Registered number
03734917
FOX UMBRELLAS LIMITED
Filleted Accounts
28 February 2025
FOX UMBRELLAS LIMITED
Registered number: 03734917
Balance Sheet
as at 28 February 2025
Notes 2025 2024
£ £
Fixed assets
Tangible assets 3 757,564 766,678
Current assets
Stocks 520,409 505,023
Debtors 4 46,588 59,004
Cash at bank and in hand 204,669 234,030
771,666 798,057
Creditors: amounts falling due within one year 5 (167,481) (186,779)
Net current assets 604,185 611,278
Net assets 1,361,749 1,377,956
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,361,649 1,377,856
Shareholders' funds 1,361,749 1,377,956
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
R.R. Garrett
Director
Approved by the board on 3 June 2025
FOX UMBRELLAS LIMITED
Notes to the Accounts
for the year ended 28 February 2025
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2025 2024
Number Number
Average number of persons employed by the company 19 19
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 March 2024 718,701 222,821 16,200 957,722
Additions - 3,841 - 3,841
At 28 February 2025 718,701 226,662 16,200 961,563
Depreciation
At 1 March 2024 - 186,994 4,050 191,044
Charge for the year - 9,917 3,038 12,955
At 28 February 2025 - 196,911 7,088 203,999
Net book value
At 28 February 2025 718,701 29,751 9,112 757,564
At 29 February 2024 718,701 35,827 12,150 766,678
Freehold land and buildings: 2025 2024
£ £
Historical cost 718,701 718,701
Cumulative depreciation based on historical cost - -
718,701 718,701
The current market value of land and buildings equates to the historical cost.
4 Debtors 2025 2024
£ £
Trade debtors 48,827 57,942
Other debtors (2,239) 1,062
46,588 59,004
5 Creditors: amounts falling due within one year 2025 2024
£ £
Trade creditors 7,123 11,435
Taxation and social security costs 19,513 35,292
Directors loan 137,445 136,823
Other creditors 3,400 3,229
167,481 186,779
6 Related party transactions
Fees amounting to £14,000 (2024: £12,000) for IT services were paid on an arms-length basis to IT Techs (Kent) Ltd, a company owned by Mr P. R. Garrett.
The company leases a part of its factory from Mr. R.R. and Mrs. J.R. Garrett. The rent paid for the year of £75,000 is based on prevailing market values which are reviewed annually (2024: 75,000).
7 Other information
FOX UMBRELLAS LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
240A Wickham Road
Shirley
Croydon
Surrey
CR0 8BJ
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