Company No:
Contents
| Note | 31.12.2024 | 30.11.2023 | ||
| £ | £ | |||
| Fixed assets | ||||
| Investment property | 3 |
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| Investments | 4 |
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| 1,868,972 | 3,896,715 | |||
| Current assets | ||||
| Debtors | 5 |
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| Cash at bank and in hand | 6 |
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| 4,376,101 | 2,453,772 | |||
| Creditors: amounts falling due within one year | 7 | (
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(
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| Net current liabilities | (1,618,503) | (3,647,230) | ||
| Total assets less current liabilities | 250,469 | 249,485 | ||
| Net assets |
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| Capital and reserves | ||||
| Called-up share capital | 8 |
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| Profit and loss account |
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| Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Norton Properties Scotland Ltd (registered number:
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Mark Grier
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.
Norton Properties Scotland Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Eastcroft House, 25 Woodhall Road, Wishaw, ML2 8PY, 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 £.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
The reporting period covers 13 months from 1 December 2023 until the Company's financial year end of 31 December 2024.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price. Financial assets classified as receivable within one year are not amortised.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, and loans from fellow group companies that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
| Period from 01.12.2023 to 31.12.2024 |
Year ended 30.11.2023 |
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| Number | Number | ||
| Monthly average number of persons employed by the Company during the period, including directors |
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| Investment property | |
| £ | |
| Valuation | |
| As at 01 December 2023 |
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| Disposals | (571,870) |
| As at 31 December 2024 |
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Investments in subsidiaries
| 31.12.2024 | |
| £ | |
| Cost | |
| At 01 December 2023 |
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| Disposals | (
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| At 31 December 2024 |
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| Carrying value at 31 December 2024 |
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| Carrying value at 30 November 2023 |
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Investments in shares
| Name of entity | Registered office | Principal activity | Class of shares |
Ownership 31.12.2024 |
Ownership 30.11.2023 |
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Foundry Park Lows Lane, Stanton-By-Dale, Ilkeston, Derbyshire, DE7 4QU | Construction of civil engineering projects |
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Lows Lane, Stanton-By-Dale, Ilkeston, United Kingdom, DE7 4QU | Real estate |
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| 31.12.2024 | 30.11.2023 | ||
| £ | £ | ||
| Trade debtors |
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| Amounts owed by related parties |
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| Other debtors |
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| 31.12.2024 | 30.11.2023 | ||
| £ | £ | ||
| Cash at bank and in hand |
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| 31.12.2024 | 30.11.2023 | ||
| £ | £ | ||
| Trade creditors |
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| Taxation and social security |
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| Other creditors |
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Amounts owed to Group undertakings are repayable on demand and do not bear interest.
| 31.12.2024 | 30.11.2023 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
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Transactions with the entity's directors
| 31.12.2024 | 30.11.2023 | ||
| £ | £ | ||
| Amounts owed to directors | 5,976,807 | 4,496,807 |
The above loan is unsecured, interest-free and repayable on demand.
Other related party transactions
| 31.12.2024 | 30.11.2023 | ||
| £ | £ | ||
| Amounts owed to related parties | 0 | 1,580,822 | |
| Amounts owed from related parties | 3,764,000 | 2,426,000 |
The above loans are unsecured, interest-free and repayable on demand.