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Registration number: NI063616

Sarcon (No 251) Limited
Unaudited Filleted Financial Statements
for the Year Ended 31 December 2024

Sarcon (No 251) Limited

Contents

Company Information | 1
Balance Sheet | 2
Notes to the Unaudited Financial Statements | 3 to 7

Sarcon (No 251) Limited

Company Information

Director | Mr David Cantwell

Registered office | 27 College Gardens Belfast BT9 6BS

Solicitors | Johns Elliot 40 Linenhall Street Belfast Antrim BT2 8BA

Accountants | McKeague Morgan & Company Chartered Accountants27 College Gardens Belfast BT9 6BS

Sarcon (No 251) Limited

(Registration number: NI063616)
Balance Sheet as at 31 December 2024

| Note | 2024 £ | 2023 £
Fixed assets |  |  |
Investments |  | 2 | 2
Current assets |  |  |
Debtors | 5 | 2,661,434 | 2,596,636
Cash at bank and in hand |  | 4,258 | 43,742
|  | 2,665,692 | 2,640,378
Creditors: Amounts falling due within one year | 6 | (42,494) | (12,340)
Net current assets |  | 2,623,198 | 2,628,038
Net assets |  | 2,623,200 | 2,628,040
Capital and reserves |  |  |
Called up share capital |  | 100 | 100
Profit and loss account |  | 2,623,100 | 2,627,940
Total equity |  | 2,623,200 | 2,628,040

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• | The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
• | The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 30 September 2025

.........................................

Mr David Cantwell
Director

Sarcon (No 251) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1 | General information

The company is a private company limited by share capital, incorporated in the United Kingdom.

The address of its registered office is:
27 College Gardens
Belfast
BT9 6BS
Northern Ireland

These financial statements were authorised for issue by the director on 30 September 2025.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

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.

Going concern

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

Revenue recognition

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 company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company 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 company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 company operates and generates taxable income.

Sarcon (No 251) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

2 | Accounting policies (continued)

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.

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.

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.

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 company will not be able to collect all amounts due according to the original terms of the receivables.

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 company 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.

Borrowings

Sarcon (No 251) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

2 | Accounting policies (continued)

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 profit and loss account 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 company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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 | Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2023 - 0).

Sarcon (No 251) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4 | Investments

| 2024 £ | 2023 £
Investments in subsidiaries | 2 | 2

Subsidiaries | £
Cost or valuation
At 1 January 2024 | 2
Provision
Carrying amount
At 31 December 2024 | 2
At 31 December 2023 | 2

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking | Registered office | Holding | Proportion of voting rights and shares held
|  |  | 2024 | 2023
Subsidiary undertakings
Artemis Developments Limited | Suite 77 Victoria Place 20 Wellwood Street Belfast BT12 5GE Northern Ireland | Ordinary | 100% | 100%

Subsidiary undertakings
Artemis Developments Limited The principal activity of Artemis Developments Limited is property development..

Sarcon (No 251) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

5 | Debtors

| 2024 £ | 2023 £
Other debtors | 2,661,434 | 2,596,636
| 2,661,434 | 2,596,636

6 | Creditors

| Note | 2024 £ | 2023 £
Due within one year |  |  |
Bank loans and overdrafts |  | 14 | 14
Corporation tax liability |  | - | 8,826
Other creditors |  | 38,980 | -
Accruals and deferred income |  | 3,500 | 3,500
|  | 42,494 | 12,340

7 | Share capital

Allotted, called up and fully paid shares

| 2024 | 2023
| No. | £ | No. | £
Ordinary shares of £1 each | 100 | 100 | 100 | 100