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COMPANY REGISTRATION NUMBER: 03157269
Foxmoor Business Park Limited
Filleted Unaudited Abridged Financial Statements
For the year ended
31 January 2024
Foxmoor Business Park Limited
Abridged Statement of Financial Position
31 January 2024
2024
2023
(restated)
Note
£
£
£
Current assets
Debtors
2,936,379
2,951,790
Cash at bank and in hand
209,592
137,776
------------
------------
3,145,971
3,089,566
Creditors: amounts falling due within one year
1,673,157
40,195
------------
------------
Net current assets
1,472,814
3,049,371
------------
------------
Total assets less current liabilities
1,472,814
3,049,371
Creditors: amounts falling due after more than one year
1,613,926
------------
------------
Net assets
1,472,814
1,435,445
------------
------------
Foxmoor Business Park Limited
Abridged Statement of Financial Position (continued)
31 January 2024
2024
2023
(restated)
Note
£
£
£
Capital and reserves
Called up share capital
10,000
10,000
Share premium account
1,338,607
1,338,607
Profit and loss account
124,207
86,838
------------
------------
Shareholders funds
1,472,814
1,435,445
------------
------------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the year ending 31 January 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 abridged financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 January 2024 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the board of directors and authorised for issue on 24 October 2024 , and are signed on behalf of the board by:
G R Sumption
Director
Company registration number: 03157269
Foxmoor Business Park Limited
Notes to the Abridged Financial Statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in England with company number 03157269 . The address of the registered office is The Estate Office, Foxmoor Business Park, Foxmoor Business Park Road, Wellington, Somerset, TA21 9RF.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated abridged financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
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
The turnover shown in the profit and loss account represents amounts receivable for the year in respect of administrative services, exclusive of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 4 ).
5. Tax on profit
Major components of tax expense
2024
2023
(restated)
£
£
Current tax:
UK current tax expense
10,550
13,999
--------
--------
Tax on profit
10,550
13,999
--------
--------
6. Prior period adjustment
The accounts have been restated to incorporate the impact of the removal of a historic provision for deferred taxation. The change has not resulted in any changes to the earnings for the previous year or the profits available for distribution at 1 Febuary 2022 and 31 January 2023. A summary of the prior year accounting impact on the statement of financial position is as follows. Decrease in provision for deferred taxation at 1 February 2022 and 31 January 2023 - £354,080 Decrease in debtors and amounts owed by group undertakings at 1 February 2022 and 31 January 2023 – £354,080
7. Directors' advances, credits and guarantees
During the year the company made loans to a director of the company. The loans were repayable to the company on demand and a summary of the aggregate loan advances and repayments is shown below. Interest amounting to £624 (2023: £1,142) was charged on the loans in respect of the year at rates of 2% to 2.25% per annum (2023: rates of 2% per annum).
G R Sumption
£
Balance at 1 February 2023 27,443
Loan advances 24,729
Interest charged on overdrawn balances 624
Loan repayments (50,350)
--------
Balance at 31 January 2024 2,446
--------
8. Related party transactions
During the year the company provided office and administrative services to its parent company Foxmoor Limited. The value of services provided was £71,140 (2023: £115,304). Loan charges and interest of £118,441 (2023: £67,068) was also recharged to Foxmoor Limited in respect of a commercial loan that was taken out for the benefit of the parent company. During the year there were loans to Foxmoor Limited. The loans were repayable on demand and the balancing outstanding at the end of the year was £2.89m (2023: £2.87m). No interest was payable on the loans (2023: none). During the year the company provided no management and administration services to Foxmoor Caravan Storage Limited which is a company in the Foxmoor Group (2023: value of management and administration services provided was £2,250). During the year the company made loans to Foxmoor Caravan Storage Limited. The loans were repayable on demand and the balance outstanding at the end of the year was £8,072 (2023: £8,072). No interest was payable on the loans (2023: none). Other than the transactions in note 'Directors, credits, advances, gurantees', no other transactions with related parties were undertaken such as are required to be disclosed under FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
9. Controlling party
Foxmoor Limited, a company incorporated in England & Wales, company no 03927982, is the ultimate parent company of Foxmoor Business Park Limited owning 99.9% of the issued ordinary share capital. Copies of the accounts of Foxmoor Limited are available from the registered office and from Companies House.