Company registration number 09483765 (England and Wales)
FRONT ROW PROPERTIES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
FRONT ROW PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
FRONT ROW PROPERTIES LIMITED
BALANCE SHEET
AS AT
30 MARCH 2024
30 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
6,174
8,935
Investment properties
4
1,085,000
1,007,668
1,091,174
1,016,603
Current assets
Debtors
5
67,265
79,980
Cash at bank and in hand
2,258
382
69,523
80,362
Creditors: amounts falling due within one year
6
(290,867)
(295,218)
Net current liabilities
(221,344)
(214,856)
Total assets less current liabilities
869,830
801,747
Creditors: amounts falling due after more than one year
7
(384,918)
(421,409)
Provisions for liabilities
(73,813)
(54,805)
Net assets
411,099
325,533
Capital and reserves
Called up share capital
8
20
20
Revaluation reserve
222,004
164,005
Profit and loss reserves
189,075
161,508
Total equity
411,099
325,533
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 30 March 2024 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 member has 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 by the board of directors and authorised for issue on 26 November 2024 and are signed on its behalf by:
Mr R J K Johnston
Director
Company Registration No. 09483765
FRONT ROW PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024
- 2 -
1
Accounting policies
Company information
Front Row Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bradbury House, Mission Court, Newport, Gwent, NP20 2DW.
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
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business.The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from residential lettings is recognised over the period of rental when, and to the extent that, the company obtains the right to consideration in exchange for services provided.
1.3
Tangible fixed assets
Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.
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:
Fixtures, fittings & equipment
15% Straight Line
1.4
Investment properties
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.
1.5
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.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss in other administrative expenses.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
FRONT ROW PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 31 March 2023 and 30 March 2024
19,506
Depreciation and impairment
At 31 March 2023
10,571
Depreciation charged in the year
2,761
At 30 March 2024
13,332
Carrying amount
At 30 March 2024
6,174
At 30 March 2023
8,935
FRONT ROW PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2024
- 4 -
4
Investment property
2024
£
Fair value
At 31 March 2023
1,007,668
Revaluations
77,332
At 30 March 2024
1,085,000
The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 March 2024 by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
67,265
79,980
6
Creditors: amounts falling due within one year
2024
2023
£
£
Other borrowings
133,326
152,117
Trade creditors
6,796
1,800
Corporation tax
33,086
23,748
Other creditors
114,303
114,303
Accruals and deferred income
3,356
3,250
290,867
295,218
Included in Other borrowings is a mortgage of £133,326 (2023 - £152,117) secured over the investment property.
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Other borrowings
384,918
421,409
Included in other borrowings above is an amount of £340,095 (2023 - £350,696) secured against the investment property.
Amounts included above which fall due after five years are as follows:
Payable other than by instalments
280,662
302,086
FRONT ROW PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2024
- 5 -
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
20
20
20
20
9
Directors' transactions
The director operates a current loan account with the company, which is debited with payments made by the company on behalf of the director and credited with funds introduced and undrawn director's fees. At the year end, the company owed £44,823 to the directors (2023 - £70,713). These amounts are included in creditors: amounts falling due after more than one year.
10
Related party transactions
The company also has an existing loan with Cwtch Property Developments Limited. At the year end the amount owed to Cwtch Property Developments Limited was £15,000 (2023 - £15,000) this amount is included in creditors: amounts falling due within one year. Mr R Johnston is a director of both Cwtch Property DevelopmentsLimited and Front Row Limited.
The company also has an existing loan with Gill 1 Limited. At the year end the amount owed to Gill 1 Limited was £98,603 (2023 - £98,603) this amount is included in creditors: amounts falling due within one year. Mr R Gill is a director of both Front Row Properties Limited and Gill 1 Limited.
The company has an existing loan with Front Row Van Hire Limited. At the year end the amount owed to Front Row Properties Limited was £53,114 (2023 - £61,126) this amount is included in debtors: amounts falling due within one year. Mr R Johnston and Mr R Gill are directors of both Front Row Van Hire Limited and Front Row Properties Limited.
The company has an existing loan with S4F Outlet Limited. At the year end the amount owed to Front Row Properties Limited was £3,300 (2023 - £8,000) this amount is included in debtors: amounts falling due within one year. Mr R Johnston and Mr R Gill are directors of both S4F Outlet Limited and Front Row Properties Limited.