Fox Linton Limited - Limited company accounts 16.1
Fox Linton Limited - Limited company accounts 16.1
| REGISTERED NUMBER: |
| REPORT OF THE DIRECTORS AND |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2015 |
| FOR |
| FOX LINTON LIMITED |
| FOX LINTON LIMITED (REGISTERED NUMBER: 04641963) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2015 |
| Page |
| Company Information | 1 |
| Report of the Directors | 2 |
| Report of the Independent Auditors | 3 |
| Statement of Comprehensive Income | 5 |
| Statement of Financial Position | 6 |
| Statement of Changes in Equity | 7 |
| Statement of Cash Flows | 8 |
| Notes to the Statement of Cash Flows | 9 |
| Notes to the Financial Statements | 10 |
| Reconciliation of Equity | 16 |
| Reconciliation of Loss | 18 |
| FOX LINTON LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 DECEMBER 2015 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| SENIOR STATUTORY AUDITOR: |
| AUDITORS: |
| Harwood House |
| Park Road |
| Melton Mowbray |
| Leicestershire |
| LE13 1TX |
| FOX LINTON LIMITED (REGISTERED NUMBER: 04641963) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 31 DECEMBER 2015 |
| The directors present their report with the financial statements of the company for the year ended 31 December 2015. |
| PRINCIPAL ACTIVITY |
| The principal activity of the company in the year under review was that of an established London-based designer, |
| supplier and wholesaler of premium fabric collections for the UK and international interior design market. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 January 2015 to the date of this report. |
| Other changes in directors holding office are as follows: |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with |
| applicable law and regulations. |
| Company law requires the directors to prepare financial statements for each financial year. Under that law the directors |
| have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting |
| Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The |
| Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not |
| approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the |
| company and of the profit or loss of the company for that period. In preparing these financial statements, the directors |
| are required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the |
| company's transactions and disclose with reasonable accuracy at any time the financial position of the company and |
| enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for |
| safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud |
| and other irregularities. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act |
| 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to |
| have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that |
| the company's auditors are aware of that information. |
| AUDITORS |
| The auditors, Osbornes Audit LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small |
| companies. |
| ON BEHALF OF THE BOARD: |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| FOX LINTON LIMITED |
| We have audited the financial statements of Fox Linton Limited for the year ended 31 December 2015 on pages five to |
| eighteen. The financial reporting framework that has been applied in their preparation is applicable law and United |
| Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial |
| Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. |
| This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the |
| Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those |
| matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent |
| permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's |
| members as a body, for our audit work, for this report, or for the opinions we have formed. |
| Respective responsibilities of directors and auditors |
| Scope of the audit of the financial statements |
| An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give |
| reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or |
| error. This includes an assessment of: whether the accounting policies are appropriate to the company's circumstances |
| and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates |
| made by the directors; and the overall presentation of the financial statements. In addition, we read all the financial and |
| non-financial information in the Report of the Directors to identify material inconsistencies with the audited financial |
| statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent |
| with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material |
| misstatements or inconsistencies we consider the implications for our report. |
| Basis for qualified opinion on financial statements |
| We planned our audit so as to obtain all the information and explanations which we considered necessary in order to |
| provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material |
| misstatement, whether caused by fraud or other irregularity or error. However, the evidence available to us was limited |
| because we were not appointed auditors of the company until January 2016 and in consequence it was not possible for |
| us to perform the auditing procedures necessary to obtain sufficient appropriate audit evidence as regards the stock |
| included in the preceding years' financial statements at £728,752. Any adjustment to this figure would have a |
| consequential effect on the loss for the year ended 31 December 2015. |
| Qualified opinion arising from limitation in audit scope |
| In our opinion, the financial statements give a true and fair view of the state of the company's affairs as at 31 December |
| 2015 and, except for any adjustments that might have been found to be necessary had we been able to obtain sufficient |
| evidence concerning the stock value of £728,752 as at 1 January 2015, of its loss for the year then ended , have been |
| properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial |
| Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and have been |
| properly prepared in accordance with the requirements of the Companies Act 2006. |
| Other matters |
| In the previous period the company took advantage of the exemption under section 477 of the Companies Act 2006 |
| relating to small companies from having an audit. Therefore the comparatives figures have not been audited. |
| Opinion on other matter prescribed by the Companies Act 2006 |
| In our opinion the information given in the Report of the Directors for the financial year for which the financial statements |
| are prepared is consistent with the financial statements. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| FOX LINTON LIMITED |
| Matters on which we are required to report by exception |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you |
| if, in our opinion: |
| - | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the financial statements are not in agreement with the accounting records and returns; or |
| - | certain disclosures of directors' remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit; or |
| - | the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors. |
| for and on behalf of |
| Harwood House |
| Park Road |
| Melton Mowbray |
| Leicestershire |
| LE13 1TX |
| FOX LINTON LIMITED (REGISTERED NUMBER: 04641963) |
| STATEMENT OF COMPREHENSIVE INCOME |
| FOR THE YEAR ENDED 31 DECEMBER 2015 |
| 2015 | 2014 |
| Notes | £ | £ | £ | £ |
| TURNOVER |
| Cost of sales |
| GROSS PROFIT |
| Distribution costs |
| Administrative expenses |
| 1,631,001 | 1,590,614 |
| OPERATING LOSS | 3 | ( |
) | ( |
) |
| Loans written off | 4 |
| (904,516 | ) | (6,232 | ) |
| Interest payable and similar charges | 5 |
| LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION |
( |
) |
( |
) |
| Tax on loss on ordinary activities | 6 |
| LOSS FOR THE FINANCIAL YEAR | ( |
) | ( |
) |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
( |
) |
| FOX LINTON LIMITED (REGISTERED NUMBER: 04641963) |
| STATEMENT OF FINANCIAL POSITION |
| 31 DECEMBER 2015 |
| 2015 | 2014 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 7 |
| Tangible assets | 8 |
| CURRENT ASSETS |
| Stocks | 9 |
| Debtors | 10 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 11 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
| CAPITAL AND RESERVES |
| Called up share capital | 15 |
| Retained earnings | 16 | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| The financial statements were approved by the Board of Directors on |
| FOX LINTON LIMITED (REGISTERED NUMBER: 04641963) |
| STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 31 DECEMBER 2015 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1 January 2014 | ( |
) | ( |
) |
| Changes in equity |
| Total comprehensive income | - | ( |
) | ( |
) |
| Balance at 31 December 2014 | ( |
) | ( |
) |
| Changes in equity |
| Issue of share capital | - |
| Total comprehensive income | - | ( |
) | ( |
) |
| Balance at 31 December 2015 | ( |
) | ( |
) |
| FOX LINTON LIMITED (REGISTERED NUMBER: 04641963) |
| STATEMENT OF CASH FLOWS |
| FOR THE YEAR ENDED 31 DECEMBER 2015 |
| 2015 | 2014 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | ( |
) |
| Interest paid | ( |
) | ( |
) |
| Net cash from operating activities | ( |
) | ( |
) |
| Cash flows from investing activities |
| Purchase of intangible fixed assets | ( |
) |
| Purchase of tangible fixed assets | ( |
) | ( |
) |
| Net cash from investing activities | ( |
) | ( |
) |
| Cash flows from financing activities |
| New loans in year |
| Loan repayments in year | ( |
) | ( |
) |
| Amounts owed to parent company | 223,475 | - |
| Amount withdrawn by directors | (205,364 | ) | (19,636 | ) |
| Share issue |
| Share buyback | ( |
) |
| Net cash from financing activities |
| (Decrease)/increase in cash and cash equivalents | ( |
) |
| Cash and cash equivalents at beginning of year |
2 |
(101,143 |
) |
(136,412 |
) |
| Cash and cash equivalents at end of year | 2 | ( |
) | ( |
) |
| FOX LINTON LIMITED (REGISTERED NUMBER: 04641963) |
| NOTES TO THE STATEMENT OF CASH FLOWS |
| FOR THE YEAR ENDED 31 DECEMBER 2015 |
| 1. | RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 2015 | 2014 |
| £ | £ |
| Loss before taxation | ( |
) | ( |
) |
| Depreciation charges |
| Loss on disposal of fixed assets |
| Loans written off in year | 373,007 | - |
| Finance costs | 18,347 | 29,545 |
| (502,452 | ) | 17,374 |
| Decrease/(increase) in stocks | ( |
) |
| Decrease/(increase) in trade and other debtors | ( |
) |
| (Decrease)/increase in trade and other creditors | ( |
) |
| Cash generated from operations | ( |
) |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect |
| of these Statement of Financial Position amounts: |
| Year ended 31 December 2015 |
| 31.12.15 | 1.1.15 |
| £ | £ |
| Cash and cash equivalents | 858 | 1,405 |
| Bank overdrafts | ( |
) | ( |
) |
| (151,096 | ) | (101,143 | ) |
| Year ended 31 December 2014 |
| 31.12.14 | 1.1.14 |
| £ | £ |
| Cash and cash equivalents | 1,405 | 1,952 |
| Bank overdrafts | ( |
) | ( |
) |
| (101,143 | ) | (136,412 | ) |
| FOX LINTON LIMITED (REGISTERED NUMBER: 04641963) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2015 |
| 1. | 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. |
| Goodwill |
| Goodwill, being the amount paid in connection with the acquisition of a business in the past has been fully |
| amortised at 31 December 2015. |
| Domain name |
| The domain name was purchased in 2015 and is being amortised evenly over its estimated useful life of 10 |
| years. |
| Tangible fixed assets |
| Long leasehold | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and |
| slow moving items. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
| statement of financial position date. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
| statement of financial position 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. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
| lease. |
| Going concern |
| These accounts have been prepared on the going concern basis and the directors confirm that the parent |
| company, The Thai Silk Company Ltd will continue to financially support the company during its reorganisation |
| and expansion following the acquisition in June 2015. |
| 2. | STAFF COSTS |
| 2015 | 2014 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| The average monthly number of employees during the year was as follows: |
| 2015 | 2014 |
| Management | 2 | 2 |
| Administration | 1 | 1 |
| Sales | 12 | 12 |
| FOX LINTON LIMITED (REGISTERED NUMBER: 04641963) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2015 |
| 3. | OPERATING LOSS |
| The operating loss is stated after charging/(crediting): |
| 2015 | 2014 |
| £ | £ |
| Other operating leases |
| Depreciation - owned assets |
| Loss on disposal of fixed assets |
| Domain name amortisation |
| Auditor's remuneration |
| Foreign exchange differences | ( |
) |
| Directors' remuneration |
| 4. | EXCEPTIONAL ITEMS |
| On 9 June 2015 the company was sold to The Thai Silk Company Ltd. As part of this transaction there was an |
| exceptional write-off of loans amounting to £373,007. This consisted of a loan to Ensemble Furniture Ltd of |
| £288,905 and an overdrawn loan account for P Cadle, one of the directors, of £84,012. |
| 5. | INTEREST PAYABLE AND SIMILAR CHARGES |
| 2015 | 2014 |
| £ | £ |
| Bank interest |
| Other interest paid |
| 6. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the loss on ordinary activities for the year was as follows: |
| 2015 | 2014 |
| £ | £ |
| Current tax: |
| Underprovision in prior years | 9,022 | - |
| Tax on loss on ordinary activities |
| 7. | INTANGIBLE FIXED ASSETS |
| Set-up | Domain |
| Goodwill | costs | name | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 January 2015 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 December 2015 |
| AMORTISATION |
| At 1 January 2015 |
| Amortisation for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 December 2015 |
| NET BOOK VALUE |
| At 31 December 2015 |
| At 31 December 2014 |
| FOX LINTON LIMITED (REGISTERED NUMBER: 04641963) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2015 |
| 8. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Long | and | Motor |
| leasehold | fittings | vehicles | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 January 2015 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 December 2015 |
| DEPRECIATION |
| At 1 January 2015 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 December 2015 |
| NET BOOK VALUE |
| At 31 December 2015 |
| At 31 December 2014 |
| 9. | STOCKS |
| 2015 | 2014 |
| £ | £ |
| Fabric stocks |
| Furniture stocks | 54,145 | 151,419 |
| 10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2015 | 2014 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| Directors' current accounts | - | 84,103 |
| Tax |
| Prepayments |
| Accrued income |
| 11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2015 | 2014 |
| £ | £ |
| Bank loans and overdrafts (see note 12) |
| Preference shares (see note 12) |
| Payments on account |
| Trade creditors |
| Amounts owed to group undertakings |
| Social security and other taxes |
| VAT | 38,077 | 76,682 |
| Other creditors |
| Directors' current accounts | - | 205,364 |
| Accruals |
| FOX LINTON LIMITED (REGISTERED NUMBER: 04641963) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2015 |
| 12. | LOANS |
| An analysis of the maturity of loans is given below: |
| 2015 | 2014 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Bank overdrafts |
| Preference shares | - | 435,000 |
| Details of shares shown as liabilities are as follows: |
| At 31 December 2014 there were 435,000 Redeemable Preference Shares of £1 in issue. These were redeemed |
| on 9 June 2015 as part of the sale of the shares to The Thai Silk Company Ltd. |
| 13. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2015 | 2014 |
| £ | £ |
| Within one year | 122,525 | 3,949 |
| Between one and five years | 5,163 | 376,610 |
| 127,688 | 380,559 |
| On 12 August 2013 the Directors agreed a lease at 219 Design Centre, Chelsea Harbour, London, SW10 0XE |
| for £140,725 p.a until 3 July 2016 |
| On 12 August 2013 the Directors agreed a lease at 219b Design Centre, Chelsea Harbour, London, SW10 0XE |
| for £104,235 p.a until 3 July 2016 |
| 14. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2015 | 2014 |
| £ | £ |
| Bank overdrafts |
| The bank overdraft is currently shown as secured by a personal guarantee by C Glossop. However this is in the |
| process of being changed as he ceased to be a director/ shareholder on 9 June 2015. |
| 15. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2015 | 2014 |
| value: | £ | £ |
| Ordinary 'A' shares | £1 | - | 1,010,000 |
| Ordinary 'B' shares | £1 | - | 313,797 |
| Ordinary | £1 | 2,443,403 | - |
| 2,443,403 | 1,323,797 |
| FOX LINTON LIMITED (REGISTERED NUMBER: 04641963) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2015 |
| 16. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 January 2015 | ( |
) |
| Deficit for the year | ( |
) |
| At 31 December 2015 | ( |
) |
| 17. | ULTIMATE PARENT COMPANY |
| The Thai Silk Company Ltd is regarded by the directors as being the company's ultimate parent company. |
| 18. | RELATED PARTY DISCLOSURES |
| Ensemble Furniture Limited |
| A company owned by P Cadle, director of Fox Linton Limited |
| Included in other debtors is £nil (2014 : £337,163) owed by Ensemble Furniture Limited. A balance of £288,905 |
| was written off on the sale of the business as detailed in note 4. |
| The Company Shed Limited |
| A fellow subsidiary of The Thai Silk Company Ltd |
| Included in amounts owed by group undertakings is £205,706 (2014 : £148,865) owed by The Company Shed |
| Limited. The loan is interest free but is considered to be due within 1 year. |
| The company purchased £157,000 (2014 : £180,000) of services from The Company Shed Limited during the |
| year. |
| C Glossop |
| Director of Fox Linton Ltd during the year |
| The company owed the Director, C Glossop, £nil as at 31 December 2015 ( 2014 -£205,364). |
| Interest of £4,569 (2014 - £15,571) was paid to C Glossop on this loan. |
| Barnspark Limited |
| A previous shareholder |
| Royalties are payable to Barnspark Limited, in respect of Intellectual Property rights owned by the company. |
| Total royalties due for the year ended 31 December 2015 amounted to £13,152 (2014 : 17,054). The total |
| amount of royalties due to Barnspark Limited included in accruals as at 31 December 2015 amounted to |
| £26,876 (2014 : £17,054). |
| The Glossop Pension Trust |
| A pension fund set up for C Glossop |
| The Glossop Pension Trust was owed £nil as at 31 December 2015 (2014 : £121,159). Interest of £2,294 was |
| paid on this loan (2014 : £5,502). On the sale of the business the company purchased the domain name from |
| The Glossop Pension Trust for £38,429. |
| FOX LINTON LIMITED (REGISTERED NUMBER: 04641963) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2015 |
| 18. | RELATED PARTY DISCLOSURES - continued |
| P Cadle |
| Director of Fox Linton Limited |
| The following directors had interest free loans during the year. The movement on these loans are as follows: |
| 2015 | 2014 |
| £ | £ |
| Amount due from related party at the balance sheet date | - | 84,103 |
| 19. | WORK CARRIED OUT BY AUDITORS |
| In common with many other businesses of our size and nature we use our auditors to prepare and submit |
| returns to the tax authorities and assist with the preparation of the financial statements. |
| FOX LINTON LIMITED (REGISTERED NUMBER: 04641963) |
| RECONCILIATION OF EQUITY |
| 1 JANUARY 2014 |
| (DATE OF TRANSITION TO FRS 102) |
| Effect of |
| UK | transition |
| GAAP | to FRS 102 | FRS 102 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 62,728 | 62,728 |
| CURRENT ASSETS |
| Stocks | 705,409 | 705,409 |
| Debtors | 1,056,227 | 1,056,227 |
| Cash at bank | 1,952 | 1,952 |
| 1,763,588 | 1,763,588 |
| CREDITORS |
| Amounts falling due within one year | (1,553,494 | ) | (1,553,494 | ) |
| NET CURRENT ASSETS | 210,094 | 210,094 |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
272,822 |
272,822 |
| CREDITORS |
| Amounts falling due after more than one year |
(435,000 |
) |
(435,000 |
) |
| NET LIABILITIES | (162,178 | ) | (162,178 | ) |
| CAPITAL AND RESERVES |
| Called up share capital | 1,323,797 | 1,323,797 |
| Retained earnings | (1,485,975 | ) | (1,485,975 | ) |
| SHAREHOLDERS' FUNDS | (162,178 | ) | (162,178 | ) |
| FOX LINTON LIMITED (REGISTERED NUMBER: 04641963) |
| RECONCILIATION OF EQUITY - continued |
| 31 DECEMBER 2014 |
| Effect of |
| UK | transition |
| GAAP | to FRS 102 | FRS 102 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 59,705 | 59,705 |
| CURRENT ASSETS |
| Stocks | 728,752 | 728,752 |
| Debtors | 1,020,462 | 1,020,462 |
| Cash at bank | 1,405 | 1,405 |
| 1,750,619 | 1,750,619 |
| CREDITORS |
| Amounts falling due within one year | (2,008,279 | ) | (2,008,279 | ) |
| NET CURRENT LIABILITIES | (257,660 | ) | (257,660 | ) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
(197,955 |
) |
(197,955 |
) |
| NET LIABILITIES | (197,955 | ) | (197,955 | ) |
| CAPITAL AND RESERVES |
| Called up share capital | 1,323,797 | 1,323,797 |
| Retained earnings | (1,521,752 | ) | (1,521,752 | ) |
| SHAREHOLDERS' FUNDS | (197,955 | ) | (197,955 | ) |
| FOX LINTON LIMITED (REGISTERED NUMBER: 04641963) |
| RECONCILIATION OF LOSS |
| FOR THE YEAR ENDED 31 DECEMBER 2014 |
| Effect of |
| UK | transition |
| GAAP | to FRS 102 | FRS 102 |
| £ | £ | £ |
| TURNOVER | 4,122,713 | 4,122,713 |
| Cost of sales | (2,538,331 | ) | (2,538,331 | ) |
| GROSS PROFIT | 1,584,382 | 1,584,382 |
| Distribution costs | (292,147 | ) | (292,147 | ) |
| Administrative expenses | (1,298,467 | ) | (1,298,467 | ) |
| OPERATING LOSS | (6,232 | ) | (6,232 | ) |
| Interest payable and similar charges | (29,545 | ) | (29,545 | ) |
| LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION |
(35,777 |
) |
(35,777 |
) |
| Tax on loss on ordinary activities | - | - |
| LOSS FOR THE FINANCIAL YEAR | (35,777 | ) | (35,777 | ) |