Normford Limited |
Notes to the Accounts |
for the year ended 31 March 2024 |
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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Turnover represents the service charges that are levied by the company to the leaseholders so as to equate the expenditure incurred in each accounting period. It represents service charges rendered for the year. Provision is made for the estimated cost of major works to the property so as to equalise the charge over a period of five years. The acquisition cost of the freehold was financed by contributions from the leaseholders. Accordingly the cost of the freehold is not included in the balance sheet of the company. The acquisition cost of the freehold was financed by contributions from the leaseholders. Accordingly the cost of the freehold is not included in the balance sheet of the company. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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2 |
Employees |
2024 |
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2023 |
Number |
Number |
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Average number of persons employed by the company |
0 |
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0 |
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3 |
Debtors |
2024 |
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2023 |
£ |
£ |
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Other debtors |
- |
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16,468 |
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4 |
Creditors: amounts falling due within one year |
2024 |
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2023 |
£ |
£ |
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Trade creditors |
297 |
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308 |
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Other creditors |
870 |
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630 |
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1,167 |
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938 |
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5 |
Maintenance reserve |
2024 |
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2023 |
£ |
£ |
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At 1 April 2023 |
26,737 |
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23,883 |
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Maintenance reserve Transfer (to)/ from profit and loss account |
(13,308) |
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2,854 |
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At 31 March 2024 |
13,429 |
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26,737 |
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6 |
Controlling party |
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The company considers N Watson to be its controlling party. |
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7 |
Other information |
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Normford Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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Cleveland House |
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29 Beech Road |
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Reigate |
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Surrey |
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RH2 9ND |