Registered number
03385946
Foxleys Limited
Filleted Accounts
31 December 2023
Foxleys Limited
Registered number: 03385946
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 159,101 266,698
Investments 4 100 100
159,201 266,798
Current assets
Stocks 10,500 10,500
Debtors 5 2,263,776 2,381,373
Cash at bank and in hand 112,652 233,330
2,386,928 2,625,203
Creditors: amounts falling due within one year 6 (698,898) (807,339)
Net current assets 1,688,030 1,817,864
Total assets less current liabilities 1,847,231 2,084,662
Creditors: amounts falling due after more than one year 7 (89,704) (111,272)
Net assets 1,757,527 1,973,390
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,757,427 1,973,290
Shareholder's funds 1,757,527 1,973,390
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 member has 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.
D Gibson
Director
Approved by the board on 26 September 2024
Foxleys 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.
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:
Plant and machinery 20% reducing balance
Motor vehicles 25% reducing balance
Investments
Investments in unquoted equity instruments are measured at fair value. Changes in fair value are recognised in profit or loss. Fair value is estimated by using a valuation technique.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 16 16
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2023 363,142 173,128 536,270
At 31 December 2023 363,142 173,128 536,270
Depreciation
At 1 January 2023 151,809 117,763 269,572
Charge for the year 64,315 43,282 107,597
At 31 December 2023 216,124 161,045 377,169
Net book value
At 31 December 2023 147,018 12,083 159,101
At 31 December 2022 211,333 55,365 266,698
4 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 January 2023 100
At 31 December 2023 100
5 Debtors 2023 2022
£ £
Trade debtors 1,105,623 1,151,328
Amounts owed by group undertakings and undertakings in which the company has a participating interest 653,873 653,873
Loans to directors 504,280 576,172
2,263,776 2,381,373
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts - 19,109
Obligations under finance lease and hire purchase contracts 39,390 59,017
Trade creditors 59,907 56,848
Corporation tax 146,279 192,514
Other taxes and social security costs 271,748 307,351
Other creditors 181,574 172,500
698,898 807,339
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans - 9,127
Obligations under finance lease and hire purchase contracts 89,704 102,145
89,704 111,272
8 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 14,361 68,147
9 Other information
Foxleys Limited is a private company limited by shares and incorporated in England. Its registered office is:
18 The Heath
Chaldon
Surrey
CR3 5DG
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