Norwich Finance Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08924492 (England and Wales)

Norwich Finance Limited

Financial Statements

For The Year Ended

30th September 2020

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

to

5

DIRECTORS:

J Z G Dewinter

R E Udy

REGISTERED OFFICE:

Acre House

11-15 William Road

London

NW1 3ER

REGISTERED NUMBER:

08924492 (England and Wales)

AUDITORS:

Haines Watts

Statutory Auditor

8 Hopper Way

Diss

Norfolk

IP22 4GT

FIXED ASSETS

Investments

4

2

1

CURRENT ASSETS

Debtors

5

9,010,680

7,189,837

Cash at bank

34,023

44,739

9,044,703

7,234,576

CREDITORS

Amounts falling due within one year

6

8,998,657

7,188,610

NET CURRENT ASSETS

46,046

45,966

TOTAL ASSETS LESS CURRENT LIABILITIES

46,048

45,967

CAPITAL AND RESERVES

Called up share capital

7

100

100

Retained earnings

45,948

45,867

SHAREHOLDERS' FUNDS

46,048

45,967

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 19th March 2021 and were signed on its behalf by:

R E Udy - Director

1.	STATUTORY INFORMATION

Norwich Finance 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. In particular, in response to the COVID-19 pandemic, the Directors have tested their cash flow analysis to take into account the impact on their business of possible scenarios brought on by the impact of COVID-19, alongside the measures that they can take to mitigate the impact. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

Turnover

Turnover is measured at the fair value of the consideration received or receivable excluding discounts and rebates.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 2 ) .

4.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1st October 2019

1

Additions

1

At 30th September 2020

2

NET BOOK VALUE

At 30th September 2020

2

At 30th September 2019

1

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Amounts owed by group undertakings

-

43,987

Loans with borrowers

8,629,695

6,815,998

Other debtors

205,131

286,591

Prepayments

175,854

43,261

9,010,680

7,189,837

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

2,532

-

Amounts owed to group undertakings

8,989,304

7,178,438

Taxation and social security

19

4,243

Other creditors

6,802

5,929

8,998,657

7,188,610

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

100

Ordinary

£1

100

100

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

The Report of the Auditors was unqualified.

Simonetta Castellano FCA (Senior Statutory Auditor)

for and on behalf of Haines Watts

9.	RELATED PARTY DISCLOSURES

10.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Winterton Capital Limited.