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Registered number: 10710348
Pale Fox Wines Limited
Unaudited Financial Statements
For The Year Ended 30 April 2025
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 10710348
2025 2024
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 8,739 10,178
Tangible Assets 5 6,775 12,253
15,514 22,431
CURRENT ASSETS
Stocks 6 84,975 151,025
Debtors 7 37,732 68,757
Cash at bank and in hand 7,690 3,245
130,397 223,027
Creditors: Amounts Falling Due Within One Year 8 (86,477 ) (158,097 )
NET CURRENT ASSETS (LIABILITIES) 43,920 64,930
TOTAL ASSETS LESS CURRENT LIABILITIES 59,434 87,361
Creditors: Amounts Falling Due After More Than One Year 9 (55,491 ) (76,347 )
NET ASSETS 3,943 11,014
CAPITAL AND RESERVES
Called up share capital 11 1,001 1,001
Share premium account 49,310 49,310
Profit and Loss Account (46,368 ) (39,297 )
SHAREHOLDERS' FUNDS 3,943 11,014
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For the year ending 30 April 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Mark Hill
Director
19/12/2025
The notes on pages 3 to 7 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Pale Fox Wines Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10710348 . The registered office is Unit 1a Hazlewood Tower, Golborne Gardens, London, W10 5DT.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Intangible assets is the purchased brand development. Purchased intangible assets are initially recognised at cost. After recognition, intangible assets are measured at cost less any accumulated amortisation and impairment losses. It is amortised to the profit and loss account over its estimated economic life of 10 years.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined, which is the higher of its fair value less costs to sell and its value in use. Any impairment loss is recognised immediately as an expense within the profit or loss.
2.5. Research and Development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research is recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised to the profit and loss account on a straight line basis over their expected useful economic lives.
2.6. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 5 years
Computer Equipment 3 years
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined, which is the higher of its fair value less costs to sell and its value in use. Any impairment loss is recognised immediately as an expense in the profit and loss account.
2.7. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes expenditure incurred in acquiring the stocks, production or conversion costs and other costs in bringing them to their existing location or condition.
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2.8. Financial Instruments
Trade and other debtors / creditors
Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors.  If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of instrument for a similar debt instrument.
Cash and cash equivalents
Cash and cash equivalents comprise cash balances and call deposits.
2.9. Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.10. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.11. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.12. Impairment
Financial assets (including trade and other debtors)
A financial asset not carried at fair value through profit or loss is assessed at each reporting date to determine whether there is objective evidence that it is impaired. A financial asset is impaired if objective evidence indicates that a loss event has occurred after the initial recognition of the asset, and that the loss event had a negative effect on the estimated future cash flows of that asset that can be estimated reliably.
An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference between its carrying amount and the present value of the estimated future cash flows discounted at the asset’s original effective interest rate. For financial instruments measured at cost less impairment an impairment is calculated as the difference between its carrying amount and the best estimate of the amount that the company would receive for the asset if it were to be sold at the reporting date. Interest on the impaired asset continues to be recognised through the unwinding of the discount. Impairment losses are recognised in profit or loss. When a subsequent event causes the amount of impairment loss to decrease, the decrease in impairment loss is reversed through the profit and loss account.
An impairment loss is recognised if the carrying amount of an asset exceeds its estimated recoverable amount. Impairment losses are recognised in the profit and loss account.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2024: 2)
2 2
4. Intangible Assets
Brand Development
£
Cost
As at 1 May 2024 14,392
As at 30 April 2025 14,392
Amortisation
As at 1 May 2024 4,214
Provided during the period 1,439
As at 30 April 2025 5,653
Net Book Value
As at 30 April 2025 8,739
As at 1 May 2024 10,178
5. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 May 2024 29,735 3,527 33,262
As at 30 April 2025 29,735 3,527 33,262
Depreciation
As at 1 May 2024 18,378 2,631 21,009
Provided during the period 4,678 800 5,478
As at 30 April 2025 23,056 3,431 26,487
Net Book Value
As at 30 April 2025 6,679 96 6,775
As at 1 May 2024 11,357 896 12,253
6. Stocks
2025 2024
£ £
Stock 84,975 151,025
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7. Debtors
2025 2024
£ £
Due within one year
Trade debtors 19,695 50,207
Prepayments and accrued income 11,373 7,297
Other debtors 319 4,908
Rent deposit 6,345 6,345
37,732 68,757
8. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Trade creditors 25,290 90,542
Bank loans and overdrafts 20,856 20,711
Other loans 30,000 19,919
Other taxes and social security 113 -
VAT 3,958 14,791
Net wages 1,340 -
Other creditors - 266
Accruals and deferred income 4,091 6,830
Directors' loan accounts 829 -
Corporate Credit Card - 5,038
86,477 158,097
9. Creditors: Amounts Falling Due After More Than One Year
2025 2024
£ £
Bank loans 55,491 76,347
The company has a COVID-19 bounce back loan scheme with HSBC of £31,347 (2024: £37,058). The loan is repayable over the period until 14th May 2030. The interest rate on the loan is 2.5%.
The company has a COVID-19 recovery loan scheme with HSBC of £45,000 (2024: £60,000). The loan is repayable over the period until 22nd April 2028. The interest rate on the loan is 3% above the Bank of England base rate. The loan is secured against the assets of the company.
10. Secured Creditors
Of the creditors falling due within and after more than one year the following amounts are secured. HSBC UK Bank PLC holds a fixed and floating charge over all assets. The floating charge covers all the property or undertaking of the company.
2025 2024
£ £
Bank loans and overdrafts 76,347 97,058
11. Share Capital
2025 2024
£ £
Allotted, Called up and fully paid 1,001 1,001
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12. Pension Commitments
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date unpaid contributions of £nil. (2024: £266) were due to the fund. They are included in Other Creditors.
13. Related Party Transactions
During the year ended 30 April 2025, the company received loans from M Hill of £44,988 (2024: £nil) and repaid £44,159 (2024: £nil). As at 30 April 2025, the company owed £829 (2024: £nil) to M Hill, a director and shareholder. There no interest charged on the outstanding balance and the loan is repayable on demand.
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