Company registration number 09421124 (England and Wales)
Frost Construction & Maintenance Ltd
Unaudited financial statements
For the year ended 28 February 2023
Frost Construction & Maintenance Ltd
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 8
Frost Construction & Maintenance Ltd
Statement of financial position
As at 28 February 2023
28 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
183,821
49,372
Investment property
4
142,579
142,579
326,400
191,951
Current assets
Stocks
8,000
10,200
Debtors
5
159,739
99,116
Cash at bank and in hand
129,024
142,244
296,763
251,560
Creditors: amounts falling due within one year
6
(217,792)
(197,220)
Net current assets
78,971
54,340
Total assets less current liabilities
405,371
246,291
Creditors: amounts falling due after more than one year
7
(39,560)
-
0
Provisions for liabilities
(25,400)
(9,400)
Net assets
340,411
236,891
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
340,311
236,791
Total equity
340,411
236,891

The director of the company has elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 28 February 2023 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 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.

Frost Construction & Maintenance Ltd
Statement of financial position (continued)
As at 28 February 2023
28 February 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 28 November 2023
Mr M Frost
Director
Company Registration No. 09421124
Frost Construction & Maintenance Ltd
Notes to the financial statements
For the year ended 28 February 2023
- 3 -
1
Accounting policies
Company information

Frost Construction & Maintenance Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 5 Country Meadows, Market Drayton, Shropshire, England, TF9 3LP.

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 amounts 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
Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Construction contracts

 

When the outcome of a construction contract can be measured reliably, contract costs and turnover are recognised by reference to the stage of completion at the balance sheet date. Stage of completion is usually measured by the proportion that contract costs incurred for work performed to date bear to the estimated total costs, except where this would not be representative of the stage of completion. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered payable.

 

Where the outcome cannot be measured reliably, contract costs are recognised as an expense in the period in which they are incurred and contract turnover is recognised to the extent of costs incurred that it is probable will be recoverable.

 

When it is probable that contract costs will exceed the total contract turnover, the expected loss is recognised as an expense immediately, with a corresponding provision.

1.3
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:

Plant and equipment
20% on cost
Fixtures and fittings
20% on cost
Computers equipment
30% on cost
Motor vehicles
25% on reducing balance

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.

Frost Construction & Maintenance Ltd
Notes to the financial statements (continued)
For the year ended 28 February 2023
1
Accounting policies
(Continued)
- 4 -
1.4
Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Stocks

Basic financial assets and liabilities are initially measured at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future cash flows discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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

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 statement of financial position 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.

Frost Construction & Maintenance Ltd
Notes to the financial statements (continued)
For the year ended 28 February 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including creditors, 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. 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. Amounts 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.

1.9
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 tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.

 

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 income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Frost Construction & Maintenance Ltd
Notes to the financial statements (continued)
For the year ended 28 February 2023
1
Accounting policies
(Continued)
- 6 -
1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.14
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
7
6
Frost Construction & Maintenance Ltd
Notes to the financial statements (continued)
For the year ended 28 February 2023
- 7 -
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 March 2022
82,604
2,265
8,476
55,916
149,261
Additions
-
0
-
0
-
0
167,996
167,996
At 28 February 2023
82,604
2,265
8,476
223,912
317,257
Depreciation and impairment
At 1 March 2022
57,513
1,764
7,212
33,400
99,889
Depreciation charged in the year
10,554
283
943
21,767
33,547
At 28 February 2023
68,067
2,047
8,155
55,167
133,436
Carrying amount
At 28 February 2023
14,537
218
321
168,745
183,821
At 28 February 2022
25,091
501
1,264
22,516
49,372
4
Investment property
2023
£
Fair value
At 1 March 2022 and 28 February 2023
142,579
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
130,589
52,608
Other debtors
29,150
46,508
159,739
99,116
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
19,380
24,051
Taxation and social security
49,316
50,314
Other creditors
149,096
122,855
217,792
197,220
Frost Construction & Maintenance Ltd
Notes to the financial statements (continued)
For the year ended 28 February 2023
6
Creditors: amounts falling due within one year
(Continued)
- 8 -

Included in other creditors are Hire Purchase liabilities of £8,449 (2022 : £nil) which are secured against the assets financed.

7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
39,560
-
0

Included in other creditors are Hire Purchase liabilities of £39,560 (2022 : £nil) which are secured against the assets financed.

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