Caseware UK (AP4) 2022.0.179 2022.0.179 2023-06-302023-06-30truetruetruetruetruetrue2022-07-01falseThe principal activity of the company in the year under review was that of a holding company. In addition the company leases poultry sheds.11truefalse 04207211 2022-07-01 2023-06-30 04207211 2021-07-01 2022-06-30 04207211 2023-06-30 04207211 2022-06-30 04207211 1 2022-07-01 2023-06-30 04207211 d:Director1 2022-07-01 2023-06-30 04207211 c:Buildings 2022-07-01 2023-06-30 04207211 c:Buildings 2023-06-30 04207211 c:Buildings 2022-06-30 04207211 c:Buildings c:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 04207211 c:PlantMachinery 2022-07-01 2023-06-30 04207211 c:PlantMachinery 2023-06-30 04207211 c:PlantMachinery 2022-06-30 04207211 c:PlantMachinery c:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 04207211 c:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 04207211 c:CurrentFinancialInstruments 2023-06-30 04207211 c:CurrentFinancialInstruments 2022-06-30 04207211 c:CurrentFinancialInstruments c:WithinOneYear 2023-06-30 04207211 c:CurrentFinancialInstruments c:WithinOneYear 2022-06-30 04207211 c:ShareCapital 2023-06-30 04207211 c:ShareCapital 2022-06-30 04207211 c:RetainedEarningsAccumulatedLosses 2023-06-30 04207211 c:RetainedEarningsAccumulatedLosses 2022-06-30 04207211 d:FRS102 2022-07-01 2023-06-30 04207211 d:Audited 2022-07-01 2023-06-30 04207211 d:FullAccounts 2022-07-01 2023-06-30 04207211 d:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 04207211 d:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 04207211 6 2022-07-01 2023-06-30 04207211 e:PoundSterling 2022-07-01 2023-06-30 iso4217:GBP xbrli:pure
Registered number: 04207211









TRADITIONAL NORFOLK PROPERTIES LIMITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2023

 
TRADITIONAL NORFOLK PROPERTIES LIMITED
REGISTERED NUMBER: 04207211

BALANCE SHEET
AS AT 30 JUNE 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
589,176
622,813

Investments
 6 
50
50

  
589,226
622,863

Current assets
  

Debtors: amounts falling due within one year
 7 
743,898
353,442

Bank and cash balances
  
49
2,647

  
743,947
356,089

Creditors: amounts falling due within one year
 8 
(940,058)
(457,391)

Net current liabilities
  
 
 
(196,111)
 
 
(101,302)

Total assets less current liabilities
  
393,115
521,561

Provisions for liabilities
  

Deferred tax
  
(37,742)
(44,216)

  
 
 
(37,742)
 
 
(44,216)

Net assets
  
355,373
477,345


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
355,273
477,245

  
355,373
477,345


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 were approved and authorised for issue by the board and were signed on its behalf on 14 March 2024.



M R Gorton
Director

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 
TRADITIONAL NORFOLK PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.


General information

Traditional Norfolk Properties Limited is a private company, limited by shares, registered in England and Wales. The Company's registered office is Oak Tree Buisiness Park, Hargham Road, Attleborough, Norfolk, NR17 1DS, which is the same address as its place of business.
The Company's principal activity is the leasing of poultry sheds.
The financial statements are prepared in sterling, which is the functional currency of the Company. Monetary amounts are rounded to the nearest £.

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.

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of M. R. Gorton Limited as at 30 June 2023 and these financial statements may be obtained from Companies House.

 
2.3

Revenue

Rental income is recognised on a straight line basis of the rental period.
Income from fixed asset investments are dividends received from the Company's subsidiary. Final dividends are recorded when declared. Interim dividends are recorded when paid.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Investment property rented to other group entities and accounted for under the cost model is stated at historical cost less accumulated depreciation and any accumulated impairment losses.

Page 2

 
TRADITIONAL NORFOLK PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the methods below:.

Depreciation is provided on the following basis:

Freehold property
-
2%
on cost
Plant and machinery
-
15%
on reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Impairment reviews are performed by the company when there has been an indication of potential impairment.

 
2.6

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.

 
2.7

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.

 
2.8

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.

Page 3

 
TRADITIONAL NORFOLK PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 corporation 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.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date, and the amounts reported for income and expenditure during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. No judgments (apart from those involving estimates) have been made when preparing the financial statements
The key assumptions concerning the future and other key sources of estimating uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year include:
Tangible Fixed Assets
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Page 4

 
TRADITIONAL NORFOLK PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

4.


Employees




The average monthly number of employees, including directors, during the year was 1 (2022 - 1).


5.


Tangible fixed assets





Freehold property
Plant and machinery
Total

£
£
£



Cost or valuation


At 1 July 2022
481,240
525,000
1,006,240



At 30 June 2023

481,240
525,000
1,006,240



Depreciation


At 1 July 2022
56,430
326,997
383,427


Charge for the year on owned assets
3,937
29,700
33,637



At 30 June 2023

60,367
356,697
417,064



Net book value



At 30 June 2023
420,873
168,303
589,176



At 30 June 2022
424,810
198,003
622,813


6.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 July 2022
50



At 30 June 2023
50




Page 5

 
TRADITIONAL NORFOLK PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

7.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
743,898
353,442



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Amounts owed to group undertakings
917,072
440,516

Corporation tax
4,236
4,236

Accruals and deferred income
18,750
12,639

940,058
457,391



9.


Contingent liabilities

There is a joint and several liability under a group VAT registration. As at 30 June 2023, the total amount of VAT recoverable was £173,166 (2022 - £248,028).
The Company has guaranteed bank borrowings of its ultimate parent company. At the year end the liabilities covered by these guarantees totalled £3,290,524 (2022 - £3,484,349). 


10.


Post balance sheet events

Since the year-end dividends totalling £70,000 have been paid.


11.


Controlling party

The immediate and ultimate parent undertaking is M. R. Gorton Limited.
The ultimate controlling party is Mr M R Gorton.
M. R. Gorton Limited is the company of the smallest and largest group of undertakings for which group financial statements are drawn up. Copies of the consolidated financial statements of M. R. Gorton Limited are publicly available from Companies House, Crown Way, Cardiff, CF14 3UZ.


12.


Auditors' information

The auditors' report on the financial statements for the year ended 30 June 2023 was unqualified.

The audit report was signed on 18 March 2024 by Aaron Widdows ACA FCCA (Senior Statutory Auditor) on behalf of Price Bailey LLP.


Page 6