Company No:
Contents
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 |
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Investment property | 3 |
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225,000 | 225,000 | |||
Current assets | ||||
Debtors | 4 |
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Cash at bank and in hand |
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190 | 11,454 | |||
Creditors: amounts falling due within one year | 5 | (
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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 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Revaluation reserve |
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Profit and loss account |
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Total shareholder's funds |
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Director's responsibilities:
The financial statements of Foxrock Developments Limited (registered number:
M R I Ness
Director |
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.
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 £.
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.
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.
The fair value is determined annually by the director, on an open market value for existing use basis.
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.
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.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
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Investment property | |
£ | |
Valuation | |
As at 01 February 2022 |
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As at 31 January 2023 |
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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 |
2023 | 2022 | ||
£ | £ | ||
Other debtors |
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2023 | 2022 | ||
£ | £ | ||
Bank loans |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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2023 | 2022 | ||
£ | £ | ||
Bank loans |
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Transactions with the entity's director
Advances
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.