4 false false false false false false false false false false true false false false false false false No description of principal activity 2023-08-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 12109746 2023-08-01 2024-07-31 12109746 2024-07-31 12109746 2023-07-31 12109746 2022-08-01 2023-07-31 12109746 2023-07-31 12109746 2022-07-31 12109746 core:PlantMachinery 2023-08-01 2024-07-31 12109746 core:MotorVehicles 2023-08-01 2024-07-31 12109746 bus:Director1 2023-08-01 2024-07-31 12109746 bus:Director2 2023-08-01 2024-07-31 12109746 core:WithinOneYear 2024-07-31 12109746 core:WithinOneYear 2023-07-31 12109746 core:LandBuildings core:OwnedOrFreeholdAssets 2023-07-31 12109746 core:PlantMachinery 2023-07-31 12109746 core:MotorVehicles 2023-07-31 12109746 core:LandBuildings core:OwnedOrFreeholdAssets 2024-07-31 12109746 core:PlantMachinery 2024-07-31 12109746 core:MotorVehicles 2024-07-31 12109746 core:LandBuildings core:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 12109746 core:AfterOneYear 2024-07-31 12109746 core:AfterOneYear 2023-07-31 12109746 core:UKTax 2023-08-01 2024-07-31 12109746 core:ShareCapital 2024-07-31 12109746 core:ShareCapital 2023-07-31 12109746 core:RetainedEarningsAccumulatedLosses 2024-07-31 12109746 core:RetainedEarningsAccumulatedLosses 2023-07-31 12109746 core:LandBuildings core:OwnedOrFreeholdAssets 2023-07-31 12109746 core:PlantMachinery 2023-07-31 12109746 core:MotorVehicles 2023-07-31 12109746 bus:SmallEntities 2023-08-01 2024-07-31 12109746 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 12109746 bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 12109746 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 12109746 bus:FullAccounts 2023-08-01 2024-07-31 12109746 core:ToolsEquipment 2023-07-31 12109746 core:ToolsEquipment 2024-07-31 12109746 core:ToolsEquipment 2023-08-01 2024-07-31
COMPANY REGISTRATION NUMBER: 12109746
Frostrow Limited
Unaudited financial statements
31 July 2024
Frostrow Limited
Statement of financial position
31 July 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
6
2,265,185
2,288,359
Current assets
Stocks
97,498
36,643
Debtors
7
177,762
195,118
Cash at bank and in hand
249,061
158,744
---------
---------
524,321
390,505
Creditors: Amounts falling due within one year
8
( 1,963,596)
( 2,190,660)
-----------
-----------
Net current liabilities
( 1,439,275)
( 1,800,155)
-----------
-----------
Total assets less current liabilities
825,910
488,204
Creditors: Amounts falling due after more than one year
9
( 41,380)
( 8,984)
Provisions
Taxation including deferred tax
( 175,561)
( 117,770)
---------
---------
Net assets
608,969
361,450
---------
---------
Capital and reserves
Called up share capital
200
200
Profit and loss account
608,769
361,250
---------
---------
Shareholders funds
608,969
361,450
---------
---------
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 income statement has not been delivered.
For the year ending 31 July 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 .
Frostrow Limited
Statement of financial position (continued)
31 July 2024
These financial statements were approved by the board of directors and authorised for issue on 13 January 2025 , and are signed on behalf of the board by:
Mr A G Shingfield
Mr G E Shingfield
Director
Director
Company registration number: 12109746
Frostrow Limited
Notes to the financial statements
Year ended 31 July 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 Frostrow Farm Office, Watton Road, Hingham, NR9 4NW.
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.
Income tax
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:
Freehold property
-
No depreciation (AD Plant straight line over 14 years)
Plant and machinery
-
15% reducing balance
Motor vehicles
-
15% reducing balance
Equipment
-
25 % reducing balance
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
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. Debt instruments are subsequently measured at amortised cost. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately .
4. Employee numbers
The average number of employees during the year was 4 (2023: 4 ).
5. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
22,607
Deferred tax:
Origination and reversal of timing differences
57,791
75,718
-------
-------
Tax on profit
80,398
75,718
-------
-------
6. Tangible assets
Freehold property
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 August 2023
2,436,050
150,407
29,234
817
2,616,508
Additions
105,750
105,750
Disposals
( 77,700)
( 77,700)
-----------
---------
-------
----
-----------
At 31 July 2024
2,436,050
178,457
29,234
817
2,644,558
-----------
---------
-------
----
-----------
Depreciation
At 1 August 2023
253,016
63,295
11,280
558
328,149
Charge for the year
63,254
21,918
2,693
65
87,930
Disposals
( 36,706)
( 36,706)
-----------
---------
-------
----
-----------
At 31 July 2024
316,270
48,507
13,973
623
379,373
-----------
---------
-------
----
-----------
Carrying amount
At 31 July 2024
2,119,780
129,950
15,261
194
2,265,185
-----------
---------
-------
----
-----------
At 31 July 2023
2,183,034
87,112
17,954
259
2,288,359
-----------
---------
-------
----
-----------
7. Debtors
2024
2023
£
£
Trade debtors
99,159
96,119
Other debtors
78,603
98,999
---------
---------
177,762
195,118
---------
---------
8. Creditors: Amounts falling due within one year
2024
2023
£
£
Trade creditors
23,519
45,212
Accruals and deferred income
29,165
29,988
Corporation tax
22,607
Social security and other taxes
371
393
Obligations under finance leases and hire purchase contracts
11,899
10,261
Director loan accounts
1,876,035
2,104,806
-----------
-----------
1,963,596
2,190,660
-----------
-----------
9. Creditors: Amounts falling due after more than one year
2024
2023
£
£
Obligations under finance leases and hire purchase contracts
41,380
8,984
-------
------