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REGISTERED NUMBER: 12701989 (England and Wales)









NORMAN PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024






NORMAN PROPERTIES LIMITED (REGISTERED NUMBER: 12701989)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


NORMAN PROPERTIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTOR: M L Reed





REGISTERED OFFICE: Osborne House
Trull Road
Taunton
Somerset
TA1 4PX





REGISTERED NUMBER: 12701989 (England and Wales)





ACCOUNTANTS: Mark Holt & Co Limited
Chartered Accountants
7 Sandy Court
Ashleigh Way
Langage Business Park
Plymouth
Devon
PL7 5JX

NORMAN PROPERTIES LIMITED (REGISTERED NUMBER: 12701989)

BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 41,113 11,036
Investment property 6 4,594,787 2,551,783
4,635,900 2,562,819

CURRENT ASSETS
Debtors 7 548,730 7,137
Cash at bank and in hand 364,515 323,649
913,245 330,786
CREDITORS
Amounts falling due within one year 8 5,402,329 2,837,909
NET CURRENT LIABILITIES (4,489,084 ) (2,507,123 )
TOTAL ASSETS LESS CURRENT LIABILITIES 146,816 55,696

CAPITAL AND RESERVES
Called up share capital 10 10
Retained earnings 146,806 55,686
146,816 55,696

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 22 January 2025 and were signed by:





M L Reed - Director


NORMAN PROPERTIES LIMITED (REGISTERED NUMBER: 12701989)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1. STATUTORY INFORMATION

Norman Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
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 rental of properties.

Turnover is deferred where it relates to a future period.

Tangible fixed assets
Tangible fixed assets are stated at costs less accumulated depreciation and accumulated impairment losses.

Fixtures and fittings are depreciated at 25% reducing balance.

Impairment of Assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss if recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the assets in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Debtors
Short term debtors are measured at transaction price, less any impairment.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transactions costs, and are measured subsequently at amortised costs using the effective interest method.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.


NORMAN PROPERTIES LIMITED (REGISTERED NUMBER: 12701989)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

3. ACCOUNTING POLICIES - continued
Taxation
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated.

Deferred tax assets are only recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed.

Deferred tax is calculated using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

The tax expense (income) is presented either in profit or loss, other comprehensive income or equity depending on the transaction that resulted in the tax expense (income).

Provisions for liabilities
Provisions are recognised when the Company has a present (legal or constructive) obligation as a result of a past event; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

The amount recognised as a provision is the best estimate of the consideration required to settle the present recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance costs in profit or loss in the period it arises.

The Company recognises a provision for annual leave accrued by employees for services rendered in the current period, and which employees are entitled to carry forward and use within the next 12 months, measured at the salary costs payable for the period of absence.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

5. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 May 2023 16,016
Additions 45,709
Disposals (400 )
At 30 April 2024 61,325
DEPRECIATION
At 1 May 2023 4,980
Charge for year 15,332
Eliminated on disposal (100 )
At 30 April 2024 20,212
NET BOOK VALUE
At 30 April 2024 41,113
At 30 April 2023 11,036

NORMAN PROPERTIES LIMITED (REGISTERED NUMBER: 12701989)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 May 2023 2,551,783
Additions 2,043,004
At 30 April 2024 4,594,787
NET BOOK VALUE
At 30 April 2024 4,594,787
At 30 April 2023 2,551,783

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 548,730 7,137

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 1,734 123
Taxation and social security 39,900 9,896
Other creditors 5,360,695 2,827,890
5,402,329 2,837,909

9. RELATED PARTY DISCLOSURES

There are amounts owed to related parties, being companies under common control, which have no set terms of repayment and on which no interest is charged. The total owed amounts to £5,314,778. This is included in other creditors.

There are also amounts owed from related parties, being a company owned by a close relative of the Director. The total due amounts to £520,944. This is included in other debtors.