Frontlink Properties Ltd - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 03388163 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2017

FOR

FRONTLINK PROPERTIES LTD

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

A Beck

SECRETARY:

C D Deutsch

REGISTERED OFFICE:

115 Craven Park Road

South Tottenham

London

N15 6BL

REGISTERED NUMBER:

03388163 (England and Wales)

ACCOUNTANTS:

Venitt and Greaves

Chartered Accountants

115 Craven Park Road

South Tottenham

London

N15 6BL

FIXED ASSETS

Tangible assets

3

3,214

3,781

Investments

4

100,000

100,000

Investment property

5

4,100,000

2,111,000

4,203,214

2,214,781

CURRENT ASSETS

Debtors

6

302,849

295,349

Investments

7

120,000

120,000

Cash at bank

176,842

148,141

599,691

563,490

CREDITORS

Amounts falling due within one year

8

1,053,030

503,159

NET CURRENT (LIABILITIES)/ASSETS

(453,339

)

60,331

TOTAL ASSETS LESS CURRENT LIABILITIES

3,749,875

2,275,112

CREDITORS

Amounts falling due after more than one year

9

1,760,385

667,750

NET ASSETS

1,989,490

1,607,362

CAPITAL AND RESERVES

Called up share capital

100

100

Revaluation reserve

11

1,498,447

1,122,179

Retained earnings

490,943

485,083

SHAREHOLDERS' FUNDS

1,989,490

1,607,362

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director on 14 February 2018 and were signed by:

A Beck - Director

1.	STATUTORY INFORMATION

Frontlink Properties Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Transition to financial reporting standards 102

The company has adopted FRS 102 Section 1A for the first time in the preparation of these accounts.

Accordingly the date of transition to FRS 102 was 1 June 2015 (beginning of the accounting period of

comparative financial year).

There are no material differences in determining the company's profit and loss under FRS 102 Section 1A and

the previous framework the company adopted (the Financial Reporting Standard for Smaller Entities (effective

January 2015)).

Turnover

Turnover represents net rent receivable, excluding value added tax.

Tangible fixed assets

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

Fixtures and fittings

-

15% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investment property

Investment properties are properties held to earn rental income or for capital appreciation or for both.

Investment properties are recognised initially at cost.

Subsequent to initial recognition:

a. Investment properties whose fair value can be measured reliably without undue cost or effort are held at fair

value. Any gains or losses arising from change in fair value are recognised in profit or loss in the period that they

arise; and

b. no depreciation is provided in respect of investment properties applying the fair value model.

3.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 June 2016

and 31 May 2017

27,720

DEPRECIATION

At 1 June 2016

23,939

Charge for year

567

At 31 May 2017

24,506

NET BOOK VALUE

At 31 May 2017

3,214

At 31 May 2016

3,781

4.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 June 2016

and 31 May 2017

100,000

NET BOOK VALUE

At 31 May 2017

100,000

At 31 May 2016

100,000

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 June 2016

2,111,000

Additions

1,612,731

Revaluations

376,269

At 31 May 2017

4,100,000

NET BOOK VALUE

At 31 May 2017

4,100,000

At 31 May 2016

2,111,000

Fair value at 31 May 2017 is represented by:

£

Valuation in 2015

946,675

Valuation in 2017

376,269

Cost

2,777,056

4,100,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.17

31.5.16

£

£

Other debtors

302,849

295,349

7.	CURRENT ASSET INVESTMENTS

31.5.17

31.5.16

£

£

JV Investment

120,000

120,000

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.17

31.5.16

£

£

Bank loans and overdrafts

594,297

26,324

Taxation and social security

1,590

9,734

Other creditors

457,143

467,101

1,053,030

503,159

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.5.17

31.5.16

£

£

Bank loans

1,760,385

667,750

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

1,335,571

-

Repayable by instalments

Bank loans more 5 yr by instal

424,814

667,750

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.5.17

31.5.16

£

£

Bank loans

2,354,682

694,074

Bank loans and overdrafts are secured by a first charge over company's investment properties and bear interest at

variable rates.

11.

RESERVES

Revaluation

reserve

£

At 1 June 2016

1,122,179

Revaluation

376,268

At 31 May 2017

1,498,447

12.	ULTIMATE CONTROLLING PARTY

The controlling party is A Beck.