Norfolk Property Management and Lettings Limited
Norfolk Property Management and Lettings Limited
Registered number: 04977819
Financial Statements
For The Year Ended 28 February 2017
Norfolk Property Management and Lettings Limited
Unaudited Financial Statements
For The Year Ended 28 February 2017
Unaudited Financial Statements
| Contents | |
| Page | |
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| Balance Sheet | 1—2 |
| Statement of Changes in Equity | 3 |
| Notes to the Financial Statements | 4—8 |
Norfolk Property Management and Lettings Limited
Balance Sheet
As at
28 February 2017
Balance Sheet
Registered number:
04977819
For the year ending 28 February 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2017 | 2016 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Intangible Assets | 7 |
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| Tangible Assets | 8 |
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| CURRENT ASSETS | |||||
| Debtors | 9 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 10 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation | 11 |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 12 |
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| Profit and loss account |
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| SHAREHOLDERS' FUNDS | 233,999 | 212,900 | |||
Page 1
Norfolk Property Management and Lettings Limited
Balance Sheet (continued)
As at
28 February 2017
Director's responsibilities
-
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The Company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the Profit and Loss Account
On behalf of the board
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The notes on pages 4 to 8 form part of these financial statements.
Page 2
Norfolk Property Management and Lettings Limited
Statement of Changes in Equity
For The Year Ended 28 February 2017
Statement of Changes in Equity
| Share Capital | Profit & Loss Account | Total | |
|---|---|---|---|
| £ | £ | £ | |
| As at 1 March 2015 |
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175,004 |
| Profit for the year and total comprehensive income | - |
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62,896 |
| Dividends paid | - | (25,000) | (25,000) |
| As at 29 February 2016 and 1 March 2016 |
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212,900 |
| Profit for the year and total comprehensive income | - |
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66,099 |
| Dividends paid | - | (45,000) | (45,000) |
| As at |
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233,999 |
Page 3
Norfolk Property Management and Lettings Limited
Notes to the Unaudited Accounts
For The Year Ended 28 February 2017
Notes to the Unaudited Accounts
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
1.2.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
1.3.
Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account evenly over its estimated economic life of 20 years.
1.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Computer Equipment |
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1.5.
Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
1.6.
Deferred Taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.
1.7.
Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account. The notes which are not included have been hidden but original note numbering has remained the same for those that are present.
Page 4
Norfolk Property Management and Lettings Limited
Notes to the Unaudited Accounts (continued)
For The Year Ended 28 February 2017
4.
Average number of employees
Average number of employees, including directors, during the year was as follows:
| 2017 | 2016 | ||
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| Office and administration |
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7.
Intangible Assets
| Goodwill | |||
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| Cost | |||
| As at |
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| Amortisation | |||
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| Provided during the period |
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| As at |
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| Net Book Value | |||
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| As at |
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Page 5
Norfolk Property Management and Lettings Limited
Notes to the Unaudited Accounts (continued)
For The Year Ended 28 February 2017
8.
Tangible Assets
| Computer Equipment | |
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| £ | |
| Cost | |
| As at |
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| Additions |
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| Depreciation | |
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| Provided during the period |
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| Net Book Value | |
| As at |
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| As at |
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9.
Debtors
| 2017 | 2016 | ||
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
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| Other taxes and social security | - |
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Page 6
Norfolk Property Management and Lettings Limited
Notes to the Unaudited Accounts (continued)
For The Year Ended 28 February 2017
10.
Creditors: Amounts Falling Due Within One Year
| 2017 | 2016 | ||
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| £ | £ | ||
| Trade creditors |
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| Bank loans and overdrafts |
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| Corporation tax |
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| VAT |
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| Client Account |
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| Credit Card Account |
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| Accruals and deferred income |
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| Director's loan account |
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11.
Deferred Taxation
| 2017 | 2016 | ||
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| £ | £ | ||
| As at |
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| Deferred taxation |
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| Deferred tax |
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The provision for deferred taxation is made up of accelerated capital allowances
Page 7
Norfolk Property Management and Lettings Limited
Notes to the Unaudited Accounts (continued)
For The Year Ended 28 February 2017
13.
Other Commitments
At the end of the period the company had annual commitments under non-cancellable operating leases as follows:
| Land and buildings | Other | |||
|---|---|---|---|---|
| 2017 | 2016 | 2017 | 2016 | |
| £ | £ | £ | £ | |
| Leases due to expire | ||||
| Between 1 and 5 years | - | - | 1,300 | 1,400 |
| After 5 years | 3,850 | 3,850 | - | - |
| 3,850 | 3,850 | 1,300 | 1,400 | |
14.
Dividends
| 2017 | 2016 | ||
|---|---|---|---|
| £ | £ | ||
| On equity shares: | |||
| Interim dividend paid |
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| Final dividend paid |
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| 45,000 | 25,000 | ||
15.
Related Party Transactions
M R Claxton(Director)
(Director)
During the year the company received financial assistance from Mr Claxton. The loan was interest free and repayable on demand. At the balance sheet date the amount due to Mr Claxton was - £5,366 (2016- £40,789).
16.
Ultimate Controlling Party
The company is controlled by the director who owns 100% of the called up share capital in the company.
17.
General Information
Norfolk Property Management and Lettings Limited Registered number 04977819 is a limited by shares company incorporated in England & Wales. The Registered Office is Prospect House, 28 Great Melton Road, Norwich, Norfolk, NR9 3AB.
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