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REGISTERED NUMBER: 11165165 (England and Wales)












Unaudited Financial Statements

for the Year Ended 31 January 2024

for

Norgal Property Limited

Norgal Property Limited (Registered number: 11165165)






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




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Norgal Property Limited

Company Information
for the Year Ended 31 January 2024







DIRECTORS: C J Galea
A Galea





REGISTERED OFFICE: 56 Taylors Lane
St. Marys Bay
Romney Marsh
Kent
TN29 0HB





REGISTERED NUMBER: 11165165 (England and Wales)





ACCOUNTANTS: Ardor Business Solutions Limited
Chartered Certified Accountants
Unit 1
Shrine Barn
Sandling Road
Hythe
Kent
CT21 4HE

Norgal Property Limited (Registered number: 11165165)

Statement of Financial Position
31 January 2024

31/1/24 31/1/23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 - -
Investment property 6 840,000 620,000
840,000 620,000

CURRENT ASSETS
Cash at bank 7,189 15,699

CREDITORS
Amounts falling due within one year 7 7,187 13,262
NET CURRENT ASSETS 2 2,437
TOTAL ASSETS LESS CURRENT
LIABILITIES

840,002

622,437

CREDITORS
Amounts falling due after more than one
year

8

895,544

636,582
NET LIABILITIES (55,542 ) (14,145 )

CAPITAL AND RESERVES
Called up share capital 10 10
Retained earnings (55,552 ) (14,155 )
SHAREHOLDERS' FUNDS (55,542 ) (14,145 )

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 directors acknowledge their 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.

Norgal Property Limited (Registered number: 11165165)

Statement of Financial Position - continued
31 January 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 October 2024 and were signed on its behalf by:




C J Galea - Director



A Galea - Director


Norgal Property Limited (Registered number: 11165165)

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

1. STATUTORY INFORMATION

Norgal Property 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 (£).


Amounts are rounded to the nearest 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.

The company meets its day to day working capital requirements through loans from its directors. The directors expect this support to continue for the foreseeable future and therefore consider it appropriate to prepare the accounts on a going concern basis. The accounts do not include any adjustments that may be required should this financial support no longer exist.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - straight line over 3 years

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

Norgal Property Limited (Registered number: 11165165)

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

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 February 2023
and 31 January 2024 301
DEPRECIATION
At 1 February 2023
and 31 January 2024 301
NET BOOK VALUE
At 31 January 2024 -

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 February 2023 620,000
Additions 250,500
Revaluations (30,500 )
At 31 January 2024 840,000
NET BOOK VALUE
At 31 January 2024 840,000
At 31 January 2023 620,000

Fair value at 31 January 2024 is represented by:
£   
Valuation in 2023 76,311
Valuation in 2024 (30,500 )
Cost 794,189
840,000

If investment properties had not been revalued they would have been included at the following historical cost:

31/1/24 31/1/23
£    £   
Cost 543,689 543,689

Investment properties were valued on an open market basis on 31 January 2024 by the directors .

Norgal Property Limited (Registered number: 11165165)

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

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/1/24 31/1/23
£    £   
Bank loans and overdrafts 5,900 11,160
Social security and other taxes 210 1,025
Other creditors 577 577
Accrued expenses 500 500
7,187 13,262

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/1/24 31/1/23
£    £   
Bank loans - 1-2 years 6,300 11,400
Bank loans - 2-5 years 20,016 14,568
Directors' loan accounts 869,228 610,614
895,544 636,582

9. ULTIMATE CONTROLLING PARTY

The ultimate controlling parties are C J and A Galea by virtue of their shareholdings.