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Registered number: 02285021
NORFOLK PROPERTY LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2024
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NORFOLK PROPERTY LIMITED
CONTENTS
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Notes to the Financial Statements
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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 2021. Our 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
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NORFOLK PROPERTY LIMITED
REGISTERED NUMBER: 02285021
BALANCE SHEET
AS AT 31 DECEMBER 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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Investment property reserve
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Page 2
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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
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The notes on pages 4 to 9 form part of these financial statements.
Page 3
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NORFOLK PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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
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Basis of preparation of financial statements
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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:
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Turnover and other income
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Turnover is measured at the fair value of the consideration received or receivable.
Interest income is recognised using the effective interest method.
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Current and deferred taxation
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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.
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
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NORFOLK PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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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:
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Freehold property - buildings
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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.
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.
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.
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Short term debtors and creditors
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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.
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.
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
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NORFOLK PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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The average monthly number of employees, including directors, during the year was 5 (2023 - 5).
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Charge for the year on owned assets
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Page 6
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NORFOLK PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Freehold investment property
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The 2024 valuations were made by the directors, on an open market value for existing use basis.
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Page 7
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NORFOLK PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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Revaluation of investment properties
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Allotted, called up and fully paid
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24 (2023 - 24) 'ID' Ordinary shares of £0.10 each
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24 (2023 - 24) 'MD' Ordinary shares of £0.10 each
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300 (2023 - 300) 'M' Ordinary shares of £0.10 each
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180 (2023 - 180) 'S' Ordinary shares of £0.10 each
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180 (2023 - 180) 'K' Ordinary shares of £0.10 each
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180 (2023 - 180) 'C' Ordinary shares of £0.10 each
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1,080 (2023 - 1,080) 'N' Ordinary shares of £0.10 each
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360 (2023 - 360) 'I' Ordinary shares of £0.10 each
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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
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NORFOLK PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Related party transactions
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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.
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Page 9
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