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Company registration number: 04092776







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2024


FOX HEAD BRITAIN LIMITED






































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FOX HEAD BRITAIN LIMITED
 


 
COMPANY INFORMATION


Directors
A J Keegan (appointed 14 August 2024)
Y J Choi (appointed 14 August 2024)




Company secretary
M I C Canas



Registered number
04092776



Registered office
Colesbourne House
Green Farm Business Park

Quedgeley

Gloucester

GL2 4LY




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Midas House

62 Goldsworth Road

Woking

Surrey

GU21 6LQ





 


FOX HEAD BRITAIN LIMITED
REGISTERED NUMBER:04092776



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

  

Current assets
  

Debtors: amounts falling due after more than one year
 5 
268,863
286,870

Debtors: amounts falling due within one year
 5 
607,976
497,670

Bank and cash balances
  
152,432
119,811

  
1,029,271
904,351

Creditors: amounts falling due within one year
 6 
(129,343)
(51,969)

Net current assets
  
 
 
899,928
 
 
852,382

Total assets less current liabilities
  
899,928
852,382

  

Net assets
  
899,928
852,382


Capital and reserves
  

Allotted, called up and fully paid share capital
  
325,107
325,107

Profit and loss account
  
574,821
527,275

  
899,928
852,382


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Y J Choi
Director

Date: 10 April 2025

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 


FOX HEAD BRITAIN LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Fox Head Britain Limited 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 shown on company information page. The Company does not have a principal place of business.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.3

Turnover

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the Company's activities. All revenue is derived from the parent company on a cost plus basis whereby actual expenses are reimbursed plus a fixed amount agreed upon in advance that covers overhead and profit as agreed in the cost plus agreement.

The Company recognises turnover when:
The amount of revenue can be reliably measured;
It is probable that future economic benefits will flow to the entity; and
Specific criteria have been met for each of the Company's activities.

Page 2

 


FOX HEAD BRITAIN LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 


FOX HEAD BRITAIN LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Leasehold improvements
-
20%
reducing balance
Equipment
-
20%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Financial instruments

The Company only enters into basic financial instrument 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 related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 8 (2023 - 6).


4.


Tangible fixed assets





Leashold improvements
Equipment
Total

£
£
£



Cost or valuation


At 1 January 2024
13,025
4,818
17,843



At 31 December 2024

13,025
4,818
17,843



Depreciation


At 1 January 2024
13,025
4,818
17,843



At 31 December 2024

13,025
4,818
17,843



Net book value



At 31 December 2024
-
-
-



At 31 December 2023
-
-
-

Page 4

 


FOX HEAD BRITAIN LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Debtors

2024
2023
£
£

Due after more than one year

Deferred tax asset
268,863
286,870

268,863
286,870


2024
2023
£
£

Due within one year

Amounts owed by group undertakings
509,825
441,826

Other debtors
36,951
34,317

Prepayments and accrued income
61,200
21,527

607,976
497,670



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
21,036
429

Other taxation and social security
19,869
8,555

Accruals and deferred income
88,438
42,985

129,343
51,969



7.


Deferred taxation




2024


£






At beginning of year
286,870


Utilised in year
(18,007)



At end of year
268,863

Page 5

 


FOX HEAD BRITAIN LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
7.Deferred taxation (continued)

The deferred tax asset is made up as follows:

2024
2023
£
£


Decelerated capital allowances
58,718
71,607

Tax losses carried forward
210,145
215,263

268,863
286,870


8.


Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
114,205
85,556

Later than 1 year and not later than 5 years
161,006
80,772

275,211
166,328


9.


Parent company

The Company is a wholly owned subsidiary of Adventure Sports Group Europe S.L.U, a company incorporated in Spain.
The parent company of the smallest group for which consolidated financial statements are drawn up is Vista Outdoor Inc., a company incorporated in the United States of America. The registered office is 1 Vista Way, Anoka, MN, 55303, USA.


10.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 10 April 2025 by Tom Woods FCA (Senior Statutory Auditor) on behalf of Menzies LLP.

 
Page 6