Frog Investments Limited 07907366 false 2023-02-01 2024-01-31 2024-01-31 The principal activity of the company is commercial property rental Digita Accounts Production Advanced 6.30.9574.0 true 07907366 2023-02-01 2024-01-31 07907366 2024-01-31 07907366 core:AcceleratedTaxDepreciationDeferredTax 2024-01-31 07907366 core:RevaluationPropertyDeferredTax 2024-01-31 07907366 core:CurrentFinancialInstruments 2024-01-31 07907366 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 07907366 core:Non-currentFinancialInstruments 2024-01-31 07907366 core:Non-currentFinancialInstruments core:AfterOneYear 2024-01-31 07907366 core:FurnitureFittingsToolsEquipment 2024-01-31 07907366 core:MotorVehicles 2024-01-31 07907366 bus:SmallEntities 2023-02-01 2024-01-31 07907366 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 07907366 bus:FullAccounts 2023-02-01 2024-01-31 07907366 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 07907366 bus:RegisteredOffice 2023-02-01 2024-01-31 07907366 bus:Director1 2023-02-01 2024-01-31 07907366 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 07907366 core:FurnitureFittings 2023-02-01 2024-01-31 07907366 core:FurnitureFittingsToolsEquipment 2023-02-01 2024-01-31 07907366 core:MotorVehicles 2023-02-01 2024-01-31 07907366 core:PlantMachinery 2023-02-01 2024-01-31 07907366 core:Vehicles 2023-02-01 2024-01-31 07907366 countries:EnglandWales 2023-02-01 2024-01-31 07907366 2023-01-31 07907366 core:FurnitureFittingsToolsEquipment 2023-01-31 07907366 core:MotorVehicles 2023-01-31 07907366 2022-02-01 2023-01-31 07907366 2023-01-31 07907366 core:AcceleratedTaxDepreciationDeferredTax 2023-01-31 07907366 core:RevaluationPropertyDeferredTax 2023-01-31 07907366 core:CurrentFinancialInstruments 2023-01-31 07907366 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 07907366 core:Non-currentFinancialInstruments 2023-01-31 07907366 core:Non-currentFinancialInstruments core:AfterOneYear 2023-01-31 07907366 core:FurnitureFittingsToolsEquipment 2023-01-31 07907366 core:MotorVehicles 2023-01-31 iso4217:GBP xbrli:pure

Registration number: 07907366

Prepared for the registrar

Frog Investments Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2024

 

Frog Investments Limited

(Registration number: 07907366)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

75,903

102,305

Investment property

5

5,203,955

5,199,259

 

5,279,858

5,301,564

Current assets

 

Debtors

6

31,010

54,242

Cash at bank and in hand

 

264,381

477,278

 

295,391

531,520

Creditors: Amounts falling due within one year

7

(518,994)

(835,323)

Net current liabilities

 

(223,603)

(303,803)

Total assets less current liabilities

 

5,056,255

4,997,761

Creditors: Amounts falling due after more than one year

7

(1,557,691)

(1,702,031)

Deferred tax liabilities

 

(460,291)

(468,832)

Net assets

 

3,038,273

2,826,898

Capital and reserves

 

Called up share capital

4

4

Revaluation reserve

1,609,958

1,609,958

Profit and loss account

1,428,311

1,216,936

Shareholders' funds

 

3,038,273

2,826,898

For the financial year ending 31 January 2024 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 15 October 2024 and signed on its behalf by:
 


Mrs A Dias
Director

 

Frog Investments Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

 

1

General information

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

The address of its registered office is:
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Judgements and key sources of estimation uncertainty

No significant judgements or key sources of estimation uncertainty have been made by management in preparing these accounts.

Tax

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

The current corporation 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.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

 

Frog Investments Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

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

25% straight line

Plant and equipment

20% straight line

Fixtures and fittings

20% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. 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 debtors.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

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.

 

Frog Investments Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

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 2 (2023 - 2).

 

Frog Investments Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

 

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2023

32,523

100,217

132,740

At 31 January 2024

32,523

100,217

132,740

Depreciation

At 1 February 2023

28,347

2,088

30,435

Charge for the year

1,348

25,054

26,402

At 31 January 2024

29,695

27,142

56,837

Carrying amount

At 31 January 2024

2,828

73,075

75,903

At 31 January 2023

4,176

98,129

102,305

 

5

Investment properties

2024
£

At 1 February 2022

5,199,259

Additions

4,696

At 31 January 2023

5,203,955

An independent valuation of the investment properties was last carried out in 2023 and the directors believe that the current market value of these properties is not significantly different from this value.

 

Frog Investments Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

 

6

Debtors

2024
 £

2023
 £

Trade debtors

19,976

27,447

Other debtors

-

4,051

Prepayments

11,034

22,744

 

31,010

54,242

 

7

Creditors

Note

2024
 £

2023
 £

Due within one year

 

Loans and borrowings

9

245,913

608,962

Trade creditors

 

4,764

4,268

Social security and other taxes

 

29,179

23,434

Other creditors

 

40,108

93,608

Accrued expenses

 

127,994

72,311

Corporation tax liability

71,036

32,740

 

518,994

835,323

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

1,557,691

1,702,031

 

8

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Acceleration tax depreciation

23,265

Revaluation of property

437,026

460,291

2023

Liability
£

Acceleration tax depreciation

28,691

Revaluation of property

440,141

468,832

 

Frog Investments Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

 

9

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings (secured)

65,364

63,245

HP and finance lease liabilities

72,363

9,559

Directors' loan account

108,186

536,158

245,913

608,962

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings (secured)

1,557,691

1,622,169

HP and finance lease liabilities

-

79,862

1,557,691

1,702,031