ACCOUNTS - Final Accounts

An analysis of turnover by class of business is as follows:

Registered number: 03160388

FRONTIER ESTATES LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

FRONTIER ESTATES LIMITED

COMPANY INFORMATION

Directors	A Eldred
	A J Crowther
	M G A Mansell


Company secretary	A Eldred


Registered number	03160388


Registered office	25 Oldbury Place
	London
	W1U 5PN


Independent auditors	Sumer Auditco Limited
	Chartered Accountants & Statutory Auditors
	14th Floor
	33 Cavendish Square
	London
	W1G 0PW

FRONTIER ESTATES LIMITED

CONTENTS

	Page
Group strategic report	1 - 2
Directors' report	3 - 4
Independent auditors' report	5 - 8
Consolidated profit and loss account	9
Consolidated balance sheet	10
Company balance sheet	11
Consolidated statement of changes in equity	12
Company statement of changes in equity	13
Consolidated statement of cash flows	14
Consolidated analysis of net debt	15
Notes to the financial statements	16 - 33

FRONTIER ESTATES LIMITED

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 JULY 2025

Introduction

The Directors present their report and financial statements for the year ended 31st July 2025.

Business review

Frontier Estates Limited is the holding company for the Frontier Estates Limited group of companies "the group". Frontier Estates Limited is a property developer in many sectors of the property market including healthcare, offices, industrial, food stores, residential, student accommodation and hotels.

With extensive knowledge and experience obtained over thirty years, from over 200 sites, the group undertakes the role of a property developer through each stage of the development process.

This includes; identifying the site, obtaining planning consent, identifying tenants and occupiers, construction and sale of the completed investment. It has been a disappointing year for the group. An increase in build costs have significantly impacted on developers’ appetite for buying sites. There has also been a poor economic climate as well as continuing political related uncertainties.

Principal risks and uncertainties

Financial Risk

The group is exposed to an interest rate risk on its borrowings and loans. In order to mitigate the financial risk, the group ensures that a robust due diligence process is undertaken when assessing financial partners, lenders and terms of finance.

Credit Risk

The group is subject to minimal credit risk as it examines this thoroughly. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

Liquidity Risk

The group maintains debt finance that ensures that the group has sufficient funds available for operations. To mitigate this risk the group monitors levels of loan and debt finance and the costs involved.

Market Risk
The economic volatility in the world financial markets following the year end has resulted in uncertainty in the real estate sector, which has caused delays in decision making by potential stakeholders. Although this has had an impact on the Group’s activity, the directors believe that the Group is well placed to benefit quickly from any upturn.

Page 1

FRONTIER ESTATES LIMITED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2025

Financial key performance indicators

During the year turnover fell by 15% to £19.9m (2024: £23.3m), due to less site sales than the previous year. Direct costs decreased by 7% and so gross profit for the year decreased to £336k (2024: £2.3m). As of 31 July 2025, the group had 10 sites under development (2024: 14).

Administrative expenses in the year were £5.9m (2024: £8.1m) and an operating loss of £5.5m was made (2024: £4.8m). The results for the year are shown on the Consolidated Profit and Loss Account on page 9.

Since July 2025 the group has been actively seeking to expand its portfolio of sites. The group is well positioned to achieve its objective of providing high quality developments in many leading market sectors.

This report was approved by the board on 4 June 2026 and signed on its behalf.

A J Crowther

Director

Page 2

FRONTIER ESTATES LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 JULY 2025

The directors present their report and the financial statements for the year ended 31 July 2025.

Principal activity

The principal activity of the company and the group was that of the provision of services relating to the development and trading of property.

Directors

The directors who served during the year were:

A Eldred

A J Crowther

M G A Mansell

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the Group and of the profit or loss of the Group for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Group's financial statements and then apply them consistently;

∙make judgements and accounting estimates that are reasonable and prudent;

∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The loss for the year, after taxation, amounted to £5,878,530 (2024 - loss £5,414,046).

Political contributions

During the year the company donated £Nil (2024: £2,500) to the Mid Sussex Conservative Association.

Page 3

FRONTIER ESTATES LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2025

Future developments

The directors have indicated that the group will continue in property development and are seeking wider opportunities.

Matters covered in the strategic report

Principal risks and uncertainties are covered in the Strategic Report.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Going concern

The directors believe that the Company and the Group have adequate resources to meet their liabilities as they fall due for payment for at least 12 months from the date of approval of these financial statements. Consequently, the going concern basis of accounting has been adopted in preparing these financial statements.

Auditors

The auditors, Sumer Auditco Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 4 June 2026 and signed on its behalf.

A J Crowther

Director

Page 4

FRONTIER ESTATES LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FRONTIER ESTATES LIMITED

Opinion

We have audited the financial statements of Frontier Estates Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 July 2025, which comprise the Consolidated profit and loss account, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, 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 Group's and of the parent Company's affairs as at 31 July 2025 and of the Group's loss 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 directors' 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 Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are 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.

Page 5

FRONTIER ESTATES LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FRONTIER ESTATES LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

∙the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Group strategic report and the 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 the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

∙adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or

∙the parent Company 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.

Page 6

FRONTIER ESTATES LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FRONTIER ESTATES LIMITED (CONTINUED)

Responsibilities of directors

As explained more fully in the Directors' responsibilities statement set out on page 3, 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 Auditors' 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 Group financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Based on our understanding of the Group and industry, we identified and assessed the risks of material misstatements, including fraud and non-compliance with laws and regulations that could be expected to have a material impact on the financial statements. We also enquired of management and those charged with governance about their own identification and assessment of the risks of irregularities. 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.

We obtained an understanding of the legal and regulatory frameworks that the Group operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, UK financial reporting standards and Tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Group's ability to operate or to avoid a material penalty.

As a result of performing the above, we considered the opportunities and incentives that may exist within the organisation. We also evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls).

Page 7

FRONTIER ESTATES LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FRONTIER ESTATES LIMITED (CONTINUED)

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised 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; inspection of relevant legal correspondence; obtaining an understanding of the policies and controls over the recognition of income and testing their implementation during the year; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; challenging assumptions and judgements made by management in their significant accounting estimates; and the performance of analytical procedures 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).

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 Auditors' 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.

Abdultaiyab Pisavadi BSc FCA (Senior statutory auditor)

for and on behalf of

Sumer Auditco Limited

Chartered Accountants

Statutory Auditors

14th Floor

33 Cavendish Square

London

W1G 0PW

4 June 2026

Page 8

FRONTIER ESTATES LIMITED

CONSOLIDATED PROFIT AND LOSS ACCOUNT

FOR THE YEAR ENDED 31 JULY 2025

	2025	2024
Note	£	£


Turnover	4	19,879,809	23,319,337
Cost of sales		(19,543,370)	(21,022,665)
Gross profit		336,439	2,296,672
Administrative expenses		(5,848,503)	(8,057,122)
Other operating income	5	71,766	140,432
Exceptional other operating income		-	841,675
Operating loss		(5,440,298)	(4,778,343)
Interest receivable and similar income		17,563	14,819
Interest payable and similar expenses	10	(455,795)	(612,090)
Loss before tax		(5,878,530)	(5,375,614)
Tax on loss	11	-	(38,432)
Loss for the financial year		(5,878,530)	(5,414,046)

Loss for the year attributable to:
Owners of the parent	(5,878,530)	(5,414,046)
	(5,878,530)	(5,414,046)

There are no items of other comprehensive income for 2025 or 2024 other than the loss for the year. As a result, no separate Statement of comprehensive income has been presented.

The notes on pages 16 to 33 form part of these financial statements.

Page 9

FRONTIER ESTATES LIMITED

REGISTERED NUMBER: 03160388

CONSOLIDATED BALANCE SHEET

AS AT 31 JULY 2025

		2025		2024
Note		£		£

Fixed assets
Intangible assets	13		28,435		28,435
Tangible assets	14		573,990		847,825
			602,425		876,260
Current assets
Stocks	16	13,726,758		23,044,070
Debtors: amounts falling due within one year	17	14,111,255		17,939,887
Cash at bank and in hand	18	273,700		489,731
		28,111,713		41,473,688
Creditors: amounts falling due within one year	19	(4,773,467)		(7,783,798)
Net current assets			23,338,246		33,689,890
Total assets less current liabilities			23,940,671		34,566,150
Creditors: amounts falling due after more than one year	20		(2,546,000)		(4,202,019)
Provisions for liabilities
Net assets			21,394,671		30,364,131

Capital and reserves
Called up share capital	23	1,298	1,298
Profit and loss account	24	21,393,373	30,362,833
Equity attributable to owners of the parent Company		21,394,671	30,364,131

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 4 June 2026.

A J Crowther

Director

The notes on pages 16 to 33 form part of these financial statements.

Page 10

FRONTIER ESTATES LIMITED

REGISTERED NUMBER: 03160388

COMPANY BALANCE SHEET

AS AT 31 JULY 2025

		2025		2024
Note		£		£

Fixed assets
Tangible assets	14		573,990		847,825
Investments	15		196		324
			574,186		848,149
Current assets
Debtors: amounts falling due within one year	17	23,181,199		34,206,004
Cash at bank and in hand	18	222,943		317,717
		23,404,142		34,523,721
Creditors: amounts falling due within one year	19	(2,952,234)		(6,491,974)
Net current assets			20,451,908		28,031,747
Total assets less current liabilities			21,026,094		28,879,896


Net assets			21,026,094		28,879,896

Capital and reserves
Called up share capital	23		1,298		1,298
Profit and loss account brought forward		28,878,598		31,157,842
Loss for the year		(4,762,872)		(2,279,244)
Other changes in the profit and loss account		(3,090,930)		-
Profit and loss account carried forward			21,024,796		28,878,598
			21,026,094		28,879,896

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 4 June 2026.

A J Crowther

Director

The notes on pages 16 to 33 form part of these financial statements.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and Loss Account in these financial statements. The loss after tax of the parent Company for the year was £4,781,291 (2024: £2,279,244).

Page 11

FRONTIER ESTATES LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 JULY 2025

	Called up share capital	Profit and loss account	Equity attributable to owners of parent Company	Total equity
	£	£	£	£
At 1 August 2024	1,298	30,362,833	30,364,131	30,364,131
Comprehensive income for the year
Loss for the year	-	(5,878,530)	(5,878,530)	(5,878,530)
Contributions by and distributions to owners
Dividends: Equity capital	-	(3,090,930)	(3,090,930)	(3,090,930)
At 31 July 2025	1,298	21,393,373	21,394,671	21,394,671

The notes on pages 16 to 33 form part of these financial statements.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 JULY 2024

	Called up share capital	Profit and loss account	Equity attributable to owners of parent Company	Total equity
	£	£	£	£
At 1 August 2023	1,298	35,776,879	35,778,177	35,778,177
Comprehensive income for the year
Loss for the year	-	(5,414,046)	(5,414,046)	(5,414,046)
At 31 July 2024	1,298	30,362,833	30,364,131	30,364,131

The notes on pages 16 to 33 form part of these financial statements.

Page 12

FRONTIER ESTATES LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 JULY 2025

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 August 2024	1,298	28,878,598	28,879,896

Loss for the year	-	(4,762,872)	(4,762,872)
Contributions by and distributions to owners
Dividends: Equity capital	-	(3,090,930)	(3,090,930)
At 31 July 2025	1,298	21,024,796	21,026,094

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 JULY 2024

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 August 2023	1,298	31,157,842	31,159,140

Loss for the year	-	(2,279,244)	(2,279,244)
At 31 July 2024	1,298	28,878,598	28,879,896

The notes on pages 16 to 33 form part of these financial statements.

Page 13

FRONTIER ESTATES LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 JULY 2025

			2025	2024
			£	£

Cash flows from operating activities
Loss for the financial year	(5,878,530)	(5,414,046)
Adjustments for:
Depreciation of tangible assets	230,076	261,787
Loss on disposal of tangible assets	20,382	-
Interest paid	455,795	612,090
Interest received	(17,563)	(14,819)
Taxation charge	-	38,432
Decrease in stocks	9,317,312	7,644,161
Decrease in debtors	3,780,888	3,910,776
(Decrease) in creditors	(3,878,446)	(5,765,045)
Corporation tax received/(paid)	47,744	(546,575)
(Profit)/ Loss on disposal of subsidiary	-	(841,675)
Net cash generated from operating activities	4,077,658	(114,914)
Cash flows from investing activities
Purchase of tangible fixed assets	(12,623)	(187,004)
Sale of tangible fixed assets	36,000	-
Interest received	17,563	14,819
Sale of unlisted shares	-	841,675
Net cash from investing activities	40,940	669,490
Cash flows from financing activities
New secured loans	-	4,202,019
Repayment of loans	(787,904)	(5,620,535)
Dividends paid	(3,090,930)	-
Interest paid	(455,795)	(612,090)
Net cash used in financing activities	(4,334,629)	(2,030,606)
Net (decrease) in cash and cash equivalents	(216,031)	(1,476,030)
Cash and cash equivalents at beginning of year	489,731	1,965,761
Cash and cash equivalents at the end of year	273,700	489,731

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	273,700	489,731
	273,700	489,731

The notes on pages 16 to 33 form part of these financial statements.

Page 14

FRONTIER ESTATES LIMITED

CONSOLIDATED ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 31 JULY 2025


At 1 August 2024	Cash flows	Other non-cash changes	At 31 July 2025
£	£	£	£

Cash at bank and in hand	489,731	(216,031)	-	273,700
Debt due after 1 year	(4,202,019)	787,904	868,115	(2,546,000)
Debt due within 1 year	-	-	(868,115)	(868,115)
	(3,712,288)	571,873	-	(3,140,415)

The notes on pages 16 to 33 form part of these financial statements.

Page 15

FRONTIER ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

1.	General information

The company is a private company limited by shares, and is incorporated in England and Wales. 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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and loss account in these financial statements.

Parent company disclosure exemption

In preparing the separate financial statements of the parent company, advantage has been taken of the following disclosure exemptions available to qualifying entities:

• Only one reconciliation of the number of shares outstanding at the beginning and end of the period has been presented as the reconciliations for the group and the parent company would be identical;
• No cash flow statement or net debt reconciliation has been presented for the parent company; and
• No disclosure has been given for the aggregate remuneration of the directors of the parent company as their remuneration is identical to that of the group.

The following principal accounting policies have been applied:

2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated profit and loss account from the date on which control is obtained. They are deconsolidated from the date control ceases.

In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 August 2015.

2.3

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 group and company.

Page 16

FRONTIER ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

2.Accounting policies (continued)

2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Group has transferred the significant risks and rewards of ownership to the buyer;

∙the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of turnover can be measured reliably;

∙it is probable that the Group will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of turnover can be measured reliably;

∙it is probable that the Group will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.5

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated profit and loss account over its useful economic life.

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 17

FRONTIER ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

2.Accounting policies (continued)

2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Short-term leasehold property	-	Straight line over lease term
Motor vehicles	-	25% Reducing balance
Fixtures and fittings	-	Straight line over 3 or 5 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.8

Stocks

Stocks consist of property under development and are valued at the lower of cost and net realisable value.

2.9

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.

2.10

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.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

Page 18

FRONTIER ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

2.Accounting policies (continued)

2.11

Financial instruments

The Group 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 Group's Balance sheet when the Group 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 Group's cash and cash equivalents, trade and most other debtors 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 instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies 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 Group 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 Group will continue to recognise the value of the portion of the risks and rewards retained.

Page 19

FRONTIER ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

2.Accounting policies (continued)

2.11

Financial instruments (continued)

Derecognition of financial liabilities

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

2.12

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.

2.13

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2.15

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 20

FRONTIER ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

2.Accounting policies (continued)

2.16

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

2.17

Borrowing costs

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

2.18

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 and the Group operate and generate income.

2.19

Construction contracts

When the outcome of a contract can be measured reliably, the entity will recognise both income and costs by reference to the percentage of completion of the contract. This is normally measured by the proportion of the contract costs incurred for work performed to date compared to the estimated contract costs, except, where this would not be representative of the stage of completion. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably, and its receipt is considered probable.

If the outcome cannot be reliably measured, all costs are expensed and revenue is only recognised to the extent that it is probable that costs are recoverable.

When it is probable that a loss will occur on a contract, this is recognised in full immediately as an onerous contract provision.

2.20

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.

Page 21

FRONTIER ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The group makes estimates and assumptions concerning the future. Actual results may differ from these estimates. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Property valuation

The valuation of property held as stock involves significant judgement. Property stock is measured at the lower of cost and net realisable value. In assessing net realisable value, the directors estimate expected selling prices by reference to current market conditions, recent comparable transactions and the condition of the properties, together with estimated costs to complete and sell. Due to the inherent uncertainty in property market conditions, actual outcomes may differ from these estimates and changes in assumptions could result in adjustments to the carrying value of property stock in future periods.

Contract income	763,859	9,514,444
Property sales	19,112,950	13,510,069
Recharged income	3,000	294,824
	19,879,809	23,319,337

All turnover arose within the United Kingdom.

5.	Other operating income
		2025	2024
		£	£

	Net rents receivable	71,766	140,432

Page 22

FRONTIER ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements	53,500	42,500
Fees payable to the Company's auditors in respect of:
The auditing of accounts of subsidiaries of the Company	101,700	113,500
All non-audit services not included above	61,550	80,548

7.	Employees
	Staff costs, including directors' remuneration, were as follows:

Group	Group	Company	Company
2025	2024	2025	2024
£	£	£	£


Wages and salaries	2,070,569	2,673,917	2,070,569	2,673,917
Social security costs	276,501	349,032	276,501	349,032
Cost of defined contribution scheme	17,228	21,323	17,228	21,323
	2,364,298	3,044,272	2,364,298	3,044,272

The average monthly number of employees, including the directors, during the year was as follows:

	Group	Group	Company	Company
	2025	2024	2025	2024
	No.	No.	No.	No.

Directors	3	3	3	3
Employees	14	17	14	17

	17	20	17	20

8.	Directors' remuneration
		2025	2024
		£	£

	Directors' emoluments	182,189	211,729

The highest paid director received remuneration of £150,000 (2024 - £150,000).

Page 23

FRONTIER ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

9.	Income from investments
	During the year, the company received dividends of £4,192,128 (2024: £6,335,085) from subsidiaries.

10.	Interest payable and similar expenses
		2025	2024
		£	£

Bank interest payable	379,104	534,793
Other loan interest payable	60,000	60,000
Other interest payable	16,691	17,297
	455,795	612,090

Corporation tax
Adjustments in respect of previous periods	-	38,432
Total current tax	-	38,432

Page 24

FRONTIER ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

11.Taxation (continued)

Loss on ordinary activities before tax

(5,878,530)

(5,375,614)

Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	(1,469,633)	(1,343,904)
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	222,228	268,783
Capital allowances for year in excess of depreciation	49,012	54,225
Adjustments to tax charge in respect of prior periods	-	38,432
Book profit on sale of investment	-	(210,419)
Unrelieved tax losses carried forward	1,198,393	1,231,315
Total tax charge for the year	-	38,432

12.	Exceptional items
		2025	2024
		£	£

Profit on disposal of subsidiary

841,675

Page 25

FRONTIER ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

13.	Intangible assets
	Group and Company

		Goodwill
		£
	Cost
	At 1 August 2024	105,000
	At 31 July 2025	105,000
	Amortisation
	At 1 August 2024	76,565
	At 31 July 2025	76,565
	Net book value
	At 31 July 2025	28,435
	At 31 July 2024	28,435

Page 26

FRONTIER ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

14.	Tangible fixed assets
	Group and Company

	Short Leasehold Property	Motor vehicles	Fixtures, fittings & equipment	Total
	£	£	£	£
Cost or valuation
At 1 August 2024	377,474	548,480	678,307	1,604,261
Additions	-	-	12,623	12,623
Disposals	-	(81,616)	(6,679)	(88,295)
At 31 July 2025	377,474	466,864	684,251	1,528,589
Depreciation
At 1 August 2024	106,031	191,764	458,641	756,436
Charge for the year on owned assets	25,862	80,215	123,998	230,075
Disposals	-	(25,233)	(6,679)	(31,912)
At 31 July 2025	131,893	246,746	575,960	954,599
Net book value
At 31 July 2025	245,581	220,118	108,291	573,990
At 31 July 2024	271,443	356,716	219,666	847,825

15.	Fixed asset investments

	Company

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 August 2024	324
	Disposals	(128)
	At 31 July 2025	196

Page 27

FRONTIER ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025


The following were subsidiary undertakings of the Company:
Name	Principal activity	Class of shares	Holding

Frontier Estates (BB) Ltd**	Property Development	Ordinary	100
Frontier Estates (BNSL) Ltd	Property Development	Ordinary	100
Frontier Estates (Boston) Ltd	Property Development	Ordinary	100
Frontier Estates (BSN) Ltd	Property Development	Ordinary	100
Frontier Estates (BSNH) Ltd	Property Development	Ordinary	100
Frontier Estates (BSNN) Ltd**	Property Development	Ordinary	100
Frontier Estates (Chard) Ltd	Property Development	Ordinary	100
Frontier Estates (Dean) Ltd	Property Development	Ordinary	100
Frontier Estates (EG) Ltd	Property Development	Ordinary	100
Frontier Estates (Ford) Ltd	Dormant	Ordinary	100
Frontier Estates (Forth) Ltd	Property Development	Ordinary	100
Frontier Estates (Frome) Ltd	Property Development	Ordinary	100
Frontier Estates (Hamp) Ltd**	Property Development	Ordinary	100
Frontier Estates (Hass) Ltd	Property Development	Ordinary	100
Frontier Estates (HF) Ltd	Property Development	Ordinary	100
Frontier Estates (HH) Ltd	Property Development	Ordinary	100
Frontier Estates (Kin) Ltd	Property Development	Ordinary	100
Frontier Estates (LH) Ltd	Dormant	Ordinary	100
Frontier Estates (Mal) Ltd	Dormant	Ordinary	100
Frontier Estates (Mal Care) Ltd	Dormant	Ordinary	100
Frontier Estates (Mar) Ltd	Property Development	Ordinary	100
Frontier Estates (Mering) Ltd**	Property Development	Ordinary	100
Frontier Estates (Parklands) Ltd	Property Development	Ordinary	100
Frontier Estates (PB) Ltd	Dormant	Ordinary	100
Frontier Estates (PR) Ltd	Dormant	Ordinary	100
Frontier Estates (San) Ltd	Property Development	Ordinary	100
Frontier Estates (Shef) Ltd	Property Development	Ordinary	100
Frontier Estates (Sea) Ltd	Dormant	Ordinary	100
Frontier Estates (Sol) Ltd	Dormant	Ordinary	100
Frontier Estates (South) Ltd	Property Development	Ordinary	100
Frontier Estates (Southwark) Ltd	Property Development	Ordinary	100
Frontier Estates (Stam) Ltd	Property Development	Ordinary	100
Frontier Estates (Stratford) Ltd	Property Development	Ordinary	100
Frontier Estates (Taplow) Ltd	Property Development	Ordinary	100
Frontier Estates (Ten) Ltd	Property Development	Ordinary	100
Frontier Estates (Tru) Ltd	Property Development	Ordinary	100
Frontier Estates (Wat) Ltd**	Property Development	Ordinary	100
Frontier Estates (Watling) Ltd	Dormant	Ordinary	100
Frontier Estates (West) Ltd	Dormant	Ordinary	100
Frontier Estates (Weston) Ltd	Dormant	Ordinary	100
Frontier Estates (Wheatley) Ltd	Property Development	Ordinary	100
FE BSN Care Dev Co Ltd **	Property Development	Ordinary	100
FE BSN Local Dev Co Ltd	Dormant	Ordinary	100
FE BSN Surgery Dev Co Ltd	Property Development	Ordinary	100
FE BS Man Co Ltd	Dormant	Ordinary	100
FE Iwade Dev Co Ltd**	Dormant	Ordinary	100

Page 28

FRONTIER ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

(continued)

Name

Principal activity

Class of shares

Holding

FE MH Dev Co Ltd**	Property Development	Ordinary	100
FE Royston Dev Co Ltd	Property Development	Ordinary	100
FE Taplow Dev Co Ltd	Dormant	Ordinary	100
FE West Dev Co Ltd	Dormant	Ordinary	100

All the above are direct subsidiaries and have the same registered office at 25 Oldbury Place, London, W1U 5PN.

Companies marked ** were dissolved after the year end.

16.	Stocks
		Group	Group
		2025	2024
		£	£

	Property under development	13,726,758	23,044,070

17.

Debtors

Group	Group	Company	Company
2025	2024	2025	2024
£	£	£	£


Trade debtors	33,986	49,374	7,319	11,272
Amounts owed by group undertakings	-	-	9,901,295	21,071,892
Other debtors	13,482,354	13,615,255	12,998,992	12,932,461
Prepayments and accrued income	499,717	4,275,258	178,395	190,379
Tax recoverable	95,198	-	95,198	-
	14,111,255	17,939,887	23,181,199	34,206,004

18.	Cash and cash equivalents
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

	Cash at bank and in hand	273,700	489,731	222,943	317,717

Page 29

FRONTIER ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

19.	Creditors: Amounts falling due within one year
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Bank loans	868,115	-	-	-
Trade creditors	581,963	1,054,014	447,571	679,250
Amounts owed to group undertakings	-	-	945,374	971,633
Other taxation and social security	365,991	577,823	104,920	143,342
Other creditors	1,223,587	4,465,318	1,223,587	4,326,133
Accruals and deferred income	1,733,811	1,686,643	230,782	371,616
	4,773,467	7,783,798	2,952,234	6,491,974

Included in other creditors is an amount of £545,086 (2024: £731,786) which is owed to the directors and is secured by a debenture over the assets of the company.

20.	Creditors: Amounts falling due after more than one year
		Group	Group
		2025	2024
		£	£

	Bank loans	2,546,000	4,202,019

Page 30

FRONTIER ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

21.	Loans
	Analysis of the maturity of loans is given below:
		Group	Group
		2025	2024
		£	£

Amounts falling due within one year
Bank loans	868,115	-

Amounts falling due 2-5 years
Bank loans	2,546,000	4,202,019
	3,414,115	4,202,019

The Group has two bank loans and the particulars of these loans are as follows:

The balance on the first bank loan is £2,546,000 at the year end which was originally repayable in April 2024. In 2023, 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 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 was a cross company guarantee, with fellow subsidiaries, an interest guarantee limited to £2m until April 2024. Since April 2024, 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.

The second bank loan is a Coronavirus Business Interruption Loan which has a balance outstanding at the year end of £868,115. It was originally repayable in July 2024, extended to January 2026 and has been further extended and is now repayable in July 2026. The loan can be further extended to October 2026 with the condition that borrowers provide satisfactory evidence to the Agent that they have sold at least two units at the Broadway Property. At the date of signing these accounts, one property had been sold and other properties are currently on the market. The parent company will support this company if the loan is not extended. 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.

22.	Financial instruments
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

	Financial assets
	Financial assets measured at fair value through profit or loss	273,700	489,731	222,943	317,717

Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.

Page 31

FRONTIER ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

23.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

1,298 (2024 - 1,298) Ordinary shares of £1.00 each	1,298	1,298

24.

Reserves

Profit and loss account

The company's reserves of £21,006,377 (2024: £28,878,598) are all distributable.

25.	Commitments under operating leases
	At 31 July 2025 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

Group	Group	Company	Company
2025	2024	2025	2024
£	£	£	£

Not later than 1 year	158,805	154,179	158,805	154,179
Later than 1 year and not later than 5 years	684,807	664,861	684,807	664,861
Later than 5 years	875,487	1,054,237	875,487	1,054,237
	1,719,099	1,873,277	1,719,099	1,873,277

Page 32

FRONTIER ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

26.

Related party transactions

Group and Company

The Group and Company were due £7,199,000 (2024: £7,214,021) from entities which are under common control at the year end.

The Group and Company was owed £195,000 (2024: £195,000) from a director which is still due at the year end.

The Group and Company owed £23,640 (2024: £2,939,486) to entities which are under common control at the year end.

The Group and Company owed £545.086 (2024: £731,786) to the directors at the year end. The amounts owed to the directors are secured by a debenture over the assets of the company.

The Group and Company have recognised a bad debt expense of £790,474 (2024: £1,171,341) relating to a company under common control.

No interest is charged on these balances and they are repayable on demand.

The Company has taken the exemption not to disclose transactions with fully owned subsidiaries.

27.	Controlling party

The directors, A Eldred and A J Crowther, were the ultimate controlling parties of the company throughout this and the previous year.

Page 33