Cityside Developments Ltd
Filleted Accounts
31 December 2024
Registered number
NI062165
Cityside Developments Ltd
Registered number: NI062165
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 24,206 -
Current assets
Stocks 1,022,291 439,234
Debtors 4 11,630 11,014
Cash at bank and in hand 2,678 4,450
1,036,599 454,698
Creditors: amounts falling due within one year 5 (294,418) (107,105)
Net current assets 742,181 347,593
Total assets less current liabilities 766,387 347,593
Creditors: amounts falling due after more than one year 6 (712,674) (1,933,633)
Net assets/(liabilities) 53,713 (1,586,040)
Capital and reserves
Called up share capital 100 2
Share premium 1,499,902 -
Profit and loss account (1,446,289) (1,586,042)
Shareholder's funds 53,713 (1,586,040)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Robert Jebb
Director
Approved by the board on 13 January 2025
Cityside Developments Ltd
Notes to the Accounts
for the year ended 31 December 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Stocks
Stock is valued at the lower of cost and estimated net realisable value.

Cost includes all direct expenditure in connection with the purchase of development land including stamp duty and professional fees. Net realisable value is the estimated price at which the stock can be released in the normal course of business, less further costs to completion of sale.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Motor vehicles
£
Cost
Additions 32,275
At 31 December 2024 32,275
Depreciation
Charge for the year 8,069
At 31 December 2024 8,069
Net book value
At 31 December 2024 24,206
4 Debtors 2024 2023
£ £
Trade debtors 7,300 6,300
Other debtors 4,330 4,714
11,630 11,014
5 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 433 433
Other creditors 293,985 106,672
294,418 107,105
6 Creditors: amounts falling due after one year 2024 2023
£ £
Other creditors 712,674 1,933,633
7 Loans 2024 2023
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years 350,000 350,000
Secured loans 228,432 -
The Trustees of the Grosvenor Pension Scheme have a charge on all land comprised in folio 24533 Co Antrim. The charge contains negative pledge.
8 Other information
Cityside Developments Ltd is a private company limited by shares and incorporated in Northern Ireland. Its registered office is:
46a Dungannon Enterprise Centre
2 Coalisland Road
Dungannon
Co Tyrone
BT71 6JT
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