COMPANY REGISTRATION NUMBER:
SC728311
Frith Investments Limited |
|
Filleted Unaudited Financial Statements |
|
Frith Investments Limited |
|
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of
Frith Investments Limited |
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Year ended 30 April 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Frith Investments Limited for the year ended 30 April 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of Frith Investments Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Frith Investments Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Frith Investments Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Frith Investments Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Frith Investments Limited. You consider that Frith Investments Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Frith Investments Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
GILLILAND & COMPANY
Chartered Accountants
216 West George Street
Glasgow
G2 2PQ
27 November 2024
Frith Investments Limited |
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Statement of Financial Position |
|
30 April 2024
Fixed assets
Tangible assets |
5 |
|
413,214 |
413,214 |
|
|
|
|
|
Current assets
Cash at bank and in hand |
6,447 |
|
9,120 |
|
|
|
|
Creditors: amounts falling due within one year |
6 |
426,410 |
|
426,405 |
|
--------- |
|
--------- |
Net current liabilities |
|
419,963 |
417,285 |
|
|
--------- |
--------- |
Total assets less current liabilities |
|
(
6,749) |
(
4,071) |
|
|
------- |
------- |
Net liabilities |
|
(
6,749) |
(
4,071) |
|
|
------- |
------- |
|
|
|
|
|
Capital and reserves
Called up share capital |
|
100 |
100 |
Profit and loss account |
|
(
6,849) |
(
4,171) |
|
|
------- |
------- |
Shareholders deficit |
|
(
6,749) |
(
4,071) |
|
|
------- |
------- |
|
|
|
|
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 statement of comprehensive income has not been delivered.
For the year ending 30 April 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
.
These financial statements were approved by the
board of directors
and authorised for issue on
27 November 2024
, and are signed on behalf of the board by:
Company registration number:
SC728311
Frith Investments Limited |
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Notes to the Financial Statements |
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Year ended 30 April 2024
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 25 Albert Drive, Bearsden, Glasgow, G61 2PG, Scotland.
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.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Going concern
The company is reliant on the support of the directors in order to continue in operational existence and meet its liabilities as they fall due. The directors are satisfied that they will continue to support the company and as such the going concern basis is appropriate for the preparation of the accounts.
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.
Revenue recognition
Turnover represents rents received from tenants.
Tangible assets
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
2
(2023:
2
).
5.
Tangible assets
|
Investment property |
|
£ |
Cost |
|
At 1 May 2023 and 30 April 2024 |
413,214 |
|
--------- |
Depreciation |
|
At 1 May 2023 and 30 April 2024 |
– |
|
--------- |
Carrying amount |
|
At 30 April 2024 |
413,214 |
|
--------- |
At 30 April 2023 |
413,214 |
|
--------- |
|
|
The directors have reviewed the value of the investment properties at the year end and consider that they reflect fair value.
6.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Other creditors |
426,410 |
426,405 |
|
--------- |
--------- |
|
|
|
7.
Directors' advances, credits and guarantees
At the year ended 30th April 2024 the company owed key management personnel £423,600 (2023: £423,600). This amount is interest-free, unsecured and repayable on demand.
8.
Controlling party
The company was under the control of the directors during the period.