Silverfin false 31/05/2023 01/06/2022 31/05/2023 C Young 05/05/2015 22 February 2024 The principal activity of the Company is that of property development, rental and consulting. 09573796 2023-05-31 09573796 bus:Director1 2023-05-31 09573796 2022-05-31 09573796 core:CurrentFinancialInstruments 2023-05-31 09573796 core:CurrentFinancialInstruments 2022-05-31 09573796 core:Non-currentFinancialInstruments 2023-05-31 09573796 core:Non-currentFinancialInstruments 2022-05-31 09573796 core:ShareCapital 2023-05-31 09573796 core:ShareCapital 2022-05-31 09573796 core:RetainedEarningsAccumulatedLosses 2023-05-31 09573796 core:RetainedEarningsAccumulatedLosses 2022-05-31 09573796 core:ComputerEquipment 2022-05-31 09573796 core:ComputerEquipment 2023-05-31 09573796 bus:OrdinaryShareClass1 2023-05-31 09573796 core:WithinOneYear 2023-05-31 09573796 core:WithinOneYear 2022-05-31 09573796 core:BetweenOneFiveYears 2023-05-31 09573796 core:BetweenOneFiveYears 2022-05-31 09573796 2022-06-01 2023-05-31 09573796 bus:FullAccounts 2022-06-01 2023-05-31 09573796 bus:SmallEntities 2022-06-01 2023-05-31 09573796 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 09573796 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 09573796 bus:Director1 2022-06-01 2023-05-31 09573796 core:ComputerEquipment core:TopRangeValue 2022-06-01 2023-05-31 09573796 2021-06-01 2022-05-31 09573796 core:ComputerEquipment 2022-06-01 2023-05-31 09573796 core:Non-currentFinancialInstruments 2022-06-01 2023-05-31 09573796 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 09573796 bus:OrdinaryShareClass1 2021-06-01 2022-05-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 09573796 (England and Wales)

FOXATECH LTD

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

FOXATECH LTD

Unaudited Financial Statements

For the financial year ended 31 May 2023

Contents

FOXATECH LTD

STATEMENT OF FINANCIAL POSITION

As at 31 May 2023
FOXATECH LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 May 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 874 1,692
874 1,692
Current assets
Stocks 4 3,345,513 3,345,513
Debtors 5 36,730 54,550
Cash at bank and in hand 9,997 41,614
3,392,240 3,441,677
Creditors: amounts falling due within one year 6 ( 997,551) ( 1,005,785)
Net current assets 2,394,689 2,435,892
Total assets less current liabilities 2,395,563 2,437,584
Creditors: amounts falling due after more than one year 7 ( 2,494,021) ( 2,626,411)
Net liabilities ( 98,458) ( 188,827)
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account ( 98,558 ) ( 188,927 )
Total shareholder's deficit ( 98,458) ( 188,827)

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

Director's responsibilities:

The financial statements of Foxatech Ltd (registered number: 09573796) were approved and authorised for issue by the Director. They were signed on its behalf by:

C Young
Director

22 February 2024

FOXATECH LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2023
FOXATECH LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 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.

General information and basis of accounting

Foxatech 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 34 Greswell Street, Fulham, London, SW6 6PP, 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 Foxatech 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 director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has 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.

Taxation

Current tax
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Computer equipment 3 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.

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.

Borrowing costs

All borrowing costs directly attributable to the construction of the property have been expensed during the year they were incurred.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Comprehensive Income over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

The Company as lessor
Amounts due from lessees under finance leases are recognised as receivables at the amount of the company’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the company’s net investment outstanding in respect of leases.

Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

Stocks

Stock of trading property is valued at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. At each year end, the properties are assessed for impairment. If there is an impairment, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of Comprehensive Income.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties.

Financial assets
Basic financial assets, including trade and other debtors are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial assets and liabilities are offset and 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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Computer equipment Total
£ £
Cost
At 01 June 2022 7,051 7,051
At 31 May 2023 7,051 7,051
Accumulated depreciation
At 01 June 2022 5,359 5,359
Charge for the financial year 818 818
At 31 May 2023 6,177 6,177
Net book value
At 31 May 2023 874 874
At 31 May 2022 1,692 1,692

4. Stocks

2023 2022
£ £
Work in progress 3,345,513 3,345,513

5. Debtors

2023 2022
£ £
Trade debtors 3,300 12,988
Prepayments 15,429 20,183
VAT recoverable 0 3,378
Other debtors 18,001 18,001
36,730 54,550

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 163,792 73,589
Trade creditors 5,657 29,714
Accruals and deferred income 15,200 25,808
Other taxation and social security 3,636 0
Other creditors 809,266 876,674
997,551 1,005,785

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans (secured) 2,494,021 2,626,411

The bank loans are secured by a fixed charge over freehold property known as Summercourt, Northdown Lane, Guildford, GU1 3TS and a guarantee from Charles Young capped at 20% of the amount owing to Cynergy Bank.

8. Called-up share capital

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

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 8,071 8,071
between one and five years 4,036 12,107
12,107 20,178