Registered number
05872043
Fox Electrical Supplies Limited
Filleted Accounts
31 August 2023
Fox Electrical Supplies Limited
Registered number: 05872043
Balance Sheet
as at 31 August 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1,066,798 1,079,762
Current assets
Stocks 456,094 328,566
Debtors 757,057 564,335
Cash at bank and in hand 247,614 82,234
1,460,765 975,135
Creditors: amounts falling due within one year 4 (1,133,262) (691,555)
Net current assets 327,503 283,580
Total assets less current liabilities 1,394,301 1,363,342
Creditors: amounts falling due after more than one year 5 (529,790) (609,529)
Provisions for liabilities (23,438) (22,650)
Net assets 841,073 731,163
Capital and reserves
Called up share capital 80 80
Capital redemption reserve 20 20
Profit and loss account 840,973 731,063
Shareholders' funds 841,073 731,163
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S E Fox
Director
Approved by the board on 17 October 2023
Fox Electrical Supplies Limited
Statement of Changes in Equity
for the year ended 31 August 2023
Share Capital Profit Total
capital redemption and loss
reserve account
£ £ £ £
At 1 September 2022 80 20 731,063 731,163
Profit for the financial year - - 157,910 157,910
Total comprehensive income for the financial year - - 157,910 157,910
Dividends - - (48,000) (48,000)
At 31 August 2023 80 20 840,973 841,073
Fox Electrical Supplies Limited
Notes to the Accounts
for the year ended 31 August 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Grant Income
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings 2% on cost
Leasehold improvements 25% on cost
Plant and machinery 25% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 18 20
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 September 2022 1,021,292 171,961 146,469 1,339,722
Additions - 548 59,676 60,224
Disposals - - (19,950) (19,950)
At 31 August 2023 1,021,292 172,509 186,195 1,379,996
Depreciation
At 1 September 2022 60,744 130,275 68,941 259,960
Charge for the year 17,106 10,559 30,561 58,226
On disposals - - (4,988) (4,988)
At 31 August 2023 77,850 140,834 94,514 313,198
Net book value
At 31 August 2023 943,442 31,675 91,681 1,066,798
At 31 August 2022 960,548 41,686 77,528 1,079,762
4 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 20,380 29,650
Trade creditors 958,062 557,355
Corporation tax 46,905 23,631
Other taxes and social security costs 24,126 21,413
Other creditors 83,789 59,506
1,133,262 691,555
5 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 529,790 609,529
6 Loans 2023 2022
£ £
Secured bank loans 550,170 639,179
The loan is secured on the assets to which it relates.
7 Other information
Fox Electrical Supplies Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 2,
Wavell Drive
Lincoln
LN3 4PL
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