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Company No: 12749985 (England and Wales)

NORTON & NORTON PROPERTY MANAGEMENT LIMITED

Unaudited Financial Statements
For the financial year ended 31 July 2024
Pages for filing with the registrar

NORTON & NORTON PROPERTY MANAGEMENT LIMITED

Unaudited Financial Statements

For the financial year ended 31 July 2024

Contents

NORTON & NORTON PROPERTY MANAGEMENT LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 July 2024
NORTON & NORTON PROPERTY MANAGEMENT LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 July 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 2,465 844
Investment property 4 711,821 721,821
714,286 722,665
Current assets
Debtors 5 2,343 2,054
Cash at bank and in hand 599 22,257
2,942 24,311
Creditors: amounts falling due within one year 6 ( 610,471) ( 625,200)
Net current liabilities (607,529) (600,889)
Total assets less current liabilities 106,757 121,776
Provision for liabilities 7 ( 26,851) ( 30,380)
Net assets 79,906 91,396
Capital and reserves
Called-up share capital 100 100
Profit and loss account 79,806 91,296
Total shareholders' funds 79,906 91,396

For the financial year ending 31 July 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Norton & Norton Property Management Limited (registered number: 12749985) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

Mr M Norton
Director
Mrs R Norton
Director

04 April 2025

NORTON & NORTON PROPERTY MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
NORTON & NORTON PROPERTY MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Norton & Norton Property Management Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 1st Floor Prospect House, Rouen Road, Norwich, NR1 1RE, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 25 % reducing balance
Computer equipment 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Fixtures and fittings Computer equipment Total
£ £ £
Cost
At 01 August 2023 2,000 0 2,000
Additions 0 2,198 2,198
At 31 July 2024 2,000 2,198 4,198
Accumulated depreciation
At 01 August 2023 1,156 0 1,156
Charge for the financial year 211 366 577
At 31 July 2024 1,367 366 1,733
Net book value
At 31 July 2024 633 1,832 2,465
At 31 July 2023 844 0 844

4. Investment property

Investment property
£
Valuation
As at 01 August 2023 721,821
Fair value movement (10,000)
As at 31 July 2024 711,821

Valuation

The 2024 valuations were made by the directors, on an open market value for existing use basis.

5. Debtors

2024 2023
£ £
Prepayments 2,343 2,054

6. Creditors: amounts falling due within one year

2024 2023
£ £
Amounts owed to directors 604,850 603,638
Accruals 5,621 21,562
610,471 625,200

7. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 30,380) ( 32,863)
Credited to the Income Statement 3,529 2,483
At the end of financial year ( 26,851) ( 30,380)

The deferred taxation balance is made up as follows:

2024 2023
£ £
Accelerated capital allowances ( 616) ( 211)
Revaluation of investment property ( 27,954) ( 30,454)
Tax losses carry forward 1,719 285
( 26,851) ( 30,380)