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Registration number: 14396596

Fox Autos (Mansfield) Limited

Unaudited Financial Statements

for the Period from 4 October 2022 to 31 March 2024

 

Fox Autos (Mansfield) Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Fox Autos (Mansfield) Limited

(Registration number: 14396596)
Balance Sheet as at 31 March 2024

Note

2024
£

Fixed assets

 

Tangible assets

4

7,224

Current assets

 

Stocks

5

3,436

Debtors

6

10,302

Cash at bank and in hand

 

2,188

 

15,926

Creditors: Amounts falling due within one year

7

(57,659)

Net current liabilities

 

(41,733)

Total assets less current liabilities

 

(34,509)

Provisions for liabilities

5,826

Net liabilities

 

(28,683)

Capital and reserves

 

Called up share capital

10

Retained earnings

(28,693)

Shareholders' deficit

 

(28,683)

For the financial period ending 31 March 2024 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 accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 8 October 2024 and signed on its behalf by:
 

 

Fox Autos (Mansfield) Limited

(Registration number: 14396596)
Balance Sheet as at 31 March 2024

.........................................
Mr Adam Youssef Fox
Director

 

Fox Autos (Mansfield) Limited

Notes to the Unaudited Financial Statements for the Period from 4 October 2022 to 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
28 Southwell Road West
Mansfield
NG18 4EN
England

The principal place of business is:
Meadow Farm, Corkhill Lane
Kirklington
NG22 8NW
England

These financial statements were authorised for issue by the Board on 8 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

At the balance sheet date, the company had net current liabilities of £41,733 and retained losses of £28,693. The directors have pledged to continue to financially suppport the company for the following 12 months. On this basis, the directors feel it appropriate to prepare these financial statements on a going concern basis.

 

Fox Autos (Mansfield) Limited

Notes to the Unaudited Financial Statements for the Period from 4 October 2022 to 31 March 2024

Judgements

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 comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% straight line

Motor vehicles

33% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

 

Fox Autos (Mansfield) Limited

Notes to the Unaudited Financial Statements for the Period from 4 October 2022 to 31 March 2024

Trade debtors

Trade debtors are amounts due from customers for goods sold and services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price.

Trade debtors are reviwed for bad debts on an annual basis. Any adjustment is made accordingly through the profit and loss account.

Stocks

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 2.

 

Fox Autos (Mansfield) Limited

Notes to the Unaudited Financial Statements for the Period from 4 October 2022 to 31 March 2024

4

Tangible assets

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

Additions

9,500

1,895

11,395

At 31 March 2024

9,500

1,895

11,395

Depreciation

Charge for the period

3,658

513

4,171

At 31 March 2024

3,658

513

4,171

Carrying amount

At 31 March 2024

5,842

1,382

7,224

5

Stocks

2024
£

Work in progress

3,436

6

Debtors

Current

2024
£

Trade debtors

6,509

Prepayments

3,525

Other debtors

268

 

10,302

7

Creditors

Creditors: amounts falling due within one year

2024
£

Due within one year

Trade creditors

5,010

Taxation and social security

6,285

Accruals and deferred income

4,672

Other creditors

41,692

57,659

 

Fox Autos (Mansfield) Limited

Notes to the Unaudited Financial Statements for the Period from 4 October 2022 to 31 March 2024

8

Share capital

Allotted, called up and fully paid shares

 

2024

 

No.

£

Ordinary shares of £1 each

10

10

     

9

Related party transactions

Transactions with directors

2024

At 4 October 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

Mr Gilbert Fox

-

14,813

(28,664)

(13,851)

Mr Adam Youssef Fox

-

23,867

(51,708)

(27,841)

These loans are repayable on demand and interest is charged at a market rate.

10

Ultimate controlling party

The company was controlled throughout the year by Mr. G Fox and Mr. A Fox, by virtue of their joint shareholdings.