Registered number
05872043
Fox Electrical Supplies Limited
Filleted Accounts
31 August 2024
Fox Electrical Supplies Limited
Registered number: 05872043
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,047,257 1,066,798
Current assets
Stocks 503,627 456,094
Debtors 664,541 757,057
Cash at bank and in hand 303,324 247,614
1,471,492 1,460,765
Creditors: amounts falling due within one year 4 (1,053,590) (1,133,262)
Net current assets 417,902 327,503
Total assets less current liabilities 1,465,159 1,394,301
Creditors: amounts falling due after more than one year 5 (451,799) (529,790)
Provisions for liabilities (30,230) (23,438)
Net assets 983,130 841,073
Capital and reserves
Called up share capital 80 80
Capital redemption reserve 20 20
Profit and loss account 983,030 840,973
Shareholders' funds 983,130 841,073
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
S E Fox
Director
Approved by the board on 7 November 2024
Fox Electrical Supplies Limited
Statement of Changes in Equity
for the year ended 31 August 2024
Share Capital Profit Total
capital redemption and loss
reserve account
£ £ £ £
At 1 September 2023 80 20 840,973 841,073
Profit for the financial year - - 190,057 190,057
Total comprehensive income for the financial year - - 190,057 190,057
Dividends - - (48,000) (48,000)
At 31 August 2024 80 20 983,030 983,130
Fox Electrical Supplies Limited
Notes to the Accounts
for the year ended 31 August 2024
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 (as applied to small entities by section 1A of the standard).
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:
Freehold buildings 2% on cost
Leasehold improvements 25% on cost
Plant and machinery 25% reducing balance
Motor vehicles 25% reducing balance
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 2024 2023
Number Number
Average number of persons employed by the company 20 18
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 September 2023 1,021,292 172,509 186,195 1,379,996
Additions - 2,000 44,885 46,885
Disposals - - (27,475) (27,475)
At 31 August 2024 1,021,292 174,509 203,605 1,399,406
Depreciation
At 1 September 2023 77,850 140,834 94,514 313,198
Charge for the year 17,106 8,420 31,891 57,417
On disposals - - (18,466) (18,466)
At 31 August 2024 94,956 149,254 107,939 352,149
Net book value
At 31 August 2024 926,336 25,255 95,666 1,047,257
At 31 August 2023 943,442 31,675 91,681 1,066,798
4 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 22,093 20,380
Trade creditors 748,641 958,062
Corporation tax 72,130 46,905
Other taxes and social security costs 10,446 24,126
Other creditors 200,280 83,789
1,053,590 1,133,262
5 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 451,799 529,790
6 Loans 2024 2023
£ £
Secured bank loans 473,892 550,170
The loan is secured on the assets to which it relates.
7 Other information
Fox Electrical Supplies Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 2,
Wavell Drive
Lincoln
LN3 4PL
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