14 false false false false false false false false false true false false false false false false No description of principal activity 2023-05-01 Sage Accounts Production Advanced 2023 - FRS102_2023 150,000 150,000 xbrli:pure xbrli:shares iso4217:GBP 00903222 2023-05-01 2024-04-30 00903222 2024-04-30 00903222 2023-04-30 00903222 2022-05-01 2023-04-30 00903222 2023-04-30 00903222 2022-04-30 00903222 core:NetGoodwill 2023-05-01 2024-04-30 00903222 core:PlantMachinery 2023-05-01 2024-04-30 00903222 core:FurnitureFittings 2023-05-01 2024-04-30 00903222 core:MotorVehicles 2023-05-01 2024-04-30 00903222 bus:Director1 2023-05-01 2024-04-30 00903222 core:NetGoodwill 2024-04-30 00903222 core:PlantMachinery 2023-04-30 00903222 core:FurnitureFittings 2023-04-30 00903222 core:MotorVehicles 2023-04-30 00903222 core:PlantMachinery 2024-04-30 00903222 core:FurnitureFittings 2024-04-30 00903222 core:MotorVehicles 2024-04-30 00903222 core:WithinOneYear 2024-04-30 00903222 core:WithinOneYear 2023-04-30 00903222 core:ShareCapital 2024-04-30 00903222 core:ShareCapital 2023-04-30 00903222 core:RetainedEarningsAccumulatedLosses 2024-04-30 00903222 core:RetainedEarningsAccumulatedLosses 2023-04-30 00903222 core:PlantMachinery 2023-04-30 00903222 core:FurnitureFittings 2023-04-30 00903222 core:MotorVehicles 2023-04-30 00903222 bus:Director1 2023-04-30 00903222 bus:Director1 2024-04-30 00903222 bus:Director1 2022-04-30 00903222 bus:Director1 2023-04-30 00903222 bus:Director1 2022-05-01 2023-04-30 00903222 bus:SmallEntities 2023-05-01 2024-04-30 00903222 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 00903222 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 00903222 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 00903222 bus:FullAccounts 2023-05-01 2024-04-30 00903222 core:OfficeEquipment 2023-05-01 2024-04-30 00903222 core:OfficeEquipment 2023-04-30 00903222 core:OfficeEquipment 2024-04-30
COMPANY REGISTRATION NUMBER: 00903222
Fox Plating Limited
Filleted Unaudited Financial Statements
30 April 2024
Fox Plating Limited
Balance Sheet
30 April 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
6
484,324
415,808
Current assets
Stocks
10,000
10,000
Debtors
7
381,521
395,107
Cash at bank and in hand
265,413
498,419
---------
---------
656,934
903,526
Creditors: amounts falling due within one year
8
110,628
195,898
---------
---------
Net current assets
546,306
707,628
------------
------------
Total assets less current liabilities
1,030,630
1,123,436
------------
------------
Net assets
1,030,630
1,123,436
------------
------------
Capital and reserves
Called up share capital
10
10
Profit and loss account
1,030,620
1,123,426
------------
------------
Shareholders funds
1,030,630
1,123,436
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Fox Plating Limited
Balance Sheet (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 1 July 2024 , and are signed on behalf of the board by:
Mr S Fox
Director
Company registration number: 00903222
Fox Plating Limited
Notes to the Financial Statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is A3 Broomsleigh Business Park, Worsely Bridge Road, London, SE26 5BN, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 14 (2023: 14 ).
5. Intangible assets
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
150,000
---------
Amortisation
At 1 May 2023 and 30 April 2024
150,000
---------
Carrying amount
At 30 April 2024
---------
At 30 April 2023
---------
6. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 May 2023
853,639
88,449
59,128
8,459
1,009,675
Additions
229,198
335
425
229,958
------------
--------
--------
-------
------------
At 30 April 2024
1,082,837
88,784
59,128
8,884
1,239,633
------------
--------
--------
-------
------------
Depreciation
At 1 May 2023
485,552
65,797
37,450
5,068
593,867
Charge for the year
149,321
5,747
5,420
954
161,442
------------
--------
--------
-------
------------
At 30 April 2024
634,873
71,544
42,870
6,022
755,309
------------
--------
--------
-------
------------
Carrying amount
At 30 April 2024
447,964
17,240
16,258
2,862
484,324
------------
--------
--------
-------
------------
At 30 April 2023
368,087
22,652
21,678
3,391
415,808
------------
--------
--------
-------
------------
7. Debtors
2024
2023
£
£
Trade debtors
250,622
362,514
Other debtors
130,899
32,593
---------
---------
381,521
395,107
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
12,482
18,342
Corporation tax
34,128
92,313
Social security and other taxes
49,618
71,885
Other creditors
14,400
13,358
---------
---------
110,628
195,898
---------
---------
9. Financial instruments
The carrying amount for each category of financial instrument is as follows:
2024
2023
£
£
Financial assets measured at fair value through profit or loss
Financial assets measured at fair value through profit or loss
620,768
869,933
---------
---------
Financial liabilities measured at fair value through profit or loss
Financial liabilities measured at fair value through profit or loss
26,892
31,709
--------
--------
10. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr S Fox
( 62)
99,795
99,733
----
--------
--------
2023
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr S Fox
( 407)
345
( 62)
----
----
----