Registration number:
Norbury Property Developments Limited
for the Year Ended 31 December 2024
Norbury Property Developments Limited
Contents
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Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Norbury Property Developments Limited
Company Information
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Directors |
K K Chandaria B Chandaria K Chandaria |
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Registered office |
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Accountants |
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Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Financial Statements of
Norbury Property Developments 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 Norbury Property Developments Limited for the year ended 31 December 2024 which comprise the statement of comprehensive income, 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/a-z.
It is your duty to ensure that Norbury Property Developments Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Norbury Property Developments Limited. You consider that Norbury Property Developments Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Norbury Property Developments 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 accounts.
Use of our report
This report is made solely to the Board of Directors of Norbury Property Developments Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Norbury Property Developments Limited and state those matters that we have agreed to state to the Board of Directors of Norbury Property Developments Limited, as a body, in this report in accordance with ICAEW Technical Release TECH 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Norbury Property Developments Limited and its Board of Directors, as a body, for our work or for this report.
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Chartered Accountants
Champions Way
Hendon
London
NW4 1PX
Norbury Property Developments Limited
(Registration number: 02551944)
Balance Sheet as at 31 December 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Investment properties |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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( |
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Net current assets/(liabilities) |
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( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provision for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Fair value reserve |
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Profit and loss account |
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Shareholders' funds |
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For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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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. |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The statement of comprehensive income and the directors' report are not delivered to the Registrar of Companies in accordance with the special provisions applicable to companies subject to the small companies regime.
Approved and authorised for issue by the
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Director
Norbury Property Developments Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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General information |
The company is a private company limited by share capital, incorporated in England. The registered office address is shown on page 1.
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Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A Small Entities and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except where otherwise disclosed in these accounting policies certain items are shown at fair value.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
Judgements in applying accounting policies
The preparation of financial statements in compliance with FRS 102 Section 1A Small Entities may require the use of certain critical accounting estimates. It may also require the directors to exercise judgement in applying the accounting policies. |
In preparing these financial statements, the directors have had to make the following significant judgement: |
- The directors have made an assumption in the determination of the fair value of the investment properties in respect of the state of the property market in the locations where the properties are situated and in respect of the range of reasonable fair value estimates of the assets. There is an inevitable degree of judgement involved in that every property is unique and value can only ultimately be reliably tested in the market itself. The valuation methods are described further in note 5 together with the valuations of the properties at the reporting date. |
There were no other significant judgements. |
Summary of significant accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Turnover
Turnover consists of rent receivable from the letting of investment properties in the United Kingdom. Rental income is measured at the fair value of rent receivable for the year.
Tax
The tax expense for the year comprises current and where applicable, deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The company's liability for current tax is calculated using tax rates and laws that have been enacted or substantively enacted by the end of the reporting period.
Norbury Property Developments Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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2 |
Accounting policies (continued) |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that the recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against suitable future taxable profits.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the end of the reporting date and that are expected to apply to the reversal of the timing difference.
Current and deferred tax assets and liabilities are not discounted.
Tangible assets
Tangible assets are stated in the balance sheet at historical cost, less any subsequent accumulated depreciation and impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, evenly over their expected useful lives as follows:
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Asset class |
Depreciation rate and method |
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Furniture & fittings |
15% on reducing balance basis |
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Computer equipment |
33.33% on straight line basis |
Investment properties
Cash at bank and in hand
This comprises cash at bank.
Financial instruments
The company's cash at bank and in hand, trade and other debtors and other creditors are measured initially at transaction price, and subsequently at amortised cost using the effective interest method, where appropriate.
Trade debtors
Trade debtors are amounts due from tenants from rental income arising in the ordinary course of business.
A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Norbury Property Developments Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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2 |
Accounting policies (continued) |
Trade creditors
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
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Employees and directors information |
The company had no employees (2023 - none) and
Norbury Property Developments Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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Tangible assets |
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Computer equipment |
Furniture & fittings |
Total |
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Cost |
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At 1 January 2024 |
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Additions in the year |
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- |
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At 31 December 2024 |
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Depreciation |
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At 1 January 2024 |
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Charge for the year |
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- |
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At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
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- |
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At 31 December 2023 |
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- |
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Investment properties |
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2024 |
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Carrying value at 1 January 2024 |
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Carrying value at 31 December 2024 |
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The investment properties were valued at 31 December 2024 by B Chandaria, a director of the company, at fair value. The valuations were arrived at after consideration of the most recently available market evidence of transaction prices for similar properties around their location on a vacant possession basis and also takes into account the director's assessment of the state of the rental market around the area where the properties are situated as at the reporting date.
Norbury Property Developments Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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Debtors |
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2024 |
2023 |
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Trade debtors |
- |
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Prepayments and accrued income |
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Other debtors |
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Creditors |
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2024 |
2023 |
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Due within one year |
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Bank loan |
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Loan from parent undertaking |
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Corporation tax payable |
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Accruals and deferred income |
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Other creditors |
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2024 |
2023 |
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Due after one year |
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Bank loan |
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Other loan |
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- |
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The company has other loan of £950,000 (2023 - £nil) secured by a negative pledge over the investment properties owned by the company.
Norbury Property Developments Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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Provision for liabilities |
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Deferred tax |
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At 1 January 2024 |
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At 31 December 2024 |
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Share capital |
Allotted, called up and fully paid shares
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2024 |
2023 |
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No. |
£ |
No. |
£ |
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10,000 |
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10,000 |
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Related party transactions |
The company has taken advantage of exemption available in FRS 102 Section 1A not to disclose transactions with its parent undertaking.
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Parent company |
The company's parent company is Jovet Holdings Limited, incorporated in England and whose registered office is the same as the company. Jovet Holdings Limited does not prepare consolidated financial statements on the basis that it is the parent company of a small group.