Company Registration No. 09278597 (England and Wales)
Foxberry Ltd
Unaudited accounts
for the year ended 31 October 2023
Foxberry Ltd
Company Information
for the year ended 31 October 2023
Directors
Henrik Brunlid
Clas Peter Fors
David Sahlin
Company Number
09278597 (England and Wales)
Registered Office
Level 39
One Canada Square
London
E14 5AB
Accountants
Barnes & Scott
86-90 Paul Street
Shoreditch
London
EC2A 4NE
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Foxberry Ltd for the year ended 31 October 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
Foxberry Ltd for the year ended
31 October 2023 as set out on pages
5 -
8 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.
This report is made solely to the Board of Directors of Foxberry Ltd, as a body, in accordance with the terms of our engagement letter dated 13 March 2018. Our work has been undertaken solely to prepare for your approval the accounts of Foxberry Ltd and state those matters that we have agreed to state to the Board of Directors of Foxberry Ltd, as a body, in this report in accordance with AAF 07/16 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Foxberry Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Foxberry Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Foxberry Ltd. You consider that Foxberry Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Foxberry Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Barnes & Scott
Chartered Accountants
86-90 Paul Street
Shoreditch
London
EC2A 4NE
20 February 2024
Foxberry Ltd
Statement of financial position
as at 31 October 2023
Intangible assets
2,377
2,988
Tangible assets
5,783
5,617
Cash at bank and in hand
552,118
670,710
Creditors: amounts falling due within one year
(239,155)
(121,789)
Net current assets
1,084,470
1,035,765
Net assets
1,092,630
1,044,370
Called up share capital
30,000
30,000
Share premium
132,000
132,000
Profit and loss account
930,630
882,370
Shareholders' funds
1,092,630
1,044,370
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The members have agreed to the preparation of abridged accounts for the year in accordance with Section 444(2A).
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 20 February 2024 and were signed on its behalf by
David Sahlin
Director
Company Registration No. 09278597
Foxberry Ltd
Notes to the Accounts
for the year ended 31 October 2023
Foxberry Ltd is a private company, limited by shares, registered in England and Wales, registration number 09278597. The registered office is Level 39, One Canada Square, London, E14 5AB.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.
The company conducts a large amount of research and development work, the majority of which is done by its directors. Each director carries out two distinct roles for the company which are governed by separate employment contracts. These contracts specify the amount of time and payment relating to each aspect of the director's role and the remuneration related to each reflects the market rate for the work performed. The contracts are reviewed on an annual basis to ensure they accurately reflect the balance of work being conducted.
A small amount of research and development is contracted out to unrelated third parties.
Expenditure on R&D is charged to the income statement in the year in which it is incurred.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Foxberry Ltd
Notes to the Accounts
for the year ended 31 October 2023
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
The directors consider the going concern basis to be appropriate having paid due regard to the Company's projected results during the twelve months from the date the financial statements are approved and anticipated cash flows, availability of financing facilities and mitigating actions that can be taken during the period.
4
Intangible fixed assets
Total
5
Tangible fixed assets
Total
Foxberry Ltd
Notes to the Accounts
for the year ended 31 October 2023
Allotted, called up and fully paid:
30,000 Ordinary shares of £1 each
30,000
30,000
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
1,527
131,019
131,413
1,133
3,556
130,524
132,944
1,136
5,006
189,044
193,050
1,000
10,089
450,587
457,407
3,269
The director loans are measured at transaction price and are interest free and repayable on demand.
8
Average number of employees
During the year the average number of employees was 3 (2022: 3).