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REGISTERED NUMBER: 05561873 (England and Wales)


















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: J F Haworth





REGISTERED OFFICE: Unit 87 Bison Place
Moss Side
Leyland
Lancashire
PR26 7QR





REGISTERED NUMBER: 05561873 (England and Wales)





ACCOUNTANTS: Fairhurst
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 1,625,000 1,625,000

CURRENT ASSETS
Cash at bank 190,888 128,198

CREDITORS
Amounts falling due within one year 5 332,886 297,332
NET CURRENT LIABILITIES (141,998 ) (169,134 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,483,002

1,455,866

CREDITORS
Amounts falling due after more than one
year

6

379,172

497,764
NET ASSETS 1,103,830 958,102

CAPITAL AND RESERVES
Called up share capital 1 1
Other reserves 8 57,000 57,000
Retained earnings 8 1,046,829 901,101
SHAREHOLDERS' FUNDS 1,103,830 958,102

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2022 in accordance with Section 476 of the Companies Act 2006.

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


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

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 5 September 2022 and were signed by:





J F Haworth - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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 1,625,000
NET BOOK VALUE
At 30 June 2022 1,625,000
At 30 June 2021 1,625,000

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 115,469 114,098
Amounts owed to group undertakings 148,566 148,566
Taxation and social security 64,577 30,394
Other creditors 4,274 4,274
332,886 297,332

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2022 2021
£    £   
Bank loans 379,172 497,764

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 494,641 611,862

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 901,101 57,000 958,101
Profit for the year 145,728 - 145,728
At 30 June 2022 1,046,829 57,000 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 J F Haworth.

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.