ACCOUNTS - Final Accounts preparation

Registered number: 09552884

FOXCOTTE FENCING LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

FOXCOTTE FENCING LIMITED

REGISTERED NUMBER: 09552884

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2023

		2023		Adjusted 2022
Note		£		£

Fixed assets
Intangible assets	4		2,499		2,916
Tangible fixed assets			469,237		313,313
			471,736		316,229
Current assets
Stocks		379,452		375,322
Debtors: amounts falling due within one year	6	244,713		389,333
Cash at bank and in hand		121,636		51,908
		745,801		816,563
Creditors: amounts falling due within one year	7	(645,633)		(561,924)
Net current assets			100,168		254,639
Total assets less current liabilities			571,904		570,868
Creditors: amounts falling due after more than one year	8		(58,931)		(69,362)
Provisions for liabilities
Deferred tax	11	(14,294)		(5,692)
			(14,294)		(5,692)
Net assets			498,679		495,814

Capital and reserves
Called up share capital	100	100
Profit and loss account	498,579	495,714
	498,679	495,814

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FOXCOTTE FENCING LIMITED

REGISTERED NUMBER: 09552884

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 MARCH 2023

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 the 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 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:

................................................

T Radford

Director

Date: 2 October 2023

The notes on pages 3 to 11 form part of these financial statements.

Page 2

FOXCOTTE FENCING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

1.	General information

The principal activity of Foxcotte Fencing Limited ("The Company") is fence building and sales.
The company is a private company limited by shares and is incorporated in England and Wales.
The registered office address is Foxcotte Farm Comberton Road, Barton, Cambridge, CB23 7BA.

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

Revenue

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.

2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

2.4

Pensions

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 Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 3

FOXCOTTE FENCING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss 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 reporting 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 reporting 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 reporting date.

2.6

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of income and retained earnings over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

The estimated useful lives range as follows:

Goodwill

years

Page 4

FOXCOTTE FENCING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

2.7

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:

Freehold property	-		15 year straight line
Long-term leasehold property	-		20 year straight line
Plant and machinery	-	20%
Motor vehicles	-	20%
Fixtures and fittings	-	20%
Office equipment	-	20%

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.

2.8

Stocks

Stocks 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.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.9

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 profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting 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 Statement of financial position.

2.10

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to and from related parties.

Page 5

FOXCOTTE FENCING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

2.10

Financial instruments (continued)

(i) Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Employees

The average monthly number of employees, including directors, during the year was 17 (2022 - 11).

4.	Intangible assets

		Goodwill
		£
	Cost
	At 1 April 2022	4,167
	At 31 March 2023	4,167
	Amortisation
	At 1 April 2022	1,251
	Charge for the year on owned assets	417
	At 31 March 2023	1,668
	Net book value
	At 31 March 2023	2,499
	At 31 March 2022	2,916

Page 6

FOXCOTTE FENCING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

4.Intangible assets (continued)

5.	Tangible fixed assets

	Freehold property	Long-term leasehold property	Plant and machinery	Motor vehicles	Fixtures and fittings
	£	£	£	£	£
Cost or valuation
At 1 April 2022	-	121,001	156,815	174,188	4,569
Additions	91,822	55,002	63,578	47,700	-
Disposals	-	-	(32,705)	-	-
At 31 March 2023	91,822	176,003	187,688	221,888	4,569
Depreciation
At 1 April 2022	-	20,587	46,797	78,041	1,997
Charge for the year on owned assets	6,121	8,799	28,837	33,105	914
Disposals	-	-	(5,451)	-	-
At 31 March 2023	6,121	29,386	70,183	111,146	2,911
Net book value
At 31 March 2023	85,701	146,617	117,505	110,742	1,658
At 31 March 2022	-	100,414	110,018	96,147	2,572

Page 7

FOXCOTTE FENCING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

5.Tangible fixed assets (continued)

	Office equipment	Total
	£	£
Cost or valuation
At 1 April 2022	5,832	462,405
Additions	4,860	262,962
Disposals	-	(32,705)
At 31 March 2023	10,692	692,662
Depreciation
At 1 April 2022	1,669	149,091
Charge for the year on owned assets	2,009	79,785
Disposals	-	(5,451)
At 31 March 2023	3,678	223,425
Net book value
At 31 March 2023	7,014	469,237
At 31 March 2022	4,162	313,313

Debtors

					2023	2022
					£	£


Trade debtors	230,414	281,801
Other debtors	14,299	21,518
Prepayments and accrued income	-	86,014
	244,713	389,333

Page 8

FOXCOTTE FENCING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

7.	Creditors: Amounts falling due within one year
		2023	2022
		£	£

Bank loans	9,999	10,000
Trade creditors	257,115	257,517
Corporation tax	51,178	83,336
Other taxation and social security	144,054	70,397
Obligations under finance lease and hire purchase contracts	16,327	28,284
Other creditors	53,992	43,146
Accruals and deferred income	112,968	69,244
	645,633	561,924

8.	Creditors: Amounts falling due after more than one year
		2023	2022
		£	£

Bank loans	21,667	31,666
Net obligations under finance leases and hire purchase contracts	37,264	37,696
	58,931	69,362

Page 9

FOXCOTTE FENCING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

9.	Loans

		2023	2022
		£	£

Amounts falling due within one year
Bank loans	9,999	10,000
	9,999	10,000
Amounts falling due 1-2 years
Bank loans	10,000	10,000
	10,000	10,000
Amounts falling due 2-5 years
Bank loans	11,667	21,667
	11,667	21,667

	31,666	41,667

10.	Hire purchase and finance leases
	Minimum lease payments under hire purchase fall due as follows:
		2023	2022
		£	£

Within one year	16,080	28,284
Between 1-5 years	9,848	37,696
	25,928	65,980

Page 10

FOXCOTTE FENCING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

11.	Deferred taxation

		2023
		£

	At beginning of year	(5,692)
	Charged to profit or loss	(8,602)
	At end of year	(14,294)

The provision for deferred taxation is made up as follows:
	2023	2022
	£	£

Accelerated capital allowances	(27,374)	(23,972)
Short term timing differences	13,080	18,280
	(14,294)	(5,692)

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