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REGISTERED NUMBER: 02883331 (England and Wales)
















Unaudited Financial Statements for the Year Ended 31st December 2023

for

Norwood Properties Limited

Norwood Properties Limited (Registered number: 02883331)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Report of the Accountants 7

Norwood Properties Limited

Company Information
for the Year Ended 31st December 2023







DIRECTORS: G E Ashling
Mrs J E Guerard
S N Guerard
Mrs C.V. Carroll





SECRETARY: Mrs J Guerard





REGISTERED OFFICE: Unit 10, The Axis Centre
Cleeve Road
Leatherhead
Surrey
KT22 7RD





REGISTERED NUMBER: 02883331 (England and Wales)





ACCOUNTANTS: Hewson & Howson
8 Shepcote Office Village
Shepcote Lane
Sheffield
South Yorkshire
S9 1TG

Norwood Properties Limited (Registered number: 02883331)

Balance Sheet
31st December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 - -
Investment property 5 728,592 728,592
728,592 728,592

CURRENT ASSETS
Debtors 6 152,821 238,956
Cash at bank 17,323 334
170,144 239,290
CREDITORS
Amounts falling due within one year 7 365,958 453,061
NET CURRENT LIABILITIES (195,814 ) (213,771 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

532,778

514,821

CREDITORS
Amounts falling due after more than one
year

8

(11,569

)

-

PROVISIONS FOR LIABILITIES (16,427 ) (16,427 )
NET ASSETS 504,782 498,394

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 9 86,458 86,458
Retained earnings 418,224 411,836
SHAREHOLDERS' FUNDS 504,782 498,394

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

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

Norwood Properties Limited (Registered number: 02883331)

Balance Sheet - continued
31st 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30th April 2024 and were signed on its behalf by:





G E Ashling - Director


Norwood Properties Limited (Registered number: 02883331)

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

1. STATUTORY INFORMATION

Norwood Properties 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
The company's turnover represents rents receivable from lettings in the United Kingdom.


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 etc - 25% on cost

Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss.If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount and an impairment loss is recognised immediately in profit or loss.
If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

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.

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.

Norwood Properties Limited (Registered number: 02883331)

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

2. ACCOUNTING POLICIES - continued

Currency presentation
The financial statements are presented in Sterling (£) which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Financial instruments
The company has elected to apply the provisions of Section 11 "Basic Financial Instruments" and Section 12 "Other Financial Instruments Issues" of FRS 102 to all of its financial Instruments.
Financial Instruments are recognised in the company's balance sheet when it becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1st January 2023
and 31st December 2023 5,523
DEPRECIATION
At 1st January 2023
and 31st December 2023 5,523
NET BOOK VALUE
At 31st December 2023 -
At 31st December 2022 -

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st January 2023
and 31st December 2023 728,592
NET BOOK VALUE
At 31st December 2023 728,592
At 31st December 2022 728,592

In the opinion of the directors there is no material difference between the carrying value of the investment properties and their market value at the balance sheet date.

Norwood Properties Limited (Registered number: 02883331)

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

5. INVESTMENT PROPERTY - continued

Fair value at 31st December 2023 is represented by:
£   
Valuation in 1997 45,356
Valuation in 1998 41,101
Cost 642,135
728,592

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Other debtors 152,821 238,956

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 3,169 -
Taxation and social security 2,414 4,641
Other creditors 360,375 448,420
365,958 453,061

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans 11,569 -

9. RESERVES
Revaluation
reserve
£   
At 1st January 2023
and 31st December 2023 86,458

Norwood Properties Limited

Report of the Accountants to the Directors of
Norwood Properties Limited

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.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31st December 2023 set out on pages three to nine and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.






Hewson & Howson
8 Shepcote Office Village
Shepcote Lane
Sheffield
South Yorkshire
S9 1TG


30th April 2024