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COMPANY REGISTRATION NUMBER: 10824482
Foxhill Farming Co Limited
Filleted Unaudited Financial Statements
31 August 2024
Foxhill Farming Co Limited
Financial Statements
Year ended 31 August 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Foxhill Farming Co Limited
Statement of Financial Position
31 August 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
189,823
204,871
Current assets
Debtors
6
132,015
104,052
Cash at bank and in hand
100
100
---------
---------
132,115
104,152
Creditors: amounts falling due within one year
7
292,229
233,114
---------
---------
Net current liabilities
160,114
128,962
---------
---------
Total assets less current liabilities
29,709
75,909
Creditors: amounts falling due after more than one year
8
38,155
--------
--------
Net assets
29,709
37,754
--------
--------
Capital and reserves
Called up share capital
9
100
100
Profit and loss account
29,609
37,654
--------
--------
Shareholders funds
29,709
37,754
--------
--------
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 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Foxhill Farming Co Limited
Statement of Financial Position (continued)
31 August 2024
These financial statements were approved by the board of directors and authorised for issue on 27 May 2025 , and are signed on behalf of the board by:
P D Allingham
A J Pointer
Director
Director
Company registration number: 10824482
Foxhill Farming Co Limited
Notes to the Financial Statements
Year ended 31 August 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 Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN, England.
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.
Going concern
The company's forecasts and projections, taking account of reasonably possible changes in trading performance, show that the company should be able to operate for the foreseeable future. Thus, the directors continue to adopt the going concern basis of accounting in preparing these annual financial statements.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods 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.
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.
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:
Plant and machinery
-
25% reducing balance
Equipment
-
25% reducing balance
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.
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
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 4 ).
5. Tangible assets
Plant and machinery
Equipment
Total
£
£
£
Cost
At 1 September 2023
398,805
650
399,455
Additions
1,212
631
1,843
---------
-------
---------
At 31 August 2024
400,017
1,281
401,298
---------
-------
---------
Depreciation
At 1 September 2023
194,139
445
194,584
Charge for the year
16,682
209
16,891
---------
-------
---------
At 31 August 2024
210,821
654
211,475
---------
-------
---------
Carrying amount
At 31 August 2024
189,196
627
189,823
---------
-------
---------
At 31 August 2023
204,666
205
204,871
---------
-------
---------
6. Debtors
2024
2023
£
£
Trade debtors
15,410
27,079
Other debtors
116,605
76,973
---------
---------
132,015
104,052
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
224,444
161,341
Trade creditors
24,764
26,724
Social security and other taxes
3,616
6,706
Other creditors
39,405
38,343
---------
---------
292,229
233,114
---------
---------
The company has an overdraft facility with Barclays Bank which holds a fixed and floating charge over the company's property and undertakings.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
38,155
----
--------
9. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----