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REGISTERED NUMBER: 06743125 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 May 2024

for

Fosse Asset Finance Limited

Fosse Asset Finance Limited (Registered number: 06743125)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Fosse Asset Finance Limited

Company Information
for the Year Ended 31 May 2024







DIRECTORS: I Sullivan
J L Sullivan





REGISTERED OFFICE: Park House
37 Clarence Street
Leicester
LE1 3RW





REGISTERED NUMBER: 06743125 (England and Wales)





ACCOUNTANTS: torr waterfield
Park House
37 Clarence Street
Leicester
Leicestershire
LE1 3RW

Fosse Asset Finance Limited (Registered number: 06743125)

Balance Sheet
31 May 2024

31.5.24 31.5.23
Notes £    £   
FIXED ASSETS
Tangible assets 4 18,167 30,082

CURRENT ASSETS
Stocks 89,000 -
Debtors 5 364,945 544,334
Cash at bank 224,634 149,378
678,579 693,712
CREDITORS
Amounts falling due within one year 6 (162,146 ) (188,210 )
NET CURRENT ASSETS 516,433 505,502
TOTAL ASSETS LESS CURRENT
LIABILITIES

534,600

535,584

CREDITORS
Amounts falling due after more than one
year

7

(264,080

)

(300,386

)
NET ASSETS 270,520 235,198

CAPITAL AND RESERVES
Called up share capital 200 200
Retained earnings 270,320 234,998
SHAREHOLDERS' FUNDS 270,520 235,198

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Fosse Asset Finance Limited (Registered number: 06743125)

Balance Sheet - continued
31 May 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 January 2025 and were signed on its behalf by:





I Sullivan - Director


Fosse Asset Finance Limited (Registered number: 06743125)

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

Fosse Asset Finance Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Finance lease and hire purchase
The net investment in finance lease and hire purchase consists of future rentals receivable and residual values less the unamortised portion of total finance charges relating to future periods.

Fosse Asset Finance Limited (Registered number: 06743125)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.

Those under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payment is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 June 2023 8,482 56,769 9,291 74,542
Additions - - 665 665
Disposals (8,482 ) - (665 ) (9,147 )
At 31 May 2024 - 56,769 9,291 66,060
DEPRECIATION
At 1 June 2023 3,895 32,819 7,746 44,460
Charge for year - 5,987 1,341 7,328
Eliminated on disposal (3,895 ) - - (3,895 )
At 31 May 2024 - 38,806 9,087 47,893
NET BOOK VALUE
At 31 May 2024 - 17,963 204 18,167
At 31 May 2023 4,587 23,950 1,545 30,082

5. DEBTORS
31.5.24 31.5.23
£    £   
Amounts falling due within one year:
Trade debtors 12,588 15,572
Amounts receivable in respect of hire
purchase contracts

62,788

212,110
Other debtors 34,120 20,855
109,496 248,537

Fosse Asset Finance Limited (Registered number: 06743125)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

5. DEBTORS - continued
31.5.24 31.5.23
£    £   
Amounts falling due after more than one year:
Amounts receivable in respect of hire
purchase contracts

255,449

295,797

Aggregate amounts 364,945 544,334

Other debtors include prepayments and accrued income of £4,792 (2023 - £3,413)

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts 92,658 87,754
Trade creditors 240 240
Taxation and social security 43,693 85,950
Other creditors 15,555 4,266
162,146 188,210

Other creditors include accruals and deferred income of £2,867 (2023 - £2,600)

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.5.24 31.5.23
£    £   
Bank loans 11,745 21,743
Hire purchase contracts 252,335 278,643
264,080 300,386

8. SECURED DEBTS

The following secured debts are included within creditors:

31.5.24 31.5.23
£    £   
Hire purchase contracts 344,993 366,397

Hire purchases are secured on the assets as acquired.

Fosse Asset Finance Limited (Registered number: 06743125)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 May 2024 and 31 May 2023:

31.5.24 31.5.23
£    £   
J L Sullivan and I Sullivan
Balance outstanding at start of year - -
Amounts advanced 101,910 122,289
Amounts repaid (101,910 ) (122,289 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

The above loan was subject to HMRC's official rate of interest and was repayable on demand.