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COMPANY REGISTRATION NUMBER: 04431668
Hudson Fox Limited
Filleted Unaudited Financial Statements
31 March 2024
Hudson Fox Limited
Financial Statements
Year ended 31 March 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Hudson Fox Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
4
750,000
750,000
Current assets
Debtors
5
55,665
192,063
Investments
6
70,000
190,000
Cash at bank and in hand
199
20
---------
---------
125,864
382,083
Creditors: amounts falling due within one year
7
33,410
19,931
---------
---------
Net current assets
92,454
362,152
---------
------------
Total assets less current liabilities
842,454
1,112,152
Creditors: amounts falling due after more than one year
8
400,000
357,136
Provisions
Taxation including deferred tax
52,502
74,753
---------
------------
Net assets
389,952
680,263
---------
------------
Hudson Fox 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
9
389,852
680,163
---------
---------
Shareholders funds
389,952
680,263
---------
---------
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 17 March 2025 , and are signed on behalf of the board by:
Mr M Fox
Director
Company registration number: 04431668
Hudson Fox 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 Unit 1, Valley Business Park, Shay Lane, Halifax, West Yorkshire, HX2 9AP.
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 accounts are prepared on the going concern basis. The directors feel this appropriate given the continued support of the bank. The directors have confirmed that the company has their ongoing support for the foreseeable future.
Going concern
The Directors confirm that, after reviewing expenditure commitments, expected cash flows and borrowing facilities, they have a reasonable expectation that the Company has adequate resources to continue in operational existence for the next financial year and the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements.
Revenue recognition
The company recognises revenue on an accruals basis (net of VAT), when the amount of revenue can be reliably measured and it is probable that the future economic benefits will flow to the company. Revenue comprises rental income arising from investment property leased out and which is recognised in the profit and loss account on a straight line basis over the term of the lease.
Income 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.
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.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
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 entity after deducting all of its financial liabilities.
4. Tangible assets
Land and buildings
£
Cost
At 1 April 2023 and 31 March 2024
750,000
---------
Depreciation
At 1 April 2023 and 31 March 2024
---------
Carrying amount
At 31 March 2024
750,000
---------
At 31 March 2023
750,000
---------
The property is valued to reflect its current market value.
Tangible assets held at valuation
The directors consider the carrying value to be a reasonable estimate of the property's current open market valuation.
5. Debtors
2024
2023
£
£
Other debtors
55,665
192,063
--------
---------
6. Investments
2024
2023
£
£
Other investments
70,000
190,000
--------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
11,007
Trade creditors
20,009
53
Corporation tax
3,475
3,475
Social security and other taxes
6,426
2,092
Other creditors
3,500
3,304
--------
--------
33,410
19,931
--------
--------
The following liabilities disclosed under creditors falling due within one year are secured by the company:
2024 2023
£ £
Bank loans and overdrafts 11,007
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
357,136
Other creditors
400,000
---------
---------
400,000
357,136
---------
---------
The following liabilities disclosed under creditors falling due after more than one year are secured by the company:
2024 2023
£ £
Bank loans and overdrafts - 357,136
9. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses. Included within the profit and loss reserve is an amount of £318,685 relating to the revaluation of investment properties (net of deferred tax provisions) which are un-distributable.
10. Director's advances, credits and guarantees
During the year the director received advances of £60,609 and repaid £29,236 to the company.
11. Related party transactions
The company was under the control of its director, M Fox who is the ultimate controlling party. No transactions with related parties were undertaken such as are required to be disclosed under FRS102.