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Company registration number: NI041906
Duncreggan Student Village Limited
Unaudited filleted abridged financial statements
31 August 2025
Duncreggan Student Village Limited
Contents
Directors and other information
Accountants report
Abridged statement of financial position
Notes to the financial statements
Duncreggan Student Village Limited
Directors and other information

| Directors | Mr Declan Salter
|  | Mrs Anne Salter
| Company number | NI041906
| Registered office | Block 4 Office
|  | 85 Duncreggan Road
|  | Londonderry
|  | BT48 0AA
| Accountants | Hill Vellacott
|  | 22 Great Victoria Street
|  | Belfast
|  | BT2 7BA

| Bankers | Barclays Bank Plc
|  | Leicester
|  | LE87 2BB

Duncreggan Student Village Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Duncreggan Student Village Limited
Year ended 31 August 2025
In accordance with the engagement letter dated 4 December 2025, and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company for the year ended 31 August 2025 which comprise the abridged statement of financial position and related notes from the company's accounting records and information and explanations you have given us.
As a practising member firm of Chartered Accountants Ireland , we are subject to its ethical and other professional requirements detailed at www.charteredaccountants.ie.
This report is made solely to the Company's Board of Directors, as a body, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the Company's Board of Directors that we have done so, and state those matters that we have agreed to state to them in this 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 Board of Directors, as a body, for our work, or for this report.
We have carried out this engagement in accordance with guidance issued by Chartered Accountants Ireland and have complied with the relevant ethical guidance laid down by Chartered Accountants Ireland.
You have acknowledged on the balance sheet for the year ended 31 August 2025 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.
We have not been instructed to carry out an audit of the financial statements. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Hill Vellacott 18 December 2025
Chartered Accountants
22 Great Victoria Street
Belfast
BT2 7BA
Duncreggan Student Village Limited
Abridged statement of financial position
31 August 2025

|  |  | 2025 |  |  |  | 2024 |  |
|  | Note | £ |  | £ |  | £ |  | £
Fixed assets |  |  |  |  |  |  |  |  |
Tangible assets |  | 5 | 2,860,700 |  |  |  | 3,124,769 |  |
|  |  | _________ |  |  |  | _________ |  |
|  |  |  |  | 2,860,700 |  |  |  | 3,124,769
Current assets |  |  |  |  |  |  |  |  |
Debtors |  |  | 5,012,942 |  |  |  | 4,545,632 |  |
Cash at bank and in hand |  |  | 171,674 |  |  |  | 44,668 |  |
|  |  | _________ |  |  |  | _________ |  |
|  |  | 5,184,616 |  |  |  | 4,590,300 |  |
Creditors: amounts falling due |  |  |  |  |  |  |  |  |
within one year |  | 6 | ( 3,166,402) |  |  |  | ( 2,839,645) |  |
|  |  | _________ |  |  |  | _________ |  |
Net current assets |  |  |  |  | 2,018,214 |  |  |  | 1,750,655
|  |  |  |  | _________ |  |  |  | _________
Total assets less current liabilities |  |  |  |  | 4,878,914 |  |  |  | 4,875,424
Provisions for liabilities |  |  |  |  | ( 172,297) |  |  |  | ( 185,872)
|  |  |  |  | _________ |  |  |  | _________
Net assets |  |  |  |  | 4,706,617 |  |  |  | 4,689,552
|  |  |  |  | _________ |  |  |  | _________
Capital and reserves |  |  |  |  |  |  |  |  |
Called up share capital |  |  |  |  | 100,000 |  |  |  | 100,000
Profit and loss account |  | 7 |  |  | 4,606,617 |  |  |  | 4,589,552
|  |  |  |  | _________ |  |  |  | _________
Shareholders funds |  |  |  |  | 4,706,617 |  |  |  | 4,689,552
|  |  |  |  | _________ |  |  |  | _________

For the year ending 31 August 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
All of the members have consented to the preparation of the abridged statement of financial position for the current year ending 31 August 2025 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 18 December 2025 , and are signed on behalf of the board by:
Mr Declan Salter
Director
Company registration number: NI041906
Duncreggan Student Village Limited
Notes to the financial statements
Year ended 31 August 2025
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Block 4 Office, 85 Duncreggan Road, Londonderry, BT48 0AA. The principal activity of the company is the development, funding, construction and operation of student accommodation at Duncreggan Student Village, University of Ulster, Londonderry for a period of 34 years, ending on 30 June 2036 under the University Partnership Programme.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
After reviewing the company’s forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.The company therefore continues to adopt the going concern basis in preparing its financial statements.
Judgements and key sources of estimation uncertainty
Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.The company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:Recoverability of debtorsEstimates are made in respect of the recoverable value of trade and other debtors. When assessing the level of provisions required, factors including current trading experience, historical experience and the ageing profile of debtors are considered.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.Rendering of servicesRevenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: -The amount of revenue can be measured reliably; -It is probable that the Company will receive the consideration due under the contract; -The stage of completion of the contract at the end of the reporting period can be measured reliably; and - The costs incurred and the costs to complete the contract can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

| Long leasehold property | - | Straight line over the life of the lease |
| Fittings fixtures and equipment | - | 25 % | straight line

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2024: 2 ).
5. Tangible assets

|  | £ |  |  |  |  |  |
| Cost |  |  |  |  |  |  |
| At 1 September 2024 and 31 August 2025 | 8,766,289 |  |  |  |  |  |
|  | _________ |  |  |  |  |  |
| Depreciation |  |  |  |  |  |  |
| At 1 September 2024 | 5,641,520 |  |  |  |  |  |
| Charge for the year | 264,069 |  |  |  |  |  |
|  | _________ |  |  |  |  |  |
| At 31 August 2025 | 5,905,589 |  |  |  |  |  |
|  | _________ |  |  |  |  |  |
| Carrying amount |  |  |  |  |  |  |
| At 31 August 2025 | 2,860,700 |  |  |  |  |  |
|  | _________ |  |  |  |  |  |
| At 31 August 2024 | 3,124,769 |  |  |  |  |  |
|  | _________ |  |  |  |  |  |

Borrowing costs totalling £298,340 have been included in the cost of the fixed assets.
6. Creditors: amounts falling due within one year
Barclays Bank PLC hold an all monies debenture secured on the headlease of the land and premises known as Duncreaggan Student Village, Magee College, Londonderry as security for the bank loan due within 1 year of £152,778 (2024 - £305,556) and due after 1 year of £Nil (2024 - £Nil).
7. Reserves
Profit and loss accountThis includes all current and prior period retained profits and losses.
8. Related party transactions
The company has the following related party transactions: Duncreggan Student Village Limited is related to Declanne Limited as it owns 49.8% of the called up share capital in the parent company Broomco (3971) Limited. In the year the company advanced a loan of £381,100 to Declanne Limited. At the balance sheet date the amount owed from Declanne Limited was £4,655,825 (2024: £4,274,725). The loan is unsecured and is repayable upon demand.The company has availed on the exemption under FRS102 Section 33 which does not require disclosure of transactions entered into any parent undertaking which is wholly owned by a member of that group.
9. Controlling party
The company is a 100% owned subsidiary of Broomco (3971) Limited, a company incorporated in the United Kingdom.The ultimate controlling party is Declan Salter due to his share holdings in Broomco (3971) Limited and Declanne Limited.