Caseware UK (AP4) 2022.0.179 2022.0.179 2023-02-282023-02-28falseNo description of principal activity2022-03-01false22trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11821307 2022-03-01 2023-02-28 11821307 2021-03-01 2022-02-28 11821307 2023-02-28 11821307 2022-02-28 11821307 c:Director2 2022-03-01 2023-02-28 11821307 d:CurrentFinancialInstruments 2023-02-28 11821307 d:CurrentFinancialInstruments 2022-02-28 11821307 d:Non-currentFinancialInstruments 2023-02-28 11821307 d:Non-currentFinancialInstruments 2022-02-28 11821307 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 11821307 d:CurrentFinancialInstruments d:WithinOneYear 2022-02-28 11821307 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 11821307 d:Non-currentFinancialInstruments d:AfterOneYear 2022-02-28 11821307 d:ShareCapital 2023-02-28 11821307 d:ShareCapital 2022-02-28 11821307 d:RetainedEarningsAccumulatedLosses 2023-02-28 11821307 d:RetainedEarningsAccumulatedLosses 2022-02-28 11821307 c:FRS102 2022-03-01 2023-02-28 11821307 c:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 11821307 c:FullAccounts 2022-03-01 2023-02-28 11821307 c:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 11821307 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-03-01 2023-02-28 11821307 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-02-28 11821307 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-02-28 11821307 d:WithinOneYear 2023-02-28 11821307 d:WithinOneYear 2022-02-28 11821307 d:BetweenOneFiveYears 2023-02-28 11821307 d:BetweenOneFiveYears 2022-02-28 11821307 d:MoreThanFiveYears 2023-02-28 11821307 d:MoreThanFiveYears 2022-02-28 iso4217:GBP xbrli:pure

Registered number: 11821307










NORVIC PROPERTIES LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 28 FEBRUARY 2023

 
NORVIC PROPERTIES LTD
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF NORVIC PROPERTIES LTD
FOR THE YEAR ENDED 28 FEBRUARY 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Norvic Properties Ltd for the year ended 28 February 2023 which comprise  the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of Norvic Properties Ltd, as a body, in accordance with the terms of our engagement letter dated 5 August 2019Our work has been undertaken solely to prepare for your approval the financial statements of Norvic Properties Ltd  and state those matters that we have agreed to state to the Board of directors of Norvic Properties Ltd, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Norvic Properties Ltd and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Norvic Properties Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Norvic Properties Ltd. You consider that Norvic Properties Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Norvic Properties Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



MA Partners LLP
 
Chartered Accountants
  
7 The Close
Norwich
Norfolk
NR1 4DJ
29 November 2023
Page 1

 
NORVIC PROPERTIES LTD
REGISTERED NUMBER: 11821307

BALANCE SHEET
AS AT 28 FEBRUARY 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
4,444
3,982

Cash at bank and in hand
  
14,501
12,961

  
18,945
16,943

Creditors: amounts falling due within one year
 5 
(11,785)
(16,390)

Net current assets
  
 
 
7,160
 
 
553

Total assets less current liabilities
  
7,160
553

Creditors: amounts falling due after more than one year
 6 
(6,901)
(9,641)

  

Net assets/(liabilities)
  
259
(9,088)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
159
(9,188)

  
259
(9,088)


Page 2

 
NORVIC PROPERTIES LTD
REGISTERED NUMBER: 11821307
    
BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 November 2023.




J D Austin
Director

The notes on pages 4 to 7 form part of these financial statements.

Page 3

 
NORVIC PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1.


General information

Norvic Properties Ltd is a United Kingdom company limited by shares. It is incorporated and domiciled in
England and Wales. The registered office address is 7 The Close, Norwich, NR1 4DJ.
The Company's principal activity is the provision of property letting in England.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102.
Grants of a revenue nature are recognised in the Profit and loss account in the same period as the related expenditure.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
NORVIC PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

Page 5

 
NORVIC PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

4.


Debtors

2023
2022
£
£


Other debtors
4,444
3,982

4,444
3,982



5.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
2,785
2,651

Corporation tax
399
-

Other taxation and social security
-
960

Other creditors
7,857
12,287

Accruals and deferred income
744
492

11,785
16,390



6.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
6,901
9,641

6,901
9,641



7.


Commitments under operating leases

At 28 February 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
174,489
89,381

Later than 1 year and not later than 5 years
158,454
87,448

Later than 5 years
167,710
100,437

500,653
277,266

Page 6

 
NORVIC PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

8.


Related party transactions

As at 28 February 2023 the balance owed to the directors was £7,857 (2022: £12,287).

 
Page 7