Yes, you got a major failure in the power source. Since it's related to the high tension for the panel and you heard a popping sound (most surely a capacitor going out in a big way) you should check all components on it - starting with the capacitors (replace them all to be sure) and the power transistor. Don't forget to check the main transformer and the board under it, it may be burned.
thankyou for your prompt response - can I assume the power supply is ok since I have sound which I forgot to mention ? thanks
No, the power source isn't fully OK, the flashing indicates that the power source is in protected mode - which means that it has shutdown itself to protect itself from an short.
If the failing capacitor isn't on the power board and the protection acted instantly as it should then, yes, the source is intact - replace the failed capacitor and all other part it has damaged when it failed and the source, as the entire tv, will return to normal.
If the protection system was slow or, even worse, the capacitor is on the source's board then the source has surely suffered a failed output line, the others still work, sort of. Now if the tv isn't run until all failed parts are replaced, a good repair guy has a look and also replaces the weakened parts (mainly the capacitors and diodes on the other output lines) then the source is easily (and cheaply) repairable.
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