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Norton Property Investments Ltd

Registered Number
09358265
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2024

Norton Property Investments Ltd
Company Information
for the year from 1 April 2023 to 31 March 2024

Directors

Benjamin Spickernell
Thomas G Spickernell
Marcus R Hayes

Registered Address

The Forge
Sutton Maddock
Shifnal
TF11 9ND

Registered Number

09358265 (England and Wales)
Norton Property Investments Ltd
Balance Sheet as at
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets31,1511,717
Investments5100100
Investment property4375,002375,002
376,253376,819
Current assets
Debtors21,455336,502
Cash at bank and on hand53,320136,462
74,775472,964
Creditors amounts falling due within one year6(5,579)(7,070)
Net current assets (liabilities)69,196465,894
Total assets less current liabilities445,449842,713
Creditors amounts falling due after one year7(299,174)(699,174)
Net assets146,275143,539
Capital and reserves
Called up share capital33
Revaluation reserve98,24798,247
Profit and loss account48,02545,289
Shareholders' funds146,275143,539
The financial statements were approved and authorised for issue by the Board of Directors on 27 December 2024, and are signed on its behalf by:
Benjamin Spickernell
Director
Registered Company No. 09358265
Norton Property Investments Ltd
Notes to the Financial Statements
for the year ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements 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 for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Plant and machinery33
Fixtures and fittings33
Office Equipment33
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Investment property
Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.
2.Average number of employees

20242023
Average number of employees during the year00
3.Tangible fixed assets

Plant & machinery

Fixtures & fittings

Office Equipment

Total

££££
Cost or valuation
At 01 April 231,87715,78899818,663
At 31 March 241,87715,78899818,663
Depreciation and impairment
At 01 April 231,67914,43583216,946
Charge for year6544655566
At 31 March 241,74414,88188717,512
Net book value
At 31 March 241339071111,151
At 31 March 231981,3531661,717
4.Investment property
All investment property values have been reviewed by the the Directors and they are of the opinion that the values stated at the date of the signing of these accounts are therefore a true and and fair reflection of the situation pertaining at that date.

£
Fair value at 01 April 23375,002
At 31 March 24375,002
5.Fixed asset investments
The Company owns 100% of the shares in NPI (Kettering) Ltd, a property development and investment company.

Investments in groups1

Total

££
Cost or valuation
At 01 April 23100100
At 31 March 24100100
Net book value
At 31 March 24100100
At 31 March 23100100

Notes

1Investments in group undertakings and participating interests
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables262560
Other creditors5,0005,540
Accrued liabilities and deferred income317970
Total5,5797,070
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. Bank borrowings related to a property development loan which was denominated in sterling with a nominal interest rate of 3% over LIBOR, The loan was repaid in July 2022
7.Creditors: amounts due after one year

2024

2023

££
Amounts owed to related parties299,174699,174
Total299,174699,174
8.Related party transactions
Debtors include an amount due from a wholly owned subsidiary of £20,741 (2023 - £335,787). This loan was made on an unsecured, interest free basis, with no fixed repayment date. Debtors include an amount due from a trading partnership in which key management have a significant interest of £714 (2023 - £714). This loan was made on an unsecured, interest free basis, being repayable upon demand. Creditors due after one year include loans from Key Management totalling £80.545 (2023 - £80,545). These loans having been made on an unsecured, interest free basis, with no fixed repayment date. Creditors due after one year include an amount of £218,625 (2023 - £618,625) due to a shareholder and a trading entity in which the said shareholder has a significant interest. These loans having been made on an unsecured basis with no fixed repayment date. Interest paid in the year on this loan amounted to £20,165 (2023: £35,731).