Foxstone Estates Limited - Accounts to registrar (filleted) - small 18.2
Foxstone Estates Limited - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2021 |
FOR |
FOXSTONE ESTATES LIMITED |
FOXSTONE ESTATES LIMITED (REGISTERED NUMBER: 02718221) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 March 2021 |
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 2021 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
19-20 Bourne Court |
Southend Road |
Woodford Green |
Essex |
IG8 8HD |
FOXSTONE ESTATES LIMITED (REGISTERED NUMBER: 02718221) |
ABRIDGED BALANCE SHEET |
31 March 2021 |
2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Stocks |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve |
Retained earnings |
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. |
FOXSTONE ESTATES LIMITED (REGISTERED NUMBER: 02718221) |
ABRIDGED BALANCE SHEET - continued |
31 March 2021 |
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 |
FOXSTONE ESTATES LIMITED (REGISTERED NUMBER: 02718221) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 March 2021 |
1. | STATUTORY INFORMATION |
Foxstone Estates Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Land and buildings - Not provided |
Computer equipment policy - 25% on cost |
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 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 |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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. |
FOXSTONE ESTATES LIMITED (REGISTERED NUMBER: 02718221) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2021 |
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 |
4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST OR VALUATION |
At 1 April 2020 |
Additions |
Reclassification of |
investment property | ( |
) |
At 31 March 2021 |
DEPRECIATION |
Charge for year |
At 31 March 2021 |
NET BOOK VALUE |
At 31 March 2021 |
At 31 March 2020 |
Cost or valuation at 31 March 2021 is represented by: |
Totals |
£ |
Cost | 14,151 |
FOXSTONE ESTATES LIMITED (REGISTERED NUMBER: 02718221) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2021 |
5. | FIXED ASSET INVESTMENTS |
Information on investments other than loans is as follows: |
Totals |
£ |
COST |
At 1 April 2020 |
and 31 March 2021 | 710,050 |
NET BOOK VALUE |
At 31 March 2021 | 710,050 |
At 31 March 2020 | 710,050 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
Reclassification of |
investment property | 3,693,672 |
At 31 March 2021 |
NET BOOK VALUE |
At 31 March 2021 |
Investment property was valued on an open market basis on 31 March 2021 by the directors. |
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 £856,037 (2020: £830,612) to Mr R Hopkins, the director. |
At the balance sheet date, the company owed £1,418,822 (2020: £1,432,042) to R. H. Property Developments Limited, a company connected by virtue of common control. |
The company was also owed £228,958 (2020: £408,562) by Meridian South Limited and £53,195 (2020: £69,120) 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 £2,677,185 (2020: £2,677,185) to Chadwell Properties LLP and were owed £265,707 (2020: £396,217) by Meridian South Developments LLP. Foxstone Estates Limited is a designated member and has equal share in both partnerships. |