ACCOUNTS - Final Accounts

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

FRONTIER ESTATES LIMITED - Company Information

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Registered number: 03160388

FRONTIER ESTATES LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

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	Simmons Gainsford LLP
	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 - 9
Consolidated profit and loss account	10
Consolidated balance sheet	11
Company balance sheet	12
Consolidated statement of changes in equity	13
Company statement of changes in equity	14
Consolidated statement of cash flows	15
Consolidated analysis of net debt	16
Notes to the financial statements	17 - 32

FRONTIER ESTATES LIMITED

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 JULY 2021

Introduction

The Directors present their report and financial statements for the year ended 31st July 2021.

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 twenty years, from over 150 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. The Directors are pleased to report a good performance, despite the pandemic, and during a period of market consolidation intensified by ongoing Brexit and political related uncertainties. The year ending 31st July 2021 continued to see good progress across the group.

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 group faces an economic risk from the uncertainty surrounding Brexit and also due to the impact of the Covid-19 pandemic. The directors are continually monitoring the property market conditions with the assistance of professional advisors. The flexibility within the group allows expansion and contraction in accordance with the market conditions.

Page 1

FRONTIER ESTATES LIMITED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2021

Financial key performance indicators

During the year turnover fell by 31% to £32.4m (2020: £47.1m), due to less site sales than the previous year. Direct costs decreased by 30% and so gross profit for the year decreased to £9.2m (2020: £13.9m). As of 31 July 2021, the group had 14 sites under development (2020: 15).
Administrative expenses in the year were £6.2m (2020: £6.2m) and the operating profit has decreased to £3.1m (2020: £7.7m). The results for the year are shown on the Consolidated Profit and Loss Account on page 10.
Since July 2021 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 15 July 2022 and signed on its behalf.

A J Crowther

Director

Page 2

FRONTIER ESTATES LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 JULY 2021

The directors present their report and the financial statements for the year ended 31 July 2021.

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;

∙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 profit for the year, after taxation, amounted to £2,276,094 (2020 - £5,941,242).

Page 3

FRONTIER ESTATES LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2021

Future developments

The directors have indicated that the group will continue in property development and are seeking wider opportunities.
The management of the Company does not believe that the Coronavirus will have a direct impact on its ability to continue to provide its services. However, the demand for these services will be dependent on the overall economic environment. The management will closely monitor the situation and act accordingly to mitigate any impact.

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

During the year, the COVID-19 virus continued to be categorised as a global pandemic and the UK Government maintained restrictions on certain activities and behaviours in an effort to prevent the virus’s spread and limit its longer term impact.
Whilst these restrictions have caused the Group to assess and adapt its working practices to continue to operate without interruption, the directors do not consider that the circumstances have caused any material change to the Group’s ability to trade, nor affect its status as a Going Concern.
The directors also believe the United Kingdom's withdrawal from the European Union will not have a material impact on the Group.

Auditors

The auditors, Simmons Gainsford LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 15 July 2022 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 2021, which comprise the Group Profit and loss account, the Group and Company Balance sheets, the Group Statement of cash flows, the Group and 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 2021 and of the Group's 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 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.

Page 7

FRONTIER ESTATES LIMITED

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

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 Company 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 Company 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 Company'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).
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).

Page 8

FRONTIER ESTATES LIMITED

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

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

Simmons Gainsford LLP

Chartered Accountants

Statutory Auditors

14th Floor

33 Cavendish Square

London

W1G 0PW

15 July 2022

Page 9

FRONTIER ESTATES LIMITED

CONSOLIDATED PROFIT AND LOSS ACCOUNT

FOR THE YEAR ENDED 31 JULY 2021

	2021	2020
Note	£	£


Turnover	4	32,416,471	47,091,850
Cost of sales		(23,180,916)	(33,241,252)
Gross profit		9,235,555	13,850,598
Administrative expenses		(6,231,817)	(6,193,722)
Other operating income	5	70,000	67,888
Operating profit	6	3,073,738	7,724,764
Interest receivable and similar income		3,739	23
Interest payable and similar expenses	10	(337,663)	(340,430)
Profit before tax		2,739,814	7,384,357
Tax on profit	11	(463,720)	(1,443,115)
Profit for the financial year		2,276,094	5,941,242

Profit for the year attributable to:
Owners of the parent	2,276,094	5,941,242
	2,276,094	5,941,242

There were no recognised gains and losses for 2021 or 2020 other than those included in the consolidated profit and loss account.

The notes on pages 17 to 32 form part of these financial statements.

Page 10

FRONTIER ESTATES LIMITED

REGISTERED NUMBER: 03160388

CONSOLIDATED BALANCE SHEET

AS AT 31 JULY 2021

		2021		2020
Note		£		£

Fixed assets
Intangible assets	12		44,052		105,000
Tangible assets	13		948,428		120,186
			992,480		225,186
Current assets
Stocks	15	26,092,002		23,279,672
Debtors: amounts falling due within one year	16	17,514,280		17,576,554
Cash at bank and in hand	17	5,665,851		2,340,777
		49,272,133		43,197,003
Creditors: amounts falling due within one year	18	(18,403,429)		(16,992,100)
Net current assets			30,868,704		26,204,903
Total assets less current liabilities			31,861,184		26,430,089
Creditors: amounts falling due after more than one year	19		(6,428,500)		(3,273,500)
Provisions for liabilities
Net assets			25,432,684		23,156,589

Capital and reserves
Called up share capital	21	1,298	1,297
Profit and loss account	22	25,431,386	23,155,292
Shareholders' funds		25,432,684	23,156,589

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 15 July 2022.

A J Crowther

Director

The notes on pages 17 to 32 form part of these financial statements.

Page 11

FRONTIER ESTATES LIMITED

REGISTERED NUMBER: 03160388

COMPANY BALANCE SHEET

AS AT 31 JULY 2021

		2021		2020
Note		£		£

Fixed assets
Tangible assets	13		948,428		120,186
Investments	14		634		740
			949,062		120,926
Current assets
Debtors: amounts falling due within one year	16	35,971,755		35,125,471
Cash at bank and in hand	17	4,556,768		334,111
		40,528,523		35,459,582
Creditors: amounts falling due within one year	18	(15,465,972)		(12,707,451)
Net current assets			25,062,551		22,752,131
Total assets less current liabilities			26,011,613		22,873,057


Net assets			26,011,613		22,873,057

Capital and reserves
Called up share capital	21		1,298		1,297
Profit and loss account brought forward		22,871,760		16,419,222
Profit for the year		3,138,555		6,452,538
Profit and loss account carried forward			26,010,315		22,871,760
Shareholders' funds			26,011,613		22,873,057

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 15 July 2022.

A J Crowther

Director

The notes on pages 17 to 32 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 profit after tax of the parent Company for the year was £3,138,555 (2020: £6,452,538).

Page 12

FRONTIER ESTATES LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 JULY 2021

	Called up share capital	Profit and loss account	Equity attributable to owners of parent Company	Total equity
	£	£	£	£
At 1 August 2020	1,297	23,155,292	23,156,589	23,156,589

Profit for the year	-	2,276,094	2,276,094	2,276,094
Shares issued during the year	1	-	1	1
At 31 July 2021	1,298	25,431,386	25,432,684	25,432,684

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 JULY 2020

	Called up share capital	Profit and loss account	Equity attributable to owners of parent Company	Total equity
	£	£	£	£
At 1 August 2019	1,297	17,214,050	17,215,347	17,215,347

Profit for the year	-	5,941,242	5,941,242	5,941,242
At 31 July 2020	1,297	23,155,292	23,156,589	23,156,589

The notes on pages 17 to 32 form part of these financial statements.

Page 13

FRONTIER ESTATES LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 JULY 2021

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 August 2020	1,297	22,871,760	22,873,057

Profit for the year	-	3,138,555	3,138,555
Shares issued during the year	1	-	1
At 31 July 2021	1,298	26,010,315	26,011,613

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 JULY 2020

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 August 2019	1,297	16,419,222	16,420,519

Profit for the year	-	6,452,538	6,452,538
At 31 July 2020	1,297	22,871,760	22,873,057

The notes on pages 17 to 32 form part of these financial statements.

Page 14

FRONTIER ESTATES LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 JULY 2021

			2021	2020
			£	£

Cash flows from operating activities
Profit for the financial year	2,276,094	5,941,242
Adjustments for:
Amortisation of intangible assets	60,948	286,442
Depreciation of tangible assets	75,888	46,182
Interest paid	337,663	340,430
Interest received	(3,739)	(23)
Taxation charge	463,720	1,443,115
(Increase)/decrease in stocks	(2,812,330)	600,254
Decrease/(increase) in debtors	62,274	(317,239)
Increase/(decrease) in creditors	1,937,609	(7,101,153)
Corporation tax (paid)	(990,000)	(1,021,580)
Net cash generated from operating activities	1,408,127	217,670

Cash flows from investing activities
Purchase of tangible fixed assets	(904,130)	(37,753)
Interest received	3,739	23
Net cash from investing activities	(900,391)	(37,730)
Cash flows from financing activities
Issue of ordinary shares	1	-
New secured loans	3,155,000	800,000
Repayment of loans	-	(1,873,500)
Interest paid	(337,663)	(340,430)
Net cash used in financing activities	2,817,338	(1,413,930)
Net increase/(decrease) in cash and cash equivalents	3,325,074	(1,233,990)
Cash and cash equivalents at beginning of year	2,340,777	3,574,767
Cash and cash equivalents at the end of year	5,665,851	2,340,777

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	5,665,851	2,340,777

The notes on pages 17 to 32 form part of these financial statements.

Page 15

FRONTIER ESTATES LIMITED

CONSOLIDATED ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 31 JULY 2021


At 1 August 2020	Cash flows	At 31 July 2021
£	£	£

Cash at bank and in hand	2,340,777	3,325,074	5,665,851
Debt due after 1 year	(3,273,500)	(3,155,000)	(6,428,500)
Debt due within 1 year	-	-	-
	(932,723)	170,074	(762,649)

The notes on pages 17 to 32 form part of these financial statements.

Page 16

FRONTIER ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

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.

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 17

FRONTIER ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

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 18

FRONTIER ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

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 is 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 19

FRONTIER ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

2.Accounting policies (continued)

2.11

Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated profit and loss account.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

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

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.

Page 20

FRONTIER ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

2.Accounting policies (continued)

2.15

Borrowing costs

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

2.16

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.

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 company 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 sales	32,416,471	47,091,850

All turnover arose within the United Kingdom.

5.	Other operating income
		2021	2020
		£	£

Other operating income	-	2,500
Net rents receivable	70,000	65,388
	70,000	67,888

Page 21

FRONTIER ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

Auditor's remuneration

134,250

163,141

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

Group	Group	Company	Company
2021	2020	2021	2020
£	£	£	£


Wages and salaries	2,432,305	3,035,171	2,432,305	3,035,171
Social security costs	315,273	402,104	315,273	402,104
Cost of defined contribution scheme	18,019	16,189	18,019	16,189
	2,765,597	3,453,464	2,765,597	3,453,464

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

	Group	Group	Company	Company
	2021	2020	2021	2020
	No.	No.	No.	No.

Directors	3	3	3	3
Employees	15	14	15	14

	18	17	18	17

8.	Directors' remuneration
		2021	2020
		£	£

	Directors' emoluments	452,080	485,429

The highest paid director received remuneration of £262,203 (2020 - £290,552).

Page 22

FRONTIER ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

9.	Income from investments
	During the year, the company received dividends of £6,044,127 (2020: £8,918,867) from subsidiaries.

10.	Interest payable and similar expenses
		2021	2020
		£	£

Bank interest payable	320,293	340,430
Other loan interest payable	17,260	-
Other interest payable	110	-
	337,663	340,430

Page 23

FRONTIER ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

Corporation tax
Current tax on profits for the year	434,921	1,436,877
Adjustments in respect of previous periods	28,799	6,238

Total current tax	463,720	1,443,115

Profit on ordinary activities before tax

2,739,814

7,384,357

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2020 - 19%)	520,565	1,403,028
Effects of:
Non-tax deductible amortisation of goodwill and impairment	11,580	54,424
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	13,458	11,020
Capital allowances for year in excess of depreciation	(94,294)	(2,802)
Utilisation of tax losses	-	(2,801)
Adjustments to tax charge in respect of prior periods	28,799	6,238
Other differences leading to an increase (decrease) in the tax charge	(16,388)	(25,992)
Total tax charge for the year	463,720	1,443,115

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 24

FRONTIER ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

12.	Intangible assets
	Group

		Goodwill
		£
	Cost
	At 1 August 2020	105,000
	At 31 July 2021	105,000
	Amortisation
	At 1 August 2020	-
	Charge for the year on owned assets	60,948
	At 31 July 2021	60,948
	Net book value
	At 31 July 2021	44,052
	At 31 July 2020	105,000

Page 25

FRONTIER ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

13.	Tangible fixed assets
	Group and Company

	S/T Leasehold Property	Motor vehicles	Fixtures, fittings & equipment	Total
	£	£	£	£
Cost or valuation
At 1 August 2020	41,438	129,613	134,015	305,066
Additions	336,036	-	568,094	904,130
Disposals	-	-	(48,126)	(48,126)
At 31 July 2021	377,474	129,613	653,983	1,161,070
Depreciation
At 1 August 2020	23,073	67,246	94,561	184,880
Charge for the year on owned assets	5,372	15,592	54,924	75,888
Disposals	-	-	(48,126)	(48,126)
At 31 July 2021	28,445	82,838	101,359	212,642
Net book value
At 31 July 2021	349,029	46,775	552,624	948,428
At 31 July 2020	18,365	62,367	39,454	120,186

14.	Fixed asset investments

	Company

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 August 2020	740
	Additions	8
	Disposals	(114)
	At 31 July 2021	634

Page 26

FRONTIER ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021


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

Frontier Estates (BNSL) Limited	Property Development	Ordinary	100%
Frontier Estates (BSN) Ltd	Property Development	Ordinary	100%
Frontier Estates (BSNC) 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 (Cross) Ltd	Property Development	Ordinary	100%
Frontier Estates (EG) Ltd	Property Development	Ordinary	100%
Frontier Estates (Frome) Ltd	Property Development	Ordinary	100%
Frontier Estates (HH) Ltd	Property Development	Ordinary	100%
Frontier Estates (Kin) Ltd	Property Development	Ordinary	100%
Frontier Estates (Kingham) Ltd	Property Development	Ordinary	100%
Frontier Estates (Mering) Limited	Property Development	Ordinary	100%
Frontier Estates (Mos) Ltd	Property Development	Ordinary	100%
Frontier Estates (Oliver) Limited	Property Development	Ordinary	100%
Frontier Estates (Oxon 3) Limited	Property Development	Ordinary	100%
Frontier Estates (Oxon 4) Limited	Property Development	Ordinary	100%
Frontier Estates (Oxon 5) Limited	Property Development	Ordinary	100%
Frontier Estates (RW) Limited	Property Development	Ordinary	100%
Frontier Estates (San) Limited	Property Development	Ordinary	100%
Frontier Estates (Shrewsbury) Ltd	Property Development	Ordinary	100%
Frontier Estates (Southwark) Ltd	Property Development	Ordinary	100%
Frontier Estates (Stevenage) Ltd	Property Development	Ordinary	100%
Frontier Estates (Studley) Ltd	Property Development	Ordinary	100%
Frontier Estates (Victoria) Limited	Property Development	Ordinary	100%
Frontier Estates (Wheatley) Ltd	Property Development	Ordinary	100%
Frontier Estates (York) Ltd	Property Development	Ordinary	100%
FE Biggleswade Dev Co Ltd	Property Development	Ordinary	100%
FE Botleigh Dev Co Ltd	Property Development	Ordinary	100%
FE BSN Care Dev Co Ltd	Property Development	Ordinary	100%
FE Chichester Dev Co Ltd	Property Development	Ordinary	100%
FE Flitwick Dev Co Ltd	Property Development	Ordinary	100%
FE Kempston Dev Co Ltd	Property Development	Ordinary	100%
FE MH Dev Co Ltd	Property Development	Ordinary	100%
FE Stotfold Dev Co Ltd	Property Development	Ordinary	100%
FE Watford Dev Co Ltd	Property Development	Ordinary	100%
Frontier Estates (Parklands) Limited	Property Development	Ordinary	100%
Frontier Estates (Ten) Limited	Property Development	Ordinary	100%
Frontier Estates (Bil) Ltd	Dormant	Ordinary	100%
Frontier Estates (Boston) Ltd	Dormant	Ordinary	100%
Frontier Estates (Darley) Ltd	Dormant	Ordinary	100%
Frontier Estates (Dartford) Ltd	Dormant	Ordinary	100%
Frontier Estates (East) Ltd	Dormant	Ordinary	100%
Frontier Estates (Enfield) Ltd	Dormant	Ordinary	100%
Frontier Estates (Epping) Limited	Dormant	Ordinary	100%
Frontier Estates (Far) Ltd	Dormant	Ordinary	100%
Frontier Estates (Hass) Ltd*	Dormant	Ordinary	100%
Frontier Estates (LB) Ltd	Dormant	Ordinary	100%
Frontier Estates (Lincs) Ltd	Dormant	Ordinary	100%
Frontier Estates (Loughton) Ltd	Dormant	Ordinary	100%

Page 27

FRONTIER ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

(continued)

Name

Principal activity

Class of shares

Holding

Frontier Estates (Mal Care) Ltd*	Dormant	Ordinary	100%
Frontier Estates (Mar) Ltd	Dormant	Ordinary	100%
Frontier Estates (Midlands) Ltd	Dormant	Ordinary	100%
Frontier Estates (B G) Limited	Dormant	Ordinary	100%
Frontier Estates (Say) Ltd	Dormant	Ordinary	100%
Frontier Estates (Sea) Ltd	Dormant	Ordinary	100%
Frontier Estates (Shef) Ltd	Dormant	Ordinary	100%
Frontier Estates (Sol) Ltd	Dormant	Ordinary	100%
Frontier Estates (South) Ltd*	Dormant	Ordinary	100%
Frontier Estates (Stam) Limited	Dormant	Ordinary	100%
Frontier Estates (Sto) Ltd	Dormant	Ordinary	100%
Frontier Estates (Stratford) Ltd*	Dormant	Ordinary	100%
Frontier Estates (Taplow) Ltd	Dormant	Ordinary	100%
Frontier Estates (Bicester) Limited	Dormant	Ordinary	100%
Frontier Estates (Watling) Ltd	Dormant	Ordinary	100%
Frontier Estates (West) Ltd	Dormant	Ordinary	100%
FE BSN Local Dev Co Ltd	Dormant	Ordinary	100%
FE BSN Nursery Dev Co Ltd	Dormant	Ordinary	100%
FE BSN Surgery Dev Co Ltd	Dormant	Ordinary	100%
FE Iwade Dev Co Ltd	Dormant	Ordinary	100%
FE Royston Dev Co Ltd	Dormant	Ordinary	100%
FE Taplow 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 acquired or incorporated during the year.

15.	Stocks
		Group	Group
		2021	2020
		£	£

	Property under development	26,092,002	23,279,672

Page 28

FRONTIER ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

16.

Debtors

Group	Group	Company	Company
2021	2020	2021	2020
£	£	£	£


Trade debtors	203,882	3,041,339	49,121	3,000
Amounts owed by group undertakings	-	-	22,228,586	23,294,944
Other debtors	13,912,085	12,126,468	13,385,912	11,185,870
Prepayments and accrued income	3,309,273	2,292,952	219,096	525,862
Tax recoverable	89,040	115,795	89,040	115,795
	17,514,280	17,576,554	35,971,755	35,125,471

17.	Cash and cash equivalents
		Group	Group	Company	Company
		2021	2020	2021	2020
		£	£	£	£

	Cash at bank and in hand	5,665,851	2,340,777	4,556,768	334,111

18.	Creditors: Amounts falling due within one year
		Group	Group	Company	Company
		2021	2020	2021	2020
		£	£	£	£

Trade creditors	1,590,233	2,304,020	529,409	340,028
Amounts owed to group undertakings	-	-	983,274	1,297,543
Corporation tax	300,597	826,877	-	-
Other taxation and social security	897,602	387,174	160,467	67,558
Other creditors	13,701,014	10,968,890	13,701,014	10,958,342
Accruals and deferred income	1,913,983	2,505,139	91,808	43,980
	18,403,429	16,992,100	15,465,972	12,707,451

Included in other creditors is an amount of £10,391,188 (2020: £8,407,245) which is owed to the directors and is secured by a debenture over the assets of the company.

Page 29

FRONTIER ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

19.	Creditors: Amounts falling due after more than one year
		Group	Group
		2021	2020
		£	£

	Bank loans	6,428,500	3,273,500

The bank loan is repayable in April 2024. As of 26 April 2021, the use of LIBOR as a reference rate was replaced by reference to the Bank of England Base Rate, with the reference rate floor remaining at 0.85%. 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 five group companies. In addition, there is an interest guarantee limited to £2m, from Frontier Estates Limited and a subordination agreement in respect of debt due to the directors.

20.	Financial instruments
		Group	Group	Company	Company
		2021	2020	2021	2020
		£	£	£	£

	Financial assets
	Financial assets measured at fair value through profit or loss	5,665,851	2,340,777	4,556,768	334,111

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

21.	Share capital
		2021	2020
		£	£

Allotted, called up and fully paid

1,298 (2020 - 1,297) Ordinary shares of £1.00 each	1,298	1,297

During the year the company issued 1 additional Ordinary share with the par value of £1 and was fully paid.

22.

Reserves

Profit and loss account

The company's reserves of £26,010,315 (2020: £22,871,760) are all distributable.

Page 30

FRONTIER ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

23.	Commitments under operating leases
	At 31 July 2021 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
2021	2020	2021	2020
£	£	£	£

Not later than 1 year	147,000	147,000	147,000	147,000
Later than 1 year and not later than 5 years	549,000	561,000	549,000	561,000
Later than 5 years	1,147,500	1,282,500	1,147,500	1,282,500
	1,843,500	1,990,500	1,843,500	1,990,500

24.Other financial commitments

The financial commitment as at 31 July 2021 is £58,469 in relation to an unconditional property deal to be completed after the year end.

25.

Related party transactions

Group
The group was due £7,152,152 (2020: £6,406,620) from entities which are under common control at the year end.
The group owed £2,902,984 (2020: £2,504,180) to entities which are under common control at the year end.
The group owed £350,000 (2020: £Nil) to a connected person at the year end.
The group owed £ 10,391,188 (2020: £ 8,407,245) to the directors at the year end. The amounts owed to the directors are secured by a debenture over the assets of the company.
No interest is charged on these balances and they are repayable on demand.
Company
The company has taken the exemption not to disclose transactions with fully owned subsidiaries.
The company was due £7,152,152 (2020: £6,406,620) from entities which are under common control at the year end.
The company owed £2,902,984 (2020: £2,504,180) to entities which are under common control at the year end.
The company owed £350,000 (2020: £Nil) to a connected person at the year end.
The company owed £10,391,188 (2020: £8,407,245) to the directors at the year end. The amounts owed to the directors are secured by a debenture over the assets of the company.
No interest is charged on these balances and they are repayable on demand.

Page 31

FRONTIER ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

26.	Post balance sheet events

Subsequent to the balance sheet date, two of the subsidiaries repaid their bank loans in full and two other subsidiaries repaid part of their loans. The total loan amount repaid was £2,820,979.
Additionally, subsidiaries received £620,336 under the Coronavirus Business Interruption Loan scheme after the year-end.

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 32