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Company No: 12635315 (England and Wales)

NORTH FOSSIL LTD

Unaudited Financial Statements
For the financial year ended 31 May 2024
Pages for filing with the registrar

NORTH FOSSIL LTD

Unaudited Financial Statements

For the financial year ended 31 May 2024

Contents

NORTH FOSSIL LTD

BALANCE SHEET

As at 31 May 2024
NORTH FOSSIL LTD

BALANCE SHEET (continued)

As at 31 May 2024
Note 2024 2023
£ £
Current assets
Stocks 3 1,841,495 5,435,448
Debtors 4 969,174 493,450
Cash at bank and in hand 125,270 4,138
2,935,939 5,933,036
Creditors: amounts falling due within one year 5 ( 2,929,463) ( 5,929,948)
Net current assets 6,476 3,088
Total assets less current liabilities 6,476 3,088
Net assets 6,476 3,088
Capital and reserves
Called-up share capital 100 100
Profit and loss account 6,376 2,988
Total shareholder's funds 6,476 3,088

For the financial year ending 31 May 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of North Fossil Ltd (registered number: 12635315) were approved and authorised for issue by the Director on 20 February 2025. They were signed on its behalf by:

J L Craig
Director
NORTH FOSSIL LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
NORTH FOSSIL LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

North Fossil Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Towngate House, 2-8 Parkstone Road, Poole, BH15 2PW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. [MANUFACTURERS, ETC - Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity.] Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Stocks

2024 2023
£ £
Work in progress 1,841,495 5,435,448

4. Debtors

2024 2023
£ £
Amounts owed by connected companies 967,000 20,000
Amounts owed by related parties 0 471,000
Other debtors 2,174 2,450
969,174 493,450

5. Creditors: amounts falling due within one year

2024 2023
£ £
Amounts owed to Group undertakings 1,164,664 1,689,664
Taxation and social security 795 797
Other creditors 1,764,004 4,239,487
2,929,463 5,929,948

6. Ultimate controlling party

Parent Company:

North Fossil Farm Ltd