Foxstone Estates Limited - Accounts to registrar (filleted) - small 18.2

Foxstone Estates Limited - Accounts to registrar (filleted) - small 18.2

FOXSTONE ESTATES LIMITED - Company Information

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REGISTERED NUMBER: 02718221 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

FOR

FOXSTONE ESTATES LIMITED
FOXSTONE ESTATES LIMITED (REGISTERED NUMBER: 02718221)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 March 2022




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


FOXSTONE ESTATES LIMITED

COMPANY INFORMATION
for the year ended 31 March 2022







DIRECTORS: Mr R Hopkins
Mrs J Hopkins





REGISTERED OFFICE: 19-20 Bourne Court
Southend Road
Woodford Green
Essex
IG8 8HD





REGISTERED NUMBER: 02718221 (England and Wales)





ACCOUNTANTS: Raffingers LLP
Chartered Certified Accountants
19-20 Bourne Court
Southend Road
Woodford Green
Essex
IG8 8HD
Page 1
FOXSTONE ESTATES LIMITED (REGISTERED NUMBER: 02718221)

ABRIDGED BALANCE SHEET
31 March 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 11,341 10,613
Investments 5 710,050 710,050
Investment property 6 4,711,418 3,693,672
5,432,809 4,414,335

CURRENT ASSETS
Stocks 5,572,027 6,083,271
Debtors 4,086,111 3,486,942
Cash at bank 2,324,625 1,072,755
11,982,763 10,642,968
CREDITORS
Amounts falling due within one year 8,452,587 6,468,029
NET CURRENT ASSETS 3,530,176 4,174,939
TOTAL ASSETS LESS CURRENT
LIABILITIES
8,962,985
8,589,274

CAPITAL AND RESERVES
Called up share capital 200 200
Fair value reserve 182,455 182,455
Retained earnings 8,780,330 8,406,619
8,962,985 8,589,274

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 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 notes form part of these financial statements

Page 2 continued...
FOXSTONE ESTATES LIMITED (REGISTERED NUMBER: 02718221)

ABRIDGED BALANCE SHEET - continued
31 March 2022


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

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 March 2022 in accordance with Section 444(2A) of the Companies Act 2006.

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 19 December 2022 and were signed on its behalf by:





Mr R Hopkins - Director


The notes form part of these financial statements

Page 3
FOXSTONE ESTATES LIMITED (REGISTERED NUMBER: 02718221)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2022

1. STATUTORY INFORMATION

Foxstone Estates Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 as modified by the revaluation of certain assets.

The accounts have been prepared on the going concern basis as the directors are of the opinion that the company will meet its liabilities as and when due, due to the continued support of the directors.

Turnover
Turnover comprises rental income, excluding Value Added Tax, which is recognised in the period which it is earned. Amounts invoiced in excess of the amounts earned during the period are recognised as deferred income in creditors.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment policy - 25% on cost
Plant and machinery policy - 25% on reducing balance method

Investments in subsidiaries and associates
Investments in subsidiary and associate undertakings are recognised at cost.

Investment property
Investment properties are properties held to earn rentals and 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 profit or loss in the period in which they arise.

During the previous year, the freehold property was reclassified as an investment property on the basis that it satisfied the definition and conditions of an investment property.

Stocks and work-in-progress
Work-in-progress is measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred relating to site development to the date of the financial statements.

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.


Page 4 continued...
FOXSTONE ESTATES LIMITED (REGISTERED NUMBER: 02718221)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2022

2. ACCOUNTING POLICIES - continued
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.

Short term debtors and creditors
Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

4. TANGIBLE FIXED ASSETS
Totals
£   
COST OR VALUATION
At 1 April 2021 14,151
Additions 5,688
At 31 March 2022 19,839
DEPRECIATION
At 1 April 2021 3,538
Charge for year 4,960
At 31 March 2022 8,498
NET BOOK VALUE
At 31 March 2022 11,341
At 31 March 2021 10,613


Page 5 continued...
FOXSTONE ESTATES LIMITED (REGISTERED NUMBER: 02718221)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2022

5. FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:
Totals
£   
COST
At 1 April 2021
and 31 March 2022 710,050
NET BOOK VALUE
At 31 March 2022 710,050
At 31 March 2021 710,050

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2021 3,693,672
Additions 1,017,746
At 31 March 2022 4,711,418
NET BOOK VALUE
At 31 March 2022 4,711,418
At 31 March 2021 3,693,672

In the opinion of the directors, investment property is stated at fair value.

7. RELATED PARTY DISCLOSURES

The company has taken advantage of the exemption as per paragraph 33.1A of FRS 102 Related Party Disclosures, not to disclose related party transactions with wholly owned subsidiaries within the group.

At the balance sheet date, the company owed £849,048 (2021: £870,877) to Mr R Hopkins,a director.

At the balance sheet date, the company owed £1,522,469 (2021: £1,468,822) to R. H. Property Developments Limited, a company connected by virtue of common control.

The company was also owed £228,958 (2021: £228,958) by Meridian South Limited and £60,337 (2021: £53,195) by it's subsidiary, Newstay Properties Limited. Both companies are jointly controlled by Foxstone Estates Limited.

Also at the balance sheet date, the company owed £2,703,109 (2021: £2,677,185) to Chadwell Properties LLP and was owed £152,401 (2021: £265,707) by Meridian South Developments LLP. Foxstone Estates Limited is a designated member and has equal share in both partnerships.

During the year, the company paid £100,000 as management fees to R.H. Property Developments Limited, a company connected by virtue of common control.

Page 6