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COMPANY REGISTRATION NUMBER: 13194407
Fox London Properties Limited
Filleted Unaudited Financial Statements
28 February 2023
Fox London Properties Limited
Statement of Financial Position
28 February 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
4
2,130,000
2,230,000
Current assets
Debtors
5
186
Cash at bank and in hand
3,947
5,267
-------
-------
3,947
5,453
Creditors: amounts falling due within one year
6
232,579
33,578
---------
--------
Net current liabilities
228,632
28,125
------------
------------
Total assets less current liabilities
1,901,368
2,201,875
Creditors: amounts falling due after more than one year
7
381,990
596,443
------------
------------
Net assets
1,519,378
1,605,432
------------
------------
Capital and reserves
Called up share capital
10,000
10,000
Share premium account
1,587,987
1,587,987
Revaluation reserve
( 100,000)
Profit and loss account
21,391
7,445
------------
------------
Shareholders funds
1,519,378
1,605,432
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 28 February 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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Fox London Properties Limited
Statement of Financial Position (continued)
28 February 2023
These financial statements were approved by the board of directors and authorised for issue on 15 November 2023 , and are signed on behalf of the board by:
Mrs M Awad
Director
Company registration number: 13194407
Fox London Properties Limited
Notes to the Financial Statements
Year ended 28 February 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Old Mill, 9 Soar Lane, Leicester, LE3 5DE.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for rents received.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
4. Tangible assets
Freehold property
£
Cost or valuation
At 1 March 2022
2,230,000
Revaluations
( 100,000)
------------
At 28 February 2023
2,130,000
------------
Depreciation
At 1 March 2022 and 28 February 2023
------------
Carrying amount
At 28 February 2023
2,130,000
------------
At 28 February 2022
2,230,000
------------
5. Debtors
2023
2022
£
£
Trade debtors
90
Other debtors
96
----
----
186
----
----
6. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
217,800
22,800
Corporation tax
3,271
1,746
Other creditors
11,508
9,032
---------
--------
232,579
33,578
---------
--------
Included within creditors payable within 1 year are secured liabilities of £217,800 related to bank loans.
7. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
381,990
596,443
---------
---------
Included within creditors: amounts falling due after more than one year is an amount of £290,789 (2022: £505,243) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
Included within creditors payable after 1 year are secured liabilities of £599,789 related to bank loans.