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Company No: 13894638 (England and Wales)

FOXBECK PROPERTIES LIMITED

Unaudited Financial Statements
For the financial period ended 31 March 2024
Pages for filing with the registrar

FOXBECK PROPERTIES LIMITED

Unaudited Financial Statements

For the financial period ended 31 March 2024

Contents

FOXBECK PROPERTIES LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
FOXBECK PROPERTIES LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 31.03.2024 31.03.2023
£ £
Fixed assets
Tangible assets 3 944,120 0
944,120 0
Current assets
Debtors 4 25,299 100
Cash at bank and in hand 40 0
25,339 100
Creditors: amounts falling due within one year 5 ( 1,051,203) 0
Net current (liabilities)/assets (1,025,864) 100
Total assets less current liabilities (81,744) 100
Net (liabilities)/assets ( 81,744) 100
Capital and reserves
Called-up share capital 6 100 100
Profit and loss account ( 81,844 ) 0
Total shareholders' (deficit)/funds ( 81,744) 100

For the financial period ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Foxbeck Properties Limited (registered number: 13894638) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

K J Vincent
Director

05 March 2025

FOXBECK PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period ended 31 March 2024
FOXBECK PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period ended 31 March 2024
1. Accounting policies

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

General information and basis of accounting

Foxbeck Properties Limited (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 3+5 Hospital Approach, Broomfield, Chelmsford, CM1 7FA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings/Statement of Comprehensive Income.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Ordinary share capital

The ordinary share capital of the company is presented as equity.

2. Employees

Year ended
31.03.2024
Period from
04.02.2022 to
31.03.2023
Number Number
Monthly average number of persons employed by the company during the period, including directors 2 2

3. Tangible assets

Land and buildings Total
£ £
Cost
At 01 April 2023 0 0
Additions 944,120 944,120
At 31 March 2024 944,120 944,120
Accumulated depreciation
At 01 April 2023 0 0
At 31 March 2024 0 0
Net book value
At 31 March 2024 944,120 944,120
At 31 March 2023 0 0

4. Debtors

31.03.2024 31.03.2023
£ £
Other debtors 25,299 100

5. Creditors: amounts falling due within one year

31.03.2024 31.03.2023
£ £
Trade creditors 7,207 0
Other creditors 1,043,996 0
1,051,203 0

6. Called-up share capital

31.03.2024 31.03.2023
£ £
Allotted, called-up and not yet paid
100 Ordinary shares of £ 1.00 each 100 100

7. Related party transactions

Included within other creditors is a balance of £263,000 (2023: (Nil)) owed to D Wylie, a director.

Included within other creditors is a balance of £283,000 (2023: (Nil)) owed to K Vincent, a director.