9 false false false false false false false false false false true false false false false false false No description of principal activity 2023-05-01 Sage Accounts Production Advanced 2023 - FRS102_2023 14,880 7,366 22,246 7,440 9,625 17,065 5,181 7,440 xbrli:pure xbrli:shares iso4217:GBP SC730608 2023-05-01 2024-04-30 SC730608 2024-04-30 SC730608 2023-04-30 SC730608 2022-04-26 2023-04-30 SC730608 2023-04-30 SC730608 2022-04-25 SC730608 bus:OrdinaryShareClass1 2023-05-01 2024-04-30 SC730608 bus:OrdinaryShareClass2 2023-05-01 2024-04-30 SC730608 bus:Director3 2023-05-01 2024-04-30 SC730608 core:WithinOneYear 2024-04-30 SC730608 core:WithinOneYear 2023-04-30 SC730608 core:ShareCapital 2024-04-30 SC730608 core:ShareCapital 2023-04-30 SC730608 core:RetainedEarningsAccumulatedLosses 2024-04-30 SC730608 core:RetainedEarningsAccumulatedLosses 2023-04-30 SC730608 bus:SmallEntities 2023-05-01 2024-04-30 SC730608 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 SC730608 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 SC730608 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 SC730608 bus:FullAccounts 2023-05-01 2024-04-30 SC730608 bus:OrdinaryShareClass1 2024-04-30 SC730608 bus:OrdinaryShareClass1 2023-04-30 SC730608 bus:OrdinaryShareClass2 2024-04-30 SC730608 bus:AllOrdinaryShares 2024-04-30 SC730608 bus:AllOrdinaryShares 2023-04-30 SC730608 core:ComputerEquipment 2023-05-01 2024-04-30 SC730608 core:ComputerEquipment 2023-04-30 SC730608 core:ComputerEquipment 2024-04-30
COMPANY REGISTRATION NUMBER: SC730608
Frontier Digital Limited
Filleted Unaudited Financial Statements
For the year ended
30 April 2024
Frontier Digital Limited
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
5,181
7,440
Current assets
Debtors
6
128,398
130,702
Cash at bank and in hand
342,635
337,537
---------
---------
471,033
468,239
Creditors: amounts falling due within one year
7
86,183
128,859
---------
---------
Net current assets
384,850
339,380
---------
---------
Total assets less current liabilities
390,031
346,820
Provisions
934
---------
---------
Net assets
389,097
346,820
---------
---------
Capital and reserves
Called up share capital
9
2
2
Profit and loss account
389,095
346,818
---------
---------
Shareholders funds
389,097
346,820
---------
---------
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 31 January 2025 , and are signed on behalf of the board by:
Mr F A Davidson
Director
Company registration number: SC730608
Frontier Digital Limited
Notes to the Financial Statements
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 272 Bath Street, Glasgow, G2 4JR, 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. The financial statements are prepared in sterling, which is the functional currency of the entity. Going Concern The financial statements have been prepared on a going concern basis. The directors have assessed the Company's ability to continue as a going concern and have reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
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.
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:
Equipment
-
50% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a 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 assets, which include cash, 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. Basic financial liabilities, which include other creditors, 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. At each reporting date the company assesses whether there is objective evidence that any financial asset has been impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due. The amount of the provision is recognised immediately in profit or loss.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2023: 9 ).
5. Tangible assets
Equipment
£
Cost
At 1 May 2023
14,880
Additions
7,366
--------
At 30 April 2024
22,246
--------
Depreciation
At 1 May 2023
7,440
Charge for the year
9,625
--------
At 30 April 2024
17,065
--------
Carrying amount
At 30 April 2024
5,181
--------
At 30 April 2023
7,440
--------
6. Debtors
2024
2023
£
£
Trade debtors
87,678
128,700
Other debtors
40,720
2,002
---------
---------
128,398
130,702
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
298
Trade creditors
35,483
29,277
Corporation tax
20,917
Social security and other taxes
45,552
77,165
Other creditors
4,850
1,500
--------
---------
86,183
128,859
--------
---------
8. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions
934
----
----
The company has an unrecognised deferred tax liability of £nil (2023: £1,860) which has arisen from fixed asset timing differences.
9. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary A shares of £ 0.000002 each
1,000,000
2
1,000,000
2
Ordinary B shares of £ 0.000002 each
142,587
------------
----
------------
----
1,142,587
2
1,000,000
2
------------
----
------------
----
On 20 March 2024 142,857 Ordinary B shares with aggregate nominal value of £0.29 were issued for cash proceeds of £0.000002 per share.
10. Directors' advances, credits and guarantees
Included in debtors at year end is £2,375 (2023: £2,000) due from the directors. Included in creditors at year end is Nil(2023 is £1,500) due to the directors.
11. Share-based payments
Certain employees have been granted options to subscribe for shares in the company under share option scheme in the year:
Option Number Exercise Price Fair Value
EMI 285,714 £0.000002 £0.17
EMI 14,280 £0.07 £0.08
EMI 35,713 £0.29 £0.32
Details of the number and weighted average exercise prices (WAEP) of share options during the year are as follows:
No. WAEP
Outstanding at 1 May 0 0
Granted during the year 335,707 0.03
Cancelled during the year (142,857) (0.000002)
Exercised during the year (142,857) (0.000002)
Outstanding at 30 April 49,993 0.23
The total expense recognised in profit or loss for the period is as follows:
2024
£
Equity-settled share-based payments £4,482
The estimated fair values were calculated by applying the Black-Scholes option pricing model. The model inputs were
2024
Share price at grant date £0.08 - £0.32
Exercise price £10.000002 - £0.29
Expected volatility 70%
Expected life 10 years
Risk free interest rate 3.875%-4.2102%
Dividend yield 0%