Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-3122022-04-01falseNo description of principal activity2truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 04476336 2022-04-01 2023-03-31 04476336 2021-04-01 2022-03-31 04476336 2023-03-31 04476336 2022-03-31 04476336 c:Director1 2022-04-01 2023-03-31 04476336 d:MotorVehicles 2022-04-01 2023-03-31 04476336 d:MotorVehicles 2023-03-31 04476336 d:MotorVehicles 2022-03-31 04476336 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 04476336 d:OfficeEquipment 2022-04-01 2023-03-31 04476336 d:OfficeEquipment 2023-03-31 04476336 d:OfficeEquipment 2022-03-31 04476336 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 04476336 d:ComputerEquipment 2022-04-01 2023-03-31 04476336 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 04476336 d:CurrentFinancialInstruments 2023-03-31 04476336 d:CurrentFinancialInstruments 2022-03-31 04476336 d:Non-currentFinancialInstruments 2023-03-31 04476336 d:Non-currentFinancialInstruments 2022-03-31 04476336 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 04476336 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 04476336 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 04476336 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 04476336 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 04476336 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-03-31 04476336 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 04476336 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-03-31 04476336 d:ShareCapital 2023-03-31 04476336 d:ShareCapital 2022-03-31 04476336 d:RetainedEarningsAccumulatedLosses 2023-03-31 04476336 d:RetainedEarningsAccumulatedLosses 2022-03-31 04476336 c:FRS102 2022-04-01 2023-03-31 04476336 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 04476336 c:FullAccounts 2022-04-01 2023-03-31 04476336 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 04476336 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-04-01 2023-03-31 04476336 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-03-31 04476336 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-03-31 04476336 2 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Registered number: 04476336









K FOX DEVELOPMENTS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
K FOX DEVELOPMENTS LIMITED
REGISTERED NUMBER: 04476336

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
717
2,059

  
717
2,059

Current assets
  

Stocks
  
1,678,381
1,044,910

Debtors: amounts falling due within one year
 5 
306,756
312,642

Cash at bank and in hand
 6 
50
535

  
1,985,187
1,358,087

Creditors: amounts falling due within one year
 7 
(1,584,101)
(857,619)

Net current assets
  
 
 
401,086
 
 
500,468

Total assets less current liabilities
  
401,803
502,527

Creditors: amounts falling due after more than one year
  
(27,513)
(47,513)

  

Net assets
  
374,290
455,014


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
374,190
454,914

  
374,290
455,014

Page 1

 
K FOX DEVELOPMENTS LIMITED
REGISTERED NUMBER: 04476336
    
BALANCE SHEET (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 comprehensive income 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 on 22 December 2023.




K R Fox
Director

The notes on pages 3 to 9 form part of these financial statements.
Page 2

 
K FOX DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

K Fox Developments is a private company limited by shares and is registered in England and Wales with company number 04476336. The registered office address is 48 Roebuck Lane, Buckhurst Hill, Essex, United Kingdom, IG9 5QX.

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:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
K FOX DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.6

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:

Motor vehicles
-
25%
Office equipment
-
Computer equipment
-
33%

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.

 
2.7

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 weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet 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.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

 
K FOX DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.11

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Page 5

 
K FOX DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.11
Financial instruments (continued)

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Page 6

 
K FOX DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.12

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).


4.


Tangible fixed assets





Motor vehicles
Office equipment
Total

£
£
£



Cost or valuation


At 1 April 2022
16,240
3,977
20,217


Additions
-
1,498
1,498



At 31 March 2023

16,240
5,475
21,715



Depreciation


At 1 April 2022
16,240
1,918
18,158


Charge for the year on owned assets
-
2,840
2,840



At 31 March 2023

16,240
4,758
20,998



Net book value



At 31 March 2023
-
717
717



At 31 March 2022
-
2,059
2,059

Page 7

 
K FOX DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Debtors

2023
2022
£
£


Other debtors
306,756
312,642

306,756
312,642



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
50
535

Less: bank overdrafts
(16,776)
(15,303)

(16,726)
(14,768)



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
16,776
15,303

Bank loans
10,000
-

Trade creditors
17,146
8,208

Corporation tax
66,662
66,662

Other taxation and social security
953
1,077

Other creditors
1,468,464
763,369

Accruals and deferred income
4,100
3,000

1,584,101
857,619


A fixed and floating charge exists over the stock held within the company.


8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
27,513
47,513

27,513
47,513


Page 8

 
K FOX DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
10,000
-


10,000
-

Amounts falling due 1-2 years

Bank loans
10,000
47,513


10,000
47,513

Amounts falling due 2-5 years

Bank loans
17,513
-


17,513
-


37,513
47,513


10.


Related party transactions

The following loans were due (to)/from related parties at the end of the year:


2023
2022
£
£

Key management personnel
(1,468,464)
(761,690)
(1,468,464)
(761,690)

 
Page 9