General Information
Norfolk Flint Limited is a private company, limited by shares, registered in England and Wales, registration number 04082812, registration address Barons Hall Farm, , Barons Hall Lane,, Fakenham, , Norfolk , NR21 8HB.
The presentation currency is £ sterling.
| 1. |
Accounting policies
Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using 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.
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.
Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
| Plant and Machinery |
15% Reducing Balance
|
| Motor Vehicles |
25% RBM Reducing Balance
|
| Fixtures and Fittings |
15% Reducing Balance
|
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Impairments
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.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
Financial instruments
The company 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 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.
|
| 2. |
Average number of employees
Average number of employees during the year was 5 (2024 : 6).
|
| 3. |
Tangible fixed assets
| Cost or valuation |
Plant and Machinery |
|
Motor Vehicles |
|
Fixtures and Fittings |
|
Total |
| |
£ |
|
£ |
|
£ |
|
£ |
| At 01 April 2024 |
272,382 |
|
22,742 |
|
27,899 |
|
323,023 |
| Additions |
- |
|
- |
|
- |
|
- |
| Disposals |
(137,770) |
|
(3,000) |
|
(26,006) |
|
(166,776) |
| Revaluations |
19,003 |
|
217 |
|
67 |
|
19,287 |
| At 31 March 2025 |
153,615 |
|
19,959 |
|
1,960 |
|
175,534 |
| Depreciation |
| At 01 April 2024 |
212,361 |
|
20,425 |
|
16,306 |
|
249,092 |
| Charge for year |
8,843 |
|
625 |
|
63 |
|
9,531 |
| On disposals |
(117,696) |
|
(2,966) |
|
(14,766) |
|
(135,428) |
| At 31 March 2025 |
103,508 |
|
18,084 |
|
1,603 |
|
123,195 |
| Net book values |
| Closing balance as at 31 March 2025 |
50,107 |
|
1,875 |
|
357 |
|
52,339 |
| Opening balance as at 01 April 2024 |
60,021 |
|
2,317 |
|
11,593 |
|
73,931 |
|
| 4. |
Share Capital
Allotted, called up and fully paid
|
2025
£ |
|
2024
£ |
|
1,000 shares of £1.00 each |
1,000 |
|
1,000 |
|
1,000 |
|
1,000 |
|
| 5. |
Related parties
During the year the company entered into the following transactions with related parties: | Transaction value - income/(expenses) | | Balance owed by/(owed to) |
|---|
| 2025
£ | | 2024
£ | | 2025
£ | | 2024
£ |
|---|
| Koh Phanagan Island Properties | - | | - | | 510,781 | | 510,781 |
A JP 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 |
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