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REGISTERED NUMBER: 07697756 (England and Wales)








Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Norgrave Property Limited

Norgrave Property Limited (Registered number: 07697756)

Contents of the Financial Statements
for the Year Ended 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Norgrave Property Limited

Company Information
for the Year Ended 31 December 2023







DIRECTOR: A N Purslow





REGISTERED OFFICE: The Long House
Scures Hill
Hook
Hampshire
RG27 9JR





REGISTERED NUMBER: 07697756 (England and Wales)





ACCOUNTANTS: Lane Monnington Welton
Chartered Accountants
Riverside View
Basing Road
Old Basing
Basingstoke
Hampshire
RG24 7AL

Norgrave Property Limited (Registered number: 07697756)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 17,887 25,522
Investment property 5 5,752,533 5,752,533
5,770,420 5,778,055

CURRENT ASSETS
Debtors 6 2,500 6,080
Cash at bank 277,270 355,602
279,770 361,682
CREDITORS
Amounts falling due within one year 7 1,847,275 2,186,361
NET CURRENT LIABILITIES (1,567,505 ) (1,824,679 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,202,915

3,953,376

PROVISIONS FOR LIABILITIES 9 4,207 4,849
NET ASSETS 4,198,708 3,948,527

CAPITAL AND RESERVES
Called up share capital 10 1 1
Retained earnings 4,198,707 3,948,526
SHAREHOLDERS' FUNDS 4,198,708 3,948,527

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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.

Norgrave Property Limited (Registered number: 07697756)

Balance Sheet - continued
31 December 2023


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 6 March 2024 and were signed by:





A N Purslow - Director


Norgrave Property Limited (Registered number: 07697756)

Notes to the Financial Statements
for the Year Ended 31 December 2023


1. STATUTORY INFORMATION

Norgrave Property Limited 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 represents rental income which is accounted for on a receivable basis, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on cost
Fixtures and fittings - 33% on cost
Motor vehicles - 25% on cost

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.

Financial instruments
Debtors and creditors payable/receivable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price, including transaction costs. Subsequently they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

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 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.


Norgrave Property Limited (Registered number: 07697756)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date, adjusted for indexation where applicable.

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.

Impairment
Assets not measured at fair value are reviewed for any indication that an asset may be impaired at each balance sheet date. The directors review the carrying amount of the relevant assets and compare them to their market values and recoverable amounts. Where the carrying amount exceeds this, an impairment loss is recognised in profit or loss, unless the asset is carried at a revalued amount, where the impairment loss is a revaluation decrease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 January 2023 760 2,007 35,197 37,964
Additions - 1,748 - 1,748
Disposals - (2,007 ) - (2,007 )
At 31 December 2023 760 1,748 35,197 37,705
DEPRECIATION
At 1 January 2023 760 2,007 9,675 12,442
Charge for year - 583 8,800 9,383
Eliminated on disposal - (2,007 ) - (2,007 )
At 31 December 2023 760 583 18,475 19,818
NET BOOK VALUE
At 31 December 2023 - 1,165 16,722 17,887
At 31 December 2022 - - 25,522 25,522

Norgrave Property Limited (Registered number: 07697756)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023
and 31 December 2023 5,752,533
NET BOOK VALUE
At 31 December 2023 5,752,533
At 31 December 2022 5,752,533


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 2,500 6,080

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Taxation and social security 116,031 95,062
Other creditors 1,731,244 2,091,299
1,847,275 2,186,361

8. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Directors current account 588,397 1,348,299

The directors current account is secured by a charge and debenture on the investment property held by the company.

9. PROVISIONS FOR LIABILITIES
31.12.23 31.12.22
£    £   
Deferred tax
Accelerated capital allowances 4,207 4,849

Deferred
tax
£   
Balance at 1 January 2023 4,849
Provided during year (642 )
Balance at 31 December 2023 4,207

Norgrave Property Limited (Registered number: 07697756)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
1 Ordinary £1 1 1

11. RELATED PARTY DISCLOSURES

At the year end the company owed £588,397 (2022: £1,348,299) to the director.

At the year end the company owed £1,048,000 (2022: £658,000) to the shareholder.