Company registration number 13589115 (England and Wales)
FRONT ROW INTELLIGENCE SOUTH LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 AUGUST 2022
PAGES FOR FILING WITH REGISTRAR
FRONT ROW INTELLIGENCE SOUTH LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
FRONT ROW INTELLIGENCE SOUTH LIMITED
BALANCE SHEET
AS AT
29 AUGUST 2022
29 August 2022
- 1 -
2022
Notes
£
£
Fixed assets
Tangible assets
4
355,925
Current assets
Debtors
5
49,366
Cash at bank and in hand
1,200
50,566
Creditors: amounts falling due within one year
6
(225,633)
Net current liabilities
(175,067)
Total assets less current liabilities
180,858
Creditors: amounts falling due after more than one year
7
(224,658)
Net liabilities
(43,800)
Capital and reserves
Called up share capital
120
Profit and loss reserves
(43,920)
Total equity
(43,800)
FRONT ROW INTELLIGENCE SOUTH LIMITED
BALANCE SHEET (CONTINUED)
AS AT
29 AUGUST 2022
29 August 2022
- 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 29 August 2022 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.
The members have 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 November 2023
Mr D D Smith
Director
Company Registration No. 13589115
FRONT ROW INTELLIGENCE SOUTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 AUGUST 2022
- 3 -
1
Accounting policies
Company information
Front Row Intelligence South Limited is a private company limited by shares incorporated in England and Wales. The registered office is Tagus House, 9 Ocean Way, Southampton, Hampshire, United Kingdom, SO14 3TJ.
1.1
Reporting period
This is the first year of the accounts and the reporting period is 27 Aug 2021 to 30/08/2022
1.2
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 amounts 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.
1.3
Going concern
These truefinancial statements for the Period ended 29 August 2022 are the first financial statements of Front Row Intelligence South Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was . The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
At the time of approving the financial statements, the director has a reasonable expectation that, with the continued support of the director, the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
No depreciation charge
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
FRONT ROW INTELLIGENCE SOUTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 AUGUST 2022
1
Accounting policies
(Continued)
- 4 -
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets. A provision is made for any impairment loss and taken to the profit and loss account.
1.7
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.
1.8
Financial instruments
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.
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, 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 payments discounted at a market rate of interest.
1.9
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.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in the tax assessments.
Unrelieved tax losses and other 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.
The company's liability for current and deferred tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.11
Leases
FRONT ROW INTELLIGENCE SOUTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 AUGUST 2022
1
Accounting policies
(Continued)
- 5 -
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is 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 Period was:
2022
Number
Total
1
4
Tangible fixed assets
Land and buildings
£
Cost
At 27 August 2021
Additions
355,925
At 29 August 2022
355,925
Depreciation and impairment
At 27 August 2021 and 29 August 2022
Carrying amount
At 29 August 2022
355,925
5
Debtors
2022
Amounts falling due within one year:
£
Other debtors
39,275
FRONT ROW INTELLIGENCE SOUTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 AUGUST 2022
5
Debtors
(Continued)
- 6 -
2022
Amounts falling due after more than one year:
£
Deferred tax asset
10,091
Total debtors
49,366
6
Creditors: amounts falling due within one year
2022
£
Bank loans
14,471
Taxation and social security
1,336
Other creditors
209,826
225,633
7
Creditors: amounts falling due after more than one year
2022
£
Bank loans and overdrafts
224,658