OVER NORTON PARK LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 JANUARY 2024
Company Registration Number: 00762071
OVER NORTON PARK LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
CONTENTS PAGES
Company information 1
Balance sheet 2 to 3
Notes to the financial statements 4 to 8
OVER NORTON PARK LIMITED
COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024
DIRECTORS
N J Kettlewell
S V Kettlewell
Professor C R Dawkins
SECRETARY
E J Kettlewell
REGISTERED OFFICE
Over Norton Park
Chipping Norton
Oxon
OX7 5PX
COMPANY REGISTRATION NUMBER
00762071 England and Wales
OVER NORTON PARK LIMITED
BALANCE SHEET
AS AT 31 JANUARY 2024
Notes 2024 2023
£ £
FIXED ASSETS
Tangible assets 5 40,290 40,387
Investments 6 12,881 12,881
53,171 53,268
CURRENT ASSETS
Debtors 7 363,710 338,004
Cash at bank and in hand 50,908 21,096
414,618 359,100
CREDITORS: Amounts falling due within one year 8 38,651 12,840
NET CURRENT ASSETS 375,967 346,260
TOTAL ASSETS LESS CURRENT LIABILITIES 429,138 399,528
Provisions for liabilities and charges 7,655 7,674
NET ASSETS 421,483 391,854
CAPITAL AND RESERVES
Called up share capital 30,000 30,000
Distributable profit and loss account 351,450 321,821
Other reserve 40,033 40,033
SHAREHOLDERS' FUNDS 421,483 391,854
OVER NORTON PARK LIMITED
BALANCE SHEET
AS AT 31 JANUARY 2024
These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board of directors
N J Kettlewell
Director
Date approved by the board: 30 October 2024
OVER NORTON PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
1 GENERAL INFORMATION
Over Norton Park Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
Over Norton Park
Chipping Norton
Oxon
OX7 5PX
The financial statements are presented in Sterling, which is the functional currency of the company.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation of financial statements
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
Tangible fixed assets
Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.
Depreciation has been provided at the following rate so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives.
Land and buildings Not depreciated
Motor vehicles 25% reducing balance
Plant and machinery 33.33% straight line
Depreciation has not been provided in respect of land and buildings. The company adopts a policy of fully maintaining these and as such the residual value is so high, and the expected useful life is so long, that the depreciation charge would be immaterial, both in terms of the depreciation charged for the period and the cumulative charge to the balance sheet.
On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses.
Investments
Investments in group undertakings are shown at cost less accumulated impairment losses.
OVER NORTON PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account.
If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account.
Debtors
Short term debtors are measured at transaction price, less any impairment.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
OVER NORTON PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Taxation
Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. 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 taxable profits.
Deferred tax is measured using 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.
Current and deferred tax assets and liabilities are not discounted.
3 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
No significant accounting estimates and judgements have had to be made by the directors in preparing these financial statements.
4 EMPLOYEES
The average number of persons employed by the company (including directors) during the year was:
2024 2023
Average number of employees 3 3
OVER NORTON PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
5 TANGIBLE ASSETS
Land and buildings Motor vehicles Plant and machinery Total
£ £ £ £
Cost
At 1 February 2023 40,000 16,291 2,504 58,795
At 31 January 2024 40,000 16,291 2,504 58,795
Accumulated depreciation and impairments
At 1 February 2023 - 15,904 2,504 18,408
Charge for year - 97 - 97
At 31 January 2024 - 16,001 2,504 18,505
Net book value
At 1 February 2023 40,000 387 - 40,387
At 31 January 2024 40,000 290 - 40,290
6 FIXED ASSET INVESTMENTS
Total other investments
£
Cost
At 1 February 2023 12,881
At 31 January 2024 12,881
Net book value
At 1 February 2023 12,881
At 31 January 2024 12,881
7 DEBTORS
2024 2023
£ £
Trade debtors 21,600 3,253
Prepayments and accrued income 7,123 431
Other debtors 334,987 334,320
363,710 338,004
OVER NORTON PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
8 CREDITORS: Amounts falling due within one year
2024 2023
£ £
Trade creditors 14,373 9,985
Taxation and social security 4,731 1,655
Accruals and deferred income 1,200 1,200
Other creditors 18,347 -
38,651 12,840
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