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Company registration number: 04082812
Norfolk Flint Limtied
Trading as Norfolk Flint Limited
Unaudited filleted financial statements
31 March 2024
Norfolk Flint Limtied
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Norfolk Flint Limtied
Directors and other information
Director Adam Herculson
Secretary A J P Herculson
Company number 04082812
Registered office Office Building Barons Hall Farm
Barons Hall Lane
Fakenham
Norfolk
NR21 8HB
Business address Office Building Barons Hall Farm
Barons Hall Lane
Fakenham
Norfolk
NR21 8HB
Accountants i-Accounting Solutions Ltd
The Enterprise Centre
University of East Anglia
Norwich
Norfolk
NR4 7TJ
Norfolk Flint Limtied
Report to the director on the preparation of the
unaudited statutory financial statements of Norfolk Flint Limtied
Year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Norfolk Flint Limtied for the year ended 31 March 2024 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the director of Norfolk Flint Limtied, as a body, in accordance with the terms of our engagement letter dated 17 August 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Norfolk Flint Limtied and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Norfolk Flint Limtied and its director as a body for our work or for this report.
It is your duty to ensure that Norfolk Flint Limtied has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Norfolk Flint Limtied. You consider that Norfolk Flint Limtied is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Norfolk Flint Limtied. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
i-Accounting Solutions Ltd
Chartered Certified Accountant
The Enterprise Centre
University of East Anglia
Norwich
Norfolk
NR4 7TJ
18 November 2024
Norfolk Flint Limtied
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 73,931 85,999
_______ _______
73,931 85,999
Current assets
Stocks 907,779 204,500
Debtors:
Amounts falling due after more than one year 6 510,781 510,781
Amounts falling due within one year 6 2,875 393,173
Cash at bank and in hand 2 67,555
_______ _______
1,421,437 1,176,009
Creditors: amounts falling due
within one year 7 ( 535,419) ( 276,019)
_______ _______
Net current assets 886,018 899,990
_______ _______
Total assets less current liabilities 959,949 985,989
Creditors: amounts falling due
after more than one year 8 ( 12,654) ( 27,256)
Provisions for liabilities ( 18,069) ( 16,340)
_______ _______
Net assets 929,226 942,393
_______ _______
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 928,226 941,393
_______ _______
Shareholders funds 929,226 942,393
_______ _______
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 15 November 2024 , and are signed on behalf of the board by:
Adam Herculson
Director
Company registration number: 04082812
Norfolk Flint Limtied
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Office Building Barons Hall Farm, Barons Hall Lane, Fakenham, Norfolk, NR21 8HB.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is recognised on completion of agreed stages in the project as finalised with the client before work commences. The turnover is shown net of value added tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of capital allowances and depreciation timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade debtors, other debtors and creditors, loans from banks and other third parties and loans to related parties. Trade Debtors are shown at transaction value less provision for doubtful debts if appropriate. Other Debtors are shown at transaction value. Trade Creditors are shown at transaction value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2023: 6 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 272,382 26,232 31,457 330,071
Additions - 1,667 - 1,667
Disposals - - ( 8,715) ( 8,715)
_______ _______ _______ _______
At 31 March 2024 272,382 27,899 22,742 323,023
_______ _______ _______ _______
Depreciation
At 1 April 2023 201,770 14,481 27,821 244,072
Charge for the year 10,592 1,825 773 13,190
Disposals - - ( 8,170) ( 8,170)
_______ _______ _______ _______
At 31 March 2024 212,362 16,306 20,424 249,092
_______ _______ _______ _______
Carrying amount
At 31 March 2024 60,020 11,593 2,318 73,931
_______ _______ _______ _______
At 31 March 2023 70,612 11,751 3,636 85,999
_______ _______ _______ _______
6. Debtors
Debtors falling due within one year are as follows:
2024 2023
£ £
Trade debtors - 304,339
Other debtors 2,875 88,834
_______ _______
2,875 393,173
_______ _______
Debtors falling due after one year are as follows:
2024 2023
£ £
Other debtors 510,781 510,781
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 111,254 4,167
Trade creditors 123,880 123,567
Corporation tax 37,139 26,272
Social security and other taxes 118,078 111,651
Other creditors 145,068 10,362
_______ _______
535,419 276,019
_______ _______
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 12,654 27,256
_______ _______
9. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2024 2023 2024 2023
£ £ £ £
Koh Phanagan Island Properties - - 510,781 510,781
_______ _______ _______ _______
A J P Herculson is a director in and owns the entire share capital of a non-trading company Koh Phanagan Island Properties Limited registered in Thailand. The balance owed to Norfolk Flint Ltd in shown in long term debtors in the Balance Sheet.