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FRST PROPERTY DEVELOPMENTS LIMITED

Registered Number
SC626208
(Scotland)

Unaudited Financial Statements for the Year ended
30 April 2024

FRST PROPERTY DEVELOPMENTS LIMITED
Company Information
for the year from 1 May 2023 to 30 April 2024

Director

STEEL, Fraser Richard

Registered Address

51 Dalrymple Street
Girvan
KA26 9BS

Registered Number

SC626208 (Scotland)
FRST PROPERTY DEVELOPMENTS LIMITED
Balance Sheet as at
30 April 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets39,48511,834
9,48511,834
Current assets
Debtors457,73845,042
Cash at bank and on hand13,03817,178
70,77662,220
Creditors amounts falling due within one year5(76,230)(71,301)
Net current assets (liabilities)(5,454)(9,081)
Total assets less current liabilities4,0312,753
Creditors amounts falling due after one year6(20,196)(32,875)
Net assets(16,165)(30,122)
Capital and reserves
Called up share capital11
Profit and loss account(16,166)(30,123)
Shareholders' funds(16,165)(30,122)
The financial statements were approved and authorised for issue by the Director on 23 January 2025, and are signed on its behalf by:
STEEL, Fraser Richard
Director
Registered Company No. SC626208
FRST PROPERTY DEVELOPMENTS LIMITED
Notes to the Financial Statements
for the year ended 30 April 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
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).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
As at the balance sheet date, the financial statements shows that the company has liabilities in excess of assets of £16,165 (2023: £30,122) as a result of losses made to date. The financial statements have been prepared on going concern basis that director has confirmed that he will continue to support the company for foreseeable future and meet the excess liabilities if the company is unable to do so.
Turnover policy
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.
Revenue from sale of goods
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.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
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.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Plant and machinery-3
Vehicles25-
Office Equipment-6
2.Average number of employees

20242023
Average number of employees during the year34
3.Tangible fixed assets

Vehicles

Office Equipment

Total

£££
Cost or valuation
At 01 May 2314,9994,62019,619
Additions-820820
At 30 April 2414,9995,44020,439
Depreciation and impairment
At 01 May 233,7504,0357,785
Charge for year2,8123573,169
At 30 April 246,5624,39210,954
Net book value
At 30 April 248,4371,0489,485
At 30 April 2311,24958511,834
4.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables8,28013,169
Other debtors49,45831,873
Total57,73845,042
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 recognized at transaction price including any transaction costs and subsequently measured at amortized cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables2,064170
Bank borrowings and overdrafts12,68012,680
Taxation and social security61,48658,451
Total76,23071,301
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.
6.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts20,19632,875
Total20,19632,875
The bank loan is repayable in installments over 6 years. The loan is guaranteed by government and carries an interest rate of 2.5% p.a.
7.Directors advances, credits and guarantees

Brought forward

Amount advanced

Amount repaid

Carried forward

££££
STEEL, Fraser Richard31,87445,30531,87445,305
31,87445,30531,87445,305
Included within other debtors is an amount of £45,305 (2023: £31,874) owed to the company by the director. Interest has not been charged by the company.