Company registration number 02744288 (England and Wales)
8 NORFOLK TERRACE RESIDENTS MANAGEMENT COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 25 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
8 NORFOLK TERRACE RESIDENTS MANAGEMENT COMPANY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
8 NORFOLK TERRACE RESIDENTS MANAGEMENT COMPANY LIMITED
BALANCE SHEET
AS AT
25 MARCH 2025
25 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
3,250
3,250
Current assets
Debtors
5
17,075
6,533
Cash at bank and in hand
4,379
8,919
21,454
15,452
Creditors: amounts falling due within one year
7
(21,444)
(15,442)
Net current assets
10
10
Total assets less current liabilities
3,260
3,260
Creditors: amounts falling due after more than one year
6
(3,250)
(3,250)
Net assets
10
10
Capital and reserves
Called up share capital
8
10
10

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 25 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 25 March 2026 and are signed on its behalf by:
E Mitchels
Director
Company registration number 02744288 (England and Wales)
8 NORFOLK TERRACE RESIDENTS MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 25 MARCH 2025
- 2 -
1
Accounting policies
Company information

8 Norfolk Terrace Residents Management Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is Amelia House, Crescent Road, Worthing, West Sussex, BN11 1RL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents monies receivable by the company from lessees during the year in order to meet expenditure incurred on the company's freehold property, in accordance with the provisions of Section 42 of the Landlord and Tenant Act 1987.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Included at cost in tangible fixed assets is the freehold interest of 8 Norfolk Terrace, Brighton, East Sussex, BN 1 3AD which is not depreciated or revalued.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares 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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

8 NORFOLK TERRACE RESIDENTS MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 25 MARCH 2025
- 3 -
2
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

The average monthly number of persons (including directors) employed by the company during the year was 0 (2024 - 0).

4
Tangible fixed assets
Land and buildings
£
Cost
At 26 March 2024 and 25 March 2025
3,250
Depreciation and impairment
At 26 March 2024 and 25 March 2025
-
0
Carrying amount
At 25 March 2025
3,250
At 25 March 2024
3,250

The company purchased the freehold tenure of the property known as 8 Norfolk Terrace, Brighton, East Sussex, BN1 3AD on behalf of the Lessees of the flats contained within that property. The Lessees also own the entire share capital of the company between them.

Cost represents the freehold reversion in the land and buildings at 8 Norfolk Terrace, Brighton, East Sussex, BN 1 3AD, stated at cost.

5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Other debtors
1,814
-
0
Prepayments and accrued income
15,261
6,533
17,075
6,533
8 NORFOLK TERRACE RESIDENTS MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 25 MARCH 2025
- 4 -
6
Creditors: amounts falling due after more than one year
2025
2024
£
£
Other creditors
3,250
3,250

As disclosed in note 4, the company purchased the freehold interest of the property known as 8 Norfolk Terrace, Brighton, East Sussex, BN1 3AD. The amount shown above for Creditors: amounts due after more than one year, represents amounts paid to the company to finance this transaction. In the opinion of the directors, these amounts will not be repaid in the foreseeable future.

7
Creditors: amounts falling due within one year
2025
2024
£
£
Other creditors
19,499
14,574
Accruals and deferred income
1,945
868
21,444
15,442
8
Called up share capital
2025
2024
£
£
Ordinary share capital
Issued and fully paid
10 Ordinary shares of £1 each
10
10
9
Financial commitments, guarantees and contingent liabilities

The company contracts with third parties in its name for the supply to the property for the maintenance of the common parts in accordance with the terms of the lease. At 25 March 2025, the company had not entered into any non-cancellable contractual commitments (2024 - £nil).

10
Controlling party

The directors are of the opinion that no one person has ultimate control of the company, by virtue of the fact that there are ten members, each holding equal voting rights.

11
Directors' transactions

The company is in existence to administer the property known as 8 Norfolk Terrace, Brighton, East Sussex, BN1 3AD on behalf of its members. The members are all leaseholders of the flats contained in that property.

All contributions receivable by the company are contributed by its members in order to meet expenditure incurred by the property.

At the balance sheet date, lessees were owed amounts totalling £19,498 (2024 - £14,575) by the company, whilst other lessees owed £1,814 (2024 - £nil) to the company.

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