REGISTERED NUMBER: NI035371 (Northern Ireland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

FOR

UNIVERSITY AREA PROPERTIES LTD

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

8

DIRECTORS:

Mr S Magill

Mrs M Magill

SECRETARY:

Mr S Magill

REGISTERED OFFICE:

17 Clarendon Road

Clarendon Dock

Belfast

BT1 3BG

REGISTERED NUMBER:

NI035371 (Northern Ireland)

ACCOUNTANTS:

Baker Tilly Mooney Moore

Chartered Certified Accountants

17 Clarendon Road

Clarendon Dock

Belfast

BT1 3BG

FIXED ASSETS

Tangible assets

4

1,770

2,878

Investment property

5

2,200,000

1,950,000

2,201,770

1,952,878

CURRENT ASSETS

Debtors

6

58,138

81,370

Cash at bank and in hand

58,629

77,306

116,767

158,676

CREDITORS

Amounts falling due within one year

7

153,555

144,889

NET CURRENT (LIABILITIES)/ASSETS

(36,788

)

13,787

TOTAL ASSETS LESS CURRENT LIABILITIES

2,164,982

1,966,665

CREDITORS

Amounts falling due after more than one year

8

(1,036,650

)

(1,339,995

)

PROVISIONS FOR LIABILITIES

(51,514

)

(720

)

NET ASSETS

1,076,818

625,950

CAPITAL AND RESERVES

Called up share capital

5,000

5,000

Revaluation reserve

10

17,277

24,242

Retained earnings

1,054,541

596,708

SHAREHOLDERS' FUNDS

1,076,818

625,950

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 May 2026 and were signed on its behalf by:

Mr S Magill - Director

1.	STATUTORY INFORMATION

University Area Properties Ltd is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

The address of the company's place of business is 49 University Street, Belfast BT7 1FY.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates

In preparing these financial statements the director has made the following judgements:

Establish whether there are indicators of impairment of the company's tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and the business in general.

The director also considers the depreciation rates on an annual basis to ensure there is sufficient evidence to support these and that the estimates remains reasonable.

Turnover

Turnover represents monies received from rental properties and receipts from contracting work.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures, fittings & equipment

-

25% on reducing balance

Computer equipment

-

33% on cost

Financial instruments

All financial instruments of the company are considered to meet the definition of basic financial instruments.

- Short term debtors and creditors

Debtors and creditors with no stated interest rate and are receivable or payable on demand are recognised at transaction price, and subject to annual impairment reviews. Any losses arising on impairment are recognised in the profit and loss account.

- Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand.

- Loans and borrowings

All loans and borrowings are initially recorded at the present value of cash payable to the lender in settlement of the liability discounted at the market interest rate. Subsequently loans and borrowings are stated at amortised cost using the effective interest rate method. The computation of amortised cost includes any issue costs, transaction costs and fees, and any discount or premium on settlement, and the effect of this is to amortise these amounts over the expected borrowing period. Loans with no stated interest rate and repayable within one period or on demand are not amortised. Loans and borrowings are classified as current liabilities unless the borrower has an unconditional right to defer settlement of the liability for at least 12 months after the financial period end date.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Investment properties

Investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in fair value recognised in profit or loss.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2024 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures,

fittings

Computer

& equipment

equipment

Totals

£

£

£

COST

At 1 June 2024

85,671

7,763

93,434

Disposals

(703

)

-

(703

)

At 31 May 2025

84,968

7,763

92,731

DEPRECIATION

At 1 June 2024

83,390

7,166

90,556

Charge for year

444

597

1,041

Eliminated on disposal

(636

)

-

(636

)

At 31 May 2025

83,198

7,763

90,961

NET BOOK VALUE

At 31 May 2025

1,770

-

1,770

At 31 May 2024

2,281

597

2,878

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 June 2024

1,950,000

Disposals

(180,000

)

Revaluations

430,000

At 31 May 2025

2,200,000

NET BOOK VALUE

At 31 May 2025

2,200,000

At 31 May 2024

1,950,000

Fair value at 31 May 2025 is represented by:

£

Valuation in 2016

197,837

Valuation in 2024

417,381

Valuation in 2025

430,000

Cost

1,154,782

2,200,000

The directors valued the company's investment properties at the year end. Valuations have been ascertained from a review of comparable properties.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.25

31.5.24

£

£

Other debtors

58,138

81,370

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.25

31.5.24

£

£

Trade creditors

88,467

71,297

Taxation and social security

25,752

24,383

Other creditors

39,336

49,209

153,555

144,889

Included in other creditors is an amount of £491 (2024: £212) due to the directors. This loan is included in other creditors and is unsecured, interest free and repayable on demand.

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.5.25

31.5.24

£

£

Other creditors

1,036,650

1,339,995

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Other loans more 5yrs non-inst

872,358

1,170,941

Repayable by instalments

Other loans

164,292

169,054

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.5.25

31.5.24

£

£

Other loans

1,036,650

1,339,995

The loans relate to mortgages that are secured by way of a charge over the property to which they relate.

10.

RESERVES

Revaluation

reserve

£

At 1 June 2024

24,242

Transfer to profit and loss

on disposal of a previously

revalued investment property

(6,965

)

At 31 May 2025

17,277