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Registration number: 01918432

Fox Feeds Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2024

 

Fox Feeds Limited
(Registration number: 01918432)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 14

 

Fox Feeds Limited
(Registration number: 01918432)

Company Information

Directors

RCW Barclay

FW Barclay

MJ Watson

Registered office

Cole Green Farm
Brent Pelham
Buntingford
Hertfordshire, United Kingdom
Herts
SG9 0AS

Registered number

01918432

 

Fox Feeds Limited
(Registration number: 01918432)

Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed Assets

 

Tangible Assets

5

4,084,907

3,825,050

Investments in associates

6

2

2

Other investments

7

100

100

 

4,085,009

3,825,152

Current assets

 

Stocks

1,065,429

839,705

Debtors

8

1,023,065

905,500

Cash at bank and in hand

 

1,580

982

 

2,090,074

1,746,187

Creditors: Amounts falling due within one year

9

(980,954)

(927,004)

Net current assets

 

1,109,120

819,183

Total assets less current liabilities

 

5,194,129

4,644,335

Creditors: Amounts falling due after more than one year

9

(2,001,270)

(2,097,506)

Provisions for liabilities

(744,510)

(420,536)

Net assets

 

2,448,349

2,126,293

Capital and Reserves

 

Called up share capital

150

150

Merger reserve

537,654

537,654

Profit and loss account

1,910,545

1,588,489

Shareholders' funds

 

2,448,349

2,126,293

 

Fox Feeds Limited
(Registration number: 01918432)

Balance Sheet as at 30 April 2024

For the financial year ending 30 April 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 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 prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 31 January 2025 and signed on its behalf by:
 

.........................................
RCW Barclay
Director

 

Fox Feeds Limited
(Registration number: 01918432)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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:
Cole Green Farm
Brent Pelham
Buntingford
Hertfordshire, United Kingdom
Herts
SG9 0AS
UK

These financial statements were authorised for issue by the Board on 31 January 2025.

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).The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities 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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. 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.

 

Fox Feeds Limited
(Registration number: 01918432)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Government grants

Government grants, specifically those in relation to Covid-19, have been recognised in the profit and loss account as the company became entitled to them.

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Buildings and property improvements

10% reducing balance (where asset is depreciating)

Machinery, implements and office equipment

20 - 25% reducing balance

Commercial and motor vehicles

25% reducing balance

Drying and production plant

10% reducing balance

Own work capitalised (production machinery)

20% reducing balance

Intangible assets

Intangible assets are measured at fair value unless this cannot be established reliably. In this case cost less accumulated amortisation and any impairment losses is used.

 

Fox Feeds Limited
(Registration number: 01918432)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

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 products sold or services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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 at the transaction price.

 

Fox Feeds Limited
(Registration number: 01918432)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Borrowings

Interest-bearing borrowings are recorded at transaction value (cost). Interest-bearing borrowings are subsequently carried at transaction value less capital repayments made during the year.

Interest expense is recognised as it is incurred on repayments and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of past events, it is probable that economic benefit will be due to settle the obligation and the amount of the obligation can be estimated reliably.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 40 (2023 - 40).

 

Fox Feeds Limited
(Registration number: 01918432)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Intangible assets

Goodwill
 £

Patents
 £

Franchise
 £

Total
£

Cost

At 1 May 2023

154,351

6,645

30,357

191,353

At 30 April 2024

154,351

6,645

30,357

191,353

Amortisation

At 1 May 2023

154,351

6,645

30,357

191,353

At 30 April 2024

154,351

6,645

30,357

191,353

Carrying amount

At 30 April 2024

-

-

-

-

At 30 April 2023

-

-

-

-

 

Fox Feeds Limited
(Registration number: 01918432)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

5

Tangible Assets

Buildings and property improvements
£

Machinery, implements and office equipment
£

Commercial and motor vehicles
 £

Drying
plant
 £

Production plant
£

Own work capitalised (production machinery)
£

Total
£

Cost or valuation

At 1 May 2023

1,397,038

2,223,464

401,313

1,007,480

1,201,880

81,963

6,313,138

Additions

243,177

269,591

168,515

20,124

128,427

-

829,834

Disposals

-

(322,549)

(4,032)

-

-

-

(326,581)

Transfers

-

-

-

(24,841)

24,841

-

-

At 30 April 2024

1,640,215

2,170,506

565,796

1,002,763

1,355,148

81,963

6,816,391

Depreciation

At 1 May 2023

233,788

1,498,627

294,725

205,181

173,804

81,963

2,488,088

Charge for the year

27,219

149,260

54,236

77,841

108,645

-

417,201

Eliminated on disposal

-

(172,041)

(1,764)

-

-

-

(173,805)

At 30 April 2024

261,007

1,475,846

347,197

283,022

282,449

81,963

2,731,484

Carrying amount

At 30 April 2024

1,379,208

694,660

218,599

719,741

1,072,699

-

4,084,907

At 30 April 2023

1,163,250

724,837

106,588

802,299

1,028,076

-

3,825,050

 

Fox Feeds Limited
(Registration number: 01918432)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

6

Investments in associates

2024
£

2023
£

Investments in associates

2

2

Associates

£

Cost

At 1 May 2023

2

At 30 April 2024

2

Investments in associates comprise the shareholding held in HorseHage Marketing Limited. The investment is held at historic cost which the company director also considers to be the fair value of the investment.

7

Other investments

Samco & Shrim Farmers Limited
£

Total
£

Share capital subscription

Cost

FA investment - unlisted other shares bfwd

100

100

At 30 April 2024

100

100

Carrying amount

At 30 April 2024

100

100

At 30 April 2023

100

100

 

Fox Feeds Limited
(Registration number: 01918432)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

8

Debtors

Current

2024
£

2023
£

Trade Debtors

985,260

804,079

Prepayments

17,522

4,432

Other debtors

20,283

96,989

 

1,023,065

905,500

The directors have reviewed trade debtors for impairment and consider the impairment losses to be provided for the year are £Nil (2023 - £Nil)

All amounts are due within one year.

 

Fox Feeds Limited
(Registration number: 01918432)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

361,671

326,642

Trade Creditors

 

585,185

564,194

Taxation and social security

 

27,299

29,700

Accruals and deferred income

 

6,716

6,468

Other creditors

 

83

-

 

980,954

927,004

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

2,001,270

2,097,506

2024
£

2023
£

Due after more than five years included in the above

After more than five years by instalments

438,610

447,483

-

-

 

Fox Feeds Limited
(Registration number: 01918432)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

10

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

60,649

88,846

Bank overdrafts

72,318

1,900

Hire purchase contracts

228,704

235,896

361,671

326,642

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

626,178

682,373

Other borrowings

983,499

992,365

HP and finance lease liability

391,593

422,768

2,001,270

2,097,506

Bank borrowings

The total amount outstanding in respect of secured bank loans at the year end is £662,660 (2023 - £737,052).

The bank loans are secured by a personal guarantee provided by R C W Barclay supported by a legal charge over 140 acres of land and buildings at Tile Kiln Farm, Standon Road, Little Hadham, Hertfordshire owned by R C W Barclay, and a guarantee for £1,500,000 from R C W Barclay, director and sole shareholder of the company.

Other borrowings

Other borrowings is comprised of Director's loan account, the amount outstanding at year end is £983,499 (2023 - £992,365).

The director has made an interest free loan to the company which has no fixed date for repayment. The director has taken the choice afforded by FRED 67 to record the balance on the loan account at transaction value.

 

Fox Feeds Limited
(Registration number: 01918432)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Included in the loans and borrowings are the following amounts due after more than five years:

Bank loans due after 5 years

The company has a secured bank loan, which is a 15 year term loan repayable in monthly instalments which commenced on 7 February 2019. The amount falling due after more than five years as at 30 April 2024 is £247,290 (2023 - £259,246).

A further secured bank loan was drawn in 2021, which is also a 15 year term loan repayable in monthly instalments, which commenced on 31 August 2021. The amount falling due after more than five years as at 30 April 2024 is £191,321 (2023 - £188,236).

Finally, the company drew a bounce back loan in September 2020, the amount falling due after more than 5 years at 30 April 2024 is £nil (2023 - £nil).
 

11

Related party transactions

Transactions with directors

2024

At 1 May 2023
£

Repayments to director
£

Other payments made to company by director
£

At 30 April 2024
£

RCW Barclay

Director's loan account

992,365

(50,949)

42,083

983,499

         
       

 

2023

At 1 May 2022
£

Repayments to director
£

Other payments made to company by director
£

At 30 April 2023
£

RCW Barclay

Director's loan account

860,256

(14,891)

147,000

992,365