REGISTERED NUMBER: NI637298 (Northern Ireland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

FOR

UPMARKET PROPERTIES LTD

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

5

DIRECTORS:

J Magill

S Magill

M Magill

REGISTERED OFFICE:

17 Clarendon Road

Belfast

United Kingdom

BT1 3BG

REGISTERED NUMBER:

NI637298 (Northern Ireland)

ACCOUNTANTS:

Baker Tilly Mooney Moore

17 Clarendon Road

Belfast

BT1 3BG

FIXED ASSETS

Investment property

4

380,000

380,000

CURRENT ASSETS

Debtors

5

155,914

120,144

Cash at bank

5,694

7,666

161,608

127,810

CREDITORS

Amounts falling due within one year

6

228,668

216,081

NET CURRENT LIABILITIES

(67,060

)

(88,271

)

TOTAL ASSETS LESS CURRENT LIABILITIES

312,940

291,729

PROVISIONS FOR LIABILITIES

39,359

39,359

NET ASSETS

273,581

252,370

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

273,481

252,270

SHAREHOLDERS' FUNDS

273,581

252,370

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:

S Magill - Director

J Magill - Director

1.	STATUTORY INFORMATION

Upmarket 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 (£).

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 directors have 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 consideration of the recoverability of debtors and the need for impairment provisions for these asset classes. These considerations are undertaken regularly by the directors, and especially at the year end date. Factors taken into account include, current market conditions and knowledge of the sector. Amounts identified as being impaired will be provided against in the relevant period.

Turnover

Turnover represents monies received from rental properties and fees from property management.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2024 - 1 ) .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 June 2024

and 31 May 2025

380,000

NET BOOK VALUE

At 31 May 2025

380,000

At 31 May 2024

380,000

Investment property was valued on an open market basis on 31 May 2024 by the directors. The directors are satisfied that this valuation continues to reflect market value at 31 May 2025.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.25

31.5.24

£

£

Other debtors

155,914

120,144

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.25

31.5.24

£

£

Trade creditors

2,570

1,310

Amounts owed to associates

29,717

34,567

Taxation and social security

5,947

5,198

Other creditors

190,434

175,006

228,668

216,081

Included in other creditors is an amount of £136,526 (2024: £128,613) due to the directors. This loan is unsecured, interest free and repayable on demand.