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Registered number: 11205361
Front Edge Property Ltd
Unaudited Financial Statements
For The Year Ended 29 February 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 11205361
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 175,313 198,625
175,313 198,625
CURRENT ASSETS
Debtors 5 100 100
Cash at bank and in hand 360 994
460 1,094
Creditors: Amounts Falling Due Within One Year 6 (2,948 ) (3,646 )
NET CURRENT ASSETS (LIABILITIES) (2,488 ) (2,552 )
TOTAL ASSETS LESS CURRENT LIABILITIES 172,825 196,073
Creditors: Amounts Falling Due After More Than One Year 7 (60,821 ) (60,983 )
NET ASSETS 112,004 135,090
CAPITAL AND RESERVES
Called up share capital 8 100 100
Other reserves 138,442 144,737
Profit and Loss Account (26,538 ) (9,747 )
SHAREHOLDERS' FUNDS 112,004 135,090
Page 1
Page 2
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Dean Bazzard
Director
18/11/2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Front Edge Property Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11205361 . The registered office is 1 Derwent Business Centre, Clarke Street, Derby, DE1 2BU.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Computer Equipment 25% Straight Line
2.3. Investment Properties
Investment properties are measured at fair value determined annually and adjusted if necessary for any difference in the nature, location or condition of the specific asset. The fair value of property is based on director's valuations and has not been based on a valuation by an independent valuer with a professional qualification.
Changes in fair value are recognised in the profit and loss account.
2.4. Related Party Transactions
Loans made to connected parties are recognised in the financial statements at the discounted present value using the effective interest rate method.
2.5. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Office and administration 1 1
1 1
4. Tangible Assets
Investment Properties Computer Equipment Total
£ £ £
Cost or Valuation
As at 1 March 2023 198,000 1,249 199,249
Revaluation (23,000 ) - (23,000 )
As at 29 February 2024 175,000 1,249 176,249
Depreciation
As at 1 March 2023 - 624 624
Provided during the period - 312 312
As at 29 February 2024 - 936 936
Net Book Value
As at 29 February 2024 175,000 313 175,313
As at 1 March 2023 198,000 625 198,625
Page 3
Page 4
5. Debtors
2024 2023
£ £
Due within one year
Other debtors 100 100
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Corporation tax 273 273
Accruals and deferred income 950 950
Director's loan account 1,725 2,423
2,948 3,646
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Other creditors 60,821 60,983
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
9. Related Party Transactions
At 29th February 2024 Front Edge Property Ltd owed £186,876 (2023 - £196,626) to Front Edge Software Ltd, a company in which Mr D Bazzard is a director and shareholder. The loan is interest free and is repayable in yearly instalments with the remaining capital amount repayable on 24th April 2059.
Page 4