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Registered number: 8901562









NORFOLK LAND DEVELOPMENT LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 28 FEBRUARY 2024

 
NORFOLK LAND DEVELOPMENT LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF NORFOLK LAND DEVELOPMENT LIMITED
FOR THE YEAR ENDED 28 FEBRUARY 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Norfolk Land Development Limited for the year ended 28 February 2024 which comprise  the Balance sheet 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 at https://www.icaew.com/regulation.

This report is made solely to the Board of directors of Norfolk Land Development Limited, as a body, in accordance with the terms of our engagement letter dated 7 March 2024Our work has been undertaken solely to prepare for your approval the financial statements of Norfolk Land Development Limited and state those matters that we have agreed to state to the Board of directors of Norfolk Land Development Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Norfolk Land Development Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Norfolk Land Development 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 Norfolk Land Development Limited. You consider that Norfolk Land Development Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Norfolk Land Development 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.

  



MA Partners LLP
 
Chartered Accountants
  
7 The Close
Norwich
Norfolk
NR1 4DJ

18 November 2024
Page 1

 
NORFOLK LAND DEVELOPMENT LIMITED
REGISTERED NUMBER: 8901562

BALANCE SHEET
AS AT 28 FEBRUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
13,757,362
10,811,952

Current assets
  

Stocks
 5 
1,743,559
3,132,069

Debtors: amounts falling due within one year
 6 
117,910
151,126

Bank and cash balances
  
129,691
86,735

  
1,991,160
3,369,930

Creditors: amounts falling due within one year
 7 
(1,097,580)
(1,049,458)

Net current assets
  
 
 
893,580
 
 
2,320,472

Total assets less current liabilities
  
14,650,942
13,132,424

Creditors: amounts falling due after more than one year
 8 
(8,877,886)
(8,520,837)

Provisions for liabilities
  

Deferred tax
 9 
(1,325,042)
(1,146,556)

Net assets
  
4,448,014
3,465,031


Capital and reserves
  

Called up share capital 
  
100
100

Investment property revaluation reserve
 10 
3,109,856
2,574,403

Profit and loss account
 10 
1,338,058
890,528

  
4,448,014
3,465,031


Page 2

 
NORFOLK LAND DEVELOPMENT LIMITED
REGISTERED NUMBER: 8901562
    
BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 November 2024.




Mr A W Scales
Director

The notes on pages 4 to 9 form part of these financial statements.

Page 3

 
NORFOLK LAND DEVELOPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024

1.


General information

Norfolk Land Development Limited is a private company limited by shares and registered, domiciled and incorporated in England and Wales. The address of the Company's registered office and the Company's principal place of business is Trafalgar House, Dereham, Norfolk, NR19 1JG. The Company's principal activity continues to be the development of residential properties for onward sale, and commercial properties for investment purposes.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Revenue is recognised as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and any other sales tax. Revenue from the sale of residential properties is recognised on legal completion. Rental income arising on investment properties is accounted for on a straight-line basis over the term of the lease.

 
2.3

Finance costs

Finance costs are charged to the Statement of income and retained earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
NORFOLK LAND DEVELOPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024

2.Accounting policies (continued)

 
2.4

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.


 
2.5

Investment property

Investment property is carried at fair value determined annually by the Directors in conjunction with external valuers 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. Changes in fair value are recognised in the Statement of income and retained earnings.

 
2.6

Stocks

The cost of work in progress and finished properties includes direct labour costs and production overheads appropriate to the stage of completion. Net realisable value is calculated as the estimated selling price less costs to complete and sell.

 
2.7

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 5

 
NORFOLK LAND DEVELOPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024

2.Accounting policies (continued)

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

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.

 
2.10

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

Page 6

 
NORFOLK LAND DEVELOPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024

4.


Investment property


Freehold investment property

£



Valuation


At 1 March 2023
10,811,952


Additions at cost
2,231,471


Surplus on revaluation
713,939



At 28 February 2024
13,757,362

The 2024 valuations were made by the directors, on an open market value for existing use basis.

2024
2023
£
£

Revaluation reserves


At 1 March 2023
2,574,403
2,789,900

Net surplus/(deficit) in movement
535,453
(215,497)

At 28 February 2024
3,109,856
2,574,403





5.


Stocks

2024
2023
£
£

Work in progress
1,743,559
3,132,069

1,743,559
3,132,069


Page 7

 
NORFOLK LAND DEVELOPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024

6.


Debtors

2024
2023
£
£


Trade debtors
7,186
3,317

Other debtors
91,034
141,454

Prepayments and accrued income
19,690
6,355

117,910
151,126



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
632,027
756,376

Corporation tax
358,207
181,788

Other taxation and social security
4,703
10,846

Other creditors
26,983
26,263

Accruals and deferred income
75,660
74,185

1,097,580
1,049,458



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other creditors
6,850,228
7,146,228

Accruals and deferred income
2,027,658
1,374,609

8,877,886
8,520,837


Page 8

 
NORFOLK LAND DEVELOPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024

9.


Deferred taxation




2024


£






At beginning of year
(1,146,556)


Charged to profit or loss
(178,486)



At end of year
(1,325,042)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Revaluation of investment property
(1,325,042)
(1,146,556)

Unrealised capital gains on investment properties
(1,325,042)
(1,146,556)


10.


Reserves

Investment property revaluation reserve

The reserve records the cumulative changes in fair value of investment properties.

Profit and loss account

This reserve records retained earnings and accumulated losses.


11.


Related party transactions

S.C.W.S. Limited is a related party by virtue of common directorships and common shareholdings in the ultimate parent undertaking of S.C.W.S. Limited. During the year, the company made purchases of £209,558 (2023 - £506,500) from the related party. At the reporting date, a balance of £251,502 (2023 - £607,800) was owed to the related party.

At the reporting date, a balance of £6,850,228 (2023 - £7,146,228) was owed to the shareholders. Interest is charged on the loan at a market rate. The loan is repayable on demand and is included within other creditors in note 8 to the financial statements. 

 
Page 9