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REGISTERED NUMBER: 10278307 (England and Wales)




















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023

FOR

FOXES ESTATES LTD

FOXES ESTATES LTD (REGISTERED NUMBER: 10278307)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


FOXES ESTATES LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2023







DIRECTORS: N Teitelbaum
D Winegarten
Mrs C R Mapper





REGISTERED OFFICE: First Floor, Winston House
349 Regents Park Road
London
N3 1DH





REGISTERED NUMBER: 10278307 (England and Wales)





AUDITORS: Melinek Fine LLP
Chartered Accountants
Statutory Auditors
First Floor, Winston House
349 Regents Park Road
London
N3 1DH

FOXES ESTATES LTD (REGISTERED NUMBER: 10278307)

BALANCE SHEET
28 FEBRUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 5,041,922 1,244,443

CURRENT ASSETS
Stocks 5 255,500 4,564,828
Debtors 6 41,990 50,852
Cash at bank 2,230,216 32,943
2,527,706 4,648,623
CREDITORS
Amounts falling due within one year 7 1,136,084 2,974,708
NET CURRENT ASSETS 1,391,622 1,673,915
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,433,544

2,918,358

CREDITORS
Amounts falling due after more than one
year

8

(3,350,562

)

-

PROVISIONS FOR LIABILITIES (1,233 ) -
NET ASSETS 3,081,749 2,918,358

CAPITAL AND RESERVES
Called up share capital 10 300 300
Profit and loss account 11 3,081,449 2,918,058
SHAREHOLDERS' FUNDS 3,081,749 2,918,358

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 February 2024 and were signed on its behalf by:





D Winegarten - Director


FOXES ESTATES LTD (REGISTERED NUMBER: 10278307)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023


1. STATUTORY INFORMATION

Foxes Estates Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
The whole of the turnover is attributable to the principal activity of the company, being trading in properties in the United Kingdom. Turnover comprises proceeds from sales of properties.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stock represents properties bought with the intention of selling them. Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell.

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost unless they are classified as receivable within one year in which case they are measured at the undiscounted amount of the cash or other consideration expected to be received net of impairment.

Financial liabilities that are classified as payable within one year are subsequently measured at the undiscounted amount of the cash or other consideration expected to be paid.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset or settle the liability simultaneously.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


FOXES ESTATES LTD (REGISTERED NUMBER: 10278307)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Acquisitions and disposals of properties
Acquisitions and disposals of the properties are considered to take place at the date of legal completion, and are included in the Financial Statements accordingly, as this is deemed to be the point where the majority of risks and rewards of ownership vest.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2022 1,244,443
Additions 3,792,547
Revaluations 4,932
At 28 February 2023 5,041,922
NET BOOK VALUE
At 28 February 2023 5,041,922
At 28 February 2022 1,244,443

Fair value at 28 February 2023 is represented by:
£   
Valuation in 2023 4,932
Cost 5,036,990
5,041,922

If investment properties had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 5,036,990 1,244,443

Investment property was valued on an open market basis on 28 February 2023 by the directors .

5. STOCKS
2023 2022
£    £   
Stocks 255,500 4,564,828

FOXES ESTATES LTD (REGISTERED NUMBER: 10278307)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 41,990 50,852

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 9,971 1,504,400
Trade creditors 6,720 120
Taxation and social security 199,042 289,523
Other creditors 920,351 1,180,665
1,136,084 2,974,708

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 3,350,562 -

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 1,103,848 -

Repayable by instalments
Bank loans more 5 yr by instal 2,141,958 -

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 3,360,533 1,504,400

The bank loans and overdrafts are secured by way of a floating charge over the assets of the company and by way of fixed charges against selected stock of land and buildings.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
300 Ordinary £1 300 300

FOXES ESTATES LTD (REGISTERED NUMBER: 10278307)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


11. RESERVES
Profit
and loss
account
£   

At 1 March 2022 2,918,058
Profit for the year 163,391
At 28 February 2023 3,081,449

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Aryeh Melinek (Senior Statutory Auditor)
for and on behalf of Melinek Fine LLP

13. RELATED PARTY DISCLOSURES

Included in other creditors is an amount of £898,086 (2022: £1,099,336) due to companies which hold a participating interest and £NIL (2022: £40,523) due to a director of the company.

14. PARENT COMPANY

The Company is a subsidiary of London & Capital Housing Limited, a company registered in England and Wales.