William Frost (Heanor) Limited - Accounts to registrar - small 17.1

REGISTERED NUMBER: 00409091 (England and Wales)

WILLIAM FROST (HEANOR) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

P A Frost

W R Frost

J P Frost

SECRETARY:

Mrs S M Knifton

REGISTERED OFFICE:

2/4 Market Street

Heanor

Derbyshire

DE7 7NR

REGISTERED NUMBER:

00409091 (England and Wales)

FIXED ASSETS

Tangible assets

4

166

333

Investments

5

104,745

100,000

Investment property

6

1,000,000

1,020,838

1,104,911

1,121,171

CURRENT ASSETS

Debtors

7

5,934

18,321

Cash at bank

335,311

329,804

341,245

348,125

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

8

56,692

58,712

NET CURRENT ASSETS

284,553

289,413

TOTAL ASSETS LESS CURRENT LIABILITIES

1,389,464

1,410,584

PROVISIONS FOR LIABILITIES

9

154,673

157,858

NET ASSETS

1,234,791

1,252,726

CAPITAL AND RESERVES

Called up share capital

10

10,000

10,000

Fair value reserve

11

789,623

789,623

Retained earnings

11

435,168

453,103

SHAREHOLDERS' FUNDS

1,234,791

1,252,726

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 12 April 2017 and were signed on its behalf by:

P A Frost - Director

1.	STATUTORY INFORMATION

William Frost (Heanor) 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements are prepared in accordance with applicable United Kingdom Accounting

Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied

consistently (except as otherwise stated).

Turnover

Turnover represents amounts receivable in respect of property lettings and is stated net of VAT.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Computer equipment

-

33% on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from

changes in fair value is recognised in profit or loss.

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 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.

Debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are

recorded at transaction price. Any losses arising from impairment are recognised in the profit and

loss account in other administrative expenses.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 .

4.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 February 2016

and 31 January 2017

2,201

DEPRECIATION

At 1 February 2016

1,868

Charge for year

167

At 31 January 2017

2,035

NET BOOK VALUE

At 31 January 2017

166

At 31 January 2016

333

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST OR VALUATION

At 1 February 2016

100,000

Revaluations

4,745

At 31 January 2017

104,745

NET BOOK VALUE

At 31 January 2017

104,745

At 31 January 2016

100,000

Cost or valuation at 31 January 2017 is represented by:

Other

investments

£

Valuation in 2017

4,745

Cost

100,000

104,745

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 February 2016

1,020,838

Revaluations

(20,838

)

At 31 January 2017

1,000,000

NET BOOK VALUE

At 31 January 2017

1,000,000

At 31 January 2016

1,020,838

Cost or valuation at 31 January 2017 is represented by:

£

Valuation in 2014

789,623

Valuation in 2016

(20,838

)

Cost

231,215

1,000,000

If investment property had not been revalued it would have been included at the following historical

cost:

2017

2016

£

£

Cost

231,215

231,215

Investment property was valued on an open market basis on 2 December 2016 by David Hammond Chartered Surveyors

.

7.

DEBTORS

2017

2016

£

£

Amounts falling due within one year:

Trade debtors

90

-

Other debtors

5,844

12,617

5,934

12,617

Amounts falling due after more than one year:

Other debtors

-

5,704

Aggregate amounts

5,934

18,321

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

2,353

4,139

Taxation and social security

13,275

13,334

Other creditors

41,064

41,239

56,692

58,712

9.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

154,673

157,858

Deferred

tax

£

Balance at 1 February 2016

157,858

Provided during year

(3,185

)

Balance at 31 January 2017

154,673

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

4,000

A ordinary shares

£1

4,000

4,000

6,000

B ordinary shares

£1

6,000

6,000

10,000

10,000

11.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

£

£

At 1 February 2016

453,103

789,623

1,242,726

Profit for the year

40,065

40,065

Dividends

(58,000

)

(58,000

)

At 31 January 2017

435,168

789,623

1,224,791

12.	RELATED PARTY DISCLOSURES

During the year, total dividends of £29,500 (2016 - £29,500) were paid to the directors .

13.

CONTROL

The company is controlled by it's directors.

14.	FIRST YEAR ADOPTION

This is the first year that the company has presented it's results under FRS 102. The last financial

statements prepared under the previous UK GAAP were for the year ended 31 January 2016.

The following changes in accounting policies have arisen from the transition to FRS 102:

The company now makes an accrual for annual leave accrued by employees as a result of services

rendered in the current period, and which employees are entitled to carry forward and use.

Changes in the value of investments and investment property are accounted for in the profit and loss

account for the year rather than through the revaluation reserve. Although included in retained

earnings these amounts are not distributable. Additionally, deferred tax is now recognised on

revalued assets.