NORWICH RENTALS LIMITED

Company Registration Number:
14633174 (England and Wales)

Unaudited abridged accounts for the year ended 31 March 2024

Period of accounts

Start date: 01 February 2023

End date: 31 March 2024

NORWICH RENTALS LIMITED

Contents of the Financial Statements

for the Period Ended 31 March 2024

Balance sheet
Notes

NORWICH RENTALS LIMITED

Balance sheet

As at 31 March 2024


Notes

14 months to 31 March 2024


£
Fixed assets
Investments: 3 736,000
Total fixed assets: 736,000
Current assets
Cash at bank and in hand: 32,599
Investments:   46,698
Total current assets: 79,297
Creditors: amounts falling due within one year: 4 (818,193)
Net current assets (liabilities): (738,896)
Total assets less current liabilities: (2,896)
Total net assets (liabilities): (2,896)
Capital and reserves
Called up share capital: 100
Profit and loss account: (2,996)
Shareholders funds: (2,896)

The notes form part of these financial statements

NORWICH RENTALS LIMITED

Balance sheet statements

For the year ending 31 March 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 30 October 2024
and signed on behalf of the board by:

Name: Christopher Price
Status: Director

The notes form part of these financial statements

NORWICH RENTALS LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

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 and rebates. 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.

Other accounting policies

Current and deferred taxation The tax expense for the year comprises current and deferred tax. 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. Pension commitments The company had no pension commitments at 31 March 2024 due to no employees in the financial year.

NORWICH RENTALS LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

2. Employees

14 months to 31 March 2024
Average number of employees during the period 2

The average number of employees during the year was 2 when including directors.

NORWICH RENTALS LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

3. Fixed investments

Tangible fixed assets that fulfil the criteria as to be defined as investment property are carried at fair value through profit or loss. The 2024 valuations were confirmed by the directors on an open market value for existing use basis, with professional valuations obtained for all properties.

NORWICH RENTALS LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

4. Creditors: amounts falling due within one year note

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.

NORWICH RENTALS LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

5. Financial commitments

Total amount shown within Current Assets that is a commitment already made for acquisition of future investment property assets is £43,850.

NORWICH RENTALS LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

6. Related party transactions

Name of the related party:
Relationship:
Directors
Description of the Transaction: The transaction was a monetary loan to the company.
£
Balance at 31 March 2024 41,000
Name of the related party:
Relationship:
Shareholder
Description of the Transaction: The transaction was a monetary loan to the company.
£
Balance at 31 March 2024 748,148