Company registration number 09472455 (England and Wales)
THE FOXHUNTER CLUB LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
THE FOXHUNTER CLUB LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
THE FOXHUNTER CLUB LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
465,407
471,764
Current assets
Debtors
5
29,150
29,941
Cash at bank and in hand
208,568
395,705
237,718
425,646
Creditors: amounts falling due within one year
6
(1,265,378)
(1,226,372)
Net current liabilities
(1,027,660)
(800,726)
Net liabilities
(562,253)
(328,962)
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
(563,253)
(329,962)
Total equity
(562,253)
(328,962)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 1 August 2024 and are signed on its behalf by:
R C Saunders
Director
Company registration number 09472455 (England and Wales)
THE FOXHUNTER CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

The Foxhunter Club Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Foxhunter Park, Monkton, Ramsgate, Kent, United Kingdom, CT12 4JG.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
not depreciated
Plant and equipment
15% reducing balance
Fixtures and fittings
15% reducing balance

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.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

THE FOXHUNTER CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable 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.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

THE FOXHUNTER CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
23
21
THE FOXHUNTER CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
4
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 April 2023
418,608
15,315
113,413
547,336
Additions
-
0
-
0
5,691
5,691
Disposals
-
0
(2,120)
(5,022)
(7,142)
At 31 March 2024
418,608
13,195
114,082
545,885
Depreciation and impairment
At 1 April 2023
-
0
6,695
68,877
75,572
Depreciation charged in the year
-
0
1,174
7,088
8,262
Eliminated in respect of disposals
-
0
(1,320)
(2,036)
(3,356)
At 31 March 2024
-
0
6,549
73,929
80,478
Carrying amount
At 31 March 2024
418,608
6,646
40,153
465,407
At 31 March 2023
418,608
8,620
44,536
471,764
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
29,150
29,941
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
17,882
6,447
Amounts owed to group undertakings
1,239,335
1,211,361
Taxation and social security
5,168
3,974
Other creditors
2,993
4,590
1,265,378
1,226,372
THE FOXHUNTER CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
7
Related party transactions

The company was under the control of R C Saunders and J Stacey throughout the current and previous year.

 

The company is a 100% subsidiary of Saunders Park Homes Limited of which R C Saunders and J Stacey are directors and shareholders.

 

During the year Saunders Park Homes Limited paid expenses on behalf of The Foxhunter Club Limited of £27,974 (2023 - £344,382). As at the balance sheet date The Foxhunter Club Limited owed Saunders Park Homes Limited £1,239,335 (2023 - £1,211,361).

 

During the year the company entered into transactions with Saunders Park Homes Partnership, an entity controlled by R C Saunders and J Stacey. Saunders Park Homes Partnership received £nil (2023 - £200) on behalf of The Foxhunter Club Limited. As at the balance sheet date, Saunders Park Homes Partnership owed The Foxhunter Club Limited £nil (2023 - £200).

8
Directors' transactions

During the year, the company advanced £2,325 (2023: £nil) to a director. At the balance sheet date, the director owed the company £1,667 (2023: £658 owed by the company to the director). Loans to directors are interest-free, unsecured and repayable on demand. The amount was repaid within 9 months from the balance sheet date.

9
Parent company

The ultimate parent undertaking is Saunders Park Homes Limited, a company registered in England and Wales.

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