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Registered number: 08756528

Norfolk Properties Limited

ACCOUNTS
FOR THE YEAR ENDED 31/10/2023

Prepared By:
MA Partners Audit LLP
7 The Close
Norwich
Norfolk
NR1 4DJ

Norfolk Properties Limited

ACCOUNTS
FOR THE YEAR ENDED 31/10/2023
DIRECTORS
Norfolk Properties Limited
E Lunny
SECRETARY
M R Harris
REGISTERED OFFICE
45 Soame Close
Aylsham
Norwich
Norfolk
NR11 6JF
COMPANY DETAILS
Private company limited by shares registered in EW - England and Wales, registered number 08756528
ACCOUNTANTS
MA Partners Audit LLP
7 The Close
Norwich
Norfolk
NR1 4DJ

Norfolk Properties Limited

ACCOUNTS
FOR THEYEARENDED31/10/2023
CONTENTS
Page
Directors' Report-
Accountants' Report-
Statement Of Comprehensive Income-
Balance Sheet3
Notes To The Accounts4
The following do not form part of the statutory financial statements:
Trading And Profit And Loss Account-
Profit And Loss Account Summaries-

Norfolk Properties Limited

BALANCE SHEET AT 31/10/2023
20232022
Notes££
FIXED ASSETS
Tangible assets3472,917449,375
CURRENT ASSETS
Debtors58,100600
Cash at bank and in hand16,72863,163
24,82863,763
CREDITORS: Amounts falling due within one year687,989127,446
NET CURRENT LIABILITIES(63,161)(63,683)
TOTAL ASSETS LESS CURRENT LIABILITIES409,756385,692
CREDITORS: Amounts falling due after more than one year7395,794395,794
PROVISIONS FOR LIABILITIES AND CHARGES88631,682
NET ASSETS / (LIABILITIES)13,099(11,784)
CAPITAL AND RESERVES
Called up share capital9100100
Profit and loss account12,999(11,884)
SHAREHOLDERS' FUNDS13,099(11,784)
For the year ending 31/10/2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have decided not to deliver to the registrar a copy of the company's profit and loss account.
Approved by the board on 19/07/2024 and signed on their behalf by
.............................
Norfolk Properties Limited
Director

Norfolk Properties Limited

NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31/10/2023
1. ACCOUNTING POLICIES
1a. Basis Of Accounting FRS 1021 a
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 financial statements are presented in sterling which is the functional currency of the Company and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. The following accounting policies have been applied:
1b. Depreciation
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.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
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 the Income Statement. Depreciation is provided on the following basis:
Motor Cars%
1c. Investment Properties
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Income Statement.
1d. Changes In Presentation
The directors consider that the freehold properties owned by the Company are held with a view to investment and therefore have, during the year, changed the clasification in the financial statements from fixed assets to investment properties.
1e. Interest Income
Interest income is recognised in the Income Statement using the effective interest method.
1f. Finance Costs
Finance costs are charged to the Income Statement 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.
1g. 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.

Norfolk Properties Limited

1h. 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.
1i. 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.
1j. 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.
2. EMPLOYEES
20232022
No.No.
Average number of employees-2
3. TANGIBLE FIXED ASSETS
Motor CarsTotal
££
Cost
At 01/11/20228,7508,750
At 31/10/20238,7508,750
Depreciation
At 01/11/20224,3754,375
For the year1,4581,458
At 31/10/20235,8335,833
Net Book Amounts
At 31/10/20232,9172,917
At 31/10/20224,3754,375
4. INVESTMENT PROPERTIES
Investment
PropertiesTotal
££
Fair value
At 01/11/2022445,000445,000
Revaluation25,00025,000
At 31/10/2023470,000470,000

Norfolk Properties Limited

5. DEBTORS 20232022
££
Amounts falling due within one year
Other debtors8,100600
8,100600
6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
20232022
££
UK corporation tax1,540-
Loans82,289124,603
Trade creditors1,118492
Accruals2,2301,561
Deferred income812790
87,989127,446
7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
20232022
££
Loans >1yr395,794395,794
395,794395,794
8. PROVISIONS FOR LIABILITIES 20232022
££
Deferred taxation8631,682
8631,682
9. SHARE CAPITAL 20232022
££
Allotted, issued and fully paid:
100 Ordinary shares of £1 each10050
of £ each50
100100
10. CONTROLLING PARTY
Throughout the year the Company has been under the control of its contolling shareholders M R Harris & E Lunny.

Norfolk Properties Limited

11. RELATED PARTY TRANSACTIONS
At the year end, included in other credtors, is a balance of £82,289 (2022: £124,603) owed to the director by the Company, which is repayable on demand, although the director has undertaken only to withdraw funds if the Company can pay without detriment to its trading cashflow. No interest has been charged to the Company by the director.
12. GOING CONCERN
The Directors are confident that the Company will continue in operation for the foreseeable future, being a period of at least 12 months from the date of signing of these financial statements. The financial statements have been prepared on a going concern basis.