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COMPANY REGISTRATION NUMBER: 10646667
FOX AND MOON LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2024
FOX AND MOON LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
FOX AND MOON LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2024
2024
2023
Note
£
£
£
FIXED ASSETS
Intangible assets
5
5,833
7,833
Tangible assets
6
1,182
12,619
-------
---------
7,015
20,452
CURRENT ASSETS
Stocks
24,985
32,765
Debtors
7
28,099
47,276
Cash at bank and in hand
362
35
---------
---------
53,446
80,076
CREDITORS: amounts falling due within one year
8
48,070
62,743
---------
---------
NET CURRENT ASSETS
5,376
17,333
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
12,391
37,785
CREDITORS: amounts falling due after more than one year
9
11,168
21,302
---------
---------
NET ASSETS
1,223
16,483
---------
---------
FOX AND MOON LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2024
2024
2023
Note
£
£
£
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
1,123
16,383
-------
---------
SHAREHOLDERS FUNDS
1,223
16,483
-------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 27 December 2024 , and are signed on behalf of the board by:
V Fox-Hill
Director
Company registration number: 10646667
FOX AND MOON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Equitable House, 55 Pellon Lane, Halifax, West Yorkshire, HX1 5SP.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are not considered to be any judgements or accounting estimates or assumptions that have a significant impact on the financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Current and deferred tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor Vehicles
-
25% reducing balance
Equipment
-
20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 2 (2023: 3 ).
5. INTANGIBLE ASSETS
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
20,000
---------
Amortisation
At 1 April 2023
12,167
Charge for the year
2,000
---------
At 31 March 2024
14,167
---------
Carrying amount
At 31 March 2024
5,833
---------
At 31 March 2023
7,833
---------
6. TANGIBLE ASSETS
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1 April 2023
36,743
3,838
40,581
Disposals
( 36,743)
( 36,743)
---------
-------
---------
At 31 March 2024
3,838
3,838
---------
-------
---------
Depreciation
At 1 April 2023
25,602
2,360
27,962
Charge for the year
296
296
Disposals
( 25,602)
( 25,602)
---------
-------
---------
At 31 March 2024
2,656
2,656
---------
-------
---------
Carrying amount
At 31 March 2024
1,182
1,182
---------
-------
---------
At 31 March 2023
11,141
1,478
12,619
---------
-------
---------
7. DEBTORS
2024
2023
£
£
Trade debtors
1,815
Other debtors
28,099
45,461
---------
---------
28,099
47,276
---------
---------
8. CREDITORS: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
5,834
5,833
Trade creditors
2,806
Social security and other taxes
12,516
8,787
Unsecured loan
8,000
Credit card
4,687
7,905
Other creditors
25,033
29,412
---------
---------
48,070
62,743
---------
---------
9. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
11,168
21,302
---------
---------
10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
The directors loan account was in credit throughout the year. The loan is repayable on demand and no interest is charged.