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Unaudited Financial Statements for the Year Ended 31 March 2020 |
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Norfolk Cedar Developments Limited |
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Unaudited Financial Statements for the Year Ended 31 March 2020 |
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for |
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Norfolk Cedar Developments Limited |
Norfolk Cedar Developments Limited (Registered number: 09505433) |
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Contents of the Financial Statements |
for the year ended 31 March 2020 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Norfolk Cedar Developments Limited |
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Company Information |
for the year ended 31 March 2020 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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15 Palace Street |
NORWICH |
Norfolk |
NR3 1RT |
Norfolk Cedar Developments Limited (Registered number: 09505433) |
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Balance Sheet |
31 March 2020 |
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2020 | 2019 |
Notes | £ | £ |
CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS/(LIABILITIES) |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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The directors acknowledge their 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. |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Norfolk Cedar Developments Limited (Registered number: 09505433) |
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Notes to the Financial Statements |
for the year ended 31 March 2020 |
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1. | STATUTORY INFORMATION |
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Norfolk Cedar Developments Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Going Concern |
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While the accounts show a negative reserves position, this is due to the way stock is valued at cost and in the opinion of the Directors the open market value is in excess of the deficit in reserves and they therefore consider it appropriate to prepare the accounts on a going concern basis. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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Stocks |
Stock & WIP (work in progress) are valued at the lower of cost and net realisable value. |
WIP includes all costs that are directly attributable to the property developments including any services and professional fees. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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Norfolk Cedar Developments Limited (Registered number: 09505433) |
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Notes to the Financial Statements - continued |
for the year ended 31 March 2020 |
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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 April 2019 |
and 31 March 2020 |
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DEPRECIATION |
At 1 April 2019 |
and 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade creditors |
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Other creditors |
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7. | RELATED PARTY DISCLOSURES |
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At the year end a balance of £751,675 was due to Crane & Sons Ltd which is a 50% Shareholder in the company (2019- £1,373,969). The loan is repayable on demand and secured against a property held within the company. |