Registration number:
Report of the Director and
for the
Year Ended 31 December 2023
for
Foxley Estates Ltd
Foxley Estates Ltd
Contents
Company Information |
|
Directors' Report |
|
Balance Sheet |
|
Notes to the Unaudited Financial Statements |
|
Accountants' Report |
Foxley Estates Ltd
Company Information
Directors: |
P Fay B E Isard M Green |
Registered office: |
|
Registered number: |
04595948 |
Auditors: |
|
Foxley Estates Ltd
Directors' Report for the Year Ended 31 December 2023
The directors present their report and the financial statements for the year ended 31 December 2023.
Principal activity
The principal activity of the company is property investment.
Directors of the company
The directors who held office during the year were as follows:
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved and authorised by the
......................................... |
Foxley Estates Ltd
(Registration number: 04595948)
Balance Sheet as at 31 December 2023
Note |
31.12.23 |
31.12.22 |
|||
£ |
£ |
£ |
£ |
||
FIXED ASSETS |
|||||
Tangible assets |
|
|
|||
Investment property |
|
|
|||
|
|
||||
CURRENT ASSETS |
|||||
Debtors |
|
|
|||
Cash at bank and in hand |
|
|
|||
|
|
||||
CREDITORS |
|||||
Creditors within 1yr |
9,344,780 |
205,706 |
|||
Net current liabilities |
( |
( |
|||
Total assets less current liabilities |
|
|
|||
PROVISIONS FOR LIABILITIES |
( |
( |
|||
Net assets |
|
|
|||
CAPITAL AND RESERVES |
|||||
Called up share capital |
100 |
100 |
|||
Revaluation reserve |
- |
5,287,500 |
|||
Profit and loss account |
266,605 |
3,831,669 |
|||
Shareholders' funds |
266,705 |
9,119,269 |
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.
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.
Directors' responsibilities:
• |
|
• |
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 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.
Foxley Estates Ltd
(Registration number: 04595948)
Balance Sheet as at 31 December 2023 (continued)
Approved and authorised by the
......................................... |
Foxley Estates Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
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:
England
These financial statements were authorised for issue by the
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 except that as disclosed in the accounting policies certain items are shown at fair value.
The presentational currency is Pound Sterling (£).
Revenue recognition
Turnover represents property sales, rents recieved and service charges. 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 current 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.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Foxley Estates Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)
2 |
Accounting policies (continued) |
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 - Plant and Machinery etc - 33% straight line on cost.
Investment property
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
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.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
3. |
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Foxley Estates Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)
4. |
Tangible assets |
Plant and machinery |
Office equipment |
Total |
|
Cost or valuation |
|||
At 1 January 2023 |
|
|
|
At 31 December 2023 |
|
|
|
Depreciation |
|||
At 1 January 2023 |
|
|
|
Charge for the year |
|
- |
|
At 31 December 2023 |
|
|
|
Carrying amount |
|||
At 31 December 2023 |
|
- |
|
At 31 December 2022 |
|
- |
|
5. |
Investment properties |
31.12.23 |
|
At 1 January 2023 |
|
At 31 December 2023 |
|
The properties were revalued at the year end on an open market basis by the director and fair value is represented by cost of £3,500,000 plus revaluation surplus of £6,750,000 giving a total £10,250,000.
6. |
Debtors |
Current |
31.12.23 |
31.12.22 |
Other debtors |
|
|
|
|
Foxley Estates Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)
7. |
Creditors |
Creditors: amounts falling due within one year
Note |
31.12.23 |
31.12.22 |
|
Due within one year |
|||
Trade creditors |
- |
|
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
- |
|
|
Taxation and social security |
|
|
|
Accruals and deferred income |
|
|
|
Other creditors |
|
|
|
|
|
Included in other creditors is £9,175,420 loan from related parties on which no interest or repayment terms have been set.
8. |
Reserves |
The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:
Share |
|
Share capital reduction |
( |
|
9. |
Related party transactions |
The shareholders or connected businesses rent a number of units from the company at the market value.
Approximately 60% of the turnover relates to business connected with the shareholders.
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Foxley Estates Ltd
for the Year Ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Foxley Estates Ltd for the year ended 31 December 2023 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.
This report is made solely to the Board of Directors of Foxley Estates Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Foxley Estates Ltd and state those matters that we have agreed to state to the Board of Directors of Foxley Estates Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Foxley Estates Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Foxley Estates Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Foxley Estates Ltd. You consider that Foxley Estates Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Foxley Estates Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
......................................
Chartered Accountants
Savoy Circus
London
W3 7DA