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REGISTERED NUMBER: 02527137 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 October 2023

for

Norgex Limited

Norgex Limited (Registered number: 02527137)






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




Page

Balance Sheet 1

Notes to the Financial Statements 3


Norgex Limited (Registered number: 02527137)

Balance Sheet
31 October 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Tangible assets 4 562 750
Investment property 5 100,085 84,000
100,647 84,750

Creditors
Amounts falling due within one year 6 56,459 54,363
Net current liabilities (56,459 ) (54,363 )
Total assets less current liabilities 44,188 30,387

Provisions for liabilities 14,061 11,212
Net assets 30,127 19,175

Reserves
Revaluation reserve 7 48,363 35,174
Profit and loss account 7 (18,236 ) (15,999 )
30,127 19,175

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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 surplus or deficit 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.

Norgex Limited (Registered number: 02527137)

Balance Sheet - continued
31 October 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 July 2024 and were signed by:





J A Mackay - Director


Norgex Limited (Registered number: 02527137)

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

1. Statutory information

Norgex is a private company, limited by guarantee, registered in England and Wales. The company's registered number and registered office can be found on the Company Information page. The presentation currency of the financial statements is the Pound Sterling (£) and rounding is to the nearest £. The figures in these financial statements are not directly comparable as the comparative period is for fourteen months and these financial statements cover a year.

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.

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 reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in surplus or deficit.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

3. Employees and directors

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

Norgex Limited (Registered number: 02527137)

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

4. Tangible fixed assets
Plant and
machinery
etc
£   
Cost
At 1 November 2022
and 31 October 2023 4,199
Depreciation
At 1 November 2022 3,449
Charge for year 188
At 31 October 2023 3,637
Net book value
At 31 October 2023 562
At 31 October 2022 750

5. Investment property
Total
£   
Fair value
At 1 November 2022 84,000
Revaluations 16,085
At 31 October 2023 100,085
Net book value
At 31 October 2023 100,085
At 31 October 2022 84,000

The property was revalued by the director as at the balance sheet date based on valuation of properties in the same area.

6. Creditors: amounts falling due within one year
2023 2022
£    £   
Other creditors 56,459 54,363

Norgex Limited (Registered number: 02527137)

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

7. Reserves
Profit
and loss Revaluation
account reserve Totals
£    £    £   

At 1 November 2022 (15,999 ) 35,174 19,175
Surplus for the year 10,952 10,952
Transfer (13,189 ) 13,189 -
At 31 October 2023 (18,236 ) 48,363 30,127

8. Related party disclosures

Within creditors is £55,258 (2022 £53,474) owed to the director.

9. Limited by guarantee

The company is limited by guarantee. Each member guarantees the company's liabilities while they are a member or within a year of ceasing to be a member up to a maximum liability of £1.