REGISTERED NUMBER: 03274591 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2024

for

Fox Brothers & Co Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Ms D S Meaden

D F Cordeaux

REGISTERED OFFICE:

Unit 4 Tonedale Business Park

Tonedale

Wellington

Somerset

TA21 0AW

REGISTERED NUMBER:

03274591 (England and Wales)

ACCOUNTANTS:

A C Mole LLP

Chartered Accountants

Stafford House

Blackbrook Park Avenue

Taunton

Somerset

TA1 2PX

FIXED ASSETS

Intangible assets

4

21,846

6,075

Tangible assets

5

438,208

471,433

460,054

477,508

CURRENT ASSETS

Stocks

6

2,347,193

2,502,166

Debtors

7

544,007

702,410

Cash in hand

455,389

234,977

3,346,589

3,439,553

CREDITORS

Amounts falling due within one year

8

1,172,988

1,157,774

NET CURRENT ASSETS

2,173,601

2,281,779

TOTAL ASSETS LESS CURRENT LIABILITIES

2,633,655

2,759,287

CREDITORS

Amounts falling due after more than one year

9

(355,192

)

(605,192

)

PROVISIONS FOR LIABILITIES

(109,553

)

(117,859

)

NET ASSETS

2,168,910

2,036,236

CAPITAL AND RESERVES

Called up share capital

250,000

250,000

Share premium

100,000

100,000

Retained earnings

1,818,910

1,686,236

SHAREHOLDERS' FUNDS

2,168,910

2,036,236

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 September 2025 and were signed on its behalf by:

D F Cordeaux - Director

1.	STATUTORY INFORMATION

Fox Brothers & Co Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Website costs are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to leasehold property

-

over the lease term

Plant and machinery

-

15% on reducing balance

Office and display equipment

-

20-25% on reducing balance

Tangible fixed assets are initially recognised at cost and subsequently measured at cost less accumulated depreciation.

Stock and work in progress

Stock has been valued at the lower of cost or net realisable value. Work in progress includes provision for departmental overheads.

Stock is valued based on an average cost basis, with work in progress including an element of direct overhead costs.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in independently administered funds. Contributions payable for the year are charged in the profit and loss account.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Financial instruments

i) Financial assets

Basic financial assets, including trade and other receivables and cash and bank balances are initially recognised at transaction price and subsequently measured at amortised cost.

At the balance sheet date financial assets are assessed for evidence of impairment. If an asset is impaired the impairment loss is recognised in the income statement.

ii) Financial liabilities

Basic financial liabilities, including trade and other payables and bank loans, are initially recognised at transaction price and subsequently measured at amortised cost.

Critical accounting judgements and estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses.

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. Having given due consideration to the estimates and assumptions that form part of the carrying amounts of assets and liabilities within the financial statements, the directors are of the opinion that the only material judgements or estimates relate to the valuation of work in progress, the policy for which is shown above. The work in progress included within stock at 31 December 2024 amounted to £127,420 (2023 - £103,754).

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 31 (2023 - 32 ) .

4.	INTANGIBLE FIXED ASSETS

Trademark

Website

Computer

& goodwill

costs

software

Totals

£

£

£

£

COST

At 1 January 2024

50,000

8,101

-

58,101

Additions - trademark

-

-

21,739

21,739

At 31 December 2024

50,000

8,101

21,739

79,840

AMORTISATION

At 1 January 2024

50,000

2,026

-

52,026

Amortisation for year

-

1,620

4,348

5,968

At 31 December 2024

50,000

3,646

4,348

57,994

NET BOOK VALUE

At 31 December 2024

-

4,455

17,391

21,846

At 31 December 2023

-

6,075

-

6,075

5.	TANGIBLE FIXED ASSETS

Improvements

Office

to

and

leasehold

Plant and

display

property

machinery

equipment

Totals

£

£

£

£

COST

At 1 January 2024

20,321

556,814

572,573

1,149,708

Additions

-

-

69,130

69,130

Disposals

-

-

(4,522

)

(4,522

)

At 31 December 2024

20,321

556,814

637,181

1,214,316

DEPRECIATION

At 1 January 2024

16,414

364,652

297,209

678,275

Charge for year

1,302

29,009

70,782

101,093

Eliminated on disposal

-

-

(3,078

)

(3,078

)

Charge written back

-

(182

)

-

(182

)

At 31 December 2024

17,716

393,479

364,913

776,108

NET BOOK VALUE

At 31 December 2024

2,605

163,335

272,268

438,208

At 31 December 2023

3,907

192,162

275,364

471,433

6.

STOCKS

2024

2023

£

£

Raw materials

487,282

416,823

Work-in-progress

127,420

103,754

Finished goods

1,732,491

1,981,589

2,347,193

2,502,166

7.

DEBTORS

2024

2023

£

£

Amounts falling due within one year:

Trade debtors

483,905

595,428

Directors' current accounts

-

1,121

VAT

5,894

24,722

Prepayments

18,711

32,464

508,510

653,735

Amounts falling due after more than one year:

Deferred tax asset

35,497

48,675

Aggregate amounts

544,007

702,410

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

200,000

200,000

Working capital facility

28,814

71,846

Trade creditors

444,299

358,443

Corporation tax

179,624

158,655

Social security and other taxes

43,750

32,041

Other creditors

9,286

10,257

Director's loan account

50,000

50,000

Accruals

211,424

267,971

Deferred income

5,791

8,561

1,172,988

1,157,774

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans - 1-2 years

133,333

200,000

Bank loans - 2-5 years

-

133,333

Director's loan account

21,859

71,859

Other creditors

200,000

200,000

355,192

605,192

10.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

£

£

Within one year

105,500

96,500

Between one and five years

319,000

342,500

In more than five years

-

39,250

424,500

478,250

11.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Bank loans

333,333

533,333

Working capital facility

28,814

71,846

Accrued interest

141,986

194,698

Director's loan account

71,858

121,859

575,991

921,736

The director's loan account of £71,858 (2023 - £121,859) and accrued interest thereon of £141,986 (2023 - £194,698) are secured by a debenture dated 10 June 2009 securing all monies due, or to become due from the company together with a legal charge over the assets of the company.

The bank loan is secured by a first fixed charge over the present and future freehold and leasehold property of the company, all present and future plant and machinery, and all present and future book debts, goodwill and all other debtors, undertakings and all property and assets of the company.

The working capital facility of £28,814 (2023 - £71,846) is secured by a debenture dated 17 August 2020 securing all monies due, or to become due from the company together with a legal charge over the assets of the company.

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2024 and 31 December 2023:

2024

2023

£

£

D F Cordeaux

Balance outstanding at start of year

1,121

-

Amounts advanced

-

1,121

Amounts repaid

(1,121

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

1,121