Company registration number 00239380 (England and Wales)
FOYLES OF BASINGSTOKE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
FOYLES OF BASINGSTOKE LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
4
1
1
Tangible assets
5
1,081
34,337
Investment property
6
157,000
158,082
34,338
Current assets
Stocks
66,739
64,840
Debtors
7
36,105
34,856
Cash at bank and in hand
30,173
44,339
133,017
144,035
Creditors: amounts falling due within one year
8
(80,113)
(87,183)
Net current assets
52,904
56,852
Net assets
210,986
91,190
Capital and reserves
Called up share capital
3,000
3,000
Revaluation reserve
9
119,154
Profit and loss reserves
88,832
88,190
Total equity
210,986
91,190
For the financial year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 3 July 2025 and are signed on its behalf by:
S G J Foyle
Director
Company registration number 00239380 (England and Wales)
FOYLES OF BASINGSTOKE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2023
3,000
139,683
142,683
Year ended 31 March 2024:
Loss and total comprehensive income
-
-
(49,727)
(49,727)
Dividends
-
-
(1,766)
(1,766)
Balance at 31 March 2024
3,000
88,190
91,190
Year ended 31 March 2025:
Loss
-
-
(7,304)
(7,304)
Revaluation of tangible fixed assets
-
127,100
-
127,100
Total comprehensive income
-
127,100
(7,304)
119,796
Transfers
-
(7,946)
7,946
-
Balance at 31 March 2025
3,000
119,154
88,832
210,986
FOYLES OF BASINGSTOKE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
1
Accounting policies
Company information
Foyles of Basingstoke Limited is a private company limited by shares incorporated in England and Wales. The registered office is 7 Elmwood Parade, Basingstoke, Hampshire, RG23 8LL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
- 2% straight line
Fixtures and fittings
- 15% straight line
Computers
- 25% straight line
Motor vehicles
- 25% reducing balance
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.
1.6
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
FOYLES OF BASINGSTOKE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 4 -
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
FOYLES OF BASINGSTOKE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 5 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
As lessee
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
As lessor
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2025
2024
Number
Number
Total
7
7
FOYLES OF BASINGSTOKE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 6 -
3
Directors' remuneration
2025
2024
£
£
Remuneration paid to directors
41,152
80,725
4
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2024 and 31 March 2025
62,001
Amortisation and impairment
At 1 April 2024 and 31 March 2025
62,000
Carrying amount
At 31 March 2025
1
At 31 March 2024
1
5
Tangible fixed assets
Leasehold land and buildings
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2024
65,000
49,245
4,902
28,325
147,472
Transfer to investment property
(65,000)
(65,000)
At 31 March 2025
49,245
4,902
28,325
82,472
Depreciation and impairment
At 1 April 2024
35,100
47,749
4,831
25,455
113,135
Depreciation charged in the year
450
36
2,870
3,356
Transfer to investment property
(35,100)
(35,100)
At 31 March 2025
48,199
4,867
28,325
81,391
Carrying amount
At 31 March 2025
1,046
35
1,081
At 31 March 2024
29,900
1,496
71
2,870
34,337
FOYLES OF BASINGSTOKE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
6
Investment property
2025
£
Fair value
At 1 April 2024
Transfers
29,900
Revaluations
127,100
At 31 March 2025
157,000
Investment property comprises one leasehold flat. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 March 2025 by the directors of the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
If revalued assets were stated on a historical cost basis rather than fair value basis, the total amounts included would be £65,000 (2024: £65,000).
7
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
28,367
30,999
Other debtors
2,760
3,857
31,127
34,856
2025
2024
Amounts falling due after more than one year:
£
£
Deferred tax asset
4,978
Total debtors
36,105
34,856
8
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
13,664
18,236
Taxation and social security
11,178
13,159
Other creditors
55,271
55,788
80,113
87,183
FOYLES OF BASINGSTOKE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
9
Revaluation reserve
2025
2024
£
£
At the beginning of the year
Revaluation surplus arising in the year
127,100
Other movements
(7,946)
-
At the end of the year
119,154
-
10
Related party transactions
At the year end £50,000 was owed to S G J Foyle (2024: £50,000) a company director and shareholder. This amount is interest free, repayable on demand and shown within other creditors.