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REGISTERED NUMBER: 11665777 (England and Wales)















NG Properties (Norfolk) Ltd

Unaudited Financial Statements

for the year ended

30 April 2023






NG Properties (Norfolk) Ltd (Registered number: 11665777)

Contents of the Financial Statements
for the year ended 30 April 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 5

Chartered Accountants' Report 6

NG Properties (Norfolk) Ltd

Company Information
for the year ended 30 April 2023







DIRECTORS: N R Gurney
Mrs C Gurney





REGISTERED OFFICE: Yare House
62-64 Thorpe Road
Norwich
Norfolk
NR1 1RY





REGISTERED NUMBER: 11665777 (England and Wales)





ACCOUNTANTS: Haines Watts
Chartered Accountants
Yare House
62-64 Thorpe Road
Norwich
Norfolk
NR1 1RY

NG Properties (Norfolk) Ltd (Registered number: 11665777)

Balance Sheet
30 April 2023

2023 2022
Notes £    £   
FIXED ASSETS
Investments 4 - -
Investment property 5 1,513,986 1,343,392
1,513,986 1,343,392

CURRENT ASSETS
Debtors 6 177 456
Cash at bank 1,510 3,236
1,687 3,692
CREDITORS
Amounts falling due within one year 7 (503,185 ) (638,491 )
NET CURRENT LIABILITIES (501,498 ) (634,799 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,012,488 708,593

CREDITORS
Amounts falling due after more than one year 8 (929,290 ) (745,300 )

PROVISIONS FOR LIABILITIES (1,659 ) (1,659 )
NET ASSETS/(LIABILITIES) 81,539 (38,366 )

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 7,074 7,074
Retained earnings 74,365 (45,540 )
SHAREHOLDERS' FUNDS 81,539 (38,366 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 January 2024 and were signed on its behalf by:





N R Gurney - Director


NG Properties (Norfolk) Ltd (Registered number: 11665777)

Notes to the Financial Statements
for the year ended 30 April 2023


1. STATUTORY INFORMATION

NG Properties (Norfolk) 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.

Investment property
Investment property is revalued to reflect fair value at each reporting date.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
Additions 100,000
Disposals (100,000 )
At 30 April 2023 -
NET BOOK VALUE
At 30 April 2023 -

NG Properties (Norfolk) Ltd (Registered number: 11665777)

Notes to the Financial Statements - continued
for the year ended 30 April 2023


5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 May 2022 1,343,392
Additions 515,986
Disposals (345,392 )
At 30 April 2023 1,513,986
NET BOOK VALUE
At 30 April 2023 1,513,986
At 30 April 2022 1,343,392

Fair value at 30 April 2023 is represented by:
£   
Valuation in 2021 8,734
Cost 1,505,252
1,513,986

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 177 456

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed to associates 394,708 343,708
Taxation and social security 19,039 -
Other creditors 89,438 294,783
503,185 638,491

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Other creditors 929,290 745,300

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Other loans more 5yrs non-inst 849,260 649,273

Within other loans is a loan from a relative of the director amounting to £288,000 (2022: £88,000). This is an interest only loan with no fixed repayment terms.

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Mortgage 661,298 681,307

Secured debt relates to mortgages secured against the investment properties.

NG Properties (Norfolk) Ltd (Registered number: 11665777)

Notes to the Financial Statements - continued
for the year ended 30 April 2023


10. RELATED PARTY DISCLOSURES

At the period end the director was owed by the company £67,478 (2022: £169,336). No interest has been charged on this and there are no fixed repayment terms.

Included in creditors is £137,458 (2022: £137458) repayable to a company in which the director has a majority shareholding and is a director of that company. This is interest free and there are no fixed repayment terms.

During the year, NG Properties have received commercial rent income from a related company for the usage of the premises. This amounted to £18,000 (2022: £15,000).

Included in creditors is £123,000 (2022: £117,000) repayable to a company in which the director has a majority shareholding and is a director of that company. This is interest free and there are no fixed repayment terms.

Included in creditors is £80,000 (2022: £60,000) repayable to a company in which the director has a majority shareholding and is a director of that company. This is interest free and there are no fixed repayment terms.

Included in creditors is £26,750 (2022: £26,750) repayable to a company in which the director has a majority shareholding and is a director of that company. This is interest free and there are no fixed repayment terms.

During the year, NG Properties have received commercial rent income from a related company for the usage of the premises. This amounted to £15,000 (2022: £11,250).

Included in creditors is £2,500 (2022: £2,500) repayable to a company in which the director has a majority shareholding and is a director of that company. This is interest free and there are no fixed repayment terms.

Included in creditors is £25,000 (2022: £Nil) repayable to a company in which the director has a majority shareholding and is a director of that company. This is interest free and there are no fixed repayment terms.

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
NG Properties (Norfolk) Ltd


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of NG Properties (Norfolk) Ltd for the year ended 30 April 2023 which comprise the Income Statement, 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of NG Properties (Norfolk) Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of NG Properties (Norfolk) Ltd and state those matters that we have agreed to state to the Board of Directors of NG Properties (Norfolk) Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than NG Properties (Norfolk) Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that NG Properties (Norfolk) 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 NG Properties (Norfolk) Ltd. You consider that NG Properties (Norfolk) Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of NG Properties (Norfolk) 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.






Haines Watts
Chartered Accountants
Yare House
62-64 Thorpe Road
Norwich
Norfolk
NR1 1RY


Date: .............................................