Registered number
09243525
Foxleys Property Development Limited
Filleted Accounts
31 December 2023
Foxleys Property Development Limited
Registered number: 09243525
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Investment property 3 590,000 580,000
Current assets
Debtors 4 18,327 20,227
Cash at bank and in hand 63,565 51,140
81,892 71,367
Creditors: amounts falling due within one year 5 (4,055) (4,645)
Net current assets 77,837 66,722
Total assets less current liabilities 667,837 646,722
Creditors: amounts falling due after more than one year 6 (653,873) (653,873)
Net assets/(liabilities) 13,964 (7,151)
Capital and reserves
Called up share capital 100 100
Profit and loss account 13,864 (7,251)
Shareholders' funds 13,964 (7,151)
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.
Mr D Gibson
Director
Approved by the board on 24 September 2024
Foxleys Property Development Limited
Notes to the Accounts
for the year ended 31 December 2023
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).
Investment property
Investment property is initially recognised at cost and then subsequently measured at fair value. Changes in value are recognised in profit or loss.
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company - -
3 Investment Property 2023 2022
£ £
Fair Value
B/fwd 580,000 655,000
Additions - -
Revaluation 10,000 (75,000)
Disposals - -
590,000 580,000
The fair value of the Investment Property at 31 December 2023 has been arrived at on the basis of a valuation carried out at 31/12/2023 by Daniel R Gibson director of the company who is not a qualified valuer.
4 Debtors 2023 2022
£ £
Deferred tax asset 18,327 20,227
5 Creditors: amounts falling due within one year 2023 2022
£ £
Corporation tax 3,053 3,274
Other creditors 1,002 1,371
4,055 4,645
6 Creditors: amounts falling due after one year 2023 2022
£ £
Amounts owed to group undertakings and undertakings in which the company has a participating interest 653,873 653,873
7 Other information
Foxleys Property Development Limited is a private company limited by shares and incorporated in England. Its registered office is:
18 The Heath
Chaldon
Caterham
Surrey
CR3 5DG
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