ACCOUNTS - Final Accounts preparation

PROUDLY NORFOLK FOOD AND DRINK LIMITED - Company Information

Caseware UK (AP4) 2018.0.111 2018.0.111 2018-12-312018-05-162018-12-312019-05-24The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truefalseSupporting producers and processors and promoting local food and drinkfalse2018-01-01 07610488 2018-01-01 2018-12-31 07610488 2018-12-31 07610488 2017-12-31 07610488 c:CompanySecretary1 2018-01-01 2018-12-31 07610488 c:Director2 2018-01-01 2018-12-31 07610488 c:Director3 2018-01-01 2018-12-31 07610488 c:Director3 2018-12-31 07610488 c:Director4 2018-01-01 2018-12-31 07610488 c:Director4 2018-12-31 07610488 c:Director5 2018-01-01 2018-12-31 07610488 c:Director6 2018-01-01 2018-12-31 07610488 c:Director6 2018-12-31 07610488 c:Director7 2018-01-01 2018-12-31 07610488 c:Director8 2018-01-01 2018-12-31 07610488 c:Director9 2018-01-01 2018-12-31 07610488 c:Director9 2018-12-31 07610488 c:Director10 2018-01-01 2018-12-31 07610488 c:Director10 2018-12-31 07610488 c:Director11 2018-01-01 2018-12-31 07610488 c:Director11 2018-12-31 07610488 c:Director12 2018-01-01 2018-12-31 07610488 c:Director12 2018-12-31 07610488 c:Director13 2018-01-01 2018-12-31 07610488 c:Director13 2018-12-31 07610488 c:Director14 2018-01-01 2018-12-31 07610488 c:Director14 2018-12-31 07610488 c:RegisteredOffice 2018-01-01 2018-12-31 07610488 d:PlantMachinery 2018-01-01 2018-12-31 07610488 d:PlantMachinery 2018-12-31 07610488 d:PlantMachinery d:OwnedOrFreeholdAssets 2018-01-01 2018-12-31 07610488 d:CurrentFinancialInstruments 2018-12-31 07610488 d:CurrentFinancialInstruments 2017-12-31 07610488 d:CurrentFinancialInstruments d:WithinOneYear 2018-12-31 07610488 d:CurrentFinancialInstruments d:WithinOneYear 2017-12-31 07610488 d:RetainedEarningsAccumulatedLosses 2018-12-31 07610488 d:RetainedEarningsAccumulatedLosses 2017-12-31 07610488 d:AcceleratedTaxDepreciationDeferredTax 2018-12-31 07610488 c:FRS102 2018-01-01 2018-12-31 07610488 c:AuditExemptWithAccountantsReport 2018-01-01 2018-12-31 07610488 c:FullAccounts 2018-01-01 2018-12-31 07610488 c:PrivateLimitedCompanyLtd 2018-01-01 2018-12-31 iso4217:GBP xbrli:pure

Registered number: 07610488

PROUDLY NORFOLK FOOD AND DRINK LIMITED (PREVIOUSLY NORFOLK FOOD AND DRINK)

(A company limited by guarantee)

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

PROUDLY NORFOLK FOOD AND DRINK LIMITED (PREVIOUSLY NORFOLK FOOD AND DRINK)

(A company limited by guarantee)

COMPANY INFORMATION

Directors	S De Chair
	N Chapman (resigned 12 November 2018)
	G Attfield (resigned 1 October 2018)
	N Mills
	B Wells (resigned 16 May 2018)
	D Rawsthorne
	E Norton
	J Archer (appointed 9 August 2018)
	S Daniels (appointed 9 August 2018)
	C Kiddell (appointed 9 August 2018)
	A Orchard (appointed 1 October 2018)
	A Vass (appointed 9 August 2018)
	S Newham (appointed 9 August 2018)


Company secretary	Jane Shuttler


Registered number	07610488


Registered office	7 The Close
	Norwich
	Norfolk
	NR1 4DJ


Accountants	MA Partners LLP
	Chartered Accountants
	7 The Close
	Norwich
	Norfolk
	NR1 4DJ

PROUDLY NORFOLK FOOD AND DRINK LIMITED (PREVIOUSLY NORFOLK FOOD AND DRINK)

(A company limited by guarantee)

CONTENTS

	Page
Accountants' report	1
Balance sheet	2 - 3
Notes to the financial statements	4 - 7

PROUDLY NORFOLK FOOD AND DRINK LIMITED (PREVIOUSLY NORFOLK FOOD AND DRINK)

(A company limited by guarantee)

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PROUDLY NORFOLK FOOD AND DRINK LIMITED (PREVIOUSLY NORFOLK FOOD AND DRINK)
FOR THE YEAR ENDED 31 DECEMBER 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Proudly Norfolk Food and Drink Limited (previously Norfolk Food and Drink) for the year ended 31 December 2018 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 http://www.icaew.com/en/ members/regulations-standards-and-guidance/.

This report is made solely to the Board of directors of Proudly Norfolk Food and Drink Limited (previously Norfolk Food and Drink), as a body, in accordance with the terms of our engagement letter dated 21 April 2017. Our work has been undertaken solely to prepare for your approval the financial statements of Proudly Norfolk Food and Drink Limited (previously Norfolk Food and Drink) and state those matters that we have agreed to state to the Board of directors of Proudly Norfolk Food and Drink Limited (previously Norfolk Food and Drink), 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 Proudly Norfolk Food and Drink Limited (previously Norfolk Food and Drink) and its Board of directors, as a body, for our work or for this report.

It is your duty to ensure that Proudly Norfolk Food and Drink Limited (previously Norfolk Food and Drink) 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 Proudly Norfolk Food and Drink Limited (previously Norfolk Food and Drink). You consider that Proudly Norfolk Food and Drink Limited (previously Norfolk Food and Drink) 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 Proudly Norfolk Food and Drink Limited (previously Norfolk Food and Drink). 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

13 June 2019

Page 1

PROUDLY NORFOLK FOOD AND DRINK LIMITED (PREVIOUSLY NORFOLK FOOD AND DRINK)

(A company limited by guarantee)

REGISTERED NUMBER: 07610488

BALANCE SHEET

AS AT 31 DECEMBER 2018

		2018		2017
Note		£		£

Fixed assets
Tangible assets	4		945		-
			945		-
Current assets
Stocks		-		616
Debtors: amounts falling due within one year	5	2,243		1,541
Cash at bank and in hand		18,713		21,910
		20,956		24,067
Creditors: amounts falling due within one year	6	(8,303)		(11,890)
Net current assets			12,653		12,177
Total assets less current liabilities			13,598		12,177
Provisions for liabilities
Deferred tax		(179)		-
			(179)		-
Net assets			13,419		12,177

Capital and reserves
Profit and loss account	13,419	12,177
	13,419	12,177

Page 2

PROUDLY NORFOLK FOOD AND DRINK LIMITED (PREVIOUSLY NORFOLK FOOD AND DRINK)

(A company limited by guarantee)

REGISTERED NUMBER: 07610488

BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2018

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 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 statement of comprehensive income 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 24 May 2019.

C Kiddell	S Daniels
Director	Director

The notes on pages 4 to 7 form part of these financial statements.

Page 3

PROUDLY NORFOLK FOOD AND DRINK LIMITED (PREVIOUSLY NORFOLK FOOD AND DRINK)

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

1.	General information

The Company is a private company limited by guarantee. It is both incorporated and domiciled in England and Wales. The address of its registered office is 7 The Close, Norwich, Norfolk, NR1 4DJ.
The company's principal activity is that of supporting producers and processors and promoting local food and drink. Its principal place of business is 8 Thorpe Road, Norwich, NR1 1RY.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Turnover

Turnover comprises income from sponsorship, membership, book sales and other revenue generated from events and is recognised when receivable, exclusive of Value Added Tax.

2.3

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 4

PROUDLY NORFOLK FOOD AND DRINK LIMITED (PREVIOUSLY NORFOLK FOOD AND DRINK)

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

2.Accounting policies (continued)

2.4

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, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery

25%

straight line

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 the Statement of comprehensive income.

2.5

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of comprehensive income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

2.6

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.
Debt instruments that are receivable or payable within one year, typically trade debtors and creditors, are measured initially and subsequently at the undiscounted amount of the cash or other consideration expected to be received or paid.

Employees

The average monthly number of employees, including directors, during the year was 10 (2017 - 7).

Page 5

PROUDLY NORFOLK FOOD AND DRINK LIMITED (PREVIOUSLY NORFOLK FOOD AND DRINK)

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

4.	Tangible fixed assets

		Plant and machinery
		£
	Cost or valuation
	Additions	965
	At 31 December 2018	965
	Depreciation
	Charge for the year on owned assets	20
	At 31 December 2018	20
	Net book value
	At 31 December 2018	945
	At 31 December 2017	-

Debtors

					2018	2017
					£	£


Trade debtors	556	344
Other debtors	1,216	721
Prepayments and accrued income	471	476
	2,243	1,541

Page 6

PROUDLY NORFOLK FOOD AND DRINK LIMITED (PREVIOUSLY NORFOLK FOOD AND DRINK)

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

6.	Creditors: Amounts falling due within one year
		2018	2017
		£	£

Trade creditors	504	589
Corporation tax	112	624
Accruals and deferred income	7,687	10,677
	8,303	11,890

7.	Deferred taxation

		2018
		£

	Charged to profit or loss	(179)
	At end of year	(179)

The deferred taxation balance is made up as follows:
	2018	2017
	£	£

	Accelerated capital allowances	(179)	-
		(179)	-


8.	Company status

The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £10 towards the assets of the company in the event of liquidation.

Page 7