Silverfin false 31/01/2023 01/02/2022 31/01/2023 M R I Ness 28/01/2003 25 October 2023 The principal activity of the Company during the financial year was property investment. 04649589 2023-01-31 04649589 bus:Director1 2023-01-31 04649589 2022-01-31 04649589 core:CurrentFinancialInstruments 2023-01-31 04649589 core:CurrentFinancialInstruments 2022-01-31 04649589 core:Non-currentFinancialInstruments 2023-01-31 04649589 core:Non-currentFinancialInstruments 2022-01-31 04649589 core:ShareCapital 2023-01-31 04649589 core:ShareCapital 2022-01-31 04649589 core:RevaluationReserve 2023-01-31 04649589 core:RevaluationReserve 2022-01-31 04649589 core:RetainedEarningsAccumulatedLosses 2023-01-31 04649589 core:RetainedEarningsAccumulatedLosses 2022-01-31 04649589 2022-02-01 2023-01-31 04649589 bus:FullAccounts 2022-02-01 2023-01-31 04649589 bus:SmallEntities 2022-02-01 2023-01-31 04649589 bus:AuditExemptWithAccountantsReport 2022-02-01 2023-01-31 04649589 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 04649589 bus:Director1 2022-02-01 2023-01-31 04649589 2021-02-01 2022-01-31 04649589 core:Non-currentFinancialInstruments 2022-02-01 2023-01-31 iso4217:GBP xbrli:pure

Company No: 04649589 (England and Wales)

FOXROCK DEVELOPMENTS LIMITED

Unaudited Financial Statements
For the financial year ended 31 January 2023
Pages for filing with the registrar

FOXROCK DEVELOPMENTS LIMITED

Unaudited Financial Statements

For the financial year ended 31 January 2023

Contents

FOXROCK DEVELOPMENTS LIMITED

COMPANY INFORMATION

For the financial year ended 31 January 2023
FOXROCK DEVELOPMENTS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 January 2023
DIRECTOR M R I Ness
REGISTERED OFFICE Goodwood House
Blackbrook Park Avenue
Taunton
TA1 2PX
United Kingdom
COMPANY NUMBER 04649589 (England and Wales)
CHARTERED ACCOUNTANTS Albert Goodman LLP
Goodwood House
Blackbrook Park Avenue
Taunton
Somerset
TA1 2PX
FOXROCK DEVELOPMENTS LIMITED

BALANCE SHEET

As at 31 January 2023
FOXROCK DEVELOPMENTS LIMITED

BALANCE SHEET (continued)

As at 31 January 2023
Note 2023 2022
£ £
Fixed assets
Investment property 3 225,000 225,000
225,000 225,000
Current assets
Debtors 4 121 11,233
Cash at bank and in hand 69 221
190 11,454
Creditors: amounts falling due within one year 5 ( 202,788) ( 213,498)
Net current liabilities (202,598) (202,044)
Total assets less current liabilities 22,402 22,956
Creditors: amounts falling due after more than one year 6 ( 1,933) ( 2,733)
Net assets 20,469 20,223
Capital and reserves
Called-up share capital 1 1
Revaluation reserve 20,102 20,102
Profit and loss account 366 120
Total shareholder's funds 20,469 20,223

For the financial year ending 31 January 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Foxrock Developments Limited (registered number: 04649589) were approved and authorised for issue by the Director on 25 October 2023. They were signed on its behalf by:

M R I Ness
Director
FOXROCK DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2023
FOXROCK DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Foxrock Developments Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Goodwood House, Blackbrook Park Avenue, Taunton, TA1 2PX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover represents rents receivable in relation to investment properties which are recognised in the period of occupation of the property by the tenant. 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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the director, on an open market value for existing use basis.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transactions costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Investment property

Investment property
£
Valuation
As at 01 February 2022 225,000
As at 31 January 2023 225,000

Valuation

The value of investment property is derived from observable current market prices for comparable real estate determined by the directors.

Historic cost

If the investment properties had been accounted for cost accounting rules, the properties would have been measured as follows:

2023 2022
£ £
Historic cost 204,898 204,898

4. Debtors

2023 2022
£ £
Other debtors 121 11,233

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 800 800
Trade creditors 2,660 3,031
Taxation and social security 23,438 20,921
Other creditors 175,890 188,746
202,788 213,498

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 1,933 2,733

There are no amounts included above in respect of which any security has been given by the small entity.

7. Related party transactions

Transactions with the entity's director

Advances

The Directors loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

At 1 February 2022, the balance owed by the director was £10,300. During the year, £20,245 was advanced to the director, and £30,545 was repaid by the director. The balance owed by the director at 31 January 2023 was £Nil.

At 1 February 2021, the balance owed by the director was £Nil. During the year, £12,974 was advanced to the director, and £2,674 was repaid by the director. The balance owed by the director at 31 January 2022 was £10,300.