Caseware UK (AP4) 2023.0.135 2023.0.135 2024-07-312024-07-312023-08-01falseThe principal activity of the company is property development.22truetrue 07601416 2023-08-01 2024-07-31 07601416 2022-08-01 2023-07-31 07601416 2024-07-31 07601416 2023-07-31 07601416 c:Director1 2023-08-01 2024-07-31 07601416 d:CurrentFinancialInstruments 2024-07-31 07601416 d:CurrentFinancialInstruments 2023-07-31 07601416 d:Non-currentFinancialInstruments 2024-07-31 07601416 d:Non-currentFinancialInstruments 2023-07-31 07601416 d:CurrentFinancialInstruments d:WithinOneYear 2024-07-31 07601416 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 07601416 d:Non-currentFinancialInstruments d:AfterOneYear 2024-07-31 07601416 d:Non-currentFinancialInstruments d:AfterOneYear 2023-07-31 07601416 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-07-31 07601416 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-07-31 07601416 d:ShareCapital 2024-07-31 07601416 d:ShareCapital 2023-07-31 07601416 d:RetainedEarningsAccumulatedLosses 2024-07-31 07601416 d:RetainedEarningsAccumulatedLosses 2023-07-31 07601416 c:FRS102 2023-08-01 2024-07-31 07601416 c:Audited 2023-08-01 2024-07-31 07601416 c:FullAccounts 2023-08-01 2024-07-31 07601416 c:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 07601416 c:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 07601416 e:PoundSterling 2023-08-01 2024-07-31 iso4217:GBP xbrli:pure

Registered number: 07601416










FRONTIER ESTATES (EG) LTD










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2024

 
FRONTIER ESTATES (EG) LTD
 

CONTENTS



Page
Balance Sheet
 
1
Notes to the Financial Statements
 
2 - 6


 
FRONTIER ESTATES (EG) LTD
REGISTERED NUMBER: 07601416

BALANCE SHEET
AS AT 31 JULY 2024

2024
2023
Note
£
£

  

Current assets
  

Stocks
 4 
2,844,007
2,785,648

Debtors: amounts falling due within one year
 5 
25,213
3,777

Cash at bank and in hand
 6 
384
19,478

  
2,869,604
2,808,903

Creditors: amounts falling due within one year
 7 
(2,117,920)
(2,797,748)

Net current assets
  
 
 
751,684
 
 
11,155

Total assets less current liabilities
  
751,684
11,155

Creditors: amounts falling due after more than one year
 8 
(767,000)
-

  

Net (liabilities)/assets
  
(15,316)
11,155


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
(15,318)
11,153

Shareholders' (deficit)/funds
  
(15,316)
11,155


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 12 March 2025.




................................................
A J Crowther
Director

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 
FRONTIER ESTATES (EG) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.


General information

The company is a private company limited by shares, and is incorporated in England and Wales (07601416). The address of its registered office is 25 Oldbury Place, London, United Kingdom, W1U 5PR.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

  
2.2

Going concern

The directors have prepared the financial statements on a going concern basis taking into account the current market position and prospects of the company and also the continued working capital support provided by the company's shareholders and principal creditor.

  
2.3

Turnover

Turnover comprises rent receivable net of VAT by the company and is recognised when it falls due.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

  
2.7

Stocks

Stock consists of property under development and is valued at the lower of cost and net realisable  value.

Page 2

 
FRONTIER ESTATES (EG) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

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.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due within the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Page 3

 
FRONTIER ESTATES (EG) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)


2.11
Financial instruments (continued)

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees




The average monthly number of employees, including directors, during the year was 2 (2023 - 2).


4.


Stocks

2024
2023
£
£

Property under development
2,844,007
2,785,648


Page 4

 
FRONTIER ESTATES (EG) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

5.


Debtors

2024
2023
£
£


Trade debtors
22,467
1,467

Prepayments and accrued income
2,746
2,310

25,213
3,777



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
384
19,478



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
-
767,000

Trade creditors
17,318
3,528

Amounts owed to group undertakings
2,085,954
2,008,619

Corporation tax
-
1,876

Other taxation and social security
186
2,178

Other creditors
10,462
10,547

Accruals and deferred income
4,000
4,000

2,117,920
2,797,748



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
767,000
-


Page 5

 
FRONTIER ESTATES (EG) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
-
767,000


Amounts falling due 2-5 years

Bank loans
767,000
-

767,000
767,000


The bank loan was originally repayable in April 2024. During the year, the loan was refinanced and the bank loan is now repayable in April 2029. Interest was charged at 6.5% over the Bank of England Base Rate to 25 April 2024 and 5% over the Bank of England Base Rate thereafter. The interest is being paid in monthly instalments. The bank loan is secured by a first ranking legal mortgage, a first ranking debenture and security over the shares. In addition, there is a cross company guarantee, with fellow subsidiaries, an interest guarantee limited to £2m until April 2024. Thereafter, the interest guarantee is limited to an amount equal to 18 months of interest on the loans refinanced. There is also a subordination agreement with regard to the debt due to the directors.


10.


Related party transactions

The Company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' not to disclose related party transactions between two or more wholly owned members of a group.


11.


Controlling party

The ultimate parent company is Frontier Estates Limited. The ultimate controlling parties throughout this and the previous period were the directors of the parent company.
The accounts of the company are consolidated within the accounts of the Frontier Estates Limited and a copy of the consolidated accounts can be obtained from the company's registered address at 25 Oldbury Place, London, W1U 5PN.


12.


Auditors' information

The audit report is unqualified. There are no matters to report.

The audit report was signed on 12 March 2025 by Abdultaiyab Pisavadi BSc FCA (Senior Statutory Auditor) on behalf of Sumer Auditco Limited.

 
Page 6