Number
06952954
FOX & ASSOCIATES CONSULTING LIMITED
Filleted Accounts
31 October 2023
FOX & ASSOCIATES CONSULTING LIMITED
Registered number: 06952954
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 9,875 15,727
Investments 4 1,000 1,000
10,875 16,727
Current assets
Debtors 5 145,606 197,025
Cash at bank and in hand 3,153 26,582
148,759 223,607
Creditors: amounts falling due within one year 6 (130,572) (113,238)
Net current assets 18,187 110,369
Total assets less current liabilities 29,062 127,096
Creditors: amounts falling due after more than one year 7 (109,028) (160,305)
Provisions for liabilities (1,876) (4,144)
Net liabilities (81,842) (37,353)
Capital and reserves
Called up share capital 100 100
Profit and loss account (81,942) (37,453)
Shareholders' funds (81,842) (37,353)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr P G Fox
Director
Approved by the board on 1 March 2024
FOX & ASSOCIATES CONSULTING LIMITED
Notes to the Accounts
for the year ended 31 October 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Office equipment over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 5 10
3 Tangible fixed assets
Office equipment Total
£ £
Cost
At 1 November 2022 42,752 42,752
At 31 October 2023 42,752 42,752
Depreciation
At 1 November 2022 27,025 27,025
Charge for the year 5,852 5,852
At 31 October 2023 32,877 32,877
Net book value
At 31 October 2023 9,875 9,875
At 31 October 2022 15,727 15,727
4 Investments
Investments in subsidiary undertakings 2023 2022
£ £
Cost 1,000 1,000
5 Debtors 2023 2022
£ £
Trade debtors 38,751 41,889
Peter and Joanne Fox 100,897 141,308
Prepayments 5,806 13,828
Other debtors 152 -
145,606 197,025
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 94,954 49,419
Trade creditors 17,064 7,128
PAYE and NI 12,034 8,115
Corporation tax 547 25,022
VAT payable - 17,495
Accruals 5,973 6,059
130,572 113,238
7 Creditors: amounts falling due after more than one year 2023 2022
£ £
Bank loans and overdrafts 109,028 160,305
8 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 18,218 29,218
9 Ultimate controlling party and related party transactions
The company was under the control of Peter and Joanne Fox throughout the current and previous period.
No transactions with related parties were undertaken such as are required to be disclosed under the Financial Reporting Standard for Smaller Entities (effective April 2008), except for those disclosed below.
2023 2022
£ £
Equity dividends paid to Peter and Joanne Fox - 150,000
Balance owing (to) / from Peter and Joanne Fox 100,897 141,308
Personal guarantee by directors of company overdraft 20,000 20,000
Interest at 2.25% per annum is charged on balances over £10,000 owed to the company.
10 Going concern basis
The company is dependent for its continued survival on its creditors. No lender has given any indication of withdrawing support. Accordingly the going concern basis of accounting has been adopted.
11 Other information
FOX & ASSOCIATES CONSULTING LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
12 Market Place
Cockermouth
Cumbria CA13 9NQ
FOX & ASSOCIATES CONSULTING LIMITED 06952954 false 2022-11-01 2023-10-31 2023-10-31 VT Final Accounts October 2023 release 2 Mr P G Fox No description of principal activity 06952954 2021-11-01 2022-10-31 06952954 core:WithinOneYear 2022-10-31 06952954 core:ShareCapital 2022-10-31 06952954 core:RetainedEarningsAccumulatedLosses 2022-10-31 06952954 2022-11-01 2023-10-31 06952954 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 06952954 bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 06952954 bus:Director40 2022-11-01 2023-10-31 06952954 1 2022-11-01 2023-10-31 06952954 2 2022-11-01 2023-10-31 06952954 core:PlantMachinery 2022-11-01 2023-10-31 06952954 countries:England 2022-11-01 2023-10-31 06952954 bus:FRS102 2022-11-01 2023-10-31 06952954 bus:FullAccounts 2022-11-01 2023-10-31 06952954 2023-10-31 06952954 core:WithinOneYear 2023-10-31 06952954 core:ShareCapital 2023-10-31 06952954 core:RetainedEarningsAccumulatedLosses 2023-10-31 06952954 core:PlantMachinery 2023-10-31 06952954 core:AdditionsToInvestments 2023-10-31 06952954 2022-10-31 06952954 core:PlantMachinery 2022-10-31 iso4217:GBP xbrli:pure