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COMPANY REGISTRATION NUMBER: 09327644
Foxhill Stables Limited
Filleted Unaudited Financial Statements
30 November 2023
Foxhill Stables Limited
Financial Statements
Year ended 30 November 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Foxhill Stables Limited
Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
291,193
279,146
Current assets
Debtors
6
448
639
Cash at bank and in hand
4,680
2,230
-------
-------
5,128
2,869
Creditors: amounts falling due within one year
7
12,729
11,952
--------
--------
Net current liabilities
7,601
9,083
---------
---------
Total assets less current liabilities
283,592
270,063
Creditors: amounts falling due after more than one year
8
357,022
315,095
---------
---------
Net liabilities
( 73,430)
( 45,032)
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 73,530)
( 45,132)
--------
--------
Shareholders deficit
( 73,430)
( 45,032)
--------
--------
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 statement of income and retained earnings has not been delivered.
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.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Foxhill Stables Limited
Statement of Financial Position (continued)
30 November 2023
These financial statements were approved by the board of directors and authorised for issue on 29 August 2024 , and are signed on behalf of the board by:
M F Bullen
S L Tarrant
Director
Director
Company registration number: 09327644
Foxhill Stables Limited
Notes to the Financial Statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Foxhill House, Herne Bay Road, Sturry, Canterbury, Kent, CT3 4NG.
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.
Going concern
The directors confirm that they have no intention of liquidating the company or ceasing trading and will continue to make available sufficient funding as required to ensure the company retains sufficient working capital to continue trading for the foreseeable future. As such, the directors have concluded that there are no significant doubts about the Company's ability to continue as a going concern. Accordingly, the financial statements have been prepared on a going concern basis.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and 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:
Land and buildings
-
2% straight line
Plant and machinery
-
25% straight line
Fixtures and fittings
-
20% straight line
Equipment
-
20% straight line
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.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Employee numbers
The number of persons employed in the year amounted to 2 (2022: 2).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
£
Cost
At 1 December 2022
291,179
7,371
8,557
50,041
357,148
Additions
254
27,867
28,121
---------
-------
-------
--------
---------
At 30 November 2023
291,433
7,371
8,557
77,908
385,269
---------
-------
-------
--------
---------
Depreciation
At 1 December 2022
25,619
7,113
7,955
37,315
78,002
Charge for the year
5,827
189
602
9,456
16,074
---------
-------
-------
--------
---------
At 30 November 2023
31,446
7,302
8,557
46,771
94,076
---------
-------
-------
--------
---------
Carrying amount
At 30 November 2023
259,987
69
31,137
291,193
---------
-------
-------
--------
---------
At 30 November 2022
265,560
258
602
12,726
279,146
---------
-------
-------
--------
---------
6. Debtors
2023
2022
£
£
Other debtors
448
639
----
----
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
5,116
4,389
Other creditors
7,613
7,563
--------
--------
12,729
11,952
--------
--------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
357,022
315,095
---------
---------
9. Related party transactions
At the year end the company owed the directors £357,022 (2022: £315,095).