Registered number: 08756528 | ||||||||
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 | ||||||||
SECRETARY | ||||||||
REGISTERED OFFICE | ||||||||
Norfolk | ||||||||
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 Sheet | 3 | |||||||
Notes To The Accounts | 4 | |||||||
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 | ||||||||||
2023 | 2022 | |||||||||
Notes | £ | £ | ||||||||
FIXED ASSETS | ||||||||||
Tangible assets | 3 | |||||||||
CURRENT ASSETS | ||||||||||
Debtors | 5 | |||||||||
Cash at bank and in hand | ||||||||||
24,828 | 63,763 | |||||||||
CREDITORS: Amounts falling due within one year | 6 | |||||||||
NET CURRENT LIABILITIES | ( | (63,683) | ||||||||
TOTAL ASSETS LESS CURRENT LIABILITIES | ||||||||||
CREDITORS: Amounts falling due after more than one year | 7 | 395,794 | 395,794 | |||||||
PROVISIONS FOR LIABILITIES AND CHARGES | 8 | |||||||||
NET ASSETS / (LIABILITIES) | ( | |||||||||
CAPITAL AND RESERVES | ||||||||||
Called up share capital | 9 | |||||||||
Profit and loss account | 12,999 | (11,884) | ||||||||
SHAREHOLDERS' FUNDS | ( | |||||||||
Approved by the board on | ||||||||||
............................. | ||||||||||
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 | ||||||||
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 | ||||||
2023 | 2022 | |||||
No. | No. | |||||
Average number of employees | 2 | |||||
3. TANGIBLE FIXED ASSETS | ||||
Motor Cars | Total | |||
£ | £ | |||
Cost | ||||
At 01/11/2022 | 8,750 | 8,750 | ||
At 31/10/2023 | 8,750 | 8,750 | ||
Depreciation | ||||
At 01/11/2022 | 4,375 | 4,375 | ||
For the year | 1,458 | 1,458 | ||
At 31/10/2023 | 5,833 | 5,833 | ||
Net Book Amounts | ||||
At 31/10/2023 | 2,917 | |||
At 31/10/2022 | 4,375 | |||
4. INVESTMENT PROPERTIES | ||||
Investment | ||||
Properties | Total | |||
£ | £ | |||
Fair value | ||||
At 01/11/2022 | 445,000 | 445,000 | ||
Revaluation | 25,000 | 25,000 | ||
At 31/10/2023 | 470,000 | 470,000 | ||
Norfolk Properties Limited | ||||||||
5. DEBTORS | 2023 | 2022 | ||||||
£ | £ | |||||||
Amounts falling due within one year | ||||||||
Other debtors | 8,100 | 600 | ||||||
8,100 | 600 | |||||||
6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||||||
2023 | 2022 | |||||||
£ | £ | |||||||
UK corporation tax | 1,540 | - | ||||||
Loans | 82,289 | 124,603 | ||||||
Trade creditors | 1,118 | 492 | ||||||
Accruals | 2,230 | 1,561 | ||||||
Deferred income | 812 | 790 | ||||||
87,989 | 127,446 | |||||||
7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR | ||||||||
2023 | 2022 | |||||||
£ | £ | |||||||
Loans >1yr | 395,794 | 395,794 | ||||||
395,794 | 395,794 | |||||||
8. PROVISIONS FOR LIABILITIES | 2023 | 2022 | ||||||
£ | £ | |||||||
Deferred taxation | 863 | 1,682 | ||||||
863 | 1,682 | |||||||
9. SHARE CAPITAL | 2023 | 2022 | ||||||
£ | £ | |||||||
Allotted, issued and fully paid: | ||||||||
100 | 50 | |||||||
of £ each | 50 | |||||||
100 | 100 | |||||||
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 | |||||||||||||||||||||||||||||||||||||
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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. | ||||||||