2022-08-012023-07-312023-07-31false11455734CITY OF FOG 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CITY OF FOG LIMITED

Registered Number
11455734
(England and Wales)

Unaudited Financial Statements for the Year ended
31 July 2023

CITY OF FOG LIMITED
Company Information
for the year from 1 August 2022 to 31 July 2023

Director

MILLER, Jack Edward

Registered Address

13 The Close
Norwich
NR1 4DS

Registered Number

11455734 (England and Wales)
CITY OF FOG LIMITED
Balance Sheet as at
31 July 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets311,87214,796
11,87214,796
Current assets
Stocks430,50020,000
Debtors55,11730,666
Cash at bank and on hand21,89920,423
57,51671,089
Creditors amounts falling due within one year6(41,937)(39,186)
Net current assets (liabilities)15,57931,903
Total assets less current liabilities27,45146,699
Creditors amounts falling due after one year7(39,482)(42,916)
Provisions for liabilities8(2,968)(3,699)
Net assets(14,999)84
Capital and reserves
Called up share capital11
Profit and loss account(15,000)83
Shareholders' funds(14,999)84
The financial statements were approved and authorised for issue by the Director on 29 July 2024, and are signed on its behalf by:
MILLER, Jack Edward
Director
Registered Company No. 11455734
CITY OF FOG LIMITED
Notes to the Financial Statements
for the year ended 31 July 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)
Vehicles20
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
2.Average number of employees

20232022
Average number of employees during the year33
3.Tangible fixed assets

Vehicles

Total

££
Cost or valuation
At 01 August 2215,95015,950
At 31 July 2315,95015,950
Depreciation and impairment
At 01 August 221,1541,154
Charge for year2,9242,924
At 31 July 234,0784,078
Net book value
At 31 July 2311,87211,872
At 31 July 2214,79614,796
4.Stocks

2023

2022

££
Other stocks30,50020,000
Total30,50020,000
5.Debtors: amounts due within one year

2023

2022

££
Other debtors5,11730,666
Total5,11730,666
6.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables10,3752,472
Bank borrowings and overdrafts19,1668,848
Taxation and social security12,39425,055
Other creditors21
Accrued liabilities and deferred income-2,810
Total41,93739,186
The bank loan is unsecured, and the Obligations Under HP/Financial Leases are secured against the asset.
7.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts31,27431,666
Other creditors8,20811,250
Total39,48242,916
The bank loan is unsecured, and the Obligations Under HP/Financial Leases are secured against the asset.
8.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)2,9683,699
Total2,9683,699