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REGISTERED NUMBER: 06923314 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 June 2024

for

The Norfolk Mortgage Company Ltd

The Norfolk Mortgage Company Ltd (Registered number: 06923314)

Contents of the Financial Statements
for the Year Ended 30 June 2024










Page

Balance Sheet 1

Notes to the Financial Statements 3


The Norfolk Mortgage Company Ltd (Registered number: 06923314)

Balance Sheet
30 June 2024

30.6.24 30.6.23
Notes £ £
Fixed assets
Tangible assets 5 30,537 16,659
Investments 6 - 10,864
30,537 27,523

Current assets
Stocks 15,000 15,000
Debtors 7 37,705 19,950
Cash at bank 66,482 40,186
119,187 75,136
Creditors
Amounts falling due within one year 8 (62,475 ) (27,886 )
Net current assets 56,712 47,250
Total assets less current liabilities 87,249 74,773

Creditors
Amounts falling due after more than one
year

9

(31,828

)

(19,167

)

Provisions for liabilities (7,635 ) (4,165 )
Net assets 47,786 51,441

Capital and reserves
Called up share capital 100 100
Retained earnings 47,686 51,341
47,786 51,441

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 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 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.

The Norfolk Mortgage Company Ltd (Registered number: 06923314)

Balance Sheet - continued
30 June 2024


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 27 August 2024 and were signed by:





Mr G J Simpson - Director


The Norfolk Mortgage Company Ltd (Registered number: 06923314)

Notes to the Financial Statements
for the Year Ended 30 June 2024


1. Statutory information

The Norfolk Mortgage Company Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 06923314

Registered office: Dentons Farm Cottage
Common Road
West Bilney
Norfolk
PE32 1JX

The presentation currency of the financial statements is the Pound Sterling (£).


2. Statement of compliance

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.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The Norfolk Mortgage Company Ltd (Registered number: 06923314)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024


3. Accounting policies - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Motor vehicles - 25% p.a. reducing balance
Computer equipment - 25% p.a. reducing balance

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

The Norfolk Mortgage Company Ltd (Registered number: 06923314)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024


3. Accounting policies - continued

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


The Norfolk Mortgage Company Ltd (Registered number: 06923314)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024


3. Accounting policies - continued
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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. Employees and directors

The average number of employees during the year was 5 (2023 - 7 ) .

The Norfolk Mortgage Company Ltd (Registered number: 06923314)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024


5. Tangible fixed assets
Motor Computer
vehicles equipment Totals
£ £ £
Cost
At 1 July 2023 75,738 15,386 91,124
Additions 35,093 - 35,093
Disposals (75,738 ) - (75,738 )
At 30 June 2024 35,093 15,386 50,479
Depreciation
At 1 July 2023 63,729 10,736 74,465
Charge for year 8,543 1,163 9,706
Eliminated on disposal (64,229 ) - (64,229 )
At 30 June 2024 8,043 11,899 19,942
Net book value
At 30 June 2024 27,050 3,487 30,537
At 30 June 2023 12,009 4,650 16,659

6. Fixed asset investments
Other
investments
£
Cost or valuation
At 1 July 2023 10,864
Disposals (11,276 )
Revaluations 412
At 30 June 2024 -
Net book value
At 30 June 2024 -
At 30 June 2023 10,864

The fixed asset investment was disposed in full during the year therefore Cost or valuation at 30 June 2024 was nil (2023: £10,864).

7. Debtors: amounts falling due within one year
30.6.24 30.6.23
£ £
Other debtors 37,705 19,950

The Norfolk Mortgage Company Ltd (Registered number: 06923314)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024


8. Creditors: amounts falling due within one year
30.6.24 30.6.23
£ £
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts 4,050 -
Taxation and social security 11,740 9,541
Other creditors 36,685 8,345
62,475 27,886

9. Creditors: amounts falling due after more than one year
30.6.24 30.6.23
£ £
Bank loans 9,167 19,167
Hire purchase contracts 22,661 -
31,828 19,167

10. Related party disclosures

During the year there were net transactions with the directors of £38,126 (2023: £45). As at the balance sheet date £37,705 (2023: (£421)) was owed to the company by the director. No interest was charged and the balance was repaid after the year end.

During the year dividends totalling £59,345 (2023: £33,500) were paid to the directors and shareholders of the company.

No further transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 1A.