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Registration number: 04595948

Report of the Director and


Annual Report and Audited Financial Statements

for the Year Ended 31 December 2023

for

Foxley Estates Ltd

 

Foxley Estates Ltd

Contents

Company Information

1

Directors' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 8

Accountants' Report

9

 

Foxley Estates Ltd

Company Information

Directors:

P Fay

B E Isard

M Green

Registered office:

Savoy House
Savoy Circus
London
W3 7DA

Registered number:

04595948

Auditors:

Wem & Co
Chartered Accountants & Statutory Auditors
Savoy House
Savoy Circus
London
W3 7DA

 

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:

P Fay

B E Isard

M Green

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 Board on 10 October 2024 and signed on its behalf by:
 

.........................................
B E Isard
Director

 

Foxley Estates Ltd

(Registration number: 04595948)
Balance Sheet as at 31 December 2023

Note

31.12.23

31.12.22

   

£

£

£

£

FIXED ASSETS

   

 

Tangible assets

4

 

1,174

 

2,347

Investment property

5

 

10,250,000

 

10,250,000

   

10,251,174

 

10,252,347

CURRENT ASSETS

   

 

Debtors

6

75,484

 

106,204

 

Cash at bank and in hand

 

347,327

 

28,924

 

 

422,811

 

135,128

 

CREDITORS

   

 

Creditors within 1yr

7

9,344,780

 

205,706

 

Net current liabilities

   

(8,921,969)

 

(70,578)

Total assets less current liabilities

   

1,329,205

 

10,181,769

PROVISIONS FOR LIABILITIES

 

(1,062,500)

 

(1,062,500)

Net assets

   

266,705

 

9,119,269

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 members have not required the company to obtain an audit of its accounts for the year 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 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 Board on 10 October 2024

.........................................
B E Isard
Director

 

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:
Savoy House
Savoy Circus
London
W3 7DA
England

These financial statements were authorised for issue by the Board on 10 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 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

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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 0 (2022 - 0).

 

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

17,458

6,923

24,381

At 31 December 2023

17,458

6,923

24,381

Depreciation

At 1 January 2023

15,111

6,923

22,034

Charge for the year

1,173

-

1,173

At 31 December 2023

16,284

6,923

23,207

Carrying amount

At 31 December 2023

1,174

-

1,174

At 31 December 2022

2,347

-

2,347

5.

Investment properties

31.12.23
£

At 1 January 2023

10,250,000

At 31 December 2023

10,250,000

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

75,484

106,204

 

75,484

106,204

 

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

 

-

10,912

Amounts owed to group undertakings and undertakings in which the company has a participating interest

9

-

75,000

Taxation and social security

 

120,937

71,770

Accruals and deferred income

 

6,050

11,000

Other creditors

 

9,217,793

37,024

 

9,344,780

205,706

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
capital
£

Share capital reduction

(5,287,500)

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.

......................................

Wem & Co
Chartered Accountants
Savoy House
Savoy Circus
London
W3 7DA

28 October 2024