FRP Holdings Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06045584 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

FOR

FRP HOLDINGS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J H Garey

H J Garey

SECRETARY:

H J Garey

REGISTERED OFFICE:

23 Bull Plain

Hertford

Hertfordshire

SG14 1DX

REGISTERED NUMBER:

06045584 (England and Wales)

ACCOUNTANTS:

Wortons

Chartered Accountants

23 Bull Plain

Hertford

Hertfordshire

SG14 1DX

FIXED ASSETS

Investments

4

1,824,927

1,824,927

CURRENT ASSETS

Debtors

5

628,702

710,467

Cash at bank

349

13

629,051

710,480

CREDITORS

Amounts falling due within one year

6

172,220

73,233

NET CURRENT ASSETS

456,831

637,247

TOTAL ASSETS LESS CURRENT LIABILITIES

2,281,758

2,462,174

CREDITORS

Amounts falling due after more than one year

7

1,678,631

1,859,047

NET ASSETS

603,127

603,127

CAPITAL AND RESERVES

Called up share capital

300

300

Share premium

602,733

602,733

Retained earnings

94

94

SHAREHOLDERS' FUNDS

603,127

603,127

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 September 2021 and were signed on its behalf by:

J H Garey - Director

1.	STATUTORY INFORMATION

FRP Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements

The financial statements contain information about FRP Holdings Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company has taken the option under Section 399 of the Companies Act 2006 not to prepare consolidated financial statements as it is a small company.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the accounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. The nature of the estimation means that that the actual outcomes could differ from those estimates.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

Financial instruments

The Company only enters into basic financial instruments 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 non-portable 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 profit and loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand and other short-term 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.

Creditors

Basic short-term financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 2 ) .

4.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2020

and 31 December 2020

1,824,927

NET BOOK VALUE

At 31 December 2020

1,824,927

At 31 December 2019

1,824,927

5.

DEBTORS

2020

2019

£

£

Amounts falling due within one year:

Amounts owed by group undertakings

43,538

42,062

Amounts falling due after more than one year:

Amounts owed by group undertakings

380,000

500,000

Other debtors

205,164

168,405

585,164

668,405

Aggregate amounts

628,702

710,467

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

62,000

57,000

Other loans

95,000

-

Other creditors

9,880

9,877

Accrued expenses

5,340

6,356

172,220

73,233

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loan repayable in 2022

62,000

57,000

Bank loan repayable between

2023 and 2025

186,000

171,000

Bank loan over 5 years

repayable by instalments

1,430,631

1,631,047

1,678,631

1,859,047

2020

2019

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loan over 5 years

repayable by instalments

1,430,631

1,631,047

1,430,631

1,631,047

8.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank loans

1,740,631

1,916,047

The bank loan is secured by a fixed and floating charge over the assets of the company. The loan is also secured by a charge on the freehold and leasehold property and a fixed and floating charge over the assets of the subsidiary, Findon Road Properties Limited.

9.	RELATED PARTY DISCLOSURES