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Registered number: 10811679
Greenview Norfolk Limited
Unaudited Financial Statements
For The Year Ended 31 May 2024
GLX Advisory Limited
Chartered Accountants
69-75 Thorpe Road
Norwich
NR1 1UA
Contents
Page
Company Information 1
Balance Sheet 2—3
Notes to the Financial Statements 4—6
Page 1
Company Information
Director Mr D Symington
Company Number 10811679
Registered Office 69-75 Thorpe Road
Norwich
Norfolk
NR1 1UA
Accountants GLX Advisory Limited
Chartered Accountants
69-75 Thorpe Road
Norwich
NR1 1UA
Page 1
Page 2
Balance Sheet
Registered number: 10811679
2024 2023
as restated
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,450,000 1,450,000
1,450,000 1,450,000
CURRENT ASSETS
Debtors 5 607 752
Cash at bank and in hand 4,275 91,338
4,882 92,090
Creditors: Amounts Falling Due Within One Year 6 (182,510 ) (152,148 )
NET CURRENT ASSETS (LIABILITIES) (177,628 ) (60,058 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,272,372 1,389,942
Creditors: Amounts Falling Due After More Than One Year 7 (811,680 ) (930,796 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (103,102 ) (103,102 )
NET ASSETS 357,590 356,044
CAPITAL AND RESERVES
Called up share capital 8 300 300
Revaluation reserve 9 309,305 309,305
Profit and Loss Account 47,985 46,439
SHAREHOLDERS' FUNDS 357,590 356,044
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Page 3
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr D Symington
Director
27/02/2025
The notes on pages 4 to 6 form part of these financial statements.
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Page 4
Notes to the Financial Statements
1. General Information
Greenview Norfolk Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10811679 . The registered office is 69-75 Thorpe Road, Norwich, Norfolk, NR1 1UA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Investment property is measured at fair value and not depreciated.
Investment property No depreciation
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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2.4. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2023: NIL)
- -
4. Tangible Assets
Land & Property
Investment property
£
Cost or Valuation
As at 1 June 2023 1,450,000
As at 31 May 2024 1,450,000
Net Book Value
As at 31 May 2024 1,450,000
As at 1 June 2023 1,450,000
The fair values of the properties have been assessed by the directors of the company at the year end.
The accounts have been restated to adjust a revaluation of property in 2023. The effect of the adjustment is that the prior year property value on the balance sheet has decreased by £246,400, the revaluation reserve has decreased by £133,712 and the deferred tax liability has increased by £18,925.
5. Debtors
2024 2023
as restated
£ £
Due within one year
Other debtors 607 752
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6. Creditors: Amounts Falling Due Within One Year
2024 2023
as restated
£ £
Bank loans and overdrafts 2,066 2,028
Other creditors 180,082 144,680
Taxation and social security 362 5,440
182,510 152,148
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
as restated
£ £
Bank loans 666,793 669,118
Other creditors 144,887 261,678
811,680 930,796
Included in bank loans is £664,551 (2023: 664,770) which is secured against company's freehold property. 
8. Share Capital
2024 2023
as restated
£ £
Allotted, Called up and fully paid 300 300
9. Reserves
Revaluation Reserve
£
As at 1 June 2023 309,305
As at 31 May 2024 309,305
10. Related Party Transactions
Included within other creditors are loans from shareholders of £144,887 (2023: £261,678). The amounts are unsecured and interest on the loans is charged at 6%.
Included within creditors is a loan from a company which is deemed to be a related party by virtue of common control. The total balance outstanding at the year end was £178,162 (2023: £143,000). This is unsecured, interest free and repayable on demand.
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