PTP Accounts Production v24.2.0.383 13157213 director 1.2.23 31.1.24 31.1.24 0 0 false true false false true false Fair value model 0 0 0 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh131572132023-01-31131572132024-01-31131572132023-02-012024-01-31131572132022-01-31131572132022-02-012023-01-31131572132023-01-3113157213ns15:EnglandWales2023-02-012024-01-3113157213ns14:PoundSterling2023-02-012024-01-3113157213ns10:Director12023-02-012024-01-3113157213ns10:PrivateLimitedCompanyLtd2023-02-012024-01-3113157213ns10:SmallEntities2023-02-012024-01-3113157213ns10:AuditExemptWithAccountantsReport2023-02-012024-01-3113157213ns10:SmallCompaniesRegimeForDirectorsReport2023-02-012024-01-3113157213ns10:SmallCompaniesRegimeForAccounts2023-02-012024-01-3113157213ns10:FullAccounts2023-02-012024-01-3113157213ns10:RegisteredOffice2023-02-012024-01-3113157213ns5:CurrentFinancialInstruments2024-01-3113157213ns5:CurrentFinancialInstruments2023-01-3113157213ns5:Non-currentFinancialInstruments2024-01-3113157213ns5:Non-currentFinancialInstruments2023-01-3113157213ns5:ShareCapital2024-01-3113157213ns5:ShareCapital2023-01-3113157213ns5:RetainedEarningsAccumulatedLosses2024-01-3113157213ns5:RetainedEarningsAccumulatedLosses2023-01-311315721342023-02-012024-01-311315721342022-02-012023-01-3113157213ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-01-3113157213ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-01-3113157213ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2024-01-3113157213ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2023-01-31
REGISTERED NUMBER: 13157213 (England and Wales)















Report of the Director and

Unaudited Financial Statements for the Year Ended 31 January 2024

for

NorseErin Properties Limited

NorseErin Properties Limited (Registered number: 13157213)






Contents of the Financial Statements
for the Year Ended 31 January 2024




Page

Company Information 1

Report of the Director 2

Chartered Accountants' Report 3

Income Statement 4

Statement of Financial Position 5

Notes to the Financial Statements 7


NorseErin Properties Limited

Company Information
for the Year Ended 31 January 2024







DIRECTOR: B Sund





REGISTERED OFFICE: Endeavour House
78 Stafford Road
Wallington
Surrey
SM6 9AY





REGISTERED NUMBER: 13157213 (England and Wales)





ACCOUNTANTS: PB Partners LLP
Endeavour House
78 Stafford Road
Wallington
Surrey
SM6 9AY

NorseErin Properties Limited (Registered number: 13157213)

Report of the Director
for the Year Ended 31 January 2024

The director presents her report with the financial statements of the company for the year ended 31 January 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of property investment and rental.

DIRECTOR
B Sund held office during the whole of the period from 1 February 2023 to the date of this report.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





B Sund - Director


17 October 2024

Chartered Accountants' Report to the Director
on the Unaudited Financial Statements of
NorseErin Properties Limited


In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of NorseErin Properties Limited for the year ended 31 January 2024 which comprise the Income Statement, Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of NorseErin Properties Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of NorseErin Properties Limited and state those matters that we have agreed to state to the director of NorseErin Properties Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than NorseErin Properties Limited and its director for our work or for this report.

It is your duty to ensure that NorseErin Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of NorseErin Properties Limited. You consider that NorseErin Properties Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of NorseErin Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






PB Partners LLP
Endeavour House
78 Stafford Road
Wallington
Surrey
SM6 9AY


17 October 2024

NorseErin Properties Limited (Registered number: 13157213)

Income Statement
for the Year Ended 31 January 2024

2024 2023
Notes £    £   

TURNOVER 16,606 15,300

Cost of sales 5,530 4,415
GROSS PROFIT 11,076 10,885

Administrative expenses 4,111 4,576
OPERATING PROFIT 6,965 6,309


Interest payable and similar expenses 4 17,094 7,423
LOSS BEFORE TAXATION (10,129 ) (1,114 )

Tax on loss (3,337 ) (122 )
LOSS FOR THE FINANCIAL YEAR (6,792 ) (992 )

NorseErin Properties Limited (Registered number: 13157213)

Statement of Financial Position
31 January 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investment property 5 308,883 308,883
308,883 308,883

CURRENT ASSETS
Debtors 6 7,562 4,236
Cash at bank 20 462
7,582 4,698
CREDITORS
Amounts falling due within one year 7 109,631 101,302
NET CURRENT LIABILITIES (102,049 ) (96,604 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

206,834

212,279

CREDITORS
Amounts falling due after more than one
year

8

223,972

222,625
NET LIABILITIES (17,138 ) (10,346 )

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings (18,138 ) (11,346 )
(17,138 ) (10,346 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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.

NorseErin Properties Limited (Registered number: 13157213)

Statement of Financial Position - continued
31 January 2024


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

The financial statements were approved by the director and authorised for issue on 17 October 2024 and were signed by:





B Sund - Director


NorseErin Properties Limited (Registered number: 13157213)

Notes to the Financial Statements
for the Year Ended 31 January 2024

1. STATUTORY INFORMATION

NorseErin Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention.

The director has confirmed that she will continue to support the company for at least the next twelve months and has the financial resources to do so. The director is therefore satisfied that the going concern basis remains appropriate.

Turnover
Revenue represents rents receivable, excluding value added tax. Rental income is recognised in the period to which it relates.

Investment property
Investment property is included at fair value. Gains and losses are recognised in the income statement. Deferred tax is provided at the future tax rate expected to apply when the property may be sold.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

3. EMPLOYEES AND DIRECTORS

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

4. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Mortgage 17,094 7,423

NorseErin Properties Limited (Registered number: 13157213)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 February 2023
and 31 January 2024 308,883
NET BOOK VALUE
At 31 January 2024 308,883
At 31 January 2023 308,883

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 129 -
Deferred tax asset
Accelerated capital allowances 5,888 2,551
Prepayments 1,545 1,685
7,562 4,236

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors - 381
Directors' current accounts 109,631 100,921
109,631 101,302

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Other loans more 5yrs non-inst 223,972 222,625

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Other loans more 5yrs non-inst 223,972 222,625

9. SECURED DEBTS

The Mortgage Works (UK) PLC holds a fixed charge dated 28 May 2021 over the leasehold property at 34 Wavertree Court, London.

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is B Sund.