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REGISTERED NUMBER: 05145427 (England and Wales)



















FOX COVERT LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 APRIL 2022 TO 3 JULY 2023






FOX COVERT LIMITED (REGISTERED NUMBER: 05145427)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 APRIL 2022 TO 3 JULY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


FOX COVERT LIMITED

COMPANY INFORMATION
FOR THE PERIOD 1 APRIL 2022 TO 3 JULY 2023







DIRECTORS: S M P Adcock
E C Gilvear
J S Godden
K J G Hillen





REGISTERED OFFICE: 167-169 Great Portland Street
5th Floor
London
W1W 5PF





REGISTERED NUMBER: 05145427 (England and Wales)






FOX COVERT LIMITED (REGISTERED NUMBER: 05145427)

BALANCE SHEET
3 JULY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 808,044 852,967
Investments 6 831,209 831,209
1,639,253 1,684,176

CURRENT ASSETS
Debtors 7 75,829 66,878
Cash at bank and in hand 369,335 347,911
445,164 414,789
CREDITORS
Amounts falling due within one year 8 284,829 287,068
NET CURRENT ASSETS 160,335 127,721
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,799,588

1,811,897

CREDITORS
Amounts falling due after more than one year 9 981,086 1,134,828
NET ASSETS 818,502 677,069

CAPITAL AND RESERVES
Called up share capital 11 106 106
Retained earnings 818,396 676,963
SHAREHOLDERS' FUNDS 818,502 677,069

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 3 July 2023.

The members have not required the company to obtain an audit of its financial statements for the period ended 3 July 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 April 2024 and were signed on its behalf by:





K J G Hillen - Director


FOX COVERT LIMITED (REGISTERED NUMBER: 05145427)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 APRIL 2022 TO 3 JULY 2023

1. COMPANY INFORMATION

Fox Covert Limited is a private company limited by shares incorporated in England and Wales. The registered office is 167-169 Great Portland Street, 5th Floor, London, W1W 5PF. The business address is Hillcrest, Manley Road, Frodsham, Cheshire, WA6 6ES.

2. ACCOUNTING POLICIES

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. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

Reporting period
The financial statements cover a long period from 1 April 2022 to 3 July 2023. The balance sheet date reflects the date the ownership of the group changed. The comparatives cover a period of twelve months.

Turnover
Turnover represents amounts receivable for services.

Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life.

Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Land and buildings Freehold 2% straight line
Plant and Machinery 25% reducing balance
Fixtures, fittings & equipment 25% reducing balance
Computer equipment 25% reducing balance
Other assets 5% straight line


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.

Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

FOX COVERT LIMITED (REGISTERED NUMBER: 05145427)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2022 TO 3 JULY 2023

2. ACCOUNTING POLICIES - continued

Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

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.

Taxation
The tax expense represents 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.

Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

3. EMPLOYEES

The average number of employees during the period was 41 (2022 - 40 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 3 July 2023 370,000
AMORTISATION
At 1 April 2022
and 3 July 2023 370,000
NET BOOK VALUE
At 3 July 2023 -
At 31 March 2022 -

FOX COVERT LIMITED (REGISTERED NUMBER: 05145427)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2022 TO 3 JULY 2023

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2022 1,117,362 275,216 1,392,578
Additions - 14,060 14,060
Disposals - (7,541 ) (7,541 )
At 3 July 2023 1,117,362 281,735 1,399,097
DEPRECIATION
At 1 April 2022 342,818 196,793 539,611
Charge for period 27,934 27,690 55,624
Eliminated on disposal - (4,182 ) (4,182 )
At 3 July 2023 370,752 220,301 591,053
NET BOOK VALUE
At 3 July 2023 746,610 61,434 808,044
At 31 March 2022 774,544 78,423 852,967

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 April 2022
and 3 July 2023 831,209
NET BOOK VALUE
At 3 July 2023 831,209
At 31 March 2022 831,209

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Lostock Lodge Limited
Registered office: 167-169 Great Portland Street, 5th Floor, London, W1W 5PF
Nature of business:
%
Class of shares: holding
Ordinary 100.00

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 38,205 40,889
Other debtors - 5,910
Prepayments and accrued income 37,624 20,079
75,829 66,878

FOX COVERT LIMITED (REGISTERED NUMBER: 05145427)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2022 TO 3 JULY 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans 140,138 137,627
Trade creditors 932 19,976
Social security and other taxes 35,901 31,227
Other creditors 107,858 98,238
284,829 287,068

Other creditors include accruals and deferred income of £62,441 (2022 £12,250)

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans more than 1 year 981,086 1,134,828

The bank borrowings are secured by a debenture over the assets of the company and its subsidiary. In addition there is a fixed charge over the freehold property of the company and its subsidiary.

Creditors which fall due after five years as follows:

20232022
£   £   

Payable by instalments439,199596,821

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Between one and five years 56,304 13,989

11. CALLED UP SHARE CAPITAL

Issued and fully paid:

Number: Class: Nominal value: 2023 2022
£ £
94 A Ordinary shares £1 94 94
6 B Ordinary shares £1 6 6
6 C Ordinary shares £1 6 6
106 106

The ordinary A and B and C shares have attached to them respectively the right to appoint and remove ''A'' or ''B'' or ''C'' directors but rank pari passu in all other respect.