Company registration number 08505161 (England and Wales)
INFRONTIER LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
INFRONTIER LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
INFRONTIER LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
4,335
2,863
Investments
5
18
18
4,353
2,881
Current assets
Debtors
6
9,897
7,620
Cash at bank and in hand
553,468
983,110
563,365
990,730
Creditors: amounts falling due within one year
7
(27,893)
(53,031)
Net current assets
535,472
937,699
Net assets
539,825
940,580
Capital and reserves
Called up share capital
129
129
Share premium account
435,406
435,406
Profit and loss reserves
104,290
505,045
Total equity
539,825
940,580
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their 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 as set out within Part 15 of the Companies Act 2006.
The financial statements were approved by the board of directors and authorised for issue on 22 April 2024 and are signed on its behalf by:
Mr F von Schubert
Director
Company Registration No. 08505161
INFRONTIER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Infrontier Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4 St. Paul's Churchyard, London, United Kingdom, EC4M 8AY.
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.
The company and its subsidiary form a small group. The company is therefore not required to produce consolidated financial statements and has not done so. These financial statements present information about the company as a single entity.
The Company has taken advantage of the following exemptions available under FRS102:
• the exemption from presenting a statement of cash flows;
• the exemption from disclosing key management personnel compensation; and
• the exemption from disclosing financial instruments.
1.2
Going concern
The directors have made an assessment in preparing these financial statements as to whether the company is a going concern and have concluded that there are no material uncertainties that may cast any doubt on the company's ability to continue as a going concern.
The Fund Manager has restructured the Fund which provides the Fund Manager with additional revenue upside against ongoing management fee prior to the restructuring. The Fund Manager believes that its reserves and the expected returns from the Fund will provide the Fund Manager with sufficient resources to manage the Fund and continue its operations in its current form.
1.3
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.
Other operating income also includes reimbursement of costs incurred.
1.4
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.
INFRONTIER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
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 Machinery
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.
1.5
Fixed asset investments
Interests in subsidiaries, associates, jointly controlled entities and unlisted fixed asset investments are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
1.6
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.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic 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.
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.
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.
INFRONTIER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
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. 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.
1.8
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are 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. In the opinion of the members there are no specific key judgement of areas of estimation that are required to be disclosed.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2022 - 3).
INFRONTIER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
4
Tangible fixed assets
Plant and machinery
£
Cost
At 1 January 2023
11,967
Additions
2,917
At 31 December 2023
14,884
Depreciation
At 1 January 2023
9,104
Depreciation charged in the year
1,445
At 31 December 2023
10,549
Carrying amount
At 31 December 2023
4,335
At 31 December 2022
2,863
5
Fixed asset investments
2023
2022
£
£
Investments
18
18
Movements in fixed asset investments
Shares in group undertakings and participating interests
£
Cost or valuation
At 1 January 2023 & 31 December 2023
18
Carrying amount
At 31 December 2023
18
At 31 December 2022
18
INFRONTIER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
8,508
56
Other debtors
-
5,955
Prepayments and accrued income
600
-
Taxation
789
1,609
9,897
7,620
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
17,140
14,021
Amounts owed to group undertakings
-
48
Taxation and social security
10,753
24,352
Accruals and deferred income
-
14,610
27,893
53,031
8
Related party relationships and transactions
Included in debtors are loans made to subsidiary undertakings £Nil (2022: £16,733)
Included in creditors are amounts due to a connected limited partnership of £48 (2022: £48).
Turnover includes management fees of £Nil (2022: £594,215) from a connected limited partnership.
Included in other debtors are amounts due from directors of £Nil (2022: £5,953). |
Included in debtors are amounts due from a connected limited partnership of £56 (2022: £56).