Dunluce PLC

•

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 auditor’s report 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 auditor’s report. 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.

•

Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the company to express an opinion on the financial statements. We are responsible for the direction, supervision and performance of the company audit. We remain solely responsible for our audit opinion.

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 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.

......................................
Peter Stevenson (Senior Statutory Auditor)
For and on behalf of Stevenson and Wilson, Statutory Auditor
 22-30 Broadway Avenue
Ballymena
Co Antrim
BT43 7AA

29 September 2025

Dunluce PLC

Profit and Loss Account for the Year Ended 31 March 2025

	Note	2025 £	2024 £
Turnover	4	16,732	13,669
Administrative expenses		(4,034)	(3,255)
Operating profit	5	12,698	10,414
Fair value (losses)/gains on the revaluation of investments	6	(8,222)	186
Profit for the year before taxation		4,476	10,600
Taxation	7	(2,413)	(1,979)
Profit for the financial year		2,063	8,621

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

Dunluce PLC

(Registration number: NI026328)
Balance Sheet as at 31 March 2025

	Note	2025  £	2024  £
Fixed assets
Tangible assets	8	197,527	197,527
Investments	9	125,920	134,142
		323,447	331,669
Current assets
Debtors	10	523,344	519,893
Cash at bank and in hand	11	53,898	42,308
		577,242	562,201
Creditors: Amounts falling due within one year	12	(149,893)	(145,137)
Net current assets		427,349	417,064
Net assets		750,796	748,733
Capital and reserves
Called up share capital	13	184,751	184,751
Share premium reserve		155,418	155,418
Profit and loss account		410,627	408,564
Total equity		750,796	748,733

Approved and authorised by the Board on 29 September 2025 and signed on its behalf by:
 

......................................... Mrs Joan Henry Director

......................................... Mr Garth Alexander Henry Director

Dunluce PLC

Statement of Changes in Equity for the Year Ended 31 March 2025

	Share capital £	Share premium £	Profit and loss account £	Total £
At 1 April 2024	184,751	155,418	408,564	748,733
Profit for the year	-	-	2,063	2,063
At 31 March 2025	184,751	155,418	410,627	750,796