Registration number:
Frontier Technology Limited
for the Year Ended 31 December 2024
Frontier Technology Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Statement of Cash Flows |
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Notes to the Financial Statements |
Frontier Technology Limited
Company Information
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Directors |
Mr A Bradley Mr E Blacklock Mr J Crowe Mr J M Hodge |
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Registered office |
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Auditors |
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Frontier Technology Limited
Strategic Report for the Year Ended 31 December 2024
The directors present their strategic report for the year ended 31 December 2024.
Principal activity
The principal activity of the company is the supply of information technology services.
Fair review of the business
Turnover for the financial year amounted to £4,188,371 (2023: £4,324,150). The Company earned a profit after taxation totalling £122,950 (2023: profit £135,788).
The net current asset position of the Company as at the financial year end amounted to £567,586 (2023: net current asset £460,023).
The net asset position of the Company as at the financial year end amounted to £689,892 (2023: net asset £566,942).
Principal risks and uncertainties
Market risk
The industry in which the Company operates is competitive and challenging, however the directors have detailed knowledge and experience in this sector.
Fraud risk
The risk is mitigated by maintaining segregation of duties for receipt of funds and payment of creditors. The directors have put processes in place to ensure that detailed checking is carried out at all stages to ensure the accuracy and validity of all transactions.
Liquidity risk
It is felt that the Company has adequate cash to meet its day-to-day operations going forward and the Company is part of a larger group organisation, so can avail of group resources as and when needed.
Approved and authorised by the
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Frontier Technology Limited
Directors' Report for the Year Ended 31 December 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
Directors of the company
The directors who held office during the year were as follows:
Strategic aims
Objectives and policies
The Company’s objective is to provide IT services as a partner of its customers in the transition to the cloud with an emphasis on IT infrastructure consultancy and cloud services.
Frontier Technology Limited has continued with the strategic aim to grow organically, building the business on its existing solid foundations, and working with clients as their trusted IT partner. The Company remains focused on service offerings to ensure its class-leading status.
Future developments
There are no plans to materially change the Company's activities in the future.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved and authorised by the
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Frontier Technology Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Frontier Technology Limited
Independent Auditor's Report to the Members of Frontier Technology Limited
Opinion
We have audited the financial statements of Frontier Technology Limited (the 'company') for the year ended 31 December 2024, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Frontier Technology Limited
Independent Auditor's Report to the Members of Frontier Technology Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities [set out on page 4], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Frontier Technology Limited
Independent Auditor's Report to the Members of Frontier Technology Limited
Discussions with and enquiries of management and those charged with governance were held with a view to identify those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.
The following laws and regulations were identified as being of significance to the entity:
• Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation, and distributable profits legislation.
• Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include health and safety legislation, employment law and GDPR.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
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For and on behalf of
Becket House
36 Old Jewry
EC2R 8DD
Frontier Technology Limited
Profit and Loss Account for the Year Ended 31 December 2024
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Note |
2024 |
2023 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Operating profit |
45,849 |
115,192 |
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Other interest receivable and similar income |
- |
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Interest payable and similar expenses |
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83,021 |
13,714 |
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Profit before tax |
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Tax on profit |
( |
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Profit for the financial year |
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The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Frontier Technology Limited
Statement of Comprehensive Income for the Year Ended 31 December 2024
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2024 |
2023 |
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Profit for the year |
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Total comprehensive income for the year |
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Frontier Technology Limited
(Registration number: 05169792)
Balance Sheet as at 31 December 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
- |
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Net assets |
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Capital and reserves |
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Called up share capital |
800 |
800 |
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Share premium reserve |
19,380 |
19,380 |
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Retained earnings |
669,712 |
546,762 |
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Shareholders' funds |
689,892 |
566,942 |
Approved and authorised by the
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Frontier Technology Limited
Statement of Changes in Equity for the Year Ended 31 December 2024
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Share capital |
Share premium |
Retained earnings |
Total |
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At 1 January 2024 |
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Profit for the year |
- |
- |
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At 31 December 2024 |
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Share capital |
Share premium |
Retained earnings |
Total |
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At 1 January 2023 |
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Profit for the year |
- |
- |
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At 31 December 2023 |
800 |
19,380 |
546,762 |
566,942 |
Frontier Technology Limited
Statement of Cash Flows for the Year Ended 31 December 2024
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Note |
2024 |
2023 |
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Cash flows from operating activities |
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Profit for the year |
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Adjustments to cash flows from non-cash items |
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Depreciation and amortisation |
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Finance income |
- |
( |
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Income tax expense |
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( |
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Working capital adjustments |
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Increase in trade debtors |
( |
( |
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Increase in trade creditors |
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Cash generated from operations |
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( |
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Income taxes received |
- |
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Net cash flow from operating activities |
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( |
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Cash flows from investing activities |
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Interest received |
- |
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Acquisitions of tangible assets |
( |
( |
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Net cash flows from investing activities |
( |
( |
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Net increase/(decrease) in cash and cash equivalents |
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( |
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Cash and cash equivalents at 1 January |
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Cash and cash equivalents at 31 December |
249,654 |
76,260 |
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Frontier Technology Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Frontier Technology Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Tax
The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Plant and machinery |
Straight line basis over 6 years |
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Office equipment |
Straight line basis over 4 years |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Frontier Technology Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
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Turnover |
The analysis of the company's Turnover for the year from continuing operations is as follows:
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2024 |
2023 |
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Rendering of services |
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Operating profit |
Arrived at after charging/(crediting)
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2024 |
2023 |
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Depreciation expense |
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Other interest receivable and similar income |
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2024 |
2023 |
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Other finance income |
- |
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Interest payable and similar expenses |
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2024 |
2023 |
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Foreign exchange (gains)/losses |
( |
( |
Frontier Technology Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
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2024 |
2023 |
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Wages and salaries |
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Social security costs |
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Pension costs, defined contribution scheme |
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Other employee expense |
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The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
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2024 |
2023 |
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Production |
- |
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Administration and support |
- |
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- |
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Auditors' remuneration |
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2024 |
2023 |
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Audit of the financial statements |
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Taxation |
Tax charged/(credited) in the profit and loss account
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2024 |
2023 |
|
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Current taxation |
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UK corporation tax |
- |
( |
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Deferred taxation |
||
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Arising from origination and reversal of timing differences |
|
- |
|
Arising from changes in tax rates and laws |
- |
( |
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Total deferred taxation |
|
( |
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Tax expense/(receipt) in the income statement |
|
( |
Deferred tax
Frontier Technology Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Tangible assets |
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Plant and machinery |
Office equipment |
Total |
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Cost or valuation |
|||
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At 1 January 2024 |
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Additions |
|
- |
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Disposals |
( |
( |
( |
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Transfers |
( |
|
- |
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At 31 December 2024 |
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Depreciation |
|||
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At 1 January 2024 |
|
|
|
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Charge for the year |
|
( |
|
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Eliminated on disposal |
( |
( |
( |
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At 31 December 2024 |
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Carrying amount |
|||
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At 31 December 2024 |
|
|
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At 31 December 2023 |
|
|
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Debtors |
|
Current |
Note |
2024 |
2023 |
|
Trade debtors |
|
|
|
|
Amounts owed by related parties |
|
|
|
|
Other debtors |
|
- |
|
|
Prepayments |
|
|
|
|
Accrued income |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
2024 |
2023 |
|
|
Cash at bank |
|
|
Frontier Technology Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Creditors |
|
Note |
2024 |
2023 |
|
|
Due within one year |
|||
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Trade creditors |
|
|
|
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Amounts due to related parties |
|
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Social security and other taxes |
|
|
|
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Outstanding defined contribution pension costs |
- |
|
|
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Other payables |
- |
|
|
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Accruals |
|
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|
|
|
|
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Provisions for liabilities |
|
Deferred tax |
Total |
|
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Additional provisions |
|
|
|
At 31 December 2024 |
|
|
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Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £Nil (2023 - £
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Share capital |
Allotted, called up and fully paid shares
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
800.00 |
|
800.00 |
Frontier Technology Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Dividends |
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Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
The most senior parent entity producing publicly available financial statements is