Registered number
06588776
Corvin Fox Ltd
Filleted Accounts
31 May 2024
Corvin Fox Ltd
Registered number: 06588776
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 25,742 33,026
25,742 33,026
Current assets
Debtors 4 193,624 228,101
Cash at bank and in hand 126,027 146,547
319,651 374,648
Creditors: amounts falling due within one year 5 (194,908) (192,642)
Net current assets 124,743 182,006
Total assets less current liabilities 150,485 215,032
Creditors: amounts falling due after more than one year 6 (10,000) (20,000)
Provisions for liabilities (2,863) (4,738)
Net assets 137,622 190,294
Capital and reserves
Called up share capital 125 125
Profit and loss account 137,497 190,169
Shareholders' funds 137,622 190,294
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs Z O'Driscoll
Director
Approved by the board on 18 September 2024
Corvin Fox Ltd
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Office equipment 25% on cost
Leasehold improvements 10% on cost
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
Interest income
Interest income is recognised in the profit and loss using the effective interest method.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 5 5
3 Tangible fixed assets
Leasehold improvements Office equipment Total
£ £ £
Cost
At 1 June 2023 14,073 41,484 55,557
Additions - 1,936 1,936
At 31 May 2024 14,073 43,420 57,493
Depreciation
At 1 June 2023 1,202 21,329 22,531
Charge for the year 1,407 7,813 9,220
At 31 May 2024 2,609 29,142 31,751
Net book value
At 31 May 2024 11,464 14,278 25,742
At 31 May 2023 12,871 20,155 33,026
4 Debtors 2024 2023
£ £
Trade debtors 82,592 147,994
Other debtors 111,032 80,107
193,624 228,101
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 83,753 89,948
Taxation and social security costs 78,945 72,161
Other creditors 22,210 20,533
194,908 192,642
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 10,000 20,000
10,000 20,000
7 Pension commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held seperately from those of the company in an independently adminstered fund. At the balance sheet date unpaid contributions of £233 (2023: £472) were due to the fund, this balance is included within other creditors.
8 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 36,000 48,000
9 Related party transactions
During the year, the company loaned £2,261 (2023 - £41,969) to a company under common control. The rate of interest charged is 0%. At the balance sheet date £44,230 (2023 - £41,969) was still outstanding and is presented within other debtors.
10 Other information
Corvin Fox Ltd is a private company limited by shares and incorporated in England. Its registered office is:
5 Victoria Street
Spalding
PE11 1EA
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