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REGISTERED NUMBER: 05804999 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

FOR

NORCROM PROPERTY DEVELOPMENTS LIMITED

NORCROM PROPERTY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 05804999)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024




Page

Balance Sheet 1

Notes to the Financial Statements 2


NORCROM PROPERTY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 05804999)

BALANCE SHEET
31 JULY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 - 57

CURRENT ASSETS
Stocks 251,379 344,212
Debtors 5 7,938 3,933
Cash at bank 12,247 2,128
271,564 350,273
CREDITORS
Amounts falling due within one year 6 67,630 148,372
NET CURRENT ASSETS 203,934 201,901
TOTAL ASSETS LESS CURRENT
LIABILITIES

203,934

201,958

CREDITORS
Amounts falling due after more than one
year

7

168,159

182,453
NET ASSETS 35,775 19,505

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 10 35,675 19,405
SHAREHOLDERS' FUNDS 35,775 19,505

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 July 2025 and were signed on its behalf by:





Mrs L O Holbrook - Director


NORCROM PROPERTY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 05804999)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1. STATUTORY INFORMATION

Norcrom Property Developments Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 05804999

Registered office: 7 South Street
Sheringham
Norfolk
NR26 8LL

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of goods, excluding value added tax. Sales are recognised on exchange of legally binding contracts provided that, if the exchange is conditional, all material conditions of the contractual obligations of the contract with the purchaser have been satisfied shortly thereafter.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 33% on cost, 25% on cost and 20% on cost

Stocks and work in progress
Work in progress is valued at the lower of cost and net realisable value. The net development outgoings attributable to properties held for development and sales are added to the cost of such properties. Interest payable which is directly attributable to a development is also included within work in progress.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

NORCROM PROPERTY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 05804999)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 August 2023 18,667
Disposals (718 )
At 31 July 2024 17,949
DEPRECIATION
At 1 August 2023 18,610
Charge for year 57
Eliminated on disposal (718 )
At 31 July 2024 17,949
NET BOOK VALUE
At 31 July 2024 -
At 31 July 2023 57

Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows:

Plant and
machinery
etc
£   
COST
At 1 August 2023 15,015
Transfer to ownership (15,015 )
At 31 July 2024 -
DEPRECIATION
At 1 August 2023 15,015
Transfer to ownership (15,015 )
At 31 July 2024 -
NET BOOK VALUE
At 31 July 2024 -
At 31 July 2023 -

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 6,400 -
Other debtors 1,538 3,933
7,938 3,933

NORCROM PROPERTY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 05804999)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 16,400 15,977
Taxation and social security 15,227 12,174
Other creditors 36,003 120,221
67,630 148,372

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 168,159 182,453

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 126,058 133,046

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 184,559 198,430

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
50 Ordinary 'A' £1 50 50
50 Ordinary 'B' £1 50 50
100 100

10. RESERVES
Retained
earnings
£   

At 1 August 2023 19,405
Profit for the year 41,270
Dividends (25,000 )
At 31 July 2024 35,675

NORCROM PROPERTY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 05804999)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 July 2024 and 31 July 2023:

2024 2023
£    £   
Mrs L O Holbrook and Mr M A Holbrook
Balance outstanding at start of year 2,118 6,765
Amounts advanced 73,602 55,665
Amounts repaid (83,097 ) (60,312 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (7,377 ) 2,118

Interest of £82 (2023 - £136) was charged on the above directors loan balance at agreed H M Revenue & Customs rates.

12. OTHER RELATED PARTY TRANSACTIONS

During the year ended 31 March 2008, the company received a loan from J.S. P. Leisure Ltd. Interest had been charged on this loan at a rate of 4%. The outstanding loan balance of £92,833 was written-off by J. S. P. Leisure Ltd and has been reflected in these accounts.

13. ULTIMATE CONTROLLING PARTY

The company is controlled jointly by Mr M A Holbrook and Mrs L O Holbrook.