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Registration number: 09608252

FRT Property Services Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2023

 

Contents

Company Information

1

Directors' Report

2

Statement of Directors' Responsibilities

3

Profit and Loss Account

4

Balance Sheet

5 to 6

Notes to the Unaudited Financial Statements

7 to 14

 

Company Information

Directors

Mr R Ursache

Mr F Ahmed

Registered office

9-17 Queens Court
Eastern Road
Romford
RM1 3NH

Accountants

F9 Consulting Ltd
Chartered Certified
First Floor
81 - 85 High Street
Brentwood
Essex
CM14 4RR

 

Directors' Report for the Year Ended 31 May 2023

The directors present their report and the financial statements for the year ended 31 May 2023.

Directors of the company

The directors who held office during the year were as follows:

Mr R Ursache

Mr F Ahmed

Principal activity

The principal activity of the company is of specialised construction activities.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 1 March 2024 and signed on its behalf by:
 

.........................................
Mr R Ursache
Director

.........................................
Mr F Ahmed
Director

 

Statement of Directors' Responsibilities

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Profit and Loss Account for the Year Ended 31 May 2023

Note

2023
£

2022
£

Turnover

 

1,533,441

700,567

Cost of sales

 

(1,267,486)

(600,854)

Gross profit

 

265,955

99,713

Distribution costs

 

(1,599)

(682)

Administrative expenses

 

(209,014)

(53,682)

Operating profit

 

55,342

45,349

Interest payable and similar expenses

 

(5,682)

(2,870)

Profit before tax

4

49,660

42,479

Tax on profit

 

(6,196)

(8,143)

Profit for the financial year

 

43,464

34,336

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

(Registration number: 09608252)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

32,247

15,199

Current assets

 

Stocks

6

76,956

-

Debtors

7

193,141

96,329

Cash at bank and in hand

 

96,312

6,632

 

366,409

102,961

Creditors: Amounts falling due within one year

8

(341,553)

(42,595)

Net current assets

 

24,856

60,366

Total assets less current liabilities

 

57,103

75,565

Creditors: Amounts falling due after more than one year

8

(28,619)

(50,545)

Net assets

 

28,484

25,020

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

28,384

24,920

Shareholders' funds

 

28,484

25,020

For the financial year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 1 March 2024 and signed on its behalf by:
 

 

(Registration number: 09608252)
Balance Sheet as at 31 May 2023 (continued)

.........................................
Mr R Ursache
Director

.........................................
Mr F Ahmed
Director

 

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
9-17 Queens Court
Eastern Road
Romford
RM1 3NH
United Kingdom

These financial statements were authorised for issue by the Board on 1 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

2

Accounting policies (continued)

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

20% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

2

Accounting policies (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

2

Accounting policies (continued)

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 2).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

8,061

3,800

 

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

5

Tangible assets

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2022

18,999

18,999

Additions

25,110

25,110

At 31 May 2023

44,109

44,109

Depreciation

At 1 June 2022

3,800

3,800

Charge for the year

8,062

8,062

At 31 May 2023

11,862

11,862

Carrying amount

At 31 May 2023

32,247

32,247

At 31 May 2022

15,199

15,199

6

Stocks

2023
£

2022
£

Work in progress

76,956

-

7

Debtors

Current

2023
£

2022
£

Trade debtors

96,083

78,489

Other debtors

97,058

17,840

 

193,141

96,329

8

Creditors

Creditors: amounts falling due within one year

 

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

8

Creditors (continued)

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

10,838

3,773

Trade creditors

 

177,441

9,555

Taxation and social security

 

153,274

27,267

Accruals and deferred income

 

-

2,000

 

341,553

42,595

 

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

8

Creditors (continued)

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

28,619

50,545

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

-

36,393

Hire purchase contracts

28,619

14,152

28,619

50,545

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

10,838

3,773

11

Related party transactions

 

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

11

Related party transactions (continued)

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

26,417

19,400