Company Registration No. NI621938 (Northern Ireland)
Countesswells Development (No.2) Limited
Unaudited financial statements
for the year ended 31 December 2024
Pages for filing with the registrar
Countesswells Development (No.2) Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
Countesswells Development (No.2) Limited
Statement of financial position
As at 31 December 2024
31 December 2024
1
2024
2023
Notes
£
£
£
£
Current assets
Stocks
383,594
654,000
Debtors
4
1
1
383,595
654,001
Creditors: amounts falling due within one year
5
(2,050,868)
(2,034,368)
Net current liabilities
(1,667,273)
(1,380,367)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(1,667,274)
(1,380,368)
Total equity
(1,667,273)
(1,380,367)

The director of the company has elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 December 2024 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.

The financial statements were approved and signed by the director and authorised for issue on 12 October 2025.
Allan Caldwell
Director
Company Registration No. NI621938
Countesswells Development (No.2) Limited
Notes to the financial statements
For the year ended 31 December 2024
2
1
Accounting policies
Company information

Countesswells Development (No.2) Limited is a private company limited by shares incorporated in Northern Ireland. The registered office is C/O Tughans LLP, The Ewart, 3 Bedford Square, Belfast, BT2 7EP.

1.1
Accounting convention

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, The principal accounting policies adopted are set out below.

1.2
Going concern

The director true of Counte s swells Development (No.2) Limited ha s concluded that the company is not a going concern. This assessment is based on th e intention to wind down the business.

As required under Financial Reporting Standard 102 (FRS 102), the financial statements have been prepared on a basis other than that of a going concern. Assets and liabilities have been measured accordingly, taking into account the anticipated realization of assets and settlement of liabilities during the winding-up process.

The director is monitoring the position closely and is committed to ensuring that all reasonable steps are taken to achieve an orderly wind-up. No provision has been made for the future costs of terminating the business unless such costs were committed at the reporting date.

1.3
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to net realisable value.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.4
Cash and cash equivalents

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 statement of financial position 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.

Countesswells Development (No.2) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
3
Basic financial assets

Basic financial assets, which include debtors, 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
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Critical accounting 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.

Countesswells Development (No.2) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
4
3
Employees

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

2024
2023
Number
Number
Total
1
1
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
1
1
5
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
2,043,368
2,026,868
Other creditors
7,500
7,500
2,050,868
2,034,368
6
Related party transactions

The company has taken advantage of the exemption available in accordance with FRS 102 33.1A 'Related party disclosures' not to disclose transactions entered into between two or more members of a group, as the company is a wholly owned subsidiary undertaking of the group to which it is party to transactions.

7
Parent company

The company is a wholly owned subsidiary of Countesswells Development Limited, a company registered in England & Wales with registration number 09106146. Countesswells Development Limited is currently in administration.

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