Caseware UK (AP4) 2023.0.135 2023.0.135 2024-07-312024-07-31false2false2023-08-01The principal activity of the company is property development.2truetrue 10807091 2023-08-01 2024-07-31 10807091 2022-08-01 2023-07-31 10807091 2024-07-31 10807091 2023-07-31 10807091 c:Director1 2023-08-01 2024-07-31 10807091 d:CurrentFinancialInstruments 2024-07-31 10807091 d:CurrentFinancialInstruments 2023-07-31 10807091 d:CurrentFinancialInstruments d:WithinOneYear 2024-07-31 10807091 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 10807091 d:ShareCapital 2024-07-31 10807091 d:ShareCapital 2023-07-31 10807091 d:RetainedEarningsAccumulatedLosses 2024-07-31 10807091 d:RetainedEarningsAccumulatedLosses 2023-07-31 10807091 c:FRS102 2023-08-01 2024-07-31 10807091 c:Audited 2023-08-01 2024-07-31 10807091 c:FullAccounts 2023-08-01 2024-07-31 10807091 c:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 10807091 c:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 10807091 e:PoundSterling 2023-08-01 2024-07-31 iso4217:GBP xbrli:pure

Registered number: 10807091










FRONTIER ESTATES (HH) LTD










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2024

 
FRONTIER ESTATES (HH) LTD
 

CONTENTS



Page
Balance Sheet
 
1
Notes to the Financial Statements
 
2 - 7


 
FRONTIER ESTATES (HH) LTD
REGISTERED NUMBER: 10807091

BALANCE SHEET
AS AT 31 JULY 2024

2024
2023
Note
£
£

  

Current assets
  

Stocks
 4 
4,350,000
6,309,936

Debtors: amounts falling due within one year
 5 
175,512
14,807

Cash at bank and in hand
 6 
4,565
1,818

  
4,530,077
6,326,561

Creditors: amounts falling due within one year
 7 
(4,530,075)
(6,326,561)

Net current assets
  
 
 
2
 
 
-

Total assets less current liabilities
  
2
-

  

Net assets
  
2
-


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
-
(2)

Shareholders' funds
  
2
-


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 15 April 2025.




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

The notes on pages 2 to 7 form part of these financial statements.

Page 1

 
FRONTIER ESTATES (HH) 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 (10807091). The address of its registered office is 25 Oldbury Place, London, United Kingdom, W1U 5PN.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 proceeds from sale of property and is recognised on legal completion.

 
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

Borrowing costs incurred during the course of development of the property are capitalised within closing stock and other borrowing costs are recognised in the 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 (HH) 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 debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) 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 debtors due within the operating cycle fall into this category of financial instruments.
 
Page 3

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

2.Accounting policies (continued)


2.11
Financial instruments (continued)


Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is 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 creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors 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).

Page 4

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

4.


Stocks

2024
2023
£
£

Property under development
4,350,000
6,309,936



5.


Debtors

2024
2023
£
£

Other debtors
141,957
12,850

Prepayments and accrued income
33,555
1,957

175,512
14,807



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
4,565
1,818



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
1,656,019
3,074,535

Trade creditors
40,814
24,597

Amounts owed to group undertakings
2,827,242
2,994,779

Accruals and deferred income
6,000
232,650

4,530,075
6,326,561


Page 5

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

8.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
1,656,019
3,074,535


1,656,019
3,074,535


Bank loans
The company has two bank loans and the particulars of these loans are as follows:
The balance of £342,061 on the first bank loan was repaid in the year. Interest was charged at 6.5% over the Bank of England Base Rate to April 2024 and 5% over the Bank of England Base Rate thereafter. The interest was being paid in monthly instalments. The bank loan was 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 was 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.
The second bank loan is a Coronavirus Business Interruption Loan which has a balance outstanding at the yearend of £1,656,019. It was originally repayable in July 2024. The loan has been extended and is now repayable in January 2026. Interest was charged at 6.77% over the Bank of England Base Rate until July 2024 and 7.27% over the Bank of England Base Rate thereafter.  The interest was covered by the government in the first 12 months. Both government grant and interest payable for the first 12 months have been capitalised within the property development stock until practical completion in October 2023. The interest on the loan for the year that has been capitalised was £74,904. The loan is secured by a government guarantee.


9.


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.


10.


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.

Page 6

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

11.


Auditors' information

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

The audit report was signed on 15 April 2025 by Abdultaiyab Pisavadi BSC FCA (Senior Statutory Auditor) on behalf of Sumer Auditco Limited.

 
Page 7