Company Registration No. 10136027 (England and Wales)
FOXHUNTERS PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2017
PAGES FOR FILING WITH REGISTRAR
FOXHUNTERS PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
FOXHUNTERS PROPERTIES LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2017
28 February 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Investment properties
3
1,264,108
-
Current assets
Cash at bank and in hand
6,967
2
Creditors: amounts falling due within one year
4
(511,914)
-
Net current (liabilities)/assets
(504,947)
2
Total assets less current liabilities
759,161
2
Creditors: amounts falling due after more than one year
5
(762,638)
-
Net (liabilities)/assets
(3,477)
2
Capital and reserves
Called up share capital
6
2
2
Profit and loss reserves
(3,479)
-
Total equity
(3,477)
2
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial period ended 28 February 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has not required the company to obtain an audit of its financial statements for the period 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.
The financial statements were approved and signed by the director and authorised for issue on 22 June 2018
M Miller
Director
Company Registration No. 10136027
FOXHUNTERS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2017
- 2 -
1
Accounting policies
Company information
Foxhunters Properties Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Oakwood House, Foxhunters Road, Whitley Bay, NE25 8UG.
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. The principal accounting policies adopted are set out below.
1.2
Reporting period
During the period, the reporting year was shortened to 28 February 2017 in order to bring the company into line with connected companies. The current period presents the financial statements of the company for the 9 months from 1 June 2016 to 28 February 2017.
1.3
Turnover
Turnover represents rent receivable net of VAT and trade discounts. Revenue is recognised on a straight line basis over the rental period. Turnover is attributable to the continuing principal activity of the company and arose wholly within the United Kingdom.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in profit or loss.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
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.
FOXHUNTERS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2017
1
Accounting policies
(Continued)
- 3 -
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.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, 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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was 1 (2016 - 1).
3
Investment property
2017
£
Fair value
At 1 June 2016
-
Additions
1,264,108
At 28 February 2017
1,264,108
The director believes that the carrying amounts of the investment property approximate to its fair value. Although no formal valuation has been undertaken at the year end, when taking into account the length of time the company has owned the properties and current market conditions, it is unlikely that the carrying value is significantly different to the fair value.
FOXHUNTERS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2017
- 4 -
4
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans
43,832
-
Other creditors
468,082
-
511,914
-
Included within bank loans, there are amounts of £43,832 (2016: nil) which are secured.
5
Creditors: amounts falling due after more than one year
2017
2016
£
£
Bank loans
762,638
-
Included within bank loans, there are amounts of £762,638 (2016: nil) which are secured.
6
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary shares of £1 each
2
2
2
2
7
Financial commitments, guarantees and contingent liabilities
The company has given an unlimited cross guarantee in respect of the bank borrowings of Oakwood (North East) Limited. No liability is expected to arise as a result of this guarantee.