Company registration number 12597975 (England and Wales)
FOXGLOVE FINANCE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
FOXGLOVE FINANCE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
FOXGLOVE FINANCE LIMITED (REGISTERED NUMBER: 12597975)
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
3
2,060,433
1,554,125
Current assets
Cash at bank and in hand
2,077
21,807
Creditors: amounts falling due within one year
5
(1,705,583)
(1,463,387)
Net current liabilities
(1,703,506)
(1,441,580)
Total assets less current liabilities
356,927
112,545
Provisions for liabilities
(75,026)
(20,145)
Net assets
281,901
92,400
Capital and reserves
Called up share capital
100
100
Non-distributable profits reserve
6
335,173
131,532
Distributable profit and loss reserves
(53,372)
(39,232)
Total equity
281,901
92,400
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 14 November 2024
Mr J Dixon
Director
FOXGLOVE FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 2 -
1
Accounting policies
Company information
Foxglove Finance Limited is a private company limited by shares incorporated in England and Wales. The registered office is Perrys Chartered Accountants, The Square, Wrotham, Kent, TN15 7AA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention.
1.2
Fixed asset investments
Fixed asset investments are initially measured at cost and subsequently measured at fair value with any changes in value recognised in profit or loss.
1.3
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
FOXGLOVE FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
3
Fixed asset investments
2024
2023
£
£
Other investments other than loans
2,060,433
1,554,125
Fixed asset investments comprises £2,060,433. The valuations were arrived at by the director's best estimate.
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 August 2023
1,554,125
Additions
296,855
Valuation changes
256,970
Disposals
(47,517)
At 31 July 2024
2,060,433
Carrying amount
At 31 July 2024
2,060,433
At 31 July 2023
1,554,125
4
Financial instruments
2024
2023
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
2,060,433
1,554,125
FOXGLOVE FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 4 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
1,705,583
1,463,387
6
Non-distributable profits reserve
2024
2023
£
£
At the beginning of the year
131,532
69,076
Non distributable profits in the year
203,641
62,456
At the end of the year
335,173
131,532
7
Related party transactions
Included within other creditors is a balance of £1,702,005 (2023 - £1,460,262) owed to a connected company.