NORMIC DEVELOPMENT COMPANY LIMITED

NORMIC DEVELOPMENT COMPANY LIMITED

NORMIC DEVELOPMENT COMPANY LIMITED - Company Information

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NORMIC DEVELOPMENT COMPANY LIMITED

Company Registration Number:
00483640 (England and Wales)

Unaudited abridged accounts for the year ended 30 April 2021

Period of accounts

Start date: 01 May 2020

End date: 30 April 2021

NORMIC DEVELOPMENT COMPANY LIMITED

Contents of the Financial Statements

for the Period Ended 30 April 2021

Balance sheet
Notes

NORMIC DEVELOPMENT COMPANY LIMITED

Balance sheet

As at 30 April 2021


Notes
2021
2020


£
£
Fixed assets
Tangible assets: 3 2,147,398 2,947,998
Investments: 4 6,837,600 3,336,162
Total fixed assets: 8,984,998 6,284,160
Current assets
Cash at bank and in hand: 1,505,306 1,537,663
Total current assets: 1,505,306 1,537,663
Creditors: amounts falling due within one year:   (679,853) (283,386)
Net current assets (liabilities): 825,453 1,254,277
Total assets less current liabilities: 9,810,451 7,538,437
Provision for liabilities: (402,101) (322,231)
Total net assets (liabilities): 9,408,350 7,216,206
Capital and reserves
Called up share capital: 47,600 47,600
Profit and loss account: 9,360,750 7,168,606
Shareholders funds: 9,408,350 7,216,206

The notes form part of these financial statements

NORMIC DEVELOPMENT COMPANY LIMITED

Balance sheet statements

For the year ending 30 April 2021 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 21 July 2021
and signed on behalf of the board by:

Name: J N Healey
Status: Director

The notes form part of these financial statements

NORMIC DEVELOPMENT COMPANY LIMITED

Notes to the Financial Statements

for the Period Ended 30 April 2021

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

NORMIC DEVELOPMENT COMPANY LIMITED

Notes to the Financial Statements

for the Period Ended 30 April 2021

2. Employees

2021 2020
Average number of employees during the period 2 2

NORMIC DEVELOPMENT COMPANY LIMITED

Notes to the Financial Statements

for the Period Ended 30 April 2021

3. Tangible Assets

Total
Cost £
At 01 May 2020 2,959,295
Disposals (16,830)
Revaluations (783,170)
At 30 April 2021 2,159,295
Depreciation
At 01 May 2020 11,297
Charge for year 600
At 30 April 2021 11,897
Net book value
At 30 April 2021 2,147,398
At 30 April 2020 2,947,998

Freehold property is made up of a cost of £661,847.64 and revaluation of £1,483,152. The revaluation is based on directors valuation of the companies land & building at the balance sheet date.

NORMIC DEVELOPMENT COMPANY LIMITED

Notes to the Financial Statements

for the Period Ended 30 April 2021

4. Fixed investments

Investment includes an amount of £663,168.19 revaluation (2020: £1,413,206.83) which is related to devaluation of market value of the share investment at the balance sheet date.

NORMIC DEVELOPMENT COMPANY LIMITED

Notes to the Financial Statements

for the Period Ended 30 April 2021

5. Related party transactions

Name of the related party: J N Healey
Relationship:
Director
Description of the Transaction: At the balance sheet date, the company owed £90,000 (2020: £90,000) to J N Healey. These are interest bearing loans at a rate of interest of 10% per annum, repayable on demand.
£
Balance at 01 May 2020 90,000
Balance at 30 April 2021 90,000