Company Registration No. 09892090 (England and Wales)
FOX PI LIMITED
ANNUAL REPORT AND UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
TWP Accounting LLP
Chartered Accountants
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
FOX PI LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
FOX PI LIMITED
Company Registration No. 09892090
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
3
320,000
320,000
Current assets
Cash at bank and in hand
7,079
15,655
Creditors: amounts falling due within one year
4
(314,976)
(83,436)
Net current liabilities
(307,897)
(67,781)
Total assets less current liabilities
12,103
252,219
Creditors: amounts falling due after more than one year
5
-
0
(231,200)
Net assets
12,103
21,019
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
12,003
20,919
Total equity
12,103
21,019

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 4 March 2024
D Fox
Director
FOX PI LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 2 -
1
Accounting policies
Company information

Fox PI Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Old Rectory, Church Street, Weybridge, Surrey, KT13 8DE.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties . The principal accounting policies adopted are set out below.

1.2
Going concern

At the balance sheet date the company has net current liabilities of £307,897 of which £311,502 was owed to a connected entity owned and controlled by the Directors.  The company and Directors have confirmed that they will endeavour to continue to provide the financial support to the company, and accordingly the accounts are prepared on the going concern basis.

1.3
Turnover

Turnover is recognised at the fair value of the consideration for rents receivable in the normal course of business.

 

Where income is received in advance, those amounts relating to future periods are included in creditors. Similarly where amounts are due but yet to be received, those amounts deemed to be recoverable are included in debtors.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

FOX PI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments
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, bank loans, loans from fellow group companies and preference shares that 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.

1.7
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
1
1
FOX PI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 4 -
3
Investment property
2023
£
Fair value
At 1 December 2022 and 30 November 2023
320,000

The fair value of the investment property has been arrived at on the basis of a valuation carried out at 30 November 2023 by the director of the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

 

4
Creditors: amounts falling due within one year
2023
2022
£
£
Taxation and social security
-
0
64
Other creditors
314,976
83,372
314,976
83,436
5
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
-
0
231,200

Included in creditors due in more than one year are secured loans of £0 (2022 - £231,200). These are secured on the asset to which they relate.

6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
7
Related party transactions

At the balance sheet date the company owed the director, D Fox, £866 (2022 - £866). This loan is interest free.

 

At the balance sheet date the company owed ARC (Europe) Limited, a connected company in which D Fox is a director, an amount of £311,502 (2022 - £80,000). This loan is interest free.

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