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Registered number: 03880766









NORBURY PROPERTY SERVICES (LONDON) LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2023

 
NORBURY PROPERTY SERVICES (LONDON) LIMITED
REGISTERED NUMBER: 03880766

BALANCE SHEET
AS AT 30 SEPTEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
4,632
5,927

Current assets
  

Debtors: amounts falling due within one year
 5 
1,763,209
1,168,698

Cash at bank and in hand
 6 
951,040
710,220

  
2,714,249
1,878,918

Creditors: amounts falling due within one year
 7 
(1,076,324)
(448,590)

Net current assets
  
 
 
1,637,925
 
 
1,430,328

Total assets less current liabilities
  
1,642,557
1,436,255

Creditors: amounts falling due after more than one year
 8 
(19,908)
(29,923)

  

Net assets
  
1,622,649
1,406,332


Capital and reserves
  

Called up share capital 
 10 
100
100

Profit and loss account
  
1,622,549
1,406,232

  
1,622,649
1,406,332


Page 1

 
NORBURY PROPERTY SERVICES (LONDON) LIMITED
REGISTERED NUMBER: 03880766
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 September 2024.




Mr A M A Dhuka
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
NORBURY PROPERTY SERVICES (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.


General information

Norbury Property Services (London) Ltd is a private company limited by shares and incorporated in England and Wales. The address of the registered office is Palmcroy House, 387 London Road, Croydon, United Kingdom, CR0 3PB. The company's principal activity is that of property management.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
NORBURY PROPERTY SERVICES (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
NORBURY PROPERTY SERVICES (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
20% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 9 (2022 - 10).

Page 5

 
NORBURY PROPERTY SERVICES (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

4.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 October 2022
6,848
26,724
33,572



At 30 September 2023

6,848
26,724
33,572



Depreciation


At 1 October 2022
4,689
22,956
27,645


Charge for the year on owned assets
540
755
1,295



At 30 September 2023

5,229
23,711
28,940



Net book value



At 30 September 2023
1,619
3,013
4,632



At 30 September 2022
2,159
3,768
5,927


5.


Debtors

2023
2022
£
£


Trade debtors
371,978
195,779

Other debtors
1,383,224
964,725

Prepayments and accrued income
8,007
8,194

1,763,209
1,168,698



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
951,040
710,220

951,040
710,220


Page 6

 
NORBURY PROPERTY SERVICES (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
10,015
9,768

Trade creditors
413,366
183,268

Corporation tax
191,076
170,239

Other taxation and social security
7,779
31,002

Other creditors
448,218
48,443

Accruals and deferred income
5,870
5,870

1,076,324
448,590



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
19,908
29,923

19,908
29,923



9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
10,015
9,768

Amounts falling due 1-2 years

Bank loans
10,268
10,015

Amounts falling due 2-5 years

Bank loans
9,640
19,908

29,923
39,691


Page 7

 
NORBURY PROPERTY SERVICES (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



45 (2022 - 45) Ordinary A shares of £1.00 each
45
45
45 (2022 - 45) Ordinary B shares of £1.00 each
45
45
10 (2022 - 10) Ordinary C shares of £1.00 each
10
10

100

100



11.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company  in an independently administered fund. The pension cost charge represents contributions payable by the company  to the fund and amounted to £5,158 (2022 - £5,302) . Contributions totalling £788 (2022 - £708) were payable to the fund at the balance sheet date and are included in creditors.


12.


Related party transactions

During the year the company paid rent to A A Dhuka Esq and Mrs H A Dhuka, both directors, in respect of properties owned by them and under the company's management, totalling £336,133  (2022: £238,056).
Included within other debtors due within one year is an amount owed by company directors, amounting to £298,425 
(2022: £187,195)
Included within other debtors due within one year is an amount owed by AHSS Limited, a company with common directorship, amounting to £323,701 
(2022: £420,037).
Included within other debtors due within one year is an amount owed by Azizi Investments Limited, a company with common directorship, amounting to £57,442 
(2022: £37,911).
Included within other debtors due within one year is an amount owed by Atlas Investments (London) Limited, a company with common directorship, amounting to £89,758 
(2022: £87,982).
Included within other creditors due within one year is an amount owed by Yaseen Property Services Limited, a company with common directorship, amounting to £14,894 
(2022: owed to £43,490).
Directors have an interest in dividends paid during the year of £60,000 
(2022: £65,000).

 
Page 8