Company No:
Contents
Note | 31.05.2023 | 31.05.2022 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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2,858 | 0 | |||
Current assets | ||||
Debtors | 4 |
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1,188 | 1 | |||
Creditors: amounts falling due within one year | 5 | (
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Net current (liabilities)/assets | (8,308) | 1 | ||
Total assets less current liabilities | (5,450) | 1 | ||
Net (liabilities)/assets | (
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Capital and reserves | ||||
Called-up share capital | 6 |
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Profit and loss account | (
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Total shareholder's (deficit)/funds | (
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Director's responsibilities:
The financial statements of Foxbourne Investments Limited (registered number:
Mr M Potter
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.
Foxbourne Investments 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 23 Elmbourne Road, London, SW17 8JS, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include 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 director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director notes that the business has net liabilities of £5,700. The company is supported through loans from the director. The director has confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the director will continue to support the company. Given the current position, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
The current reporting period covers a 12 month period to 31 May 2023 and the comparative reporting period covered the period from 24 May 2021 to 31 May 2022, therefore the comparative figures presented in the financial statements are not entirely comparable.
Plant and machinery etc. |
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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.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Non-financial assets
If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Equity instruments
Equity instruments issued by the company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
Year ended 31.05.2023 |
Period from 24.05.2021 to 31.05.2022 |
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Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
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Plant and machinery etc. | Total | ||
£ | £ | ||
Cost | |||
At 01 June 2022 |
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Additions |
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At 31 May 2023 |
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Accumulated depreciation | |||
At 01 June 2022 |
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Charge for the financial year |
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At 31 May 2023 |
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Net book value | |||
At 31 May 2023 |
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At 31 May 2022 |
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31.05.2023 | 31.05.2022 | ||
£ | £ | ||
Other debtors |
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31.05.2023 | 31.05.2022 | ||
£ | £ | ||
Trade creditors |
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Other creditors |
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31.05.2023 | 31.05.2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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Transactions with the entity's director
31.05.2023 | 31.05.2022 | ||
£ | £ | ||
Amounts due to Key Management Personnel | 6,286 | 0 |
These loans are unsecured, interest free and have no fixed date for repayment.