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COMPANY REGISTRATION NUMBER: 13405156
Norton Minster Estates Limited
Filleted Unaudited Financial Statements
Period from 1 June 2024 to
31 December 2024
Norton Minster Estates Limited
Statement of Financial Position
31 December 2024
31 Dec 24
31 May 24
Note
£
£
£
£
Fixed assets
Tangible assets
5
975,604
261,108
Investments
6
712,839
-------------
----------
1,688,443
261,108
Current assets
Debtors
7
2,038
20,918
Cash at bank and in hand
155,376
10,845
----------
--------
157,414
31,763
Creditors: amounts falling due within one year
8
1,825,540
280,460
-------------
----------
Net current liabilities
1,668,126
248,697
-------------
----------
Total assets less current liabilities
20,317
12,411
--------
--------
Net assets
20,317
12,411
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
20,217
12,311
--------
--------
Shareholders funds
20,317
12,411
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the period ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Norton Minster Estates Limited
Statement of Financial Position (continued)
31 December 2024
These financial statements were approved by the board of directors and authorised for issue on 5 March 2025 , and are signed on behalf of the board by:
A Henderson
Director
Company registration number: 13405156
Norton Minster Estates Limited
Notes to the Financial Statements
Period from 1 June 2024 to 31 December 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Grange, Grange Lane, Bishop Norton, Market Rasen, England, LN8 2AY.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102 Secion 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of the investment property which is measured at fair value. The financial statements are prepared in sterling, which is the functional currency of the entity.
(b) Going concern
The Balance sheet on 31 December 2024 shows significant net current liabilities. This arises from funds loaned to the company by the directors (see note 9). The directors have expressed their willingness to continue to support the company and as such, the account have been prepared on a going concern basis.
(c) Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of services is recognised when the significant risks and rewards of ownership of the services have transferred to the buyer, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
(d) Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
(e) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation. Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value recognised in the profit or loss.
(f) Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Office equipment
-
5 years straight line
(g) Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 2 (2024: 2 ).
5. Tangible assets
Land and buildings
Equipment
Total
£
£
£
Cost
At 1 June 2024
255,850
5,439
261,289
Additions
714,967
169
715,136
----------
-------
----------
At 31 December 2024
970,817
5,608
976,425
----------
-------
----------
Depreciation
At 1 June 2024
181
181
Charge for the period
640
640
----------
-------
----------
At 31 December 2024
821
821
----------
-------
----------
Carrying amount
At 31 December 2024
970,817
4,787
975,604
----------
-------
----------
At 31 May 2024
255,850
5,258
261,108
----------
-------
----------
Tangible assets held at valuation
Land and Buildings relates to investment properties. The investment properties were valued in December 2024 by the directors who have experience in the location and category of the investment properties being valued.
6. Investments
Other investments other than loans
£
Cost
At 1 June 2024
Additions
712,839
----------
At 31 December 2024
712,839
----------
Impairment
At 1 June 2024 and 31 December 2024
----------
Carrying amount
At 31 December 2024
712,839
----------
At 31 May 2024
----------
7. Debtors
31 Dec 24
31 May 24
£
£
Other debtors
2,038
20,918
-------
--------
8. Creditors: amounts falling due within one year
31 Dec 24
31 May 24
£
£
Trade creditors
515
13,813
Social security and other taxes
1,342
Directors loan accounts
1,813,157
259,139
Other creditors
10,526
7,508
-------------
----------
1,825,540
280,460
-------------
----------
9. Related party transactions
During the year the directors made available loans to the company . The loan is interest free and repayable on demand. The balance at 31 December 2024 was £ 1,813,157 (2024: £259,139).