REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2023 |
for |
Fox Strategic Land And Property Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2023 |
for |
Fox Strategic Land And Property Limited |
Fox Strategic Land And Property Limited (Registered number: 06254195) |
Contents of the Financial Statements |
for the year ended 31 March 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Fox Strategic Land And Property Limited |
Company Information |
for the year ended 31 March 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
2nd Floor Fairbank House |
27 Ashley Road |
Altrincham |
Cheshire |
WA14 2DP |
Fox Strategic Land And Property Limited (Registered number: 06254195) |
Balance Sheet |
31 March 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Investments | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Capital redemption 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. |
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 |
Fox Strategic Land And Property Limited (Registered number: 06254195) |
Notes to the Financial Statements |
for the year ended 31 March 2023 |
1. | STATUTORY INFORMATION |
Fox Strategic Land And Property Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Work in progress |
Work in progress includes the costs 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 the work in progress. Realisation of the values reflected in the financial statements is largely dependent upon the 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 the planning viewpoint than when the company acquired its interest and they are optimistic that the 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 were not granted and accordingly there is a fundamental uncertainty regarding the carrying values. |
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. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
Fox Strategic Land And Property Limited (Registered number: 06254195) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2023 |
4. | 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 at each reporting date any any impairment losses or reversals of impairment losses are recognised immediately in profit and 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 activites. |
An associate is an entity, being neither a subsidiary nor 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. |
5. | DEBTORS |
2023 | 2022 |
£ | £ |
Amounts falling due within one year: |
Other debtors |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
7. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31 March 2023 and 31 March 2022: |
2023 | 2022 |
£ | £ |
Balance outstanding at start of year |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
These advances were interest free, repayable on demand and the company held no security in their respect. |
Fox Strategic Land And Property Limited (Registered number: 06254195) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2023 |
8. | RELATED PARTY DISCLOSURES |
Mr D J Gladman |
A Director of the company |
2023 | 2022 |
£ | £ |
Amount due to related party at the balance sheet date | 18,564 | 18,564 |
Mr J Shepherd |
A director of the company |
2023 | 2022 |
£ | £ |
Amount due to related party at the balance sheet date | 6,186 | 6,186 |
Fox Land and Property Ltd |
A company in which Mr DJ Gladman and Mr JMS Shepherd have an interest |
2023 | 2022 |
£ | £ |
Amount due from related party at the balance sheet date | 10,512,745 | 10,510,345 |
G W Fox Limited |
A company in which the company has a 50% share |
2023 | 2022 |
£ | £ |
Amount due from related party at the balance sheet date | 211,999 | 211,999 |