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Company No: 12117140 (England and Wales)

FOX MEDICAL AND EDUCATIONAL LTD

Unaudited Financial Statements
For the financial year ended 31 July 2023
Pages for filing with the registrar

FOX MEDICAL AND EDUCATIONAL LTD

Unaudited Financial Statements

For the financial year ended 31 July 2023

Contents

FOX MEDICAL AND EDUCATIONAL LTD

STATEMENT OF FINANCIAL POSITION

As at 31 July 2023
FOX MEDICAL AND EDUCATIONAL LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 July 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 52,357 3,069
52,357 3,069
Current assets
Debtors 4 4,479 3,780
Cash at bank and in hand 32,240 68,554
36,719 72,334
Creditors: amounts falling due within one year 5 ( 5,847) ( 13,143)
Net current assets 30,872 59,191
Total assets less current liabilities 83,229 62,260
Provision for liabilities 6 ( 9,948) ( 767)
Net assets 73,281 61,493
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account 73,181 61,393
Total shareholders' funds 73,281 61,493

For the financial year ending 31 July 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Fox Medical and Educational Ltd (registered number: 12117140) were approved and authorised for issue by the Director on 08 April 2024. They were signed on its behalf by:

Bruce Michael Tregay Fox
Director
FOX MEDICAL AND EDUCATIONAL LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2023
FOX MEDICAL AND EDUCATIONAL LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Fox Medical and Educational Ltd (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 The Old School House, Church Road, Tideford, PL12 5HW, 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.

The functional currency of Fox Medical and Educational Ltd is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due 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.

Turnover

Turnover is stated net of trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
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 financial statements. 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.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Vehicles 25 % reducing balance
Office equipment 5 years straight line
Computer equipment 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Financial instruments

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Vehicles Office equipment Computer equipment Total
£ £ £ £
Cost
At 01 August 2022 0 1,747 3,130 4,877
Additions 53,614 0 0 53,614
At 31 July 2023 53,614 1,747 3,130 58,491
Accumulated depreciation
At 01 August 2022 0 677 1,131 1,808
Charge for the financial year 3,351 349 626 4,326
At 31 July 2023 3,351 1,026 1,757 6,134
Net book value
At 31 July 2023 50,263 721 1,373 52,357
At 31 July 2022 0 1,070 1,999 3,069

4. Debtors

2023 2022
£ £
Trade debtors 4,479 3,780

5. Creditors: amounts falling due within one year

2023 2022
£ £
Amounts owed to directors 686 374
Accruals 2,420 2,200
Taxation and social security 2,741 10,569
5,847 13,143

6. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 767) ( 553)
Charged to the Statement of Income and Retained Earnings ( 9,181) ( 214)
At the end of financial year ( 9,948) ( 767)

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100