Company No:
Contents
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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Investment property | 4 |
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714,286 | 722,665 | |||
Current assets | ||||
Debtors | 5 |
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Cash at bank and in hand |
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2,942 | 24,311 | |||
Creditors: amounts falling due within one year | 6 | (
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Net current liabilities | (607,529) | (600,889) | ||
Total assets less current liabilities | 106,757 | 121,776 | ||
Provision for liabilities | 7 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Profit and loss account |
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Total shareholders' funds |
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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:
Mr M Norton
Director |
Mrs R Norton
Director |
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.
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 is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Fixtures and fittings |
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Computer equipment |
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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.
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.
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.
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.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Fixtures and fittings | Computer equipment | Total | |||
£ | £ | £ | |||
Cost | |||||
At 01 August 2023 |
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Additions |
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At 31 July 2024 |
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Accumulated depreciation | |||||
At 01 August 2023 |
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Charge for the financial year |
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At 31 July 2024 |
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Net book value | |||||
At 31 July 2024 |
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At 31 July 2023 |
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Investment property | |
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Valuation | |
As at 01 August 2023 |
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Fair value movement | (10,000) |
As at 31 July 2024 |
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Valuation
The 2024 valuations were made by the directors, on an open market value for existing use basis.
2024 | 2023 | ||
£ | £ | ||
Prepayments |
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2024 | 2023 | ||
£ | £ | ||
Amounts owed to directors |
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Accruals |
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2024 | 2023 | ||
£ | £ | ||
At the beginning of financial year | (
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Credited to the Income Statement |
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At the end of financial year | (
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The deferred taxation balance is made up as follows:
2024 | 2023 | ||
£ | £ | ||
Accelerated capital allowances | (
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Revaluation of investment property | (
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Tax losses carry forward |
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