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Company No: 12923323 (England and Wales)

NORI PROPERTIES LIMITED

Unaudited Financial Statements
For the financial year ended 31 October 2023
Pages for filing with the registrar

NORI PROPERTIES LIMITED

Unaudited Financial Statements

For the financial year ended 31 October 2023

Contents

NORI PROPERTIES LIMITED

BALANCE SHEET

As at 31 October 2023
NORI PROPERTIES LIMITED

BALANCE SHEET (continued)

As at 31 October 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 151,739 151,739
151,739 151,739
Current assets
Debtors 4 0 782
Cash at bank and in hand 1,840 1,930
1,840 2,712
Creditors: amounts falling due within one year 5 ( 52,601) ( 50,143)
Net current liabilities (50,761) (47,431)
Total assets less current liabilities 100,978 104,308
Creditors: amounts falling due after more than one year 6 ( 112,635) ( 109,888)
Net liabilities ( 11,657) ( 5,580)
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account ( 11,757 ) ( 5,680 )
Total shareholder's deficit ( 11,657) ( 5,580)

For the financial year ending 31 October 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Nori Properties Limited (registered number: 12923323) were approved and authorised for issue by the Director on 24 July 2024. They were signed on its behalf by:

J T Nowell
Director
NORI PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2023
NORI PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Nori Properties Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Lowin House, Tregolls Road, Truro, TR1 2NA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover comprises of rent receivable by the company. Turnover is shown net of value added tax. The company recognises revenue when the amount of revenue can be reliably measured and it is probable that the future economic benefits will flow to the entity.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment.

Investment property not depreciated

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 0 0

3. Tangible assets

Investment property Total
£ £
Cost
At 01 November 2022 151,739 151,739
At 31 October 2023 151,739 151,739
Accumulated depreciation
At 01 November 2022 0 0
At 31 October 2023 0 0
Net book value
At 31 October 2023 151,739 151,739
At 31 October 2022 151,739 151,739

Investment properties

Investment property consists of a leasehold property. The fair value of the investment property is based on the director's best estimate having considered properties of a similar nature, condition and location.

4. Debtors

2023 2022
£ £
Prepayments 0 782

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 2,400 2,400
Amounts owed to director 353 353
Accruals 4,798 2,340
Other creditors 45,050 45,050
52,601 50,143

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Other loans (secured) 112,635 109,888

Other loans with a carrying value of £112,635 (2022 - £109,888) is secured against the property.

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100