Caseware UK (AP4) 2024.0.164 2024.0.164 2025-01-312025-01-31false55true2024-02-01falselicensed restaurants and take-away food shops68falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 08553878 2024-02-01 2025-01-31 08553878 2023-02-01 2024-01-31 08553878 2025-01-31 08553878 2024-01-31 08553878 c:Director1 2024-02-01 2025-01-31 08553878 c:Director2 2024-02-01 2025-01-31 08553878 c:RegisteredOffice 2024-02-01 2025-01-31 08553878 d:Buildings d:LongLeaseholdAssets 2024-02-01 2025-01-31 08553878 d:Buildings d:LongLeaseholdAssets 2025-01-31 08553878 d:Buildings d:LongLeaseholdAssets 2024-01-31 08553878 d:PlantMachinery 2024-02-01 2025-01-31 08553878 d:PlantMachinery 2025-01-31 08553878 d:PlantMachinery 2024-01-31 08553878 d:PlantMachinery d:OwnedOrFreeholdAssets 2024-02-01 2025-01-31 08553878 d:FurnitureFittings 2024-02-01 2025-01-31 08553878 d:FurnitureFittings 2025-01-31 08553878 d:FurnitureFittings 2024-01-31 08553878 d:FurnitureFittings d:OwnedOrFreeholdAssets 2024-02-01 2025-01-31 08553878 d:OwnedOrFreeholdAssets 2024-02-01 2025-01-31 08553878 d:Goodwill 2024-02-01 2025-01-31 08553878 d:Goodwill 2025-01-31 08553878 d:Goodwill 2024-01-31 08553878 d:CopyrightsPatentsTrademarksServiceOperatingRights 2024-02-01 2025-01-31 08553878 d:CopyrightsPatentsTrademarksServiceOperatingRights 2025-01-31 08553878 d:CopyrightsPatentsTrademarksServiceOperatingRights 2024-01-31 08553878 d:CurrentFinancialInstruments 2025-01-31 08553878 d:CurrentFinancialInstruments 2024-01-31 08553878 d:Non-currentFinancialInstruments 2025-01-31 08553878 d:Non-currentFinancialInstruments 2024-01-31 08553878 d:CurrentFinancialInstruments d:WithinOneYear 2025-01-31 08553878 d:CurrentFinancialInstruments d:WithinOneYear 2024-01-31 08553878 d:Non-currentFinancialInstruments d:AfterOneYear 2025-01-31 08553878 d:Non-currentFinancialInstruments d:AfterOneYear 2024-01-31 08553878 d:ShareCapital 2025-01-31 08553878 d:ShareCapital 2024-01-31 08553878 d:RetainedEarningsAccumulatedLosses 2025-01-31 08553878 d:RetainedEarningsAccumulatedLosses 2024-01-31 08553878 c:OrdinaryShareClass1 2024-02-01 2025-01-31 08553878 c:OrdinaryShareClass1 2025-01-31 08553878 c:FRS102 2024-02-01 2025-01-31 08553878 c:AuditExemptWithAccountantsReport 2024-02-01 2025-01-31 08553878 c:FullAccounts 2024-02-01 2025-01-31 08553878 c:PrivateLimitedCompanyLtd 2024-02-01 2025-01-31 08553878 2 2024-02-01 2025-01-31 08553878 d:Goodwill d:OwnedIntangibleAssets 2024-02-01 2025-01-31 08553878 d:CopyrightsPatentsTrademarksServiceOperatingRights d:OwnedIntangibleAssets 2024-02-01 2025-01-31 08553878 e:PoundSterling 2024-02-01 2025-01-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 08553878










NORFOLK'S FINEST LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2025

 
NORFOLK'S FINEST LIMITED
 
 
COMPANY INFORMATION


Directors
G B Blackiston 
S W Gray 




Registered number
08553878



Registered office
7 The Close

Norwich

Norfolk

NR1 4DJ




Accountants
MA Partners LLP
Chartered Accountants

7 The Close

Norwich

Norfolk

NR1 4DJ





 
NORFOLK'S FINEST LIMITED
 

CONTENTS



Page
Accountants' Report
 
 
1
Balance Sheet
 
 
2 - 3
Notes to the Financial Statements
 
 
4 - 13


 
NORFOLK'S FINEST LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF NORFOLK'S FINEST LIMITED
FOR THE YEAR ENDED 31 JANUARY 2025

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's Finest Limited for the year ended 31 January 2025 which comprise  the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of Directors of Norfolk's Finest Limited, as a body, in accordance with the terms of our engagement letter dated 6 July 2021Our work has been undertaken solely to prepare for your approval the financial statements of Norfolk's Finest Limited and state those matters that we have agreed to state to the Board of Directors of Norfolk's Finest Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Norfolk's Finest Limited and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that Norfolk's Finest Limited 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's Finest Limited. You consider that Norfolk's Finest Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Norfolk's Finest Limited. 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.

  



MA Partners LLP
 
Chartered Accountants
  
7 The Close
Norwich
Norfolk
NR1 4DJ
 
17 June 2025
Page 1

 
NORFOLK'S FINEST LIMITED
REGISTERED NUMBER: 08553878

BALANCE SHEET
AS AT 31 JANUARY 2025

2025
2025
2024
2024
Note
£
£
£
£

Fixed assets
  

Intangible assets
 4 
295
534

Tangible assets
 5 
413,250
352,135

  
413,545
352,669

Current assets
  

Stocks
  
49,317
44,548

Debtors: amounts falling due within one year
 6 
24,498
35,090

Bank and cash balances
  
503,581
416,616

  
577,396
496,254

Creditors: amounts falling due within one year
 7 
(353,995)
(263,957)

Net current assets
  
 
 
223,401
 
 
232,297

Total assets less current liabilities
  
636,946
584,966

Creditors: amounts falling due after more than one year
 8 
(32,000)
(84,000)

Provisions for liabilities
  

Deferred tax
  
(59,876)
(37,713)

Net assets
  
545,070
463,253


Capital and reserves
  

Called up share capital 
 11 
150
150

Profit and loss account
  
544,920
463,103

  
545,070
463,253


Page 2

 
NORFOLK'S FINEST LIMITED
REGISTERED NUMBER: 08553878
    
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2025

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 June 2025.




S W Gray
G B Blackiston
Director
Director

Page 3

 
NORFOLK'S FINEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

1.


General information

Norfolk's Finest Limited is a private company, limited by shares, incorporated and domiciled in England and Wales.  The registered office is 7 The Close, Norwich, NR1 4DJ.
The Company's principal activity is that of the operation of a restaurant.  Its principal place of business is Cromer, Norfolk.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Turnover comprises revenue from the sale of food and drink and is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured.  Turnover is measured as the fair value of the consideration received or receivable, excluding Value Added Tax. Revenue is recognised at the point of sale.

 
2.3

Operating leases

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

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 4

 
NORFOLK'S FINEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

2.Accounting policies (continued)

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax.  The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.9

Intangible assets

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. It is initially recognised at cost.
After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
5
years
Trademark
-
10
years

Page 5

 
NORFOLK'S FINEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

2.Accounting policies (continued)

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. 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 charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a straight-line and reducing balance basis.

Depreciation is provided on the following basis:

Long-term leasehold property
-
straight line over the period of the lease
Plant and machinery
-
20% reducing balance
Fixtures and fittings
-
15% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 6

 
NORFOLK'S FINEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

2.Accounting policies (continued)

 
2.15

Financial instruments


The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic financial liabilities
Page 7

 
NORFOLK'S FINEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

2.Accounting policies (continued)


2.15
Financial instruments (continued)


Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.



Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 68 (2024 - 55).

Page 8

 
NORFOLK'S FINEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

4.


Intangible assets




Trademark
Goodwill
Total

£
£
£



Cost


At 1 February 2024
2,385
12,000
14,385



At 31 January 2025

2,385
12,000
14,385



Amortisation


At 1 February 2024
1,851
12,000
13,851


Charge for the year on owned assets
239
-
239



At 31 January 2025

2,090
12,000
14,090



Net book value



At 31 January 2025
295
-
295



At 31 January 2024
534
-
534



Page 9

 
NORFOLK'S FINEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

5.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 February 2024
502,143
145,211
143,890
791,244


Additions
-
118,274
9,744
128,018


Disposals
-
(11,018)
(8,416)
(19,434)



At 31 January 2025

502,143
252,467
145,218
899,828



Depreciation


At 1 February 2024
271,710
80,264
87,135
439,109


Charge for the year on owned assets
31,462
21,184
9,505
62,151


Disposals
-
(8,718)
(5,964)
(14,682)



At 31 January 2025

303,172
92,730
90,676
486,578



Net book value



At 31 January 2025
198,971
159,737
54,542
413,250



At 31 January 2024
230,433
64,947
56,755
352,135


6.


Debtors

2025
2024
£
£


Amounts owed by group undertakings
14,435
21,062

Other debtors
-
5,618

Called up share capital not paid
150
150

Prepayments and accrued income
9,913
8,260

24,498
35,090


Page 10

 
NORFOLK'S FINEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

7.


Creditors: Amounts falling due within one year

2025
2024
£
£

Bank loans
50,000
50,000

Trade creditors
123,715
39,604

Corporation tax
75,783
78,454

Other taxation and social security
81,810
72,226

Other creditors
6,962
5,678

Accruals and deferred income
15,725
17,995

353,995
263,957









The bank loan of £50,000 (2024 - £50,000) is secured by fixed and floating charges over the assets of the Company.

Page 11

 
NORFOLK'S FINEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

8.


Creditors: Amounts falling due after more than one year

2025
2024
£
£

Bank loan
12,500
62,500

Accruals and deferred income
19,500
21,500

32,000
84,000


The bank loan of £12,500 (2024 - £62,500) is secured by fixed and floating charges over the assets of the Company.










The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

2025
2024
£
£


Released to profit and loss in instalments
11,500
13,500



Page 12

 
NORFOLK'S FINEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025


9.


Pension commitments

Contributions totalling £6,394 (2024 - £5,208) were payable to the fund at the balance sheet date and are included in creditors.


10.Other financial commitments

The Company had total financial commitments which are not included in the balance sheet amounting to £345,950 (2024 - £402,050).


11.


Share capital

2025
2024
£
£
Allotted, called up and partly paid



150 Ordinary shares of £1.00 each
150
150


 
Page 13