Registration number:
Fox Feeds Limited
for the
Year Ended 30 April 2024
Fox Feeds Limited
(Registration number: 01918432)
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Fox Feeds Limited
(Registration number: 01918432)
Company Information
Directors |
RCW Barclay FW Barclay MJ Watson |
Registered office |
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Registered number |
01918432 |
Fox Feeds Limited
(Registration number: 01918432)
Balance Sheet as at 30 April 2024
Note |
2024 |
2023 |
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Fixed Assets |
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Tangible Assets |
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|
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Investments in associates |
|
|
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Other investments |
100 |
100 |
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|
|
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Current assets |
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Stocks |
1,065,429 |
839,705 |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and Reserves |
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Called up share capital |
150 |
150 |
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Merger reserve |
537,654 |
537,654 |
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Profit and loss account |
1,910,545 |
1,588,489 |
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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:
• |
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• |
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
......................................... |
Fox Feeds Limited
(Registration number: 01918432)
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
UK
These financial statements were authorised for issue by the
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Fox Feeds Limited
(Registration number: 01918432)
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
Intangible assets |
Goodwill |
Patents |
Franchise |
Total |
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Cost |
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At 1 May 2023 |
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At 30 April 2024 |
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Amortisation |
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At 1 May 2023 |
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At 30 April 2024 |
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Carrying amount |
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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
Tangible Assets |
Buildings and property improvements |
Machinery, implements and office equipment |
Commercial and motor vehicles |
Drying |
Production plant |
Own work capitalised (production machinery) |
Total |
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Cost or valuation |
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At 1 May 2023 |
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Additions |
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- |
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Disposals |
- |
( |
( |
- |
- |
- |
( |
Transfers |
- |
- |
- |
( |
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- |
- |
At 30 April 2024 |
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Depreciation |
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At 1 May 2023 |
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Charge for the year |
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- |
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Eliminated on disposal |
- |
( |
( |
- |
- |
- |
( |
At 30 April 2024 |
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Carrying amount |
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At 30 April 2024 |
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- |
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At 30 April 2023 |
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- |
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Fox Feeds Limited
(Registration number: 01918432)
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
Investments in associates |
2024 |
2023 |
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Investments in associates |
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Associates |
£ |
Cost |
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At 1 May 2023 |
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At 30 April 2024 |
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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.
Other investments |
Samco & Shrim Farmers Limited |
Total |
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Share capital subscription |
||
Cost |
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FA investment - unlisted other shares bfwd |
100 |
100 |
At 30 April 2024 |
100 |
100 |
Carrying amount |
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At 30 April 2024 |
|
100 |
At 30 April 2023 |
|
100 |
Fox Feeds Limited
(Registration number: 01918432)
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
Debtors |
Current |
2024 |
2023 |
Trade Debtors |
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Prepayments |
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Other debtors |
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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
Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade Creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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- |
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Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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2024 |
2023 |
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Due after more than five years included in the above |
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After more than five years by instalments |
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- |
- |
Fox Feeds Limited
(Registration number: 01918432)
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
Loans and borrowings |
Current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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Bank overdrafts |
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Hire purchase contracts |
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2024 |
2023 |
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Non-current loans and borrowings |
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Bank borrowings |
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Other borrowings |
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HP and finance lease liability |
391,593 |
422,768 |
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Bank borrowings
The total amount outstanding in respect of secured bank loans at the year end is £ 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).
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 |
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Director's loan account |
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( |
42,083 |
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2023 |
At 1 May 2022 |
Repayments to director |
Other payments made to company by director |
At 30 April 2023 |
RCW Barclay |
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Director's loan account |
|
( |
147,000 |
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