Company Registration No. 02936555 (England and Wales)
Norland Limited
Unaudited accounts
for the year ended 31 December 2023
Norland Limited
Unaudited accounts
Contents
Norland Limited
Company Information
for the year ended 31 December 2023
Directors
Steven Martin
Gillian Martin
Company Number
02936555 (England and Wales)
Registered Office
1st Floor
12 Portsdown Mews
London
NW11 7HD
England
Norland Limited
Statement of financial position
as at 31 December 2023
Investments
824,259
2,637,771
Cash at bank and in hand
977,168
27,403
Creditors: amounts falling due within one year
(52,475)
(293,683)
Net current assets/(liabilities)
1,646,100
(13,082)
Total assets less current liabilities
2,470,359
2,624,689
Creditors: amounts falling due after more than one year
(4,849,541)
(4,859,741)
Net liabilities
(2,379,182)
(2,235,052)
Called up share capital
2
2
Revaluation reserve
824,202
2,087,468
Profit and loss account
(3,203,386)
(4,322,522)
Shareholders' funds
(2,379,182)
(2,235,052)
For the year ending 31 December 2023 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.
The members have agreed to the preparation of abridged accounts for the year in accordance with Section 444(2A).
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 15 November 2024 and were signed on its behalf by
Steven Martin
Director
Company Registration No. 02936555
Norland Limited
Notes to the Accounts
for the year ended 31 December 2023
Norland Limited is a private company, limited by shares, registered in England and Wales, registration number 02936555. The registered office is 1st Floor, 12 Portsdown Mews, London, NW11 7HD, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. 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 accounts 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 future taxable profits. Deferred tax is measured using the 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, except. Current and deferred tax assets and liabilities are not discounted.
Turnover and income recognition
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.
Turnover includes revenue earned from the rendering of services.
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.
Investments in shares are measured at fair value. Changes in fair value are recognised in the income statement. Deferred
taxation is provided on these gains at the rate expected to apply when the investments are sold.
The company is exempted from the requirement to prepare a cash flow statement (in accordance with Financial Reporting
Standard No. 1) on the basis of its being a small company as defined by the Companies Act 2006.
The company is not registered for Value Added Tax. All expenditure pertaining to the company is stated inclusive of Value
Added Tax.
Norland Limited
Notes to the Accounts
for the year ended 31 December 2023
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad
and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs
and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for
bad and doubtful debts.
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities
are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost
determined using the effective interest method.
Provisions (ie) liabilities of uncertain timing or amount are recognised when there is an obligation at the reporting date as a
result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the
obligation can be estimated reliably.
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.
Acquisitions and disposals of investments
Acquisitions and disposals are considered to have taken place at the date of legal completion and are included in the accounts
accordingly.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. :Depreciation on tangible fixed assets is provided in order to write off their cost less any residual value by equal annual instalments over their expected useful lives. The rates adopted are as follows:-
Office furniture and equipment - 25% per annum straight line basis
The COVID-19 pandemic has adversely affected the wider macro economy. It is possible that income will decline due to further lockdowns as it has impacted these accounts. These risks are beyond the control of the company and represent
uncertainty as to revenue and asset values for the forthcoming 12 months.
However, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future after taking into account all known factors including the present impact of COVID-19 and thus they continue to adopt the going concern basis of accounting in preparing the accounts.
Judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying value of assets assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant.
Actual results may differ from these estimates,
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revisions affects both current and future periods.
Norland Limited
Notes to the Accounts
for the year ended 31 December 2023
4
Tangible fixed assets
Total
At 31 December 2023
12,661
At 31 December 2023
12,661
On 11th March 2020 the World Health Organisation declared the coronavirus (COVID-19) a worldwide pandemic. There are no comparable recent events which may provide guidance as to the effects of the pandemic and the ultimate impact of COVID-19 is uncertain.
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Transactions with related parties
Included in debtors as amounts due by group and connected undertakings is £709,296 (2022 - £103,050) due from companies in which Steven Martin is a director and the company a shareholder. The amounts are interest free and repayable on demand.
Included in creditors as amounts due to group and connected undertakings is £NIL (2022 - £830) due to companies in which Steven Martin is a director and the company a shareholder. The amounts are interest free and repayable on demand.
The company has taken advantage of the exemptions provided for in FRS 102-1A and has not disclosed the details of transactions with group member undertakings.
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Average number of employees
During the year the average number of employees was 5 (2022: 5).