Frost Residential Lettings Ltd
Frost Residential Lettings Ltd
Registered number: 06669636
Unaudited Financial Statements
For The Year Ended 31 October 2017
APH Accountancy Services Ltd
Chartered Certified Accountants
Office 2 The Reach
687-693 London Road
Westcliff-on-Sea
Essex
SS0 9PD
Frost Residential Lettings Ltd
Unaudited Financial Statements
For The Year Ended 31 October 2017
Unaudited Financial Statements
| Contents | |
| Page | |
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| Accountant's Report | 1 |
| Balance Sheet | 2—3 |
| Notes to the Financial Statements | 4—9 |
Frost Residential Lettings Ltd
Accountant's Report
For The Year Ended 31 October 2017
Accountant's Report
Report to the directors on the preparation of the unaudited statutory accounts of Frost Residential Lettings Ltd For The Year Ended 31 October 2017
To assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of Frost Residential Lettings Ltd which comprise the Profit and Loss Account, the Balance Sheet and the related notes, from the company’s accounting records and from information and explanations you have given us.
As a practising member of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made to the directors of Frost Residential Lettings Ltd , as a body, in accordance with the terms of our engagement letter dated . Our work has been undertaken solely to prepare for your approval the accounts of Frost Residential Lettings Ltd and state those matters that we have agreed to state to the directors of Frost Residential Lettings Ltd , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Frost Residential Lettings Ltd and its directors as a body for our work or for this report.
It is your duty to ensure that Frost Residential Lettings Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Frost Residential Lettings Ltd . You consider that Frost Residential Lettings Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Frost Residential Lettings Ltd . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
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Chartered Certified Accountants
Office 2 The Reach
687-693 London Road
Westcliff-on-Sea
Essex
SS0 9PD
Page 1
Frost Residential Lettings Ltd
Balance Sheet
As at
31 October 2017
Balance Sheet
Registered number:
06669636
For the year ending 31 October 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 7 |
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| CURRENT ASSETS | |||||
| Debtors | 8 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 9 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation | 10 |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 11 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 109,143 | 78,482 | |||
Page 2
Frost Residential Lettings Ltd
Balance Sheet (continued)
As at
31 October 2017
Directors' responsibilities:
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The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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The notes on pages 4 to 9 form part of these financial statements.
Page 3
Frost Residential Lettings Ltd
Notes to the Unaudited Accounts
For The Year Ended 31 October 2017
Notes to the Unaudited Accounts
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. The date of transition to FRS 102 was 1 November 2016. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
Frost Residential Lettings Limited is a company limited by shares incorporated in England within the United Kingdom. The address of the registered office is given in the company information on page 1 of these financial statements.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £000.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated
1.2.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax.
1.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Leasehold |
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| Plant & Machinery |
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| Motor Vehicles |
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Frost Residential Lettings Ltd
Notes to the Unaudited Accounts (continued)
For The Year Ended 31 October 2017
1.4.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3.
Average Number of Employees
Average number of employees, including directors, during the year was as follows:
| 2017 | 2016 | ||
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| Office and administration |
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Frost Residential Lettings Ltd
Notes to the Unaudited Accounts (continued)
For The Year Ended 31 October 2017
6.
Intangible Assets
| Goodwill | Other | Total | |
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| Amortisation | |||
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| Net Book Value | |||
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7.
Tangible Assets
| Land & Property | |||
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| Leasehold | Plant & Machinery | Total | |
| £ | £ | £ | |
| Cost | |||
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| Additions |
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| Depreciation | |||
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| Provided during the period |
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| Net Book Value | |||
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Frost Residential Lettings Ltd
Notes to the Unaudited Accounts (continued)
For The Year Ended 31 October 2017
8.
Debtors
| 2017 | 2016 | ||
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
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| Other debtors |
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| Directors' loan accounts | 2 | - | |
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9.
Creditors: Amounts Falling Due Within One Year
| 2017 | 2016 | ||
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| £ | £ | ||
| Corporation tax |
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| Other taxes and social security |
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| VAT |
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| Other creditors |
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| Accruals and deferred income |
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| Directors' loan accounts | - |
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10.
Deferred Taxation
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| £ | £ | ||
| As at |
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| Deferred taxation |
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| Deferred tax |
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The provision for deferred taxation is made up of accelerated capital allowances
Page 7
Frost Residential Lettings Ltd
Notes to the Unaudited Accounts (continued)
For The Year Ended 31 October 2017
12.
Other Commitments
At the end of the period the company had annual commitments under non-cancellable operating leases as follows:
| Land and buildings | Other | |||
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| 2017 | 2016 | 2017 | 2016 | |
| £ | £ | £ | £ | |
| Between 1 and 5 years | 20,400 | 21,900 | 2,287 | 2,520 |
| 20,400 | 21,900 | 2,287 | 2,520 | |
13.
Transactions With and Loans to Directors
Included within debtors are the following loans to
directors:
| As at |
Amounts advanced | Amounts repaid | As at |
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| £ | £ | £ | £ | |
| Mr Stephen Frost |
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The above loan is unsecured, interest free and repayable on demand.
14.
Dividends
| 2017 | 2016 | ||
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| £ | £ | ||
| On equity shares: | |||
| Interim dividend paid |
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| 32,000 | 73,000 | ||
15.
Ultimate Controlling Party
The company's ultimate controlling party is Mr S Frost by virtue of his ownership of 51% of the issued share capital in the company.
Page 8
Frost Residential Lettings Ltd
Notes to the Unaudited Accounts (continued)
For The Year Ended 31 October 2017
16.
General Information
Frost Residential Lettings Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 06669636 . The registered office is 15 Duke Street, Chelmsford, Essex, CM1 1HL.
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