Norway Dock Realty Ltd |
Notes to the Accounts |
for the year ended 31 December 2022 |
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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The Company has no income or expenditure in its own right. All transactions in the year relate to maintenance of the common parts in accordance with the lease. Income and expenditure arising from these transactions is shown in separate service charge accounts for the Norway Dock Estate that do not form part of annual accounts of the Company and are not filed at Companies House. All service charge monies received from the residents of the Norway Dock Estate at Finland Street, Plover Way, and Norway Gate, London, are held on trust for the residents. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Freehold of the Estate common areas |
over 0 years |
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The residual value of the Freehold of the Estate common areas is deemed to be equal to, or exceeds, its current carrying value, and therefore the depreciation for the year was £Nil |
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In accordance with FRS102 the freehold of the estate common areas has been treated as property plant and equipment. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. There is no Corporation Tax payable based on the result for the year (2021: No Corporation Tax payable) |
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2 |
Employees |
2022 |
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2021 |
Number |
Number |
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Average number of persons employed by the company |
0 |
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0 |
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3 |
Tangible fixed assets |
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Freehold of the Estate |
£ |
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Cost |
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At 1 January 2022 |
1 |
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At 31 December 2022 |
1 |
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Depreciation |
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At 31 December 2022 |
- |
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Net book value |
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At 31 December 2022 |
1 |
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At 31 December 2021 |
1 |
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Freehold land and buildings: |
2022 |
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2021 |
£ |
£ |
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Historical cost |
1 |
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1 |
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Cumulative depreciation based on historical cost |
- |
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- |
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1 |
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1 |
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This represents the freehold reversion in the common areas of the development known as Norway Dock Estate at Finland Street, Plover Way, and Norway Gate, London, stated at cost. |
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4 |
Cash at bank and in hand |
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The Limited Company does not have a separate bank account to hold the funds only belonging to Norway Dock Realty Limited, instead these monies are combined with the service charge trust bank balance. |
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5 |
Service Charge Surplus and Reserves held on Trust |
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The service charge surplus and reserves are held on trust for tenants, and thus no longer included within Norway Dock Realty Limited balance sheet. |
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6 |
Tech 03/11 |
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In accordance with Tech 03/11, guidance issued by the Institute of Chartered Accountants in England and Wales, the net service charge assets and reserves which are held under trust on behalf of the owners are shown in a separate service charge accounts balance sheet. Thus the assets owned by the company are distinguished from those held on trust for the owners. |
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7 |
Norway Dock Realty Service Charge Accounts |
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Norway Dock Realty manages the common parts of the Estate known as Norway Dock. During the year ending 31st December 2022 it became apparent that when Norway Dock Realty was formed in 1997 that the contractual documentation does not accurately reflect the management and maintenance of the Estate by Norway Dock Realty. This is currently being investigated to seek a resolution going forward and for Norway Dock Realty to be appointed as the contractual agent to maintain the common parts of the Estate. Whilst this matter is being looked into only essential services impacting upon safety issues are being dealt with for the Estate and thus the annual Service Charge Accounts have not been prepared. |
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8 |
Other information |
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Norway Dock Realty Ltd is a private company limited by shares and incorporated in England and Wales. Its registered office is: |
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The Old Bank |
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Beaufort Street |
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Crickhowell |
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Powys |
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NP8 1AD |