Company No:
Contents
Note | 31.10.2023 | |
£ | ||
Fixed assets | ||
Investments | 3 |
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2,023,219 | ||
Current assets | ||
Cash at bank and in hand |
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1,789,654 | ||
Creditors: amounts falling due within one year | 4 | (
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Net current assets | 1,387 | |
Total assets less current liabilities | 2,024,606 | |
Net assets |
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Capital and reserves | ||
Called-up share capital | 5 |
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Profit and loss account | (
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Foulis Holdings Ltd (registered number:
C M D Haynes
Director |
J H C Haynes
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.
Foulis Holdings 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 Hendford Manor, Hendford, Yeovil, BA20 1UN, United Kingdom. The principal place of business is Foulis Holdings Ltd, Sparkford, Yeovil, BA22 7LH.
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 and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Group accounts exemption s399
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.
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 Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
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 tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. 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. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
Period from 12.05.2022 to 31.10.2023 |
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Number | |
Monthly average number of persons employed by the Company during the period, including directors |
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Investments in subsidiaries
31.10.2023 | |
£ | |
Cost | |
At 12 May 2022 | 0 |
Additions |
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At 31 October 2023 |
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Provisions for impairment | |
At 12 May 2022 | 0 |
Impairment |
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At 31 October 2023 |
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Carrying value at 31 October 2023 |
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At the balance sheet date the company had 1 wholly owned subsidiary, acquired within the period.
31.10.2023 | |
£ | |
Amounts owed to own subsidiaries |
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Accruals |
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Taxation and social security |
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Other creditors |
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Other creditors are loans payable of £1,782,970 which are payable on demand and interest free, and relate to companies controlled by the directors of the company.
Called-up share capital | |
£ | |
At 12 May 2022 |
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Issue of share capital |
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Capital reduction on demerger | (
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At 31 October 2023 |
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Transactions with entities in which the entity itself has a participating interest
The company has taken advantage of the exemptions provided from disclosing transactions with its wholly owned subsidiary.