REGISTERED NUMBER: |
Unaudited Financial Statements |
For The Year Ended |
31 May 2024 |
for |
NORBURY & LEVY LTD |
REGISTERED NUMBER: |
Unaudited Financial Statements |
For The Year Ended |
31 May 2024 |
for |
NORBURY & LEVY LTD |
NORBURY & LEVY LTD (REGISTERED NUMBER: 10153728) |
Contents of the Financial Statements |
For The Year Ended 31 May 2024 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
NORBURY & LEVY LTD |
Company Information |
For The Year Ended 31 May 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
8 Eastway |
Sale |
Cheshire |
M33 4DX |
NORBURY & LEVY LTD (REGISTERED NUMBER: 10153728) |
Abridged Balance Sheet |
31 May 2024 |
31.5.24 | 31.5.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 6 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Fair value reserve | 8 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their 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. |
NORBURY & LEVY LTD (REGISTERED NUMBER: 10153728) |
Abridged Balance Sheet - continued |
31 May 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
NORBURY & LEVY LTD (REGISTERED NUMBER: 10153728) |
Notes to the Financial Statements |
For The Year Ended 31 May 2024 |
1. | STATUTORY INFORMATION |
Norbury & Levy Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
Rental income |
Rental income is recognised on a receivables basis in accordance with the terms of the tenants lease agreement. Amounts of rental income due but not paid are recognised within trade debtors and presented within current assets. Rental income received in advance is presented as deferred income within creditors falling due within one year. |
Tangible fixed assets |
Plant and machinery | - |
Motor vehicles | - |
Computer equipment | - |
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs which are directly attributable in bringing the asset to its location and condition so that it is capable of operating in the manner intended by management. |
Profits and losses on the disposal of fixed assets are included in the calculation of profit for the year. |
The directors assess the company's tangible assets for evidence of impairment at each reporting date. Where there are indicators of impairment, the directors calculate recoverable amount of the asset(s) and compare this with the carrying amount. If recoverable amount is lower than carrying amount, the asset is written down to recoverable amount by way of an impairment loss which is recognised in profit or loss for the year. Impairment losses are reversed when there is evidence that the reasons giving rise to the original impairment loss have ceased to apply. Impairment losses are reversed through profit and loss, but only to the extent that the reversal does not increase the carrying amount of the asset to the amount which would have been stated, net of depreciation, had no impairment loss been recognised. |
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. |
Investment property is recorded at fair value at each reporting date with fair value gains and losses being recorded in the profit and loss account. Deferred tax consequences in respect of fair value adjustments on investment property are also recorded in profit and loss account. Gains, net of deferred tax, are non-distributable to the shareholders and are presented in a separate component of equity in the balance sheet. |
NORBURY & LEVY LTD (REGISTERED NUMBER: 10153728) |
Notes to the Financial Statements - continued |
For The Year Ended 31 May 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
A financial asset or financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. |
Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit or loss. All other investments are subsequently measured at cost less impairment. |
Debtors and creditors which fall due within one year are recorded in the financial statements at transaction price and subsequently measured at amortised cost. If the effects of the time value of money are immaterial, they are measured at cost (less impairment for trade debtors). Debtors are reviewed for impairment at each reporting date and any impairments are recorded in profit or loss and shown within administrative expenses when there is objective evidence that a debtor is impaired. Objective evidence that a debtor is impaired arises when the customer is unable to settle amounts owing to the company or the customer becomes bankrupt. |
Debtors do not carry interest and are stated at their nominal value. |
Trade creditors are not interest-bearing and are stated at their nominal value. |
Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. |
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset which exceeds what the carrying amount would have been had the impairment loss not previously been recognised. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to the profit and loss account using the effective interest method under Section 11 of FRS 102 ‘Basic Financial Instruments’. The capital element of the liability is presented in the balance sheet as a liability and split between the portion falling due within one year and the portion falling due after more than one year. |
Employee benefits |
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year with an associated expense in profit or loss. |
Government grants |
Government grants are recognised when the entity expects to receive the grant and will comply with the grants conditions and are accounted for using the accrual model .Grants in respect of Covid-19 are recognised in income in the period the grant relates to. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
NORBURY & LEVY LTD (REGISTERED NUMBER: 10153728) |
Notes to the Financial Statements - continued |
For The Year Ended 31 May 2024 |
4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 June 2023 |
and 31 May 2024 |
DEPRECIATION |
At 1 June 2023 |
Charge for year |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Totals |
£ |
COST |
At 1 June 2023 |
and 31 May 2024 | 94,691 |
DEPRECIATION |
At 1 June 2023 | 54,781 |
Charge for year | 9,978 |
At 31 May 2024 | 64,759 |
NET BOOK VALUE |
At 31 May 2024 | 29,932 |
At 31 May 2023 | 39,910 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 June 2023 |
Additions |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
Fair value at 31 May 2024 is represented by: |
£ |
Valuation in 2022 | 448,000 |
Valuation in 2023 | 626,500 |
Cost | 10,084,509 |
11,159,009 |
NORBURY & LEVY LTD (REGISTERED NUMBER: 10153728) |
Notes to the Financial Statements - continued |
For The Year Ended 31 May 2024 |
5. | INVESTMENT PROPERTY - continued |
If investment property had not been revalued it would have been included at the following historical cost: |
31.5.24 | 31.5.23 |
£ | £ |
Cost | 10,084,509 | 8,480,992 |
Investment property was valued on an open market basis on 24 February 2023 by Paragon Group . |
6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS |
31.5.24 | 31.5.23 |
£ | £ |
Repayable otherwise than by instalments |
Other loans more 5yrs non-inst |
Repayable by instalments |
Bank loans more 5 yr by instal | 7,580,077 | 5,541,085 |
7. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.5.24 | 31.5.23 |
£ | £ |
Bank loans |
The bank loans are secured over the company's investment properties, by way of a fixed charge. |
8. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 June 2023 |
and 31 May 2024 |