Urbicon Developments Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: NI062299

Urbicon Developments Limited

Filleted unaudited financial statements

31 December 2024

Urbicon Developments Limited

Financial statements

Year ended 31 December 2024

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	4

Urbicon Developments Limited

Officers and professional advisers

Director	Mrs K D Thom

Company secretary	Mrs E Thom

Registered office	1 Richdale Lane
	Holywood
	Belfast
	N Ireland
	BT18 0FA

Accountants	BDO Northern Ireland
	Chartered accountants
	Metro Building, 1st Floor
	6-9 Donegall Square South
	Belfast
	BT1 5JA

Bankers	Allied Irish
	18-20 Scotch Street
	Dungannon
	BT70 1AZ

Solicitors	Stephen Scott & Co
	45 Court Street
	Newtownards
	Northern Ireland
	BT23 7NX

Urbicon Developments Limited

Statement of financial position

31 December 2024

	2024		2023
Note	£	£	£

Fixed assets

Tangible assets	5		5,946	8,086

Current assets

Stocks		658,272	680,222
Debtors	6	34,833	9,335
Cash at bank and in hand		3,203	3,118
		---------	---------
		696,308	692,675

Creditors: amounts falling due within one year	7	1,056,717		1,182,535
		------------		------------
Net current liabilities			360,409	489,860
			---------	---------
Total assets less current liabilities			( 354,463)	( 481,774)
			---------	---------
Net liabilities			( 354,463)	( 481,774)
			---------	---------

Capital and reserves

Called up share capital	3	3
Profit and loss account	( 354,466)	( 481,777)
	---------	---------
Shareholders deficit	( 354,463)	( 481,774)
	---------	---------

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 income and retained earnings has not been delivered.

For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Urbicon Developments Limited

Statement of financial position (continued)

31 December 2024

These financial statements were approved by the board of directors and authorised for issue on 14 August 2025 , and are signed on behalf of the board by:

Mrs K D Thom
Director

Company registration number: NI062299

Urbicon Developments Limited

Notes to the financial statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 1 Richdale Lane, Holywood, Belfast, Northern Ireland, BT18 0FA. The principal activities of the company during the year was that of property development.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. The financial reporting framework that has been applied in their preparation is the Companies Act 2006 (the Act) and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland issued by the Financial Reporting Council. The company qualifies as a small company for the period, as defined by section 382 of the Act, in respect of the financial year, and has applied the rules of the 'Small Companies Regime' in accordance with section 381 of the Act and Section 1A of FRS 102.

Going concern

The company made a pre-tax profit of £127,311 the year ended 31 December 2024 (2023: £110,392) and the Statement of financial position reflects a net deficit position of £354,463 (2023: £481,774). The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The validity of this assumption depends upon the continued support from the company's director. The director believes that it is appropriate for the financial statements to be prepared on the going concern basis.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The judgements that management has made in the process of applying the entity's accounting policy and that have the most significant effect on the amounts recognised in the financial statements are as follows; - Going concern is discussed in detail above. In assessing the reasonableness of the going concern basis, the director has recognised there is a degree of judgement and estimate arising from the uncertain nature of the property market. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: - The valuation of the company's stock at the date of the approval of the financial statements is subject to uncertainty.

Revenue recognition

Turnover represents sales to external customers at invoiced amounts exclusive of value added tax. Turnover is recognised when the risks and rewards of owning the properties have passed to the customer.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

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:

Plant and machinery	-	20% straight line
Fixture and fittings	-	20% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks consist of work in progress and are valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

Cash and cash equivalents

Cash consists of cash on hand. There are no cash equivalents included in the financial statements.

Other financial assets

Other financial assets are comprised of other debtors. Other financial assets are initially measured at the undiscounted amount of cash receivable and are subsequently measured at amortised cost less impairment, where there is objective evidence of an impairment.

Other financial liabilities

Other financial liabilities include other creditors. Other financial liabilities are measured at invoice price, unless payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. In this case the arrangement constitutes a financing transaction, and the financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Ordinary share capital

The ordinary share capital of the company is presented as equity.

4. Employee numbers

The average number of persons employed by the company during the year, including directors amounts to Nil (2023: Nil).

5. Tangible assets

	Plant and machinery	Fixtures and fittings	Total
	£	£	£
Cost
At 1 January 2024 and 31 December 2024	3,699	7,000	10,699
	-------	-------	--------
Depreciation
At 1 January 2024	863	1,750	2,613
Charge for the year	740	1,400	2,140
	-------	-------	--------
At 31 December 2024	1,603	3,150	4,753
	-------	-------	--------
Carrying amount
At 31 December 2024	2,096	3,850	5,946
	-------	-------	--------
At 31 December 2023	2,836	5,250	8,086
	-------	-------	--------

6. Debtors

	2024	2023
	£	£
Other debtors	34,833	9,335
	--------	-------

All debts are due within one year.

7. Creditors: amounts falling due within one year

	2024	2023
	£	£
Other creditors	1,056,717	1,182,535
	------------	------------

8. Director's advances, credits and guarantees

During the year, the director advanced the company £25,000 (2023: £15,000). During the year the director paid expenses on behalf of the company of £10,752 (2023: £11,241). At year end, the company owed the director £688,868 (2023: £653,116). This loan is interest free and repayable on demand.

9. Related party transactions

In the prior year the company purchased land from the spouse of the director. Total consideration for the land was £186,017. The company paid £162,000 (2023: £160,000) to the related party during the year. The total outstanding at 31 December 2024 was £365,124 (2023: £527,124). There were no additional related party transactions to be disclosed under FRS 102 Section 1A.

10. Controlling party

The company was under the control of Mrs K D Thom throughout the current and previous year. Mrs K D Thom is the managing director and sole shareholder of the company.