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REGISTERED NUMBER: 10805553 (England and Wales)














Unaudited Financial Statements

for the Year Ended 31 December 2023

for

West Norfolk Developments Limited

West Norfolk Developments Limited (Registered number: 10805553)

Contents of the Financial Statements
for the Year Ended 31 December 2023










Page

Company information 1

Chartered accountants' report 2

Statement of financial position 3 to 4

Notes to the financial statements 5 to 9


West Norfolk Developments Limited

Company Information
for the Year Ended 31 December 2023







Director: Mr L M Smith





Registered office: Bank House
Broad Street
Spalding
Lincolnshire
PE11 1TB





Business address: 8 Spalding Road
Pinchbeck
Spalding
Lincolnshire
PE11 3UD





Registered number: 10805553 (England and Wales)





Accountants: Moore Thompson
Bank House
Broad Street
Spalding
Lincolnshire
PE11 1TB

Chartered Accountants' Report to the Director
on the Unaudited Financial Statements of
West Norfolk Developments Limited


The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of financial position. Readers are cautioned that the Income statement and certain other primary statements and the Report of the director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of West Norfolk Developments Limited for the year ended 31 December 2023 which comprise the Statement of income and retained earnings, 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 West Norfolk Developments Limited in accordance with the terms of our engagement letter dated 16 October 2024. Our work has been undertaken solely to prepare for your approval the financial statements of West Norfolk Developments Limited and state those matters that we have agreed to state to the director of West Norfolk Developments 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 West Norfolk Developments Limited and its director for our work or for this report.

It is your duty to ensure that West Norfolk Developments 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 profit of West Norfolk Developments Limited. You consider that West Norfolk Developments 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 West Norfolk Developments 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.






Moore Thompson
Bank House
Broad Street
Spalding
Lincolnshire
PE11 1TB


25 October 2024

West Norfolk Developments Limited (Registered number: 10805553)

Statement of Financial Position
31 December 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Intangible assets 5 101,003 128,549
Tangible assets 6 60,805 64,806
161,808 193,355

Current assets
Stocks 7 3,667 3,667
Debtors 8 98,196 99,841
Cash at bank and in hand 80,871 33,936
182,734 137,444
Creditors
Amounts falling due within one year 9 144,072 115,694
Net current assets 38,662 21,750
Total assets less current liabilities 200,470 215,105

Creditors
Amounts falling due after more than one
year

10

(95,025

)

(132,087

)

Provisions for liabilities (13,309 ) -
Net assets 92,136 83,018

Capital and reserves
Called up share capital 11 100 100
Retained earnings 92,036 82,918
Shareholders' funds 92,136 83,018

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

West Norfolk Developments Limited (Registered number: 10805553)

Statement of Financial Position - continued
31 December 2023


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 Statement of income and retained earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 24 October 2024 and were signed by:





Mr L M Smith - Director


West Norfolk Developments Limited (Registered number: 10805553)

Notes to the Financial Statements
for the Year Ended 31 December 2023


1. Statutory information

West Norfolk Developments 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. 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.

First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A
These financial statements for the year ended 31 December 2023 are the first that are prepared in accordance with FRS 102 Section 1A. The previous financial statements were prepared in accordance with UK GAAP, the date of transition to FRS 102 Section 1A is 1 January 2022.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.


Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.

Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Goodwill - 10 years straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

West Norfolk Developments Limited (Registered number: 10805553)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


3. Accounting policies - continued

Turnover

Tangible fixed assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation policy
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 10% on a straight line basis
Plant and machinery - 20% on reducing balance and 15% on reducing balance
Fixtures and fittings - 20% on reducing balance and 15% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

West Norfolk Developments Limited (Registered number: 10805553)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


3. Accounting policies - continued

Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments
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 entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. Employees and directors

The average number of employees during the year was 2 (2022 - 2 ) .

West Norfolk Developments Limited (Registered number: 10805553)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


5. Intangible fixed assets
Goodwill
£   
Cost
At 1 January 2023
and 31 December 2023 275,462
Amortisation
At 1 January 2023 146,913
Charge for year 27,546
At 31 December 2023 174,459
Net book value
At 31 December 2023 101,003
At 31 December 2022 128,549

6. Tangible fixed assets
Fixtures
Freehold Plant and and
property machinery fittings Totals
£    £    £    £   
Cost
At 1 January 2023 17,041 43,678 46,015 106,734
Additions - - 7,383 7,383
At 31 December 2023 17,041 43,678 53,398 114,117
Depreciation
At 1 January 2023 6,816 21,747 13,365 41,928
Charge for year 1,705 3,450 6,229 11,384
At 31 December 2023 8,521 25,197 19,594 53,312
Net book value
At 31 December 2023 8,520 18,481 33,804 60,805
At 31 December 2022 10,225 21,931 32,650 64,806

7. Stocks
2023 2022
£    £   
Stocks 3,667 3,667

8. Debtors: amounts falling due within one year
2023 2022
£    £   
Trade debtors 322 4,420
Other debtors 97,874 93,001
Prepayments and accrued income - 2,420
98,196 99,841

West Norfolk Developments Limited (Registered number: 10805553)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


9. Creditors: amounts falling due within one year
2023 2022
£    £   
Bank loans and overdrafts 18,905 18,155
Hire purchase contracts 3,241 5,096
Trade creditors 6,900 6,766
Corporation tax 75,164 47,067
Social security and other taxes 2,082 1,759
Other creditors 26,038 23,452
Directors' loan accounts 1,409 2,169
Accruals and deferred income 10,333 11,230
144,072 115,694

10. Creditors: amounts falling due after more than one year
2023 2022
£    £   
Bank loans 56,020 74,924
Hire purchase contracts - 3,241
Other creditors 39,005 53,922
95,025 132,087

11. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary shares 1 100 100