Foxbay Limited - Filleted accounts

FOXBAY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2020

Company Registration Number: 11711091

FOXBAY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
CONTENTS									PAGES
Company information									1
Balance sheet									2 to 3
Notes to the financial statements									4 to 6

FOXBAY LIMITED
COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2020
DIRECTOR
J C S Parker
SECRETARY
The company does not have an appointed secretary
REGISTERED OFFICE
4 Witan Way
Witney
Oxon
OX28 6FF
COMPANY REGISTRATION NUMBER
11711091 England and Wales

FOXBAY LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2020
			Notes		2020				2019
					£				£
FIXED ASSETS
Investments			5				50,544				50,485
CURRENT ASSETS
Debtors			6		526				538
Cash at bank and in hand					7				-
					533				538
CREDITORS: Amounts falling due within one year			7		53,616				52,034
NET CURRENT LIABILITIES							(53,083)				(51,496)
NET LIABILITIES							(2,539)				(1,011)
CAPITAL AND RESERVES
Called up share capital							1				1
Distributable profit and loss account							(2,540)				(1,012)
SHAREHOLDER'S DEFICIT							(2,539)				(1,011)

FOXBAY LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2020
These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
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.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board
J C S Parker
Director
Date approved by the board: 22 September 2021

FOXBAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
1	GENERAL INFORMATION
	Foxbay Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
	4 Witan Way
	Witney
	Oxon
	OX28 6FF
	The financial statements are presented in Sterling, which is the functional currency of the company.
2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	Basis of preparation of financial statements
	These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
	Going concern

	The accounts have been drawn up on the going concern basis. The company owes the director £50,850, which could be required for repayment without notice. The company is therefore dependent upon the continued support of the director. The director does not consider their own support likely to be withdrawn.
	If the going concern basis was not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for additional liabilities that might arise and to reclassify fixed assets as current assets.

	Investment properties

	Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measured at cost, including transaction costs.
	Subsequently, investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in the profit and loss account in the period in which they arise.

FOXBAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020

2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
	Financial Instruments
	The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
	Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.

The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

	Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
	Debtors

	Short term debtors are measured at transaction price, less any impairment.

	Creditors
	Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
	Taxation
	Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. 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 taxable profits.
	Deferred tax is measured using 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.

	Current and deferred tax assets and liabilities are not discounted.

FOXBAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
3	CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

	The director has made key assumptions in determination of the fair value of an investment property in respect of the state of the property market in the location where the property is situated and in respect of the range of reasonable fair value estimates of the asset.

4	EMPLOYEES
	The average number of persons employed by the company (including the director) during the year was:
									2020		2019
	Average number of employees								1		1
5	FIXED ASSET INVESTMENTS
											Investment property
											£
	Cost
	At 1 January 2020										50,485
	Additions										59
	At 31 December 2020										50,544
	Net book value
	At 1 January 2020										50,485
	At 31 December 2020										50,544
	In the opinion of the director, the investment property has been stated at fair value.
6	DEBTORS
									2020		2019
									£		£
	Other debtors								526		538
7	CREDITORS: Amounts falling due within one year
									2020		2019
									£		£
	Trade creditors								1,516		-
	Accruals and deferred income								1,250		1,250
	Other creditors								50,850		50,784
									53,616		52,034