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Registered number: 00585752
NORFOLK SQUARE(NORTHERN SECTION)LIMITED
Unaudited Financial Statements
For The Year Ended 31 March 2024
Daniel Wolfson & Co Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 00585752
2024 2023
as restated
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 25,000,000 25,002,130
25,000,000 25,002,130
CURRENT ASSETS
Debtors 5 678,938 1,833,803
Cash at bank and in hand 825,949 158,592
1,504,887 1,992,395
Creditors: Amounts Falling Due Within One Year 6 (689,524 ) (1,347,815 )
NET CURRENT ASSETS (LIABILITIES) 815,363 644,580
TOTAL ASSETS LESS CURRENT LIABILITIES 25,815,363 25,646,710
PROVISIONS FOR LIABILITIES
Deferred Taxation 7 (4,824,472 ) (4,824,472 )
NET ASSETS 20,990,891 20,822,238
CAPITAL AND RESERVES
Called up share capital 8 300 300
Revaluation reserve 10 14,473,821 14,473,821
Other reserves 2,586 2,586
Profit and Loss Account 6,514,184 6,345,531
SHAREHOLDERS' FUNDS 20,990,891 20,822,238
Page 1
Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit 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.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr L G Lazarus
Director
20/11/2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Norfolk Square(Northern Section)Limited is a private company, limited by shares, incorporated in England & Wales, registered number 00585752. The registered office is Precision Works, Vicarage Road, Hampton Wick, Kingston Upon Thames, Surrey, KT1 4EB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Revenue represents rental income which is measured at the fair value of the consideration received or receivable, excluding discounts, rebate, value added tax and other sales taxes. Rental income is recognised on an accruals basis over the period of the rental agreement.
2.3. Tangible Fixed Assets and Depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold N/A
Fixtures & Fittings 15% on RBM
Computer Equipment Straight line over 3 years
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.5. 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 balance sheet date.
2.6. Pensions
The company operates a defined contribution pension scheme. Contributions payable to the company's pension
scheme are charged to profit or loss in the period to which they relate.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2023: 5)
6 5
Page 3
Page 4
4. Tangible Assets
Investment Properties Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 April 2023 25,000,000 192,131 50,871 25,243,002
Disposals - - (50,871 ) (50,871 )
As at 31 March 2024 25,000,000 192,131 - 25,192,131
Depreciation
As at 1 April 2023 - 190,001 50,871 240,872
Provided during the period - 2,130 - 2,130
Disposals - - (50,871 ) (50,871 )
As at 31 March 2024 - 192,131 - 192,131
Net Book Value
As at 31 March 2024 25,000,000 - - 25,000,000
As at 1 April 2023 25,000,000 2,130 - 25,002,130
Cost or valuation as at 31 March 2024 is represented by:
Investment Properties Fixtures & Fittings Computer Equipment Total
£ £ £ £
At cost 4,966,707 192,131 - 5,158,838
At valuation 20,033,293 - - 20,033,293
25,000,000 192,131 - 25,192,131
Investment property has been valued at the balance sheet date by the directors, who believe the carrying value to be their fair value. There has been no valuation of invesment property by an independent valuer.
5. Debtors
2024 2023
as restated
£ £
Due within one year
Trade debtors 271,424 846,782
Prepayments and accrued income 26,220 29,480
Other debtors 381,294 957,541
678,938 1,833,803
Page 4
Page 5
6. Creditors: Amounts Falling Due Within One Year
2024 2023
as restated
£ £
Trade creditors 18,151 7,510
Bank loans and overdrafts - 438
Other loans - 600,000
Tax 206,895 280,843
Social security & other taxes 17,267 14,476
Other creditors - 359
Accruals and deferred income 441,930 444,189
Directors' loan accounts 5,281 -
689,524 1,347,815
During the year, the loan from Ronger Properties Ltd was fully repaid.
7. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
as restated
£ £
Other timing differences 4,824,472 4,824,472
8. Share Capital
2024 2023
as restated
Allotted, called up but not fully paid £ £
300 Ordinary Shares of £ 1.00 each 300 300
9. Dividends
2024 2023
as restated
£ £
On equity shares:
Interim dividend paid 300,000 300,000
Final dividend paid 150,000 150,000
450,000 450,000
10. Reserves
Revaluation Reserve
£
As at 1 April 2023 14,473,821
As at 31 March 2024 14,473,821
11. Related Party Transactions
During the year, dividends totalling £450,000 (2023 : £450,000) were paid to the directors and shareholders of the company.
The loan totalling £600,000 from Ronger Properties Ltd (a company in which Mrs. B. Lazarus is both a director and shareholder) was fully repaid during the year.
Page 5
Page 6
12. Ultimate Controlling Party
During the year the company was under the control of Mr L G Lazarus, a director.
Page 6