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Registration number: 10003310

Fox Contractors Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2018

Williamson & Croft LLP
Chartered Certified Accountants
81 King Street
Manchester
M2 4AH

 

Contents

Company Information

1

Balance Sheet

2

Statement of Changes in Equity

3

Notes to the Financial Statements

4 to 7

 

Company Information

Director

Mr Daniel Fox

Registered office

81 King Street
Manchester
M2 4AH

Accountants

Williamson & Croft LLP
Chartered Certified Accountants
81 King Street
Manchester
M2 4AH

 

(Registration number: 10003310)
Balance Sheet as at 28 February 2018

Note

2018
£

2017
£

Fixed assets

 

Tangible assets

4

21,554

16,559

Current assets

 

Debtors

5

14,930

12,340

Cash at bank and in hand

 

9,818

22,109

 

24,748

34,449

Creditors: Amounts falling due within one year

6

(30,747)

(39,006)

Net current liabilities

 

(5,999)

(4,557)

Total assets less current liabilities

 

15,555

12,002

Provisions for liabilities

(4,100)

(3,312)

Net assets

 

11,455

8,690

Capital and reserves

 

Called up share capital

8

11

11

Profit and loss account

11,444

8,679

Total equity

 

11,455

8,690

For the financial year ending 28 February 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account and directors' report has been taken.

Approved and authorised by the director on 6 November 2018
 

.........................................
Mr Daniel Fox
Director

   
     
 

Statement of Changes in Equity for the Year Ended 28 February 2018

Share capital
£

Profit and loss account
£

Total
£

At 1 March 2017

11

8,679

8,690

Profit for the year

-

13,265

13,265

Total comprehensive income

-

13,265

13,265

Dividends

-

(10,500)

(10,500)

At 28 February 2018

11

11,444

11,455

Share capital
£

Profit and loss account
£

Total
£

Profit for the year

-

48,429

48,429

Total comprehensive income

-

48,429

48,429

Dividends

-

(39,750)

(39,750)

New share capital subscribed

11

-

11

At 28 February 2017

11

8,679

8,690

 

Notes to the Financial Statements for the Year Ended 28 February 2018

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
81 King Street
Manchester
M2 4AH

These financial statements were authorised for issue by the director on 6 November 2018.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Summary of disclosure exemptions

The accounts do not include a cash flow statement because the Company, as a small reporting entity, is exempt from the requirements to prepare such a statement.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Notes to the Financial Statements for the Year Ended 28 February 2018

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% Reducing balance

Furniture, fittings, tools and equipment

33% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Notes to the Financial Statements for the Year Ended 28 February 2018

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2017 - 3).

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2017

1,961

16,146

18,107

Additions

1,574

11,151

12,725

Disposals

-

(3,000)

(3,000)

At 28 February 2018

3,535

24,297

27,832

Depreciation

At 1 March 2017

341

1,207

1,548

Charge for the year

986

4,721

5,707

Eliminated on disposal

-

(977)

(977)

At 28 February 2018

1,327

4,951

6,278

Carrying amount

At 28 February 2018

2,208

19,346

21,554

At 28 February 2017

1,620

14,939

16,559

5

Debtors

2018
£

2017
£

Trade debtors

14,930

12,002

Prepayments

-

338

14,930

12,340

 

Notes to the Financial Statements for the Year Ended 28 February 2018

6

Creditors

2018
£

2017
£

Due within one year

Trade creditors

618

-

Taxation and social security

6,066

5,809

Accruals and deferred income

278

63

Other creditors

23,785

33,134

30,747

39,006

7

Dividends

 

2018

2017

 

£

£

Interim dividends of £10,500.00 (2017 - £39,750.00)

10,500

39,750

8

Share capital

Allotted, called up and fully paid shares

 

2018

2017

 

No.

£

No.

£

Ordinary shares of £1 each

10

10

10

10

Ordinary A shares of £1 each

1

1

1

1

 

11

11

11

11