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Foulkes & Sons Ltd
Unaudited Financial Statements
For The Year Ended 30 November 2023
Walji & Co Private Clients Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 05086969
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 25,421 50,843
Tangible Assets 5 163,412 147,460
188,833 198,303
CURRENT ASSETS
Stocks 6 127,596 127,547
Debtors 7 577,421 544,976
Cash at bank and in hand 554,358 472,071
1,259,375 1,144,594
Creditors: Amounts Falling Due Within One Year 8 (199,464 ) (162,261 )
NET CURRENT ASSETS (LIABILITIES) 1,059,911 982,333
TOTAL ASSETS LESS CURRENT LIABILITIES 1,248,744 1,180,636
NET ASSETS 1,248,744 1,180,636
CAPITAL AND RESERVES
Called up share capital 9 10,000 10,000
Profit and Loss Account 1,238,744 1,170,636
SHAREHOLDERS' FUNDS 1,248,744 1,180,636
Page 1
Page 2
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr A V Foulkes
Director
27/08/2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Foulkes & Sons Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 05086969 . The registered office is Riverside Boat Yard, Blundell Lane, Bursledon, Southampton, Hampshire, SO31 1AA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 20 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 2% on cost
Leasehold 2% on cost
Plant & Machinery 20% reducing balance
Motor Vehicles 20% reducing balance
Fixtures & Fittings 20% reducing balance
Computer Equipment 25% reducing balance
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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2.6. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2022: 4)
4 4
4. Intangible Assets
Goodwill
£
Cost
As at 1 December 2022 508,436
As at 30 November 2023 508,436
Amortisation
As at 1 December 2022 457,593
Provided during the period 25,422
As at 30 November 2023 483,015
Net Book Value
As at 30 November 2023 25,421
As at 1 December 2022 50,843
5. Tangible Assets
Land & Property
Freehold Leasehold Plant & Machinery Motor Vehicles
£ £ £ £
Cost
As at 1 December 2022 52,775 500 305,736 36,200
Additions - 5,777 31,681 -
As at 30 November 2023 52,775 6,277 337,417 36,200
Depreciation
As at 1 December 2022 16,749 - 221,853 13,032
Provided during the period 1,055 126 23,113 4,634
As at 30 November 2023 17,804 126 244,966 17,666
Net Book Value
As at 30 November 2023 34,971 6,151 92,451 18,534
As at 1 December 2022 36,026 500 83,883 23,168
Page 4
Page 5
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 December 2022 - 16,682 411,893
Additions 9,803 734 47,995
As at 30 November 2023 9,803 17,416 459,888
Depreciation
As at 1 December 2022 - 12,799 264,433
Provided during the period 1,961 1,154 32,043
As at 30 November 2023 1,961 13,953 296,476
Net Book Value
As at 30 November 2023 7,842 3,463 163,412
As at 1 December 2022 - 3,883 147,460
6. Stocks
2023 2022
£ £
Materials 127,596 127,547
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 5,920 5,903
Prepayments and accrued income 8,881 8,645
Other debtors 12,214 12,214
Other debtors (1) - 31
Other debtors (2) 69,395 38,612
Other debtors (3) 481,011 479,571
577,421 544,976
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 19,149 18,393
Corporation tax 47,622 48,780
Other taxes and social security 101 137
VAT 16,354 21,448
Net wages - 1,850
Other creditors - 769
Pension Contributions Unpaid 65 65
Directors' loan accounts 116,173 70,819
199,464 162,261
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9. Share Capital
2023 2022
Allotted, called up and fully paid £ £
9,000 Ordinary Shares of £ 1.000 each 9,000 9,000
1,000 Ordinary B shares of £ 1.000 each 1,000 1,000
10,000 10,000
10. Directors Advances, Credits and Guarantees
Dividends paid to directors
2023 2022
£ £
Mr A V Foulkes 37,700 38,000
Mrs C J Foulkes 37,700 38,000
11. Related Party Transactions
Riverside Storage and Rentals LLPThe directors, Mr A & Mrs C Foulkes, are also the sole members of the LLPDuring the year, the Company provided services to Riverside Storage and Rentals LLP amounting to £20,400 (2020 - £21,600). The company also received services from the LLP during the year of £35,000 by way of a disbursement of labour. As at the year end the amount owed to the company by the LLP was £69,395 (2022 - £38,612)

Riverside Storage and Rentals LLP

The directors, Mr A & Mrs C Foulkes, are also the sole members of the LLP

During the year, the Company provided services to Riverside Storage and Rentals LLP amounting to £20,400 (2020 - £21,600). The company also received services from the LLP during the year of £35,000 by way of a disbursement of labour. As at the year end the amount owed to the company by the LLP was £69,395 (2022 - £38,612)

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