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COMPANY REGISTRATION NUMBER: 13405156
Norton Minster Estates Limited
Filleted Unaudited Financial Statements
For the year ended
31 May 2023
Norton Minster Estates Limited
Statement of Financial Position
31 May 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
255,850
255,850
Current assets
Debtors
6
4,785
50,563
Cash at bank and in hand
6,729
1,329
--------
--------
11,514
51,892
Creditors: amounts falling due within one year
7
268,336
311,050
----------
----------
Net current liabilities
256,822
259,158
----------
----------
Total assets less current liabilities
( 972)
( 3,308)
----
-------
Net liabilities
( 972)
( 3,308)
----
-------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 1,072)
( 3,408)
-------
-------
Shareholders deficit
( 972)
( 3,308)
-------
-------
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 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Norton Minster Estates Limited
Statement of Financial Position (continued)
31 May 2023
These financial statements were approved by the board of directors and authorised for issue on 23 January 2024 , and are signed on behalf of the board by:
A Henderson
Director
Company registration number: 13405156
Norton Minster Estates Limited
Notes to the Financial Statements
Year ended 31 May 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Grange, Grange Lane, Bishop Norton, Market Rasen, England, LN8 2AY.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102 Secion 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of the investment property which is measured at fair value. The financial statements are prepared in sterling, which is the functional currency of the entity.
(b) Going concern
The accounts are prepared on the going concern basis as the investment property purchased during the period was financed by a loan from a company under the control of the Directors. The Directors have confirmed that repayment of the loan will be deferred until such times that funds are available to do so. The property was rented from October 2022 on a long term rental. The directors are confident that the income generated will be sufficient to cover operating costs.
(c) Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
(d) Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
(e) Tangible assets
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value recognised in the profit or loss.
(f) 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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2
5. Tangible assets
Land and buildings
£
Cost
At 1 June 2022 and 31 May 2023
255,850
----------
Depreciation
At 1 June 2022 and 31 May 2023
----------
Carrying amount
At 31 May 2023
255,850
----------
At 31 May 2022
255,850
----------
Tangible assets held at valuation
The investment properties were valued in May 2023 by the directors who have experience in the location and category of the investment properties being valued.
6. Debtors
2023
2022
£
£
Other debtors
4,785
50,563
-------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Social security and other taxes
798
Directors loan accounts
148
150
Other creditors
267,390
310,900
----------
----------
268,336
311,050
----------
----------
8. Related party transactions
Loans in the total sum of £ 260,000 were received from a company under the control of the Directors. These loans are interest free and repayable on demand.