Caseware UK (AP4) 2023.0.135 2023.0.135 2024-02-292024-02-29false2023-03-01falseNo description of principal activity22trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 11821307 2023-03-01 2024-02-29 11821307 2022-03-01 2023-02-28 11821307 2024-02-29 11821307 2023-02-28 11821307 c:Director2 2023-03-01 2024-02-29 11821307 d:CurrentFinancialInstruments 2024-02-29 11821307 d:CurrentFinancialInstruments 2023-02-28 11821307 d:Non-currentFinancialInstruments 2024-02-29 11821307 d:Non-currentFinancialInstruments 2023-02-28 11821307 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-29 11821307 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 11821307 d:Non-currentFinancialInstruments d:AfterOneYear 2024-02-29 11821307 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 11821307 d:ShareCapital 2024-02-29 11821307 d:ShareCapital 2023-02-28 11821307 d:RetainedEarningsAccumulatedLosses 2024-02-29 11821307 d:RetainedEarningsAccumulatedLosses 2023-02-28 11821307 c:FRS102 2023-03-01 2024-02-29 11821307 c:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 11821307 c:FullAccounts 2023-03-01 2024-02-29 11821307 c:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 11821307 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-03-01 2024-02-29 11821307 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2024-02-29 11821307 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-02-28 11821307 d:WithinOneYear 2024-02-29 11821307 d:WithinOneYear 2023-02-28 11821307 d:BetweenOneFiveYears 2024-02-29 11821307 d:BetweenOneFiveYears 2023-02-28 11821307 d:MoreThanFiveYears 2024-02-29 11821307 d:MoreThanFiveYears 2023-02-28 11821307 e:PoundSterling 2023-03-01 2024-02-29 iso4217:GBP xbrli:pure

Registered number: 11821307










NORVIC PROPERTIES LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 29 FEBRUARY 2024

 
NORVIC PROPERTIES LTD
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF NORVIC PROPERTIES LTD
FOR THE YEAR ENDED 29 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 Norvic Properties Ltd for the year ended 29 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 Norvic Properties Ltd, as a body, in accordance with the terms of our engagement letter dated 3 April 2024Our work has been undertaken solely to prepare for your approval the financial statements of Norvic Properties Ltd and state those matters that we have agreed to state to the Board of directors of Norvic Properties Ltd, 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 Norvic Properties Ltd and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Norvic Properties Ltd 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 loss of Norvic Properties Ltd. You consider that Norvic Properties Ltd 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 Norvic Properties Ltd. 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
28 November 2024
Page 1

 
NORVIC PROPERTIES LTD
REGISTERED NUMBER: 11821307

BALANCE SHEET
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
4,444
4,444

Cash at bank and in hand
  
18,107
14,501

  
22,551
18,945

Creditors: amounts falling due within one year
 5 
(19,106)
(11,785)

Net current assets
  
 
 
3,445
 
 
7,160

Total assets less current liabilities
  
3,445
7,160

Creditors: amounts falling due after more than one year
 6 
(4,046)
(6,901)

  

Net (liabilities)/assets
  
(601)
259


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(701)
159

  
(601)
259


Page 2

 
NORVIC PROPERTIES LTD
REGISTERED NUMBER: 11821307
    
BALANCE SHEET (CONTINUED)
AS AT 29 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 profit and loss account 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 28 November 2024.




J D Austin
Director

The notes on pages 4 to 7 form part of these financial statements.

Page 3

 
NORVIC PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

Norvic Properties Ltd is a United Kingdom company limited by shares. It is incorporated and domiciled in
England and Wales. The registered office address is 7 The Close, Norwich, NR1 4DJ.
The Company's principal activity is the provision of property letting in England.

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 revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 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.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.4

Finance costs

Finance costs are charged to profit or loss 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

 
NORVIC PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.5

Taxation

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.


 
2.6

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.

 
2.7

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.

 
2.8

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.


3.


Employees

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

Page 5

 
NORVIC PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

4.


Debtors

29 February
28 February
2024
2023
£
£


Other debtors
4,444
4,444

4,444
4,444



5.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Bank loans
2,936
2,785

Corporation tax
-
399

Other creditors
15,528
7,857

Accruals and deferred income
642
744

19,106
11,785



6.


Creditors: Amounts falling due after more than one year

29 February
28 February
2024
2023
£
£

Bank loans
4,046
6,901

4,046
6,901


Page 6

 
NORVIC PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

7.


Commitments under operating leases

At 29 February 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

29 February
28 February
2024
2023
£
£


Not later than 1 year
175,254
174,489

Later than 1 year and not later than 5 years
130,843
158,454

Later than 5 years
99,867
167,710

405,964
500,653


8.


Related party transactions

As at 29 February 2024 the balance owed to the directors was £15,528 (2023: £7,857).

 
Page 7