Registered number
13105491
J C Frost & Co Limited
Unaudited Filleted Accounts
31 March 2024
J C Frost & Co Limited
Registered number: 13105491
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 6,336,025 5,814,839
Investments 4 2 2
6,336,027 5,814,841
Current assets
Stocks 190,412 185,980
Debtors 6 379,168 339,717
Cash at bank and in hand 319,601 284,666
889,181 810,363
Creditors: amounts falling due within one year 7 (645,631) (506,241)
Net current assets 243,550 304,122
Total assets less current liabilities 6,579,577 6,118,963
Creditors: amounts falling due after more than one year 8 (1,318,283) (1,481,364)
Provisions for liabilities (216,795) (105,498)
Net assets 5,044,499 4,532,101
Capital and reserves
Called up share capital 1,000 1,000
Share premium 4,266,518 4,266,518
Profit and loss account 776,981 264,583
Shareholders' funds 5,044,499 4,532,101
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
P Frost
Director
Approved by the board on 28 November 2024
J C Frost & Co Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Investment property not depreciated
Leasehold land and buildings over 25 years
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 7 7
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 5,539,485 347,297 56,568 5,943,350
Additions 49,590 25,134 68,979 143,703
Surplus on revaluation 470,367 - - 470,367
At 31 March 2024 6,059,442 372,431 125,547 6,557,420
Depreciation
At 1 April 2023 34,057 75,893 18,561 128,511
Charge for the year 27,563 47,196 18,125 92,884
At 31 March 2024 61,620 123,089 36,686 221,395
Net book value
At 31 March 2024 5,997,822 249,342 88,861 6,336,025
At 31 March 2023 5,505,428 271,404 38,007 5,814,839
Land and buildings includes investment property valued by the Directors on 31 March 2024 at £5,500,000. This property is not depreciated
4 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 April 2023 2
At 31 March 2024 2
Historical cost
At 1 April 2023 2
At 31 March 2024 2
5 Subsidiary undertaking 2024 2023
The company owns 100% of the share capital of Frost Energy Limited Equity Equity
£ £
Frost Energy Limited 527,435 449,910
6 Debtors 2024 2023
£ £
Trade debtors 138,301 134,903
Amounts owed by group undertakings and undertakings in which the company has a participating interest 201,407 201,407
Other debtors 39,460 3,407
379,168 339,717
7 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 134,035 77,842
Trade creditors 50,922 86,026
Taxation and social security costs 112,942 49,464
Other creditors 347,732 292,909
645,631 506,241
8 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 1,318,283 1,481,364
9 Loans 2024 2023
£ £
Creditors include:
Instalments falling due for payment after more than five years 849,006 1,118,931
Secured bank loans 1,453,262 1,559,206
Bank loans are secured on Freehold property owned both by the company and the Directors and by a floating charge over the assets of the company.
10 Other information
J C Frost & Co Limited is a private company limited by shares and incorporated in England. Its registered office is:
Wingfield Hall
Hall Road
Wingfield
Diss
IP21 5QX
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