Norgrave Property Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07697756 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2020

for

Norgrave Property Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

A N Purslow

REGISTERED OFFICE:

The Long House

Scures Hill

Hook

Hampshire

RG27 9JR

REGISTERED NUMBER:

07697756 (England and Wales)

ACCOUNTANTS:

Lane Monnington Welton

Chartered Accountants

Riverside View

Basing Road

Old Basing

Basingstoke

Hampshire

RG24 7AL

FIXED ASSETS

Tangible assets

4

18,320

1,056

Investment property

5

3,978,959

3,978,959

3,997,279

3,980,015

CURRENT ASSETS

Debtors

6

-

3,396

Cash at bank

1,952,519

2,207,454

1,952,519

2,210,850

CREDITORS

Amounts falling due within one year

7

2,456,935

2,810,518

NET CURRENT LIABILITIES

(504,416

)

(599,668

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,492,863

3,380,347

PROVISIONS FOR LIABILITIES

9

3,481

-

NET ASSETS

3,489,382

3,380,347

CAPITAL AND RESERVES

Called up share capital

10

1

1

Retained earnings

3,489,381

3,380,346

SHAREHOLDERS' FUNDS

3,489,382

3,380,347

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 21 January 2021 and were signed by:

A N Purslow - Director

1.	STATUTORY INFORMATION

Norgrave Property 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 represents rental income which is accounted for on a receivable basis, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on cost

Fixtures and fittings

-

33% on cost

Motor vehicles

-

25% on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments

Debtors and creditors payable/receivable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price, including transaction costs. Subsequently they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

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, adjusted for indexation where applicable.

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.

Impairment

Assets not measured at fair value are reviewed for any indication that an asset may be impaired at each balance sheet date. The directors review the carrying amount of the relevant assets and compare them to their market values and recoverable amounts. Where the carrying amount exceeds this, an impairment loss is recognised in profit or loss, unless the asset is carried at a revalued amount, where the impairment loss is a revaluation decrease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2019 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 January 2020

760

2,007

-

2,767

Additions

-

-

18,509

18,509

At 31 December 2020

760

2,007

18,509

21,276

DEPRECIATION

At 1 January 2020

380

1,331

-

1,711

Charge for year

190

669

386

1,245

At 31 December 2020

570

2,000

386

2,956

NET BOOK VALUE

At 31 December 2020

190

7

18,123

18,320

At 31 December 2019

380

676

-

1,056

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2020

and 31 December 2020

3,978,959

NET BOOK VALUE

At 31 December 2020

3,978,959

At 31 December 2019

3,978,959

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Other debtors

-

3,396

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Taxation and social security

47,359

62,190

Other creditors

2,409,576

2,748,328

2,456,935

2,810,518

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.20

31.12.19

£

£

Directors current account

2,173,576

2,464,328

The directors current account is secured by a charge and debenture on the investment property held by the company.

9.	PROVISIONS FOR LIABILITIES

31.12.20

31.12.19

£

£

Deferred tax

Accelerated capital allowances

3,481

-

Deferred

tax

£

Provided during year

3,481

Revaluation of property

Balance at 31 December 2020

3,481

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.20

31.12.19

value:

£

£

1

Ordinary

£1

1

1

11.	RELATED PARTY DISCLOSURES

At the year end the company owed £2,173,576 (2019: £2,464,328) to the director.