Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312025-05-092024-12-312025-05-09property management, investment and lettingfalse2024-01-0155truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 02285021 2024-01-01 2024-12-31 02285021 2023-01-01 2023-12-31 02285021 2024-12-31 02285021 2023-12-31 02285021 c:Director1 2024-01-01 2024-12-31 02285021 d:Buildings 2024-01-01 2024-12-31 02285021 d:Buildings 2024-12-31 02285021 d:Buildings 2023-12-31 02285021 d:Buildings d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 02285021 d:Buildings d:LongLeaseholdAssets 2024-01-01 2024-12-31 02285021 d:Buildings d:ShortLeaseholdAssets 2024-01-01 2024-12-31 02285021 d:PlantMachinery 2024-01-01 2024-12-31 02285021 d:PlantMachinery 2024-12-31 02285021 d:PlantMachinery 2023-12-31 02285021 d:PlantMachinery d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 02285021 d:FurnitureFittings 2024-01-01 2024-12-31 02285021 d:FurnitureFittings 2024-12-31 02285021 d:FurnitureFittings 2023-12-31 02285021 d:FurnitureFittings d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 02285021 d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 02285021 d:FreeholdInvestmentProperty 2024-01-01 2024-12-31 02285021 d:FreeholdInvestmentProperty 2024-12-31 02285021 d:FreeholdInvestmentProperty 2023-12-31 02285021 d:FreeholdInvestmentProperty 2 2024-01-01 2024-12-31 02285021 d:CurrentFinancialInstruments 2024-12-31 02285021 d:CurrentFinancialInstruments 2023-12-31 02285021 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 02285021 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 02285021 d:ShareCapital 2024-12-31 02285021 d:ShareCapital 2023-12-31 02285021 d:InvestmentPropertiesRevaluationReserve 2024-12-31 02285021 d:InvestmentPropertiesRevaluationReserve 2023-12-31 02285021 d:OtherMiscellaneousReserve 2024-01-01 2024-12-31 02285021 d:RetainedEarningsAccumulatedLosses 2024-12-31 02285021 d:RetainedEarningsAccumulatedLosses 2023-12-31 02285021 c:OrdinaryShareClass1 2024-01-01 2024-12-31 02285021 c:OrdinaryShareClass1 2024-12-31 02285021 c:OrdinaryShareClass1 2023-12-31 02285021 c:OrdinaryShareClass2 2024-01-01 2024-12-31 02285021 c:OrdinaryShareClass2 2024-12-31 02285021 c:OrdinaryShareClass2 2023-12-31 02285021 c:OrdinaryShareClass3 2024-01-01 2024-12-31 02285021 c:OrdinaryShareClass3 2024-12-31 02285021 c:OrdinaryShareClass3 2023-12-31 02285021 c:OrdinaryShareClass4 2024-01-01 2024-12-31 02285021 c:OrdinaryShareClass4 2024-12-31 02285021 c:OrdinaryShareClass4 2023-12-31 02285021 c:OrdinaryShareClass5 2024-01-01 2024-12-31 02285021 c:OrdinaryShareClass5 2024-12-31 02285021 c:OrdinaryShareClass5 2023-12-31 02285021 c:FRS102 2024-01-01 2024-12-31 02285021 c:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 02285021 c:FullAccounts 2024-01-01 2024-12-31 02285021 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 02285021 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2024-01-01 2024-12-31 02285021 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2024-12-31 02285021 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-12-31 02285021 6 2024-01-01 2024-12-31 02285021 d:AcceleratedTaxDepreciationDeferredTax 2024-12-31 02285021 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 02285021 d:OtherDeferredTax 2024-12-31 02285021 d:OtherDeferredTax 2023-12-31 02285021 f:PoundSterling 2024-01-01 2024-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 02285021









NORFOLK PROPERTY LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2024

 
NORFOLK PROPERTY LIMITED
 

CONTENTS



Page
Accountant's Report
 
 
1
Balance Sheet
 
 
2 - 3
Notes to the Financial Statements
 
 
4 - 9


 
NORFOLK PROPERTY LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF NORFOLK PROPERTY LIMITED
FOR THE YEAR ENDED 31 DECEMBER 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Norfolk Property Limited for the year ended 31 December 2024 which comprise  the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of Directors of Norfolk Property Limited, as a body, in accordance with the terms of our engagement letter dated 13 March 2021Our work has been undertaken solely to prepare for your approval the financial statements of Norfolk Property Limited and state those matters that we have agreed to state to the Board of Directors of Norfolk Property Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Norfolk Property Limited and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that Norfolk Property Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Norfolk Property Limited. You consider that Norfolk Property Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Norfolk Property Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



MA Partners LLP
 
Chartered Accountants
  
7 The Close
Norwich
Norfolk
NR1 4DJ
9 May 2025
Page 1

 
NORFOLK PROPERTY LIMITED
REGISTERED NUMBER: 02285021

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
235,809
237,494

Investments
 5 
1,857,452
1,568,393

Investment property
 6 
4,879,998
5,226,998

  
6,973,259
7,032,885

Current assets
  

Debtors: amounts falling due within one year
 7 
71
16,718

Cash at bank and in hand
  
69,778
51,711

  
69,849
68,429

Creditors: amounts falling due within one year
 8 
(564,381)
(587,344)

Net current liabilities
  
 
 
(494,532)
 
 
(518,915)

Total assets less current liabilities
  
6,478,727
6,513,970

Provisions for liabilities
  

Deferred tax
 9 
(508,913)
(550,010)

  
 
 
(508,913)
 
 
(550,010)

Net assets
  
5,969,814
5,963,960


Capital and reserves
  

Called up share capital 
 10 
232
232

Investment property reserve
 11 
2,650,864
2,566,288

Profit and loss account
 11 
3,318,718
3,397,440

  
5,969,814
5,963,960


Page 2

 
NORFOLK PROPERTY LIMITED
REGISTERED NUMBER: 02285021
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 May 2025.




................................................
Mr I E Morgan
Director

The notes on pages 4 to 9 form part of these financial statements.

Page 3

 
NORFOLK PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

The Company is a private company incorporated in the United Kingom and limited by shares.  It is registered in England and Wales.  The address of its registered office and principal place of business is Warren House, Old Buckenham, Attleborough, Norfolk NR17 1PG.
The company's principle activities are that of property management, investment and letting, as well as agriculture.  

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Turnover and other income

Turnover is measured at the fair value of the consideration received or receivable.
Interest income is recognised using the effective interest method. 

 
2.3

Current and deferred taxation

The tax expense for the year comprises current and deferred tax.
Deferred tax balances are recognised in respect of timing differences that have originated but not reversed by the balance sheet date.
Current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
NORFOLK PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a mixture of straight line and reducing balance basis.

Depreciation is provided on the following basis:

Freehold property - land
-
0% straight line
Freehold property - buildings
-
4% straight line
Plant and machinery
-
15% reducing balance
Fixtures and fittings
-
15% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Investment property

Investment properties for which fair value can be measured reliably are measured at fair value
at each reporting date with changes in fair value recognised in profit or loss.

 
2.6

Valuation of investments

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.7

Short term debtors and creditors

Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

 
2.8

Financial instruments

The company only enters into basic financial insturment transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments that are payable or receivable within one year, typically trade debtors and
creditors, are measures, initially and subsequently, at the undiscounted amount of the cash or other
consideration expected to be paid or received.

 
2.9

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 at an annual general meeting.

Page 5

 
NORFOLK PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2023 - 5).


4.


Tangible fixed assets





Freehold property
Plant and machinery
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 January 2024
271,118
33,115
7,957
312,190


Additions
-
1,452
-
1,452



At 31 December 2024

271,118
34,567
7,957
313,642



Depreciation


At 1 January 2024
39,420
27,607
7,670
74,697


Charge for the year on owned assets
2,049
1,044
43
3,136



At 31 December 2024

41,469
28,651
7,713
77,833



Net book value



At 31 December 2024
229,649
5,916
244
235,809



At 31 December 2023
231,699
5,508
287
237,494


5.


Fixed asset investments





Listed investments

£



Cost or valuation


At 1 January 2024
1,568,394


Additions
403,867


Disposals
(74,133)


Revaluations
(40,676)



At 31 December 2024
1,857,452




Page 6

 
NORFOLK PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Investment property


Freehold investment property

£



Valuation


At 1 January 2024
5,226,998


Disposals
(354,000)


Surplus on revaluation
7,000



At 31 December 2024
4,879,998

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





7.


Debtors

2024
2023
£
£


Other debtors
-
1

Prepayments and accrued income
71
16,717

71
16,718



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other taxation and social security
31,554
39,786

Other creditors
482,802
522,411

Accruals and deferred income
50,025
25,147

564,381
587,344


Page 7

 
NORFOLK PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Deferred taxation




2024


£






At beginning of year
(550,010)


Charged to profit or loss
41,097



At end of year
(508,913)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(1,540)
(1,449)

Revaluation of investment properties
(507,373)
(548,561)

(508,913)
(550,010)


10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



24 (2023 - 24) 'ID' Ordinary shares of £0.10 each
2
2
24 (2023 - 24) 'MD' Ordinary shares of £0.10 each
2
2
300 (2023 - 300) 'M' Ordinary shares of £0.10 each
30
30
180 (2023 - 180) 'S' Ordinary shares of £0.10 each
18
18
180 (2023 - 180) 'K' Ordinary shares of £0.10 each
18
18
180 (2023 - 180) 'C' Ordinary shares of £0.10 each
18
18
1,080 (2023 - 1,080) 'N' Ordinary shares of £0.10 each
108
108
360 (2023 - 360) 'I' Ordinary shares of £0.10 each
36
36

232

232



11.


Reserves

Other reserves

The fair value reserve is the accumulation of revaluations on investment properties and listed investments, which are revalued annually to give a true and fair view, less the potential tax payable on the disposal of the investment property and listed investments, which is included in deferred tax. Deferred tax is calculated on the current tax rate of corporation tax applicable in the UK. The debit and credit amounts are transfers from the profit and loss account.

Page 8

 
NORFOLK PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.


Related party transactions

As at 31 December 2024, the company owed £472,701 (2023: £486,006) to the directors. This loan is
included in other creditors due within one year in note 8 to the financial statements and is repayable on demand and no interest was charged.

 
Page 9