REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2022 |
FOR |
NORLEC PROPERTY SERVICES LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2022 |
FOR |
NORLEC PROPERTY SERVICES LTD |
NORLEC PROPERTY SERVICES LTD (REGISTERED NUMBER: 05561873) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 30 June 2022 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
NORLEC PROPERTY SERVICES LTD |
COMPANY INFORMATION |
for the Year Ended 30 June 2022 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Douglas Bank House |
Wigan Lane |
Wigan |
Lancashire |
WN1 2TB |
NORLEC PROPERTY SERVICES LTD (REGISTERED NUMBER: 05561873) |
STATEMENT OF FINANCIAL POSITION |
30 June 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
6 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Other reserves | 8 |
Retained earnings | 8 |
SHAREHOLDERS' FUNDS |
The director acknowledges his 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. |
NORLEC PROPERTY SERVICES LTD (REGISTERED NUMBER: 05561873) |
STATEMENT OF FINANCIAL POSITION - continued |
30 June 2022 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
NORLEC PROPERTY SERVICES LTD (REGISTERED NUMBER: 05561873) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 30 June 2022 |
1. | STATUTORY INFORMATION |
Norlec Property Services Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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. |
Deferred tax is provided on these gains at the rate expected to apply when the property is sold. |
Financial instruments |
Short term financial assets, including trade and other debtors and cash and bank balances, are measured at the transaction price. Financial assets that have no stated interest rate and are recoverable within one year shall be measured at the undiscounted amount due, less impairment losses for bad and doubtful debts. |
Short term financial liabilities, including trade and other creditors, are measured at the transaction price. Financial liabilities that have no stated interest rate and are payable within one year shall be measured at the undiscounted amount due. |
Related party loans have no stated interest rate, are payable on demand and are measured at the undiscounted amount due. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 NIL (2021 - NIL). |
NORLEC PROPERTY SERVICES LTD (REGISTERED NUMBER: 05561873) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2022 |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 July 2021 |
and 30 June 2022 |
NET BOOK VALUE |
At 30 June 2022 |
At 30 June 2021 |
The investment property have been included at its fair value at 30 June 2022, as determined by the director. |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more than five years | - | 43,913 |
7. | SECURED DEBTS |
The following secured debts are included within creditors: |
2022 | 2021 |
£ | £ |
Bank loans |
Bank loans are secured by way of a legal charge over investment property. |
NORLEC PROPERTY SERVICES LTD (REGISTERED NUMBER: 05561873) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2022 |
8. | RESERVES |
Retained | Other |
earnings | reserves | Totals |
£ | £ | £ |
At 1 July 2021 | 958,101 |
Profit for the year | - |
At 30 June 2022 | 1,103,829 |
Other reserves relate to non distributable profit and loss relating to the revaluation amount of investment properties. |
9. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
10. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |
11. | ULTIMATE PARENT COMPANY |
The ultimate parent is JFH Holdings Limited, a company registered in England & Wales. The company registered office and principal place of business is Unit 87 Bison Place, Moss Side, Leyland, Lancashire, PR26 7QR. |