Company Registration No. 06254195 (England and Wales)
FOX STRATEGIC LAND AND PROPERTY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
PAGES FOR FILING WITH REGISTRAR
FOX STRATEGIC LAND AND PROPERTY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
FOX STRATEGIC LAND AND PROPERTY LIMITED
BALANCE SHEET
AS AT
31 MARCH 2021
31 March 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Investments
4
1
1
Current assets
Stocks
363,991
411,408
Debtors
5
16,703,482
13,014,881
Cash at bank and in hand
370,626
4,045,275
17,438,099
17,471,564
Creditors: amounts falling due within one year
6
(79,312)
(274,908)
Net current assets
17,358,787
17,196,656
Net assets
17,358,788
17,196,657
Capital and reserves
Called up share capital
1,000
1,000
Capital redemption reserve
7,620,000
7,620,000
Profit and loss reserves
9,737,788
9,575,657
Total equity
17,358,788
17,196,657
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
FOX STRATEGIC LAND AND PROPERTY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2021
31 March 2021
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 16 December 2021 and are signed on its behalf by:
Mr JMS Shepherd
Director
Company Registration No. 06254195
FOX STRATEGIC LAND AND PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
- 3 -
1
Accounting policies
Company information
Fox Strategic Land And Property Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Gladman House, Alexandria Way, Congleton Business Park, Congleton, Cheshire, United Kingdom, CW12 1LB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is measured at the fair value of the consideration received ore receivable and represents amounts receivable for land sold by the company, stated net of discounts and of Value Added Tax. Income is recognised at the point that contracts have been unconditionally legally exchanged.
Rental Income
Land and property within trading stock and work in progress is occasionally let in order to receive additional income. The relevant land and property is not held primarily for this purpose, it is always the intention to sell once planning permission is obtained. No assets are held for investment purposes or to profit from acting as a lessor under operating leases. Income from letting is reflected in the financial statements as other operating income and is recognised on an accruals basis.
1.3
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in
profit
or
loss
.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
FOX STRATEGIC LAND AND PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 4 -
Work in progress includes the cost of land and other direct costs associated with obtaining planning consent.
Work in progress is valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving stocks. Stocks include all direct costs and an appropriate proportion of fixed and variable overheads.
The strategy of the business is the acquisition of interests in land and property. These interests are then promoted through the planning system with the intention of obtaining enhanced planning consents and then selling the sites with the advantage of the planning gain to developers. The activity of the business is such that the individual projects are long term in nature.
Work in progress has been accounted for using the policy described above. However, it is uncertain that the net realisable values are equivalent to the carrying values reflected within work in progress. Realisation of the values reflected in the financial statements is largely dependent upon planning consent and being able to sell the enhanced site to developers. Given this, there is some uncertainty as to the net realisable value of each site. However, the directors consider that the planning processes are currently progressing well and each site is in a more positive state from a planning viewpoint than when the company acquired its interests and they are optimistic that enhanced planning consents will eventually be obtained. Any failure to achieve planning permission would result in substantial write downs to the carrying values of the company's work in progress on the individual sites where permissions was not granted and accordingly there is a fundamental uncertainty regarding the carrying values.
1.4
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
FOX STRATEGIC LAND AND PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
FOX STRATEGIC LAND AND PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 6 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
4
Fixed asset investments
2021
2020
£
£
Shares in group undertakings and participating interests
1
1
Movements in fixed asset investments
Shares in group undertakings and participating interests
£
Cost or valuation
At 1 April 2020 & 31 March 2021
1
Carrying amount
At 31 March 2021
1
At 31 March 2020
1
FOX STRATEGIC LAND AND PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 7 -
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
(1)
742,906
Other debtors
15,984,284
11,552,776
15,984,283
12,295,682
2021
2020
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
211,999
211,999
Other debtors
507,200
507,200
719,199
719,199
Total debtors
16,703,482
13,014,881
6
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
3,720
60,489
Corporation tax
38,672
171,468
Other creditors
36,920
42,951
79,312
274,908
7
Related party transactions
Balances with related parties
Amounts owed by
Amounts owed to
related parties
related parties
2021
2020
2021
2020
£
£
£
£
Fox Land and Property Limited
2,861,005
2,621,823
Gladman Developments Limited
12,234,954
8,597,212
GW Fox Limited
211,999
211,999
Mr DJ Gladman
18,564
18,564
Mr JMS Shepherd
6,186
6,186
FOX STRATEGIC LAND AND PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
7
Related party transactions
(Continued)
- 8 -
Other information
In accordance with FRS102, disclosure is only required of transactions that are not concluded under normal market conditions.
Gladman Developments Limited is a company in which Mr DJ Gladman and Mr JMS Shepherd have an interest.
Fox Land and Property Limited is a company in which Mr DJ Gladman, Mr JMS Shepherd and Mr G Lansbury have an interest.
GW Fox Limited is a company in which the company has a 50% share.
Gladman Homes LLP is a Limited Liability Partnership in which Mr DJ Gladman and Mr JMS Shepherd have an interest.
Mr D J Gladman is a director of the company.
Mr JMS Shepherd is a director of the company.
8
Directors' transactions
During the year directors entered into the following advances and credits with the company
These advances were interest free, repayable on demand and the company held no security in their respect.
Description
% Rate
Opening balance
Closing balance
£
£
Mr G Lansbury -
-
507,200
507,200
507,200
507,200