Company registration number 00811620 (England and Wales)
FROST PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
FROST PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
FROST PROPERTIES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
4
210,000
176,800
Current assets
Debtors
5
862
717
Cash at bank and in hand
66,848
67,701
67,710
68,418
Creditors: amounts falling due within one year
6
(7,899)
(10,391)
Net current assets
59,811
58,027
Net assets
269,811
234,827
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
269,711
234,727
Total equity
269,811
234,827

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 year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges her 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.

The financial statements were approved and signed by the director and authorised for issue on 10 September 2024
Mrs S.A.L. Clarke
Director
Company registration number 00811620 (England and Wales)
FROST PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

Frost Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is Alder Coppice Lower Rudge, Pattingham, Wolverhampton, West Midlands, United Kingdom, WV6 7EB.

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, [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.

1.2
Turnover

Income from property represents gross rentals receivable from tenants.

1.3
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.4
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.

1.5
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 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.

1.6
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 profit and loss account 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.

FROST PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
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 year was:

2024
2023
Number
Number
Total
1
1
4
Investment property
2024
£
Fair value
At 1 April 2023
176,800
Revaluations
33,200
At 31 March 2024
210,000

Investment property is stated at fair value at the year end. It was was valued in June 2024 on the basis of open market value subject to current tenancies by Chartered Surveyors, Michael Tromans & Co. LLP. No provision has been made for the tax that would be payable if the company sold the property for its book value as it is unlikely that the property will be sold in the foreseeable future,

If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2024
2023
£
£
Cost
11,942
11,942
Accumulated depreciation
-
-
Carrying amount
11,942
11,942
FROST PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
862
717
6
Creditors: amounts falling due within one year
2024
2023
£
£
Taxation and social security
751
2,593
Other creditors
7,148
7,798
7,899
10,391
2024-03-312023-04-01false10 September 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityMrs Sally-Anne Clarkefalsefalse008116202023-04-012024-03-31008116202024-03-31008116202023-03-3100811620core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3100811620core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3100811620core:CurrentFinancialInstruments2024-03-3100811620core:CurrentFinancialInstruments2023-03-3100811620core:ShareCapital2024-03-3100811620core:ShareCapital2023-03-3100811620core:RetainedEarningsAccumulatedLosses2024-03-3100811620core:RetainedEarningsAccumulatedLosses2023-03-3100811620bus:Director12023-04-012024-03-31008116202022-04-012023-03-31008116202023-03-3100811620core:WithinOneYear2024-03-3100811620core:WithinOneYear2023-03-3100811620bus:PrivateLimitedCompanyLtd2023-04-012024-03-3100811620bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-3100811620bus:FRS1022023-04-012024-03-3100811620bus:AuditExemptWithAccountantsReport2023-04-012024-03-3100811620bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP