Company registration number 02378538 (England and Wales)
J.C.FROST & CO. (HOLDINGS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
J.C.FROST & CO. (HOLDINGS) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
J.C.FROST & CO. (HOLDINGS) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
12,405
9,932
Investments
5
413,318
490,265
425,723
500,197
Current assets
Debtors
7
1,345,432
990,002
Cash at bank and in hand
355,134
728,615
1,700,566
1,718,617
Creditors: amounts falling due within one year
8
(411,415)
(621,943)
Net current assets
1,289,151
1,096,674
Total assets less current liabilities
1,714,874
1,596,871
Capital and reserves
Called up share capital
500,000
500,000
Share premium account
156,225
156,225
Profit and loss reserves
1,058,649
940,646
Total equity
1,714,874
1,596,871

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

The financial statements were approved by the board of directors and authorised for issue on 24 June 2025 and are signed on its behalf by:
J.P.C. Frost
Director
Company Registration No. 02378538
J.C.FROST & CO. (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

J.C.Frost & Co. (Holdings) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 55 Station Road, Beaconsfield, Buckinghamshire, United Kingdom, HP9 1QL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The directors have a reasonable expectation that the company and the group will have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.true

1.3
Turnover

Turnover represents amounts receivable for estate agency services provided in the U.K. net of VAT and management fee income.

 

Turnover is recognised on exchange of contracts or occupation of a let property.

 

Management fee income is recognised in the month they relate to and are invoiced on this basis.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Customer Lists
5 years
J.C.FROST & CO. (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
Shorter of term of the lease or 4 years
Office equipment, furniture and fittings
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.7
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.

Classification of 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 deducting all of its liabilities.

J.C.FROST & CO. (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.11
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.12
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

J.C.FROST & CO. (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
26
23
3
Intangible fixed assets
Goodwill
Customer Lists
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
300,000
125,000
425,000
Amortisation and impairment
At 1 April 2023 and 31 March 2024
300,000
125,000
425,000
Carrying amount
At 31 March 2024
-
0
-
0
-
0
At 31 March 2023
-
0
-
0
-
0
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2023
205,846
121,741
327,587
Additions
-
0
9,448
9,448
At 31 March 2024
205,846
131,189
337,035
Depreciation and impairment
At 1 April 2023
204,307
113,348
317,655
Depreciation charged in the year
1,539
5,436
6,975
At 31 March 2024
205,846
118,784
324,630
Carrying amount
At 31 March 2024
-
0
12,405
12,405
At 31 March 2023
1,539
8,393
9,932
J.C.FROST & CO. (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
5
Fixed asset investments
2024
2023
£
£
Investments
413,318
490,265

 

Movements in fixed asset investments
Shares in group undertakings
Other investments
Total
£
£
£
Cost or valuation
At 1 April 2023 & 31 March 2024
413,318
76,947
490,265
Impairment
At 1 April 2023
-
-
-
Disposals
-
76,947
76,947
At 31 March 2024
-
76,947
76,947
Carrying amount
At 31 March 2024
413,318
-
413,318
At 31 March 2023
413,318
76,947
490,265
6
Subsidiaries

These financial statements are separate company financial statements for J. C. Frost & Co. (Holdings) Limited.

Details of the company's subsidiaries at 31 March 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
J.C. Frost & Co. (Ashford) Ltd
UK
Ordinary
100.00
J.C. Frost & Co. (Beaconsfield) Ltd
UK
Ordinary
100.00
J.C. Frost & Co. (Burnham) UK Ltd
UK
Ordinary
100.00
J.C. Frost & Co. (Gerrards Cross) Ltd
UK
Ordinary
88.00
The Frost Partnership (Berkshire) Limited
UK
Ordinary
100.00
J.C. Frost & Co. (Windsor) Ltd
UK
Ordinary
100.00
J.C. Frost & Co. Executive Rentals (Windsor) Ltd
UK
Ordinary
100.00
J.C. Frost & Co. Surveyors (Thames Valley) Ltd
UK
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
J.C.FROST & CO. (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
6
Subsidiaries
(Continued)
- 7 -
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
J.C. Frost & Co. (Ashford) Ltd
229,283
(238,667)
0
J.C. Frost & Co. (Burnham) UK Ltd
108,171
171
J.C. Frost & Co. (Gerrards Cross) Ltd
345,693
(334,418)
0
The Frost Partnership (Berkshire) Limited
285,976
1,266
J.C. Frost & Co. (Windsor) Ltd
131,387
(10,822)
0
J.C. Frost & Co. Executive Rentals (Windsor) Ltd
279,940
-
0
J.C. Frost & Co. Surveyors (Thames Valley) Ltd
66,189
(48,226)
0
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
77,830
82,553
Corporation tax recoverable
126,117
126,117
Amounts owed by group undertakings
901,008
473,246
Other debtors
240,477
308,086
1,345,432
990,002
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
222,970
285,687
Taxation and social security
86,679
127,689
Other creditors
101,766
208,567
411,415
621,943
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
152,772
238,859
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