Company Registration No. 14546311 (England and Wales)
Norman Capital Holdings Limited
Unaudited financial statements
for the period ended 31 March 2024
Pages for filing with the registrar
Norman Capital Holdings Limited
Contents
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
Norman Capital Holdings Limited
Statement of financial position
As at 31 March 2024
1
2024
Notes
£
£
Fixed assets
Investments
4
5,041,875
Current assets
Cash at bank and in hand
2,566,677
Creditors: amounts falling due within one year
5
(7,299,896)
Net current liabilities
(4,733,219)
Total assets less current liabilities
308,656
Provisions for liabilities
(84,604)
Net assets
224,052
Capital and reserves
Called up share capital
6
100
Revaluation reserves
238,340
Profit and loss reserves
(14,388)
Total equity
224,052
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial period ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 28 August 2024 and are signed on its behalf by:
Jon Norman
Director
Company Registration No. 14546311
Norman Capital Holdings Limited
Statement of changes in equity
For the period ended 31 March 2024
2
Share capital
Revaluation reserves
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 16 December 2022
-
-
Period ended 31 March 2024:
Profit and total comprehensive income for the period
-
-
223,952
223,952
Issue of share capital
6
100
-
-
100
Transfers
-
238,340
(238,340)
-
Balance at 31 March 2024
100
238,340
(14,388)
224,052
Norman Capital Holdings Limited
Notes to the financial statements
For the period ended 31 March 2024
3
1
Accounting policies
Company information
Norman Capital Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Midland House, 2 Poole Road, Bournemouth, Dorset, BH2 5QY.
1.1
Reporting period
The company was incorporated on 16 December 2022 and commenced investment activities on 22 February 2023. The reporting period is for the 16 month period to 31 March 2024.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.3
Fixed asset investments
Listed investments, which are stocks and shares held for capital appreciation with the intention to hold long-term and receive revenue in the form of dividends, are initially recognised at cost, which includes the share purchase cost and any directly attributable expenditure.
Subsequently it is measured at fair value at the reporting end date. Each shareholding is seen as its own asset, and reviewed for impairment individually. For each asset:
Increases or decreases in fair value above the historical cost value are recognised directly through the income statement. To the extent there is a net revaluation increase, this amount is transferred to a revaluation reserve.
1.4
Impairment of fixed assets
Where the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying 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, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Norman Capital Holdings Limited
Notes to the financial statements (continued)
For the period ended 31 March 2024
1
Accounting policies (continued)
4
1.6
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 statement of financial position when the company 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.
Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Classification of financial liabilities
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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Norman Capital Holdings Limited
Notes to the financial statements (continued)
For the period ended 31 March 2024
1
Accounting policies (continued)
5
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
Number
Total
2
Norman Capital Holdings Limited
Notes to the financial statements (continued)
For the period ended 31 March 2024
6
4
Fixed asset investments
2024
£
Listed investments at market value
5,041,875
Fixed asset investments revalued
The company's investments are included at the current market value.
The historic cost of the investments is £4,718,930.
Movements in fixed asset investments
Investments
£
Cost or valuation
At 16 December 2022
-
Additions
5,488,717
Valuation changes
367,808
Impairments
(44,864)
Disposals
(769,786)
At 31 March 2024
5,041,875
Carrying amount
At 31 March 2024
5,041,875
5
Creditors: amounts falling due within one year
2024
£
Other creditors
7,299,896
6
Called up share capital
2024
2024
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of £1 each
100
100
On incorporation the company issued 100 £1 Ordinary shares.
7
Directors' transactions
Interest free unsecured loans have been granted to the company from its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Norman Capital Holdings Limited
Notes to the financial statements (continued)
For the period ended 31 March 2024
7
Directors' transactions (continued)
7
Loan from director
-
-
7,294,946
7,294,946
-
7,294,946
7,294,946