Company Registration No. NI064612 (Northern Ireland)
SARD DEVELOPMENTS LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
SARD DEVELOPMENTS LTD
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
SARD DEVELOPMENTS LTD
COMPANY INFORMATION
- 1 -
Director
Mr Robert Dunlop
Company secretary
Mrs Beverley Dunlop
Company number
NI064612
Registered office
10 Pilots View
Heron Road
Belfast
BT3 9LE
Independent accountants
Johnston Kennedy DFK
Chartered Accountants
10 Pilots View
Heron Road
Belfast
BT3 9LE
Business address
59 Bryansglen Park
Bangor
Co. Down
BT20 3RS
Bankers
AIB (NI)
11-15 Donegall Square North
Belfast
BT1 5GB
Solicitors
CMG Cunningham Dickey
18 May Street
Belfast
BT1 4NL
SARD DEVELOPMENTS LTD
BALANCE SHEET
AS AT 31 OCTOBER 2025
31 October 2025
- 2 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
4
2,500,000
2,500,000
Current assets
Debtors
5
181,663
242,413
Cash at bank and in hand
3,117
5,184
184,780
247,597
Creditors: amounts falling due within one year
6
(10,755)
(10,574)
Net current assets
174,025
237,023
Total assets less current liabilities
2,674,025
2,737,023
Creditors: amounts falling due after more than one year
7
(559,900)
(659,900)
Net assets
2,114,125
2,077,123
Capital and reserves
Called up share capital
8
200,200
200,200
Profit and loss reserves
1,913,925
1,876,923
Total equity
2,114,125
2,077,123

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 October 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

SARD DEVELOPMENTS LTD
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2025
31 October 2025
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 9 July 2026
Mr Robert Dunlop
................................
Mr Robert Dunlop
Director
Company Registration No. NI064612
The notes on pages 4 to 7 form part of these financial statements
Compiled without audit or independent verification - refer to the independent accountants report
SARD DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
- 4 -
1
Principal accounting policies
Company information

SARD Developments Ltd is a private company limited by shares incorporated in Northern Ireland. The registered office is 10 Pilots View, Heron Road, Belfast, BT3 9LE.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Turnover

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recover able.

1.3
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

SARD DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
Principal accounting policies
(Continued)
- 5 -
1.4
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

SARD DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
Principal accounting policies
(Continued)
- 6 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
1
1
4
Fixed asset investments
2025
2024
£
£
Shares in group undertakings and participating interests
2,500,000
2,500,000
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
181,663
242,413
SARD DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 7 -
6
Creditors: amounts falling due within one year
2025
2024
£
£
Corporation tax
8,392
8,529
Other creditors
2,363
2,045
10,755
10,574
7
Creditors: amounts falling due after more than one year
2025
2024
£
£
Other creditors
559,900
659,900
8
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary 'A' Shares of £1 each
67
67
67
67
Ordinary 'B' Shares of £1 each
25
25
25
25
Ordinary 'C' Shares of £1 each
22
22
22
22
Ordinary 'D' Shares of £1 each
14
14
14
14
Ordinary 'E' Shares of £1 each
34
34
34
34
Ordinary 'F' Shares of £1 each
34
34
34
34
Ordinary 'G' Shares of £1 each
1
1
1
1
Ordinary 'H' Shares of £1 each
1
1
1
1
Ordinary 'I' Shares of £1 each
1
1
1
1
Ordinary 'J' Shares of £1 each
1
1
1
1
200
200
200
200
2025
2024
2025
2024
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference Shares of £1 each
200,000
200,000
200,000
200,000
Preference shares classified as equity
200,000
200,000
Total equity share capital
200,200
200,200
9
Related party transactions

Robert Dunlop is a director of SARD Developments Ltd and Mackenzie-Dunlop Limited. During the year the company received dividends of £214,000 (2024: £90,000) from Mackenzie-Dunlop Limited. At the year end, the company was owed £181,663 (2024: £242,413)from Mackenzie-Dunlop Limited. This amount is included in debtors due within one year and is due to transactions undertaken in the ordinary course of business.

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