Norton and Company Property Asset Management LLP Filleted accounts for Companies House (small and micro)

REGISTERED NUMBER: OC438634

NORTON AND COMPANY PROPERTY ASSET MANAGEMENT LLP

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 March 2026

NORTON AND COMPANY PROPERTY ASSET MANAGEMENT LLP

STATEMENT OF FINANCIAL POSITION

31 March 2026

	2026	2025
Note	£	£

Fixed assets

Tangible assets	5	977	1,646

Current assets

Debtors	6	164	12,832
Cash at bank and in hand		74,411	66,892
		------------	------------
		74,575	79,724

Creditors: amounts falling due within one year	7	( 19,442)	( 12,342)
		------------	------------
Net current assets		55,133	67,382
		------------	------------
Total assets less current liabilities		56,110	69,028
		------------	------------
Net assets		56,110	69,028
		------------	------------

Represented by:

Loans and other debts due to members

Other amounts	8	56,110	69,028
		------------	------------

Members' other interests

Other reserves	–	–
	------------	------------
	56,110	69,028
	------------	------------

Total members' interests

Loans and other debts due to members	8	56,110	69,028
Members' other interests		–	–
		------------	------------
		56,110	69,028
		------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.

For the year ending 31 March 2026 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small LLPs.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .

NORTON AND COMPANY PROPERTY ASSET MANAGEMENT LLP

STATEMENT OF FINANCIAL POSITION (continued)

31 March 2026

These financial statements were approved by the members and authorised for issue on 14 July 2026 , and are signed on their behalf by:

D M Norton	Dove Haigh Phillips LLP
Designated Member	Designated Member

Registered number: OC438634

NORTON AND COMPANY PROPERTY ASSET MANAGEMENT LLP

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2026

1.	General information

The LLP is registered in England and Wales. The address of the registered office is 11 Park Square East, Leeds, LS1 2NG.

2.	Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2021 (SORP 2021).

3.	Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is the total amount receivable for services provided during the period. Revenue is recognised when the right to consideration has been obtained through performance under each contract. Revenue in respect of conditional or contingent fee arrangements is recognised when the contingent event occurs.

Members' participation rights

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.

Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.

Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.

Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.

Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.

All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Office equipment	-	25% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Financial instruments

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 entity after deducting all of its financial liabilities.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

4.	Employee numbers

The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 3 (2025: 2 ).

5.	Tangible assets

	Office and computer equipment
	£
Cost
At 1 April 2025 and 31 March 2026	2,678
	------------
Depreciation
At 1 April 2025	1,032
Charge for the year	669
	------------
At 31 March 2026	1,701
	------------
Carrying amount
At 31 March 2026	977
	------------
At 31 March 2025	1,646
	------------

6.	Debtors

	2026	2025
	£	£
Trade debtors	50	11,100
Prepayments and accrued income	114	1,732
	------------	------------
	164	12,832
	------------	------------

7. Creditors: amounts falling due within one year

	2026	2025
	£	£
Accruals and deferred income	9,000	4,213
Social security and other taxes	10,442	8,129
	------------	------------
	19,442	12,342
	------------	------------

8.	Loans and other debts due to members

	2026	2025
	£	£
Amounts owed to members in respect of profits	56,110	69,028
	------------	------------

Represented by:

	2026	2025
	£	£
D M Norton
Balance brought forward at 1 April 2025	26,818	89,800
Profit share	14,646	19,666
Drawings	–	(82,648)
	------------	------------
Balance carried forward at 31 March 2026	41,464	26,818
	------------	------------

Dover Haigh Phillips LLP
Balance brought forward at 1 April 2025	42,210	22,544
Profit share	14,646	19,666
Drawings	(42,210)	–
	------------	------------
Balance carried forward at 31 March 2026	14,646	42,210
	------------	------------