REGISTERED NUMBER: 04950454 (England and Wales)

Financial Statements for the Year Ended 31 March 2025

for

Legislator 1657 Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M Brown

S P Hughes

SECRETARY:

Norfolk County Council - NPLAW

REGISTERED OFFICE:

City Hall

St Peter's Street

Norwich

Norfolk

NR2 1NH

REGISTERED NUMBER:

04950454 (England and Wales)

AUDITORS:

Shaw & Co (Norfolk) Ltd

Chartered Certified Accountants

Statutory Auditor

3 Colegate

Norwich

Norfolk

NR3 1BN

FIXED ASSETS

Investment property

4

8,848,800

8,383,500

CURRENT ASSETS

Debtors

5

10,571

5,662

Cash at bank

50,747

11,978

61,318

17,640

CREDITORS

Amounts falling due within one year

6

17,553

1,087,603

NET CURRENT ASSETS/(LIABILITIES)

43,765

(1,069,963

)

TOTAL ASSETS LESS CURRENT LIABILITIES

8,892,565

7,313,537

CREDITORS

Amounts falling due after more than one year

7

(4,083,017

)

(3,000,000

)

PROVISIONS FOR LIABILITIES

(1,632,133

)

(1,515,808

)

NET ASSETS

3,177,415

2,797,729

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

3,177,315

2,797,629

3,177,415

2,797,729

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 December 2025 and were signed on its behalf by:

M Brown - Director

1.	STATUTORY INFORMATION

Legislator 1657 Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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 as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure.

Subsequently it is measured at fair value at the reporting end date.

Changes in fair value are recognised in the Income Statement.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Going concern

The company does not have any external borrowings as any finance required is provided by the parent company, Legislator 1656 Limited, via an inter company loan account.

Legislator 1656 Limited has confirmed that it will continue to provide any financial support required for a period of at least twelve months from the date of signing these financial statements.

Accordingly, it remains appropriate to prepare the financial statements on a going concern basis.

Judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources.

The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2024 - NIL).

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2024

8,383,500

Revaluations

465,300

At 31 March 2025

8,848,800

NET BOOK VALUE

At 31 March 2025

8,848,800

At 31 March 2024

8,383,500

Fair value at 31 March 2025 is represented by:

£

Valuation in 2025

465,300

Valuation in 2024

(182,000

)

Valuation in 2023

689,400

Valuation in 2022

2,339,700

Valuation in 2020

3,216,132

Cost

2,320,268

8,848,800

If the investment properties had not been revalued they would have been included at the following historical cost:

31.3.25

31.3.24

£

£

Cost

2,320,268

2,320,268

Investment property comprises two separate sites adjacent to Norwich International Airport and was valued at market value.

The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 March 2025 by Liz MacDonald MRICS and Grant Brewer MRICS, NPS Property Consultants Limited.

In arriving at the valuation of the investment property the directors have been required to make a number of assumptions and estimates, including the area of land that is available for development, and the price per acre that can be achieved. Actual results may differ from these estimates.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade debtors

10,471

5,562

Other debtors

100

100

10,571

5,662

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade creditors

3,901

3,393

Taxation and social security

757

1,071,733

Other creditors

12,895

12,477

17,553

1,087,603

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.25

31.3.24

£

£

Other creditors

4,083,017

3,000,000

The loan from Legislator 1656 Limited is comprised of two separate amounts, £3,000,000 and £1,083,017.

Each loan is repayable on demand but the parent undertaking has confirmed in writing that it will not demand repayment within 12 months of the date that these financial statements have been signed.

Regarding the loan of £3,000,000 interest is payable each quarter on the loan at a rate of 2% above bank base rate. Additional interest at 3% above bank base rate is payable in the event that any interest payments are not made.

The parent undertaking has waived all interest charges for the year ended 31 March 2025 and the year ended 31 March 2024.

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Dominic Shaw (Senior Statutory Auditor)

for and on behalf of Shaw & Co (Norfolk) Ltd

9.	ULTIMATE CONTROLLING PARTY

Legislator 1657 Limited is a wholly owned subsidiary of Legislator 1656 Limited.

The directors of Legislator 1656 Limited consider there to be no ultimate controlling party by virtue of both Norfolk County Council and Norwich City Council each holding 50% of the voting share capital of Legislator 1656 Limited.