The Fox And Hounds (blidworth) Limited Accounts

THE FOX AND HOUNDS (BLIDWORTH) LIMITED - Company Information






The Fox And Hounds (blidworth) Limited

	Company No. 05742339
		Information for Filing with The Registrar
		31 March 2019

at	31 March 2019
Company No.		05742339	Notes	2019	2018
				£	£
Fixed assets
	Intangible assets		2	6,064	9,397
	Tangible assets		3	159,034	164,711


				165,098	174,108
Current assets
	Stocks		4	10,000	10,000
	Debtors		5	496	-

	Cash at bank and in hand			7,867	200
				18,363	10,200
Creditors: Amount falling due within one year			6	(149,535)	(157,386)
Net current liabilities				(131,172)	(147,186)
Total assets less current liabilities				33,926	26,922

Provisions for liabilities
	Deferred taxation		7	(11,100)	(11,600)

Net assets				22,826	15,322

Capital and reserves
	Called up share capital			100	100



	Profit and loss account		8	22,726	15,222

Total equity				22,826	15,322



These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.

For the year ended 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.



As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.

Approved by the board on 16 December 2019
And signed on its behalf by:
D.J. Cole
Director

for the year ended 31 March 2019

Accounting policies

Basis of preparation

The accounts have been prepared in accordance with FRS 102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Companies Act 2006 . There were no material departures from that standard.

The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets and in accordance with the accounting policies set out below.

The accounts are presented in Sterling, which is the functional currency of the company.

Going Concern

The financial statements have been prepared on the ging concern basis.

Turnover

Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.

Tangible fixed assets and depreciation

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.

Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:

Leasehold land and buildings

5% Straight line

Furniture, fittings and equipment

15% Reducing balance

Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.

Trade and other creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Leased assets

Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.

Leases which do not transfer substantially all the risks and rewards of ownership to the Company are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the Company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the Company's policy on borrowing costs (see the accounting policy above).

Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term.

In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.

Pensions

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Provisions

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the balance sheet.

2	Intangible fixed assets
			Goodwill	Total
			£	£
		Cost
		At 1 April 2018	50,000	50,000


		At 31 March 2019	50,000	50,000
		Amortisation and impairment
		At 1 April 2018	40,603	40,603
		Charge for the year	3,333	3,333


		At 31 March 2019	43,936	43,936
		Net book values
		At 31 March 2019	6,064	6,064
		At 31 March 2018	9,397	9,397

3	Tangible fixed assets
			Land and buildings	Fixtures, fittings and equipment	Total
			£	£	£
		Cost or revaluation
		At 1 April 2018	148,326	193,701	342,027
		Additions	-	13,121	13,121



		At 31 March 2019	148,326	206,822	355,148
		Depreciation
		At 1 April 2018	45,796	131,520	177,316
		Charge for the year	7,503	11,295	18,798



		At 31 March 2019	53,299	142,815	196,114
		Net book values
		At 31 March 2019	95,027	64,007	159,034
		At 31 March 2018	102,530	62,181	164,711

4	Stocks
			2019	2018
			£	£
		Raw materials and consumables	10,000	10,000


			10,000	10,000

5	Debtors
			2019	2018
			£	£





		Loans to directors	496	-


			496	-

6	Creditors:
		amounts falling due within one year
			2019	2018
			£	£

		Bank loans and overdrafts	-	19,823


		Trade creditors	60,027	44,930

		Corporation tax	15,181	5,757
		Other taxes and social security	45,552	42,231
		Loans from directors	-	16,120

		Accruals and deferred income	28,775	28,525
			149,535	157,386

7	Provisions for liabilities
		Deferred taxation

			Accelerated Capital Allowances, Losses and Other Timing Differences	Total
			£	£
		At 1 April 2018	11,600	11,600
		Charge to the profit and loss account for the period	(500)	(500)

		At 31 March 2019	11,100	11,100



			2019	2018
			£	£
		Accelerated capital allowances	11,100	11,600



			11,100	11,600

Reserves

Profit and loss account - includes all current and prior period retained profits and losses.

9	Dividends
			2019	2018
			£	£
		Dividends for the period:
		Dividends paid in the period	25,000	-

			25,000	-

		Dividends by type:

		Equity dividends	25,000	-
			25,000	-

Additional information

Its registered number is:

05742339

Its registered office is:

Its trading address is:

C17

Kestrel Business Centre

Colwick Industrial Estate

Nottingham

NG4 2JR