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COMPANY REGISTRATION NUMBER: 02306410
FRONTPARK LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2024
FRONTPARK LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
Contents
Pages
Balance sheet 1 to 2
Notes to the financial statements 3 to 7
FRONTPARK LIMITED
BALANCE SHEET
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
59,553
69,222
Current assets
Stocks
6
53,028
51,792
Debtors
7
636,166
713,547
Cash at bank and in hand
54,810
50,339
------------
------------
744,004
815,678
Creditors: amounts falling due within one year
8
( 447,258)
( 522,128)
------------
------------
Net current assets
296,746
293,550
------------
------------
Total assets less current liabilities
356,299
362,772
Creditors: amounts falling due after more than one year
9
( 13,950)
( 24,111)
------------
------------
Net assets
342,349
338,661
------------
------------
Capital and reserves
Called up share capital
11
120
120
Share premium account
141,978
141,978
Capital redemption reserve
60,722
60,722
Profit and loss account
139,529
135,841
------------
------------
Shareholders funds
342,349
338,661
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 31 March 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
FRONTPARK LIMITED
BALANCE SHEET (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 15 November 2024 , and are signed on behalf of the board by:
Dr M B Doherty
Dr N H McMeekin
Director
Director
Company registration number: 02306410
FRONTPARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Health Centre, Railway View Road, Clitheroe, Lancashire, BB7 2JG.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property
-
15 years straight line
Fixtures and fittings
-
10% straight line
Motor vehicles
-
25% reducing balance
Office equipment
-
20% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 12 (2023: 12 ).
5. Tangible assets
Long leasehold property
Fixtures and fittings
Motor vehicles
Office equipment
Total
£
£
£
£
£
Cost
At 1 April 2023
113,682
2,151
9,395
25,481
150,709
Additions
291
291
------------
------------
------------
------------
------------
At 31 March 2024
113,682
2,151
9,395
25,772
151,000
------------
------------
------------
------------
------------
Depreciation
At 1 April 2023
53,052
1,311
6,422
20,702
81,487
Charge for the year
7,632
161
744
1,423
9,960
------------
------------
------------
------------
------------
At 31 March 2024
60,684
1,472
7,166
22,125
91,447
------------
------------
------------
------------
------------
Carrying amount
At 31 March 2024
52,998
679
2,229
3,647
59,553
------------
------------
------------
------------
------------
At 31 March 2023
60,630
840
2,973
4,779
69,222
------------
------------
------------
------------
------------
6. Stocks
2024
2023
£
£
Goods for resale and consumables
53,028
51,792
------------
------------
7. Debtors
2024
2023
£
£
Trade debtors
147,111
194,173
Amounts owed by group and related undertakings
385,902
406,965
Deferred tax asset
33,645
34,874
Prepayments and accrued income
25,372
22,419
Other debtors
44,136
55,116
------------
------------
636,166
713,547
------------
------------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,162
9,911
Trade creditors
345,621
368,114
Amounts owed to group and related undertakings
84,986
139,964
Accruals and deferred income
5,500
2,500
Social security and other taxes
6
Other creditors
983
1,639
------------
------------
447,258
522,128
------------
------------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
13,950
24,111
------------
------------
10. Deferred tax
The deferred tax included in the balance sheet is as follows:
2024
2023
£
£
Included in debtors (note 7)
33,645
34,874
------------
------------
11. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary A shares of £ 1 each
84
84
84
84
Ordinary B shares of £ 1 each
36
36
36
36
------------
------------
------------
------------
120
120
120
120
------------
------------
------------
------------
Shares issued and fully paid
2024
2023
No.
£
No.
£
Ordinary A shares of £ 1 each
84
84
84
84
Ordinary B shares of £ 1 each
36
36
36
36
------------
------------
------------
------------
120
120
120
120
------------
------------
------------
------------
Shares issued and partly paid
2024
2023
No.
£
No.
£
12. Related party transactions
The balances with group and related undertakings are unsecured, repayable on demand and currently interest-free. The company has provided security in support of the bank facilities of certain related undertakings. The loan from a director is unsecured, repayable on demand and currently interest-free. Control of the company The company is a 70% subsidiary of Clitheroe Pharma Limited.