IRIS Accounts Production v24.1.4.33 03274591 Board of Directors 1.1.23 31.12.23 31.12.23 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh032745912022-12-31032745912023-12-31032745912023-01-012023-12-31032745912021-12-31032745912022-01-012022-12-31032745912022-12-3103274591ns15:EnglandWales2023-01-012023-12-3103274591ns14:PoundSterling2023-01-012023-12-3103274591ns10:Director12023-01-012023-12-3103274591ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3103274591ns10:SmallEntities2023-01-012023-12-3103274591ns10:AuditExempt-NoAccountantsReport2023-01-012023-12-3103274591ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3103274591ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3103274591ns10:FullAccounts2023-01-012023-12-310327459112023-01-012023-12-3103274591ns10:Director22023-01-012023-12-3103274591ns10:RegisteredOffice2023-01-012023-12-3103274591ns5:CurrentFinancialInstruments2023-12-3103274591ns5:CurrentFinancialInstruments2022-12-3103274591ns5:Non-currentFinancialInstruments2023-12-3103274591ns5:Non-currentFinancialInstruments2022-12-3103274591ns5:ShareCapital2023-12-3103274591ns5:ShareCapital2022-12-3103274591ns5:SharePremium2023-12-3103274591ns5:SharePremium2022-12-3103274591ns5:RetainedEarningsAccumulatedLosses2023-12-3103274591ns5:RetainedEarningsAccumulatedLosses2022-12-3103274591ns5:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3103274591ns5:LeaseholdImprovements2023-01-012023-12-3103274591ns5:PlantMachinery2023-01-012023-12-3103274591ns5:FurnitureFittings2023-01-012023-12-3103274591ns5:NetGoodwill2022-12-3103274591ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2022-12-3103274591ns5:NetGoodwill2023-01-012023-12-3103274591ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-01-012023-12-3103274591ns5:NetGoodwill2023-12-3103274591ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-12-3103274591ns5:NetGoodwill2022-12-3103274591ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2022-12-3103274591ns5:LeaseholdImprovements2022-12-3103274591ns5:PlantMachinery2022-12-3103274591ns5:FurnitureFittings2022-12-3103274591ns5:LeaseholdImprovements2023-12-3103274591ns5:PlantMachinery2023-12-3103274591ns5:FurnitureFittings2023-12-3103274591ns5:LeaseholdImprovements2022-12-3103274591ns5:PlantMachinery2022-12-3103274591ns5:FurnitureFittings2022-12-3103274591ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3103274591ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3103274591ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-12-3103274591ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2022-12-3103274591ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-12-3103274591ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2022-12-3103274591ns5:WithinOneYear2023-12-3103274591ns5:WithinOneYear2022-12-3103274591ns5:BetweenOneFiveYears2023-12-3103274591ns5:BetweenOneFiveYears2022-12-3103274591ns5:MoreThanFiveYears2023-12-3103274591ns5:MoreThanFiveYears2022-12-3103274591ns5:AllPeriods2023-12-3103274591ns5:AllPeriods2022-12-3103274591ns5:Secured2023-12-3103274591ns5:Secured2022-12-3103274591ns5:Secured12023-12-3103274591ns5:Secured12022-12-31032745911ns10:Director12022-12-31032745911ns10:Director12021-12-31032745911ns10:Director12023-01-012023-12-31032745911ns10:Director12022-01-012022-12-31032745911ns10:Director12023-12-31032745911ns10:Director12022-12-31
REGISTERED NUMBER: 03274591 (England and Wales)













Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Fox Brothers & Co Ltd

Fox Brothers & Co Ltd (Registered number: 03274591)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Fox Brothers & Co Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Ms D S Meaden
D F Cordeaux





REGISTERED OFFICE: Unit 4 Tonedale Business Park
Tonedale
Wellington
Somerset
TA21 0AW





REGISTERED NUMBER: 03274591 (England and Wales)





ACCOUNTANTS: A C Mole LLP
Chartered Accountants
Stafford House
Blackbrook Park Avenue
Taunton
Somerset
TA1 2PX

Fox Brothers & Co Ltd (Registered number: 03274591)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 6,075 6,669
Tangible assets 5 471,433 486,637
477,508 493,306

CURRENT ASSETS
Stocks 2,502,166 2,073,986
Debtors 6 702,410 836,215
Cash in hand 234,977 462,765
3,439,553 3,372,966
CREDITORS
Amounts falling due within one year 7 1,157,774 1,222,307
NET CURRENT ASSETS 2,281,779 2,150,659
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,759,287

2,643,965

CREDITORS
Amounts falling due after more than one
year

8

(605,192

)

(805,192

)

PROVISIONS FOR LIABILITIES (117,859 ) (121,660 )
NET ASSETS 2,036,236 1,717,113

CAPITAL AND RESERVES
Called up share capital 250,000 250,000
Share premium 100,000 100,000
Retained earnings 1,686,236 1,367,113
SHAREHOLDERS' FUNDS 2,036,236 1,717,113

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Fox Brothers & Co Ltd (Registered number: 03274591)

Balance Sheet - continued
31 December 2023


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 July 2024 and were signed on its behalf by:





D F Cordeaux - Director


Fox Brothers & Co Ltd (Registered number: 03274591)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Fox Brothers & Co 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Grant income
Grant income is recognised where there is entitlement, when receipt is considered probable and the amount can be measured with sufficient reliability. The company adopts the accruals model for accounting for government grants. Capital based grants are recognised in the income statement on a systematic basis over the useful economic life of the asset. Grants relating to an asset which are deferred are recognised as deferred income within liabilities.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost
less any accumulated amortisation and any accumulated impairment losses.

Website costs are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to leasehold property - over the lease term
Plant and machinery - 15% on reducing balance
Office and display equipment - 20-25% on reducing balance

Tangible fixed assets are initially recognised at cost and subsequently measured at cost less accumulated depreciation.

Stock and work in progress
Stock has been valued at the lower of cost or net realisable value. Work in progress includes provision for departmental overheads.

Stock is valued based on an average cost basis, with work in progress including an element of direct overhead costs.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

Fox Brothers & Co Ltd (Registered number: 03274591)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in independently administered funds. Contributions payable for the year are charged in the profit and loss account.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Financial instruments
i) Financial assets
Basic financial assets, including trade and other receivables and cash and bank balances are initially recognised at transaction price and subsequently measured at amortised cost.

At the balance sheet date financial assets are assessed for evidence of impairment. If an asset is impaired the impairment loss is recognised in the income statement.

ii) Financial liabilities
Basic financial liabilities, including trade and other payables and bank loans, are initially recognised at transaction price and subsequently measured at amortised cost.

Critical accounting judgements and estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses.

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. Having given due consideration to the estimates and assumptions that form part of the carrying amounts of assets and liabilities within the financial statements, the directors are of the opinion that the only material judgements or estimates relate to work in progress, the policy for which is shown above. The work in progress included within stock at 31 December 2023 amounted to £103,754 (2022 - £141,964).

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 32 (2022 - 27 ) .

Fox Brothers & Co Ltd (Registered number: 03274591)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. INTANGIBLE FIXED ASSETS
Trademark Website
& goodwill costs Totals
£    £    £   
COST
At 1 January 2023 50,000 7,234 57,234
Additions - trademark - 867 867
At 31 December 2023 50,000 8,101 58,101
AMORTISATION
At 1 January 2023 50,000 565 50,565
Amortisation for year - 1,461 1,461
At 31 December 2023 50,000 2,026 52,026
NET BOOK VALUE
At 31 December 2023 - 6,075 6,075
At 31 December 2022 - 6,669 6,669

5. TANGIBLE FIXED ASSETS
Improvements Office
to and
leasehold Plant and display
property machinery equipment Totals
£    £    £    £   
COST
At 1 January 2023 17,521 552,783 485,763 1,056,067
Additions 2,800 5,486 89,092 97,378
Disposals - - (2,282 ) (2,282 )
Grants - (1,455 ) - (1,455 )
At 31 December 2023 20,321 556,814 572,573 1,149,708
DEPRECIATION
At 1 January 2023 14,694 330,978 223,758 569,430
Charge for year 1,720 33,913 60,504 96,137
Eliminated on disposal - - 12,947 12,947
Charge written back - (239 ) - (239 )
At 31 December 2023 16,414 364,652 297,209 678,275
NET BOOK VALUE
At 31 December 2023 3,907 192,162 275,364 471,433
At 31 December 2022 2,827 221,805 262,005 486,637

6. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 595,428 660,612
Other debtors - 23,607
Directors' current accounts 1,121 -
Corporation tax debtor - 9,266
VAT 24,722 46,351
Prepayments 32,464 36,979
653,735 776,815

Fox Brothers & Co Ltd (Registered number: 03274591)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. DEBTORS - continued
2023 2022
£    £   
Amounts falling due after more than one year:
Deferred tax asset 48,675 59,400

Aggregate amounts 702,410 836,215

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 200,000 200,000
Working capital facility 71,846 -
Trade creditors 358,443 512,512
Corporation tax 158,655 61,627
Social security and other taxes 32,041 34,289
Other creditors 10,257 15,958
Director's loan account 50,000 50,000
Accruals 267,971 347,921
Deferred income 8,561 -
1,157,774 1,222,307

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 1-2 years 200,000 200,000
Bank loans - 2-5 years 133,333 333,333
Director's loan account 71,859 71,859
Other creditors 200,000 200,000
605,192 805,192

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 96,500 96,500
Between one and five years 342,500 360,500
In more than five years 39,250 117,750
478,250 574,750

Fox Brothers & Co Ltd (Registered number: 03274591)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 533,333 733,333
Working capital facility 71,846 -
Accrued interest 194,698 237,601
Director's loan account 121,859 121,859
921,736 1,092,793

The director's loan account of £121,859 (2022 - £121,859) and accrued interest thereon of £194,698 (2022 - £237,601) are secured by a debenture dated 10 June 2009 securing all monies due, or to become due from the company together with a legal charge over the assets of the company.

The bank loan is secured by a first fixed charge over the present and future freehold and leasehold property of the company, all present and future plant and machinery, and all present and future book debts, goodwill and all other debtors, undertakings and all property and assets of the company.

The working capital facility of £71,846 (2022 - Nil) is secured by a debenture dated 17 August 2020 securing all monies due, or to become due from the company together with a legal charge over the assets of the company.

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
D F Cordeaux
Balance outstanding at start of year - 10,000
Amounts advanced 1,121 -
Amounts repaid - (10,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 1,121 -

The loan advanced to D Cordeaux in the year was subsequently repaid within nine months of the year end.