Frost Properties Limited Filleted accounts for Companies House (small and micro)

FROST PROPERTIES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 00811620

Frost Properties Limited

Filleted Unaudited Financial Statements

31 March 2023

Frost Properties Limited

Statement of Financial Position

31 March 2023

	2023	2022
Note	£	£

Fixed assets

Tangible assets	6	176,800	176,800

Current assets

Debtors	7	717	702
Cash at bank and in hand		67,701	60,941
		---------	---------
		68,418	61,643

Creditors: amounts falling due within one year	8	10,391	7,701
		---------	---------
Net current assets		58,027	53,942
		---------	---------
Total assets less current liabilities		234,827	230,742
		---------	---------
Net assets		234,827	230,742
		---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	234,727	230,642
	---------	---------
Shareholders funds	234,827	230,742
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Frost Properties Limited

Statement of Financial Position (continued)

31 March 2023

These financial statements were approved by the board of directors and authorised for issue on 24 October 2023 , and are signed on behalf of the board by:

Mrs S.A.L. Clarke
Director

Company registration number: 00811620

Frost Properties Limited

Notes to the Financial Statements

Year ended 31 March 2023

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Alder Coppice, 5-6 The Hamlet, Lower Rudge, Pattingham, Wolverhampton, WV6 7EB.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Income from property represents gross rentals receivable from tenants.

Income tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more, tax, except that provision is made for tax on gains arising from the revaluation of fixed assets only to the extent that, at the balance sheet date, it is probable there will be a disposal of the assets concerned. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).

5. Dividends

Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):

	2023	2022
	£	£
Equity dividends on ordinary shares	1,000	1,000
	---------	---------

Dividends proposed after the year end and not recognised as a liability:

	2023	2022
	£	£
Equity dividends on ordinary shares	1,000	1,000
	---------	---------

6. Tangible assets

	Freehold property
	£
Valuation
At 1 April 2022 and 31 March 2023	176,800
	---------
Depreciation
At 1 April 2022 and 31 March 2023	–
	---------
Carrying amount
At 31 March 2023	176,800
	---------
At 31 March 2022	176,800
	---------

Freehold property represents investment property, which is stated at fair value at the year-end. It was valued on 13 September 2017 on the basis of open market value subject to current tenancies by James Swash, Chartered Surveyor, of Michael Tromans & Co. LLP. No provision has been made for the tax that would be payable if the company sold the property for its book value as it is unlikely that the property will be sold in the foreseeable future.

Tangible assets held at valuation

In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:

	Freehold property
	£
At 31 March 2023
Aggregate cost	11,942
Aggregate depreciation	–
	---------
Carrying value	11,942
	---------

At 31 March 2022
Aggregate cost	11,942
Aggregate depreciation	–
	---------
Carrying value	11,942
	---------

7. Debtors

	2023	2022
	£	£
Prepayments and accrued income	717	702
	---------	---------

8. Creditors: amounts falling due within one year

	2023	2022
	£	£
Rent received in advance	1,350	–
Accruals and deferred income	1,350	1,320
Corporation tax	1,193	1,301
Social security and other taxes	1,400	–
Tenants' deposits	5,098	5,080
	---------	---------
	10,391	7,701
	---------	---------