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REGISTERED NUMBER: SC361880 (Scotland)













GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

NORFRAN LIMITED

NORFRAN LIMITED (REGISTERED NUMBER: SC361880)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Consolidated Income Statement 7

Consolidated Other Comprehensive Income 8

Consolidated Balance Sheet 9

Company Balance Sheet 10

Consolidated Statement of Changes in Equity 11

Company Statement of Changes in Equity 12

Consolidated Cash Flow Statement 13

Notes to the Consolidated Cash Flow Statement 14

Notes to the Consolidated Financial Statements 15


NORFRAN LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: D K Stirrat
S Devlin



SECRETARY: G L Watt



REGISTERED OFFICE: 121 Barfillan Drive
Glasgow
Scotland
G52 1BH



REGISTERED NUMBER: SC361880 (Scotland)



AUDITORS: Bannerman Johnstone Maclay
Chartered Accountants
and Statutory Auditor
213 St Vincent Street
Glasgow
G2 5QY



BANKERS: The Royal Bank of Scotland plc
23 Sauchiehall Street
Glasgow
G2 3AD

NORFRAN LIMITED (REGISTERED NUMBER: SC361880)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024


The directors present their strategic report of the company and the group for the year ended 30 June 2024.

The principal activity of the group in the year under review was that of precision aluminium and zinc diecasters and plastic injection moulding specialists. During the year the company also acted as holding company for the group. No significant change in the nature of these activities occurred during the year.

REVIEW OF BUSINESS
The directors are satisfied with the results for the year with the group continuing to be profitable. The directors remain confident that the group is well positioned to take advantage of the opportunities that may arise to expand the business in the future.

PRINCIPAL RISKS AND UNCERTAINTIES
During the forthcoming year the board considers the principal risks and uncertainties affecting the group to be:

-Competition in the market
-Managing the impact of inflation on our suppliers and customers
-The exposure to commodity price risk

Having considered the risks to the business, the board are of the opinion that the group can respond to and mitigate the impact of these risks and uncertainties.

KEY PERFORMANCE INDICATORS
Given the straightforward nature of the business of the group, the directors are of the opinion that analysis using key performance indicators is not necessary for an understanding of the development, performance or position of the business.

ON BEHALF OF THE BOARD:





D K Stirrat - Director


26 March 2025

NORFRAN LIMITED (REGISTERED NUMBER: SC361880)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 JUNE 2024


The directors present their report with the financial statements of the company and the group for the year ended 30 June 2024.

DIVIDENDS
No dividends will be distributed for the year ended 30 June 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report.

D K Stirrat
S Devlin

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Bannerman Johnstone Maclay, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





D K Stirrat - Director


26 March 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
NORFRAN LIMITED


Opinion
We have audited the financial statements of Norfran Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30 June 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
NORFRAN LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- We obtained an understanding of the legal and regulatory frameworks applicable to the group and the parent
company and the sector in which they operate. We determined that the following laws and regulations were the
most significant: the Companies Act 2006 and UK corporate taxation laws.
- We obtained an understanding of how the group and the parent company is complying with those legal and
regulatory frameworks by making enquires to the management.
- We assessed the susceptibility of the group's and the parent company's financial statements to material
misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:

- identifying and assessing the design and effectiveness of controls management has in place to prevent and
detect fraud;

- understanding how those charged with governance considered and addressed the potential for override of
controls or other inappropriate influence over the financial reporting process;
- challenging assumptions and judgements made by management in its significant accounting estimates;

- identifying and testing journal entries, in particular any journal entries posted with unusual accounting
combinations; and
- assessing the extent of compliance with relevant laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
NORFRAN LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Douglas Paton BSc CA (Senior Statutory Auditor)
for and on behalf of Bannerman Johnstone Maclay
Chartered Accountants
and Statutory Auditor
213 St Vincent Street
Glasgow
G2 5QY

26 March 2025

NORFRAN LIMITED (REGISTERED NUMBER: SC361880)

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024

2024 2023
Notes £    £   

TURNOVER 3 11,276,726 11,552,312

Cost of sales 9,435,791 9,593,745
GROSS PROFIT 1,840,935 1,958,567

Administrative expenses 1,699,043 1,860,557
OPERATING PROFIT 5 141,892 98,010


Interest payable and similar expenses 6 13,502 19,950
PROFIT BEFORE TAXATION 128,390 78,060

Tax on profit 7 40,058 16,484
PROFIT FOR THE FINANCIAL YEAR 88,332 61,576
Profit attributable to:
Owners of the parent 88,332 61,576

NORFRAN LIMITED (REGISTERED NUMBER: SC361880)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 88,332 61,576


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

88,332

61,576

Total comprehensive income attributable to:
Owners of the parent 88,332 61,576

NORFRAN LIMITED (REGISTERED NUMBER: SC361880)

CONSOLIDATED BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 141,466 153,255
Tangible assets 10 2,977,969 3,153,465
Investments 11 - -
3,119,435 3,306,720

CURRENT ASSETS
Stocks 12 708,976 769,338
Debtors 13 1,993,563 3,328,015
Cash at bank and in hand 1,297,449 864,573
3,999,988 4,961,926
CREDITORS
Amounts falling due within one year 14 1,908,130 3,036,202
NET CURRENT ASSETS 2,091,858 1,925,724
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,211,293

5,232,444

CREDITORS
Amounts falling due after more than one
year

15

(174,609

)

(324,150

)

PROVISIONS FOR LIABILITIES 17 (467,735 ) (427,677 )
NET ASSETS 4,568,949 4,480,617

CAPITAL AND RESERVES
Called up share capital 18 100 100
Retained earnings 19 4,568,849 4,480,517
SHAREHOLDERS' FUNDS 4,568,949 4,480,617

The financial statements were approved by the Board of Directors and authorised for issue on 26 March 2025 and were signed on its behalf by:





D K Stirrat - Director


NORFRAN LIMITED (REGISTERED NUMBER: SC361880)

COMPANY BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 2,859,721 3,029,729
Investments 11 418,634 418,634
3,278,355 3,448,363

CURRENT ASSETS
Stocks 12 646,780 699,368
Debtors 13 1,932,379 3,266,493
Cash at bank and in hand 1,240,364 814,387
3,819,523 4,780,248
CREDITORS
Amounts falling due within one year 14 1,824,221 2,927,566
NET CURRENT ASSETS 1,995,302 1,852,682
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,273,657

5,301,045

CREDITORS
Amounts falling due after more than one
year

15

(174,609

)

(324,150

)

PROVISIONS FOR LIABILITIES 17 (441,287 ) (400,541 )
NET ASSETS 4,657,761 4,576,354

CAPITAL AND RESERVES
Called up share capital 18 100 100
Retained earnings 19 4,657,661 4,576,254
SHAREHOLDERS' FUNDS 4,657,761 4,576,354

Company's profit for the financial year 81,407 39,495

The financial statements were approved by the Board of Directors and authorised for issue on 26 March 2025 and were signed on its behalf by:





D K Stirrat - Director


NORFRAN LIMITED (REGISTERED NUMBER: SC361880)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 July 2022 100 4,418,941 4,419,041

Changes in equity
Total comprehensive income - 61,576 61,576
Balance at 30 June 2023 100 4,480,517 4,480,617

Changes in equity
Total comprehensive income - 88,332 88,332
Balance at 30 June 2024 100 4,568,849 4,568,949

NORFRAN LIMITED (REGISTERED NUMBER: SC361880)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 July 2022 100 4,536,759 4,536,859

Changes in equity
Total comprehensive income - 39,495 39,495
Balance at 30 June 2023 100 4,576,254 4,576,354

Changes in equity
Total comprehensive income - 81,407 81,407
Balance at 30 June 2024 100 4,657,661 4,657,761

NORFRAN LIMITED (REGISTERED NUMBER: SC361880)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 862,179 119,170
Interest element of hire purchase payments
paid

(13,502

)

(19,950

)
Tax paid (10,181 ) (10,766 )
Net cash from operating activities 838,496 88,454

Cash flows from investing activities
Purchase of tangible fixed assets (332,629 ) (318,820 )
Sale of tangible fixed assets 92,055 708
Net cash from investing activities (240,574 ) (318,112 )

Cash flows from financing activities
Capital repayments in year (165,046 ) (230,184 )
Net cash from financing activities (165,046 ) (230,184 )

Increase/(decrease) in cash and cash equivalents 432,876 (459,842 )
Cash and cash equivalents at beginning of
year

2

864,573

1,324,415

Cash and cash equivalents at end of year 2 1,297,449 864,573

NORFRAN LIMITED (REGISTERED NUMBER: SC361880)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit before taxation 128,390 78,060
Depreciation charges 427,859 423,856
Profit on disposal of fixed assets - (708 )
Finance costs 13,502 19,950
569,751 521,158
Decrease/(increase) in stocks 60,362 (130,702 )
Decrease/(increase) in trade and other debtors 1,334,452 (1,167,242 )
(Decrease)/increase in trade and other creditors (1,102,386 ) 895,956
Cash generated from operations 862,179 119,170

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 June 2024
30.6.24 1.7.23
£    £   
Cash and cash equivalents 1,297,449 864,573
Year ended 30 June 2023
30.6.23 1.7.22
£    £   
Cash and cash equivalents 864,573 1,324,415


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.7.23 Cash flow At 30.6.24
£    £    £   
Net cash
Cash at bank and in hand 864,573 432,876 1,297,449
864,573 432,876 1,297,449
Debt
Finance leases (489,195 ) 165,046 (324,149 )
(489,195 ) 165,046 (324,149 )
Total 375,378 597,922 973,300

NORFRAN LIMITED (REGISTERED NUMBER: SC361880)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024


1. STATUTORY INFORMATION

Norfran Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


Monetary amounts in these financial statements are rounded to the nearest £.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The group and separate financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The consolidated and separate financial statements have been prepared under the historical cost convention.

Basis of consolidation
The group financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 June each year. The results of subsidiaries acquired or sold are consolidated for the periods from or up to the date on which control passed. Acquisitions are accounted for under the acquisition method.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Critical accounting judgements and key sources of estimation uncertainty
Preparation of the financial statements requires management to make significant judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the statement of financial position date and the amounts reported for revenues and expenses during the period. However, the nature of estimation means that actual outcomes could differ from those estimates.

The following judgement had a significant effect on the amounts recognised in the financial statements:

Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the useful economic lives and residual values of the assets. Useful lives and residual values are reassessed annually. They are assessed where necessary to reflect current estimates based on economic utilisation and physical condition.

Impairment of trade and other debtors
The recoverability of trade and other debtors is regularly reviewed. A provision for impairment is made where it is believed that it will not be able to collect amounts due according to the original terms of trade. Provisions for impairment are estimates of future events and are therefore uncertain.

Stock provisioning
It is necessary to consider the recoverability of the cost of stock and the associated provisioning required, given the volatility in the metal market.

NORFRAN LIMITED (REGISTERED NUMBER: SC361880)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


2. ACCOUNTING POLICIES - continued

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2016, is being amortised evenly over its estimated useful life of twenty years.

Tangible fixed assets
Tangible fixed assets are measured using the cost model. These assets are stated at historical cost less accumulated depreciation. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property- 10% on cost
Plant and machinery- 25% on reducing balance, 10% on cost and at varying rates on cost
Fixtures and fittings - 33% on cost, 25% on reducing balance and 20% on cost
Motor vehicles- 25% on reducing balance

The residual values, useful lives and depreciation methods of tangible fixed assets are reviewed annually and revised if necessary. The effect of any revisions is accounted for prospectively. There were no revisions in the periods covered by these financial statements.

Stocks
Raw materials are valued at the lower of cost and net realisable value. Work-in-progress and finished goods are held at 60% and 90% of net realisable value respectively.

Financial instruments
The group has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include certain debtors and cash and bank balances, are initially measured at transaction price including transactions costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including certain creditors and balances from related undertakings, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate


NORFRAN LIMITED (REGISTERED NUMBER: SC361880)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. TURNOVER

The turnover and profit before taxation are attributable to the principal activities of the group.

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Precision metal diecasting 10,614,393 10,820,693
Plastic injection moulding 662,333 731,619
11,276,726 11,552,312

NORFRAN LIMITED (REGISTERED NUMBER: SC361880)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,661,554 2,587,378
Social security costs 258,582 246,419
Other pension costs 54,887 50,682
2,975,023 2,884,479

The average number of employees during the year was as follows:
2024 2023

Production 73 77
Administration 10 9
Directors 2 2
85 88

The average number of employees by undertakings that were proportionately consolidated during the year was 85 (2023 - 88 ) .

2024 2023
£    £   
Directors' remuneration 50,000 50,000

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Hire of plant and machinery 195,678 192,344
Other operating leases 42,043 28,928
Depreciation - owned assets 342,331 264,054
Depreciation - assets on hire purchase contracts 73,739 148,013
Profit on disposal of fixed assets - (708 )
Goodwill amortisation 11,789 11,789
Auditors' remuneration 6,025 5,885
Foreign exchange differences 769 736

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Hire purchase 13,502 19,950

NORFRAN LIMITED (REGISTERED NUMBER: SC361880)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax - 10,182
Prior year tax adjustment (1 ) -
Total current tax (1 ) 10,182

Deferred tax 40,059 6,302
Tax on profit 40,058 16,484

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 128,390 78,060
Profit multiplied by the standard rate of corporation tax in the UK of
24.786 % (2023 - 20.496 %)

31,823

15,999

Effects of:
Expenses not deductible for tax purposes - 361
Income not taxable for tax purposes (81 ) -
Capital allowances in excess of depreciation - (8,842 )
Depreciation in excess of capital allowances 3,138 -
Adjustments to tax charge in respect of previous periods (1 ) -
Deferred tax movement 40,059 6,302
Goodwill on consolidation 2,947 2,416
Loss carried forward - 248
Loss brought forward utilised in year (37,827 ) -
Total tax charge 40,058 16,484

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


NORFRAN LIMITED (REGISTERED NUMBER: SC361880)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


9. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 July 2023
and 30 June 2024 235,778
AMORTISATION
At 1 July 2023 82,523
Amortisation for year 11,789
At 30 June 2024 94,312
NET BOOK VALUE
At 30 June 2024 141,466
At 30 June 2023 153,255

10. TANGIBLE FIXED ASSETS

Group
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 July 2023 489,924 5,482,724 226,662 33,990 6,233,300
Additions - 312,859 19,770 - 332,629
Disposals - (92,055 ) - - (92,055 )
At 30 June 2024 489,924 5,703,528 246,432 33,990 6,473,874
DEPRECIATION
At 1 July 2023 306,769 2,549,117 211,949 12,000 3,079,835
Charge for year 23,569 369,159 11,342 12,000 416,070
At 30 June 2024 330,338 2,918,276 223,291 24,000 3,495,905
NET BOOK VALUE
At 30 June 2024 159,586 2,785,252 23,141 9,990 2,977,969
At 30 June 2023 183,155 2,933,607 14,713 21,990 3,153,465

NORFRAN LIMITED (REGISTERED NUMBER: SC361880)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


10. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 July 2023
and 30 June 2024 1,106,088
DEPRECIATION
At 1 July 2023 147,741
Charge for year 73,739
At 30 June 2024 221,480
NET BOOK VALUE
At 30 June 2024 884,608
At 30 June 2023 958,347

Company
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 July 2023 489,924 5,109,370 168,602 33,990 5,801,886
Additions - 291,908 19,770 - 311,678
Disposals - (92,055 ) - - (92,055 )
At 30 June 2024 489,924 5,309,223 188,372 33,990 6,021,509
DEPRECIATION
At 1 July 2023 306,769 2,292,927 160,461 12,000 2,772,157
Charge for year 23,569 345,606 8,456 12,000 389,631
At 30 June 2024 330,338 2,638,533 168,917 24,000 3,161,788
NET BOOK VALUE
At 30 June 2024 159,586 2,670,690 19,455 9,990 2,859,721
At 30 June 2023 183,155 2,816,443 8,141 21,990 3,029,729

NORFRAN LIMITED (REGISTERED NUMBER: SC361880)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


10. TANGIBLE FIXED ASSETS - continued

Company

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 July 2023
and 30 June 2024 1,106,088
DEPRECIATION
At 1 July 2023 147,741
Charge for year 73,739
At 30 June 2024 221,480
NET BOOK VALUE
At 30 June 2024 884,608
At 30 June 2023 958,347

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 July 2023
and 30 June 2024 418,634
NET BOOK VALUE
At 30 June 2024 418,634
At 30 June 2023 418,634

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Norfran Plastics Limited
Registered office: West Chirton Trading Estate, North Shields, Tyne And Wear, United Kingdom, NE29 7TY
Nature of business: Plastics injection moulding specialists
%
Class of shares: holding
Ordinary 100.00


NORFRAN LIMITED (REGISTERED NUMBER: SC361880)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


12. STOCKS

Group Company
2024 2023 2024 2023
£    £    £    £   
Stocks 708,976 769,338 646,780 699,368

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 1,894,897 3,225,525 1,759,758 3,087,720
Amounts owed by group undertakings - - 107,527 105,977
Other debtors - 22,395 - 22,395
Prepayments 98,666 80,095 65,094 50,401
1,993,563 3,328,015 1,932,379 3,266,493

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Hire purchase contracts (see note 16) 149,540 165,045 149,540 165,045
Trade creditors 345,777 834,188 276,556 769,841
Amounts owed to related undertakings 1,172,115 1,554,016 1,161,501 1,525,000
Tax - 10,182 - -
Social security and other taxes 57,572 83,371 54,830 80,103
VAT 56,092 38,042 64,081 42,563
Other creditors 9,749 12,106 9,253 11,536
Accrued expenses 117,285 339,252 108,460 333,478
1,908,130 3,036,202 1,824,221 2,927,566

The bank holds a bond and floating charge over the whole assets of the company and there is a cross corporate guarantee between the company and certain related parties.

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Hire purchase contracts (see note 16) 174,609 324,150 174,609 324,150

NORFRAN LIMITED (REGISTERED NUMBER: SC361880)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Gross obligations repayable:
Within one year 157,758 178,547
Between one and five years 178,608 336,366
336,366 514,913

Finance charges repayable:
Within one year 8,218 13,502
Between one and five years 3,999 12,216
12,217 25,718

Net obligations repayable:
Within one year 149,540 165,045
Between one and five years 174,609 324,150
324,149 489,195

Company
Hire purchase contracts
2024 2023
£    £   
Gross obligations repayable:
Within one year 157,758 178,547
Between one and five years 178,608 336,366
336,366 514,913

Finance charges repayable:
Within one year 8,218 13,502
Between one and five years 3,999 12,216
12,217 25,718

Net obligations repayable:
Within one year 149,540 165,045
Between one and five years 174,609 324,150
324,149 489,195

NORFRAN LIMITED (REGISTERED NUMBER: SC361880)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


16. LEASING AGREEMENTS - continued

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 25,583 27,040
Between one and five years 14,773 26,916
40,356 53,956

Company
Non-cancellable operating leases
2024 2023
£    £   
Within one year 25,583 27,040
Between one and five years 14,773 26,916
40,356 53,956

The operating leases are for motor vehicles. The lease terms are up to three years.

The hire purchase contracts are for machinery which is rented for periods of up to 5 years. These are recognised as tangible fixed assets in note 9.

17. PROVISIONS FOR LIABILITIES

Group Company
2024 2023 2024 2023
£    £    £    £   
Deferred tax
Tax losses carried forward (157,104 ) (194,241 ) (157,104 ) (194,241 )
Accelerated capital allowances 624,839 621,918 598,391 594,782
467,735 427,677 441,287 400,541

Group
Deferred
tax
£   
Balance at 1 July 2023 427,677
Provided during year 40,058
Balance at 30 June 2024 467,735

NORFRAN LIMITED (REGISTERED NUMBER: SC361880)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


17. PROVISIONS FOR LIABILITIES - continued

Company
Deferred
tax
£   
Balance at 1 July 2023 400,541
Provided during year 40,746
Balance at 30 June 2024 441,287

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

There is a single class of ordinary shares. There are no restrictions on dividends and the repayment of capital.

19. RESERVES

Group
Retained
earnings
£   

At 1 July 2023 4,480,517
Profit for the year 88,332
At 30 June 2024 4,568,849

Company
Retained
earnings
£   

At 1 July 2023 4,576,254
Profit for the year 81,407
At 30 June 2024 4,657,661

There is a single class of ordinary shares. There are no restrictions on dividends and the repayment of capital.

NORFRAN LIMITED (REGISTERED NUMBER: SC361880)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


20. RELATED PARTY DISCLOSURES

During the year the group entered into transactions, in the ordinary course of business, with other related parties under the control of common directors. Transactions entered into, and trading balances outstanding at 30 June, are as follows:

2024 2023
£    £   
Purchases from related parties 3,121,091 3,152,880
Amounts due to related parties 1,172,115 1,554,016


Purchases between related parties are made at normal market prices.

Key management personnel include the Directors and senior management team. Total key management personnel compensation was £260,412 (2023: £245,151).