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REGISTERED NUMBER: 05561873 (England and Wales)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

NORLEC PROPERTY SERVICES LTD

NORLEC PROPERTY SERVICES LTD (REGISTERED NUMBER: 05561873)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 30 June 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


NORLEC PROPERTY SERVICES LTD

COMPANY INFORMATION
for the Year Ended 30 June 2024







DIRECTOR: J F Haworth





REGISTERED OFFICE: Unit 87 Bison Place
Moss Side
Leyland
Lancashire
PR26 7QR





REGISTERED NUMBER: 05561873 (England and Wales)





ACCOUNTANTS: Fairhurst Accountants Ltd
Chartered Accountants
Douglas Bank House
Wigan Lane
Wigan
Lancashire
WN1 2TB

NORLEC PROPERTY SERVICES LTD (REGISTERED NUMBER: 05561873)

STATEMENT OF FINANCIAL POSITION
30 June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 75,709 -
Investment property 5 1,625,000 1,625,000
1,700,709 1,625,000

CURRENT ASSETS
Debtors 6 20,000 43,570
Cash at bank 31,385 61,084
51,385 104,654
CREDITORS
Amounts falling due within one year 7 232,737 223,074
NET CURRENT LIABILITIES (181,352 ) (118,420 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,519,357

1,506,580

CREDITORS
Amounts falling due after more than one
year

8

145,878

264,658
NET ASSETS 1,373,479 1,241,922

CAPITAL AND RESERVES
Called up share capital 1 1
Other reserves 10 57,000 57,000
Retained earnings 10 1,316,478 1,184,921
SHAREHOLDERS' FUNDS 1,373,479 1,241,922

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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.

NORLEC PROPERTY SERVICES LTD (REGISTERED NUMBER: 05561873)

STATEMENT OF FINANCIAL POSITION - continued
30 June 2024


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 18 March 2025 and were signed by:





J F Haworth - Director


NORLEC PROPERTY SERVICES LTD (REGISTERED NUMBER: 05561873)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

Norlec Property Services Ltd 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Tangible fixed assets are recorded at cost less depreciation and impairment.

Assets under construction are depreciated once they are in use.

Impairment of assets
At each reporting date 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 is recognised immediately in the profit and loss.

Where an impairment loss subsequently reverses, the carrying amount of each asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately.

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.

Deferred tax is provided on these gains at the rate expected to apply when the property is sold.

Financial instruments
Short term financial assets, including trade and other debtors and cash and bank balances, are measured at the transaction price. Financial assets that have no stated interest rate and are recoverable within one year shall be measured at the undiscounted amount due, less impairment losses for bad and doubtful debts.

Short term financial liabilities, including trade and other creditors, are measured at the transaction price. Financial liabilities that have no stated interest rate and are payable within one year shall be measured at the undiscounted amount due.

Related party loans have no stated interest rate, are payable on demand and are measured at the undiscounted amount due.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

NORLEC PROPERTY SERVICES LTD (REGISTERED NUMBER: 05561873)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Assets
under
construction
£   
COST
Additions 75,709
At 30 June 2024 75,709
NET BOOK VALUE
At 30 June 2024 75,709

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 July 2023
and 30 June 2024 1,625,000
NET BOOK VALUE
At 30 June 2024 1,625,000
At 30 June 2023 1,625,000

The investment property have been included at its fair value at 30 June 2024, as determined by the director.


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by group undertakings 20,000 -
Other debtors - 43,570
20,000 43,570

NORLEC PROPERTY SERVICES LTD (REGISTERED NUMBER: 05561873)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 114,992 114,992
Amounts owed to group undertakings 68,566 68,566
Taxation and social security 44,906 35,242
Other creditors 4,273 4,274
232,737 223,074

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 145,878 264,658

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 260,870 379,650

Bank loans are secured by way of a legal charge over investment property.

10. RESERVES
Retained Other
earnings reserves Totals
£    £    £   

At 1 July 2023 1,184,921 57,000 1,241,921
Profit for the year 131,557 - 131,557
At 30 June 2024 1,316,478 57,000 1,373,478

Other reserves relate to non distributable profit and loss relating to the revaluation amount of investment properties.

11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2024 and 30 June 2023:

2024 2023
£    £   
J F Haworth
Balance outstanding at start of year (2,000 ) -
Amounts advanced 32,000 38,000
Amounts repaid (30,000 ) (40,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - (2,000 )

NORLEC PROPERTY SERVICES LTD (REGISTERED NUMBER: 05561873)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2024

12. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

13. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is J F Haworth.

14. ULTIMATE PARENT COMPANY

The ultimate parent is JFH Holdings Limited, a company registered in England & Wales. The company registered office and principal place of business is Unit 87 Bison Place, Moss Side, Leyland, Lancashire, PR26 7QR.