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Registered number: 15910924
NORFOLK FOOD HALL LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE PERIOD ENDED 31 DECEMBER 2025
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NORFOLK FOOD HALL LIMITED
REGISTERED NUMBER: 15910924
BALANCE SHEET
AS AT 31 DECEMBER 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current (liabilities)/assets
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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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 statement of income and retained earnings 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 by:
The notes on pages 2 to 8 form part of these financial statements.
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NORFOLK FOOD HALL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
Norfolk Food Hall Limited is a private company limited by shares, incorporated in England and Wales with the company registration number 15910924. The registered office address is Norfolk Showground, Dereham Road, Norwich, Norfolk, NR5 0TT. The principal activity is restaurant and retail food sales.
The financial statements are presented in sterling, which is also the functional currency of the Company.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and 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:
The financial statements have been prepared on a going concern basis. The Company incurred a loss in its first period of trading, and a proportion of the result reflects significant one off, non-recurring expenditure associated with the opening of the business, establishment of operations, and initial trading period. Trading performance strengthened towards the end of the period as customer awareness increased, operational processes bedded in, and efficiencies were achieved.
Since the year end, the Directors along with the Commercial Board and the key management personnel have closely monitored performance and report that trading results have exceeded budget. This reflects good levels of customer demand, improved cost control, and greater operational stability. These positive variances provide additional comfort to the Board regarding the Company’s ability to meet its projected performance for the forthcoming financial year.
The directors have prepared detailed forecasts and cash flow projections covering at least twelve months from the date of approval of these financial statements. The Company is a wholly owned subsidiary of the Royal Norfolk Agricultural Association, which has provided a formal letter of support confirming that it will continue to provide financial assistance as required for the foreseeable future and will not demand repayment of intercompany balances until the Company can meet such obligations from its own cash resources. The directors consider this support reliable given the financial position and long term intentions of the parent entity.
The parent entity’s investment is twofold, driven by both commercial and charitable objectives. Commercially, the business is expected to generate a long term financial return. In parallel, the venture aligns with the parent entity’s charitable aims by providing local producers with a route to market and, through careful interpretation and presentation, enabling the public to better understand where their food comes from and the importance of agriculture in Norfolk. This strategic alignment reinforces the parent entity’s commitment to the Company’s ongoing success.
Having considered the initial trading losses and the impact of the non-recurring expenditure, the improvement in post year end trading, the financial forecasts, and the continued support of the parent entity, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on the going concern basis.
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NORFOLK FOOD HALL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the Company has transferred the significant risks and rewards of ownership to the buyer;
∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
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Leased assets: the Company as lessee
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Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the Company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
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.
All borrowing costs are recognised in profit or loss in the period in which they are incurred.
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NORFOLK FOOD HALL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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.
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 reducing balance basis.
Depreciation is provided on the following basis:
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.
Stocks include ingredients, consumables, finished food products, and retail goods held for sale in the farm shop and 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 and reviewed for impairment at each balance sheet date.
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.
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NORFOLK FOOD HALL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Cash and cash equivalents
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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.
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.
The profits achieved by Norfolk Food Hall Limited are gift aided to the parent undertaking, Royal Norfolk Agricultural Association, a registered charity. A deed of covenant is in place, meaning the expected gift aid payment can be accrued due to the legal obligation to make the payment at the reporting date.
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The average monthly number of employees, including directors, during the period was 37.
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Charge for the period on owned assets
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Charge for the period on financed assets
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NORFOLK FOOD HALL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
4.Tangible fixed assets (continued)
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Included within fixtures and fittings are assets with a net book value of £311,219 held under finance leases or hire purchase contracts.
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Obligations under finance lease and hire purchase contracts
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Accruals and deferred income
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Obligations under finance lease and hire purchase contracts are secured against the specific assets to which they relate.
The Company entered into a Commercial Loan in 2025. The loan is repayable in 60 consecutive monthly installments, over 5 years, ending June 2030.
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NORFOLK FOOD HALL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
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Creditors: Amounts falling due after more than one year
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Net obligations under finance leases and hire purchase contracts
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Obligations under finance lease and hire purchase contracts are secured against the specific assets to which they relate.
The Company entered into a Commercial Loan in 2025. The loan is repayable in 60 consecutive monthly installments, over 5 years, ending June 2030.
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Amounts falling due 2-5 years
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Bank loans are secured by assets owned and operated by the group.
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Hire purchase and finance leases
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Minimum lease payments under hire purchase fall due as follows:
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NORFOLK FOOD HALL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £17,538. Contributions totalling £Nil were payable to the fund at the balance sheet date and are included in creditors.
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Related party transactions
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The Company has taken advantage of the exemption from the requirement to disclose transactions with wholly owned group companies.
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The immediate and ultimate parent undertaking is the Royal Norfolk Agricultural Association, a company limited by guarantee, registered in England and Wales with the company registration number 1817702 and a registered charity with the charity number 289581.
The auditors' report on the financial statements for the period ended 31 December 2025 was unqualified.
The audit report was signed on 20 April 2026 by Frank Shippam BSc FCA DChA (Senior statutory auditor) on behalf of MA Partners Audit LLP.
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