Silverfin false false 31/12/2023 01/01/2023 31/12/2023 D A Cohen S Cohen 24 September 2024 The principal activity of the company during the financial year was the provision of retail display fittings. 01511513 2023-12-31 01511513 2022-12-31 01511513 core:CurrentFinancialInstruments 2023-12-31 01511513 core:CurrentFinancialInstruments 2022-12-31 01511513 core:ShareCapital 2023-12-31 01511513 core:ShareCapital 2022-12-31 01511513 core:RetainedEarningsAccumulatedLosses 2023-12-31 01511513 core:RetainedEarningsAccumulatedLosses 2022-12-31 01511513 core:OtherPropertyPlantEquipment 2022-12-31 01511513 core:OtherPropertyPlantEquipment 2023-12-31 01511513 core:CostValuation 2022-12-31 01511513 core:AdditionsToInvestments 2023-12-31 01511513 core:CostValuation 2023-12-31 01511513 core:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2022-12-31 01511513 core:OtherProvisionsContingentLiabilities 2022-12-31 01511513 core:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-12-31 01511513 core:OtherProvisionsContingentLiabilities 2023-12-31 01511513 bus:OrdinaryShareClass1 2023-12-31 01511513 2023-01-01 2023-12-31 01511513 bus:FilletedAccounts 2023-01-01 2023-12-31 01511513 bus:SmallEntities 2023-01-01 2023-12-31 01511513 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 01511513 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 01511513 bus:Director1 2023-01-01 2023-12-31 01511513 bus:Director2 2023-01-01 2023-12-31 01511513 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-01-01 2023-12-31 01511513 2022-01-01 2022-12-31 01511513 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 01511513 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 01511513 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 01511513 (England and Wales)

FOXBARN LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

FOXBARN LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

FOXBARN LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
FOXBARN LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 12,360 19,059
Investments 4 2,378,456 2,159,845
2,390,816 2,178,904
Current assets
Stocks 824,960 1,066,096
Debtors 5 1,043,045 801,995
Cash at bank and in hand 2,788,783 2,517,363
4,656,788 4,385,454
Creditors: amounts falling due within one year 6 ( 642,446) ( 510,294)
Net current assets 4,014,342 3,875,160
Total assets less current liabilities 6,405,158 6,054,064
Provision for liabilities 7 ( 10,310) ( 10,310)
Net assets 6,394,848 6,043,754
Capital and reserves
Called-up share capital 8 100,000 100,000
Profit and loss account 6,294,848 5,943,754
Total shareholders' funds 6,394,848 6,043,754

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Foxbarn Limited (registered number: 01511513) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

D A Cohen
Director

24 September 2024

FOXBARN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
FOXBARN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Foxbarn Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is Unit 8 Towers Buinsess Park, Carey Way, Wembley HA9 0LQ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 7 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings/Statement of Comprehensive Income.

Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the company during the year, including directors 8 8

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 January 2023 199,876 199,876
At 31 December 2023 199,876 199,876
Accumulated depreciation
At 01 January 2023 180,817 180,817
Charge for the financial year 7,023 7,023
Adjustments on revaluations ( 324) ( 324)
At 31 December 2023 187,516 187,516
Net book value
At 31 December 2023 12,360 12,360
At 31 December 2022 19,059 19,059

4. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 January 2023 2,159,845 2,159,845
Additions 218,611 218,611
At 31 December 2023 2,378,456 2,378,456
Carrying value at 31 December 2023 2,378,456 2,378,456
Carrying value at 31 December 2022 2,159,845 2,159,845

5. Debtors

2023 2022
£ £
Trade debtors 582,198 569,256
Amounts owed by group undertakings 796 796
Other debtors 460,051 231,943
1,043,045 801,995

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 276,296 100,772
Taxation and social security 244,081 235,114
Other creditors 122,069 174,408
642,446 510,294

7. Provision for liabilities

2023 2022
£ £
Other provisions 10,310 10,310
Operational Other Total
£ £ £
At 01 January 2023 0 10,310 10,310
At 31 December 2023 0 10,310 10,310

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100,000 A ordinary shares of £ 1.00 each (2022: nil shares) 100,000 0

9. Ultimate controlling party

Parent Company:

Foxbarn (Holdings) Limited
35 Ballards Lane, London, N3 1XW