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Nathan Frost Limited 00209074 false 2016-07-01 2017-06-30 2017-06-30 The principal activity of the company is wholesale distribution of grocery products. Digita Accounts Production Advanced 6.20.8420.1 Software true 00209074 2016-07-01 2017-06-30 00209074 2017-06-30 00209074 core:RetainedEarningsAccumulatedLosses 2017-06-30 00209074 core:ShareCapital 2017-06-30 00209074 core:CurrentFinancialInstruments 2017-06-30 00209074 core:CurrentFinancialInstruments core:WithinOneYear 2017-06-30 00209074 core:FurnitureFittingsToolsEquipment 2017-06-30 00209074 core:MotorVehicles 2017-06-30 00209074 core:OtherPropertyPlantEquipment 2017-06-30 00209074 bus:SmallEntities 2016-07-01 2017-06-30 00209074 bus:AuditExemptWithAccountantsReport 2016-07-01 2017-06-30 00209074 bus:FullAccounts 2016-07-01 2017-06-30 00209074 bus:RegisteredOffice 2016-07-01 2017-06-30 00209074 bus:Director1 2016-07-01 2017-06-30 00209074 bus:PrivateLimitedCompanyLtd 2016-07-01 2017-06-30 00209074 core:FurnitureFittingsToolsEquipment 2016-07-01 2017-06-30 00209074 core:MotorVehicles 2016-07-01 2017-06-30 00209074 core:OtherPropertyPlantEquipment 2016-07-01 2017-06-30 00209074 core:VehiclesPlantMachinery 2016-07-01 2017-06-30 00209074 countries:AllCountries 2016-07-01 2017-06-30 00209074 2016-06-30 00209074 core:FurnitureFittingsToolsEquipment 2016-06-30 00209074 core:MotorVehicles 2016-06-30 00209074 core:OtherPropertyPlantEquipment 2016-06-30 00209074 2015-07-01 2016-06-30 00209074 2016-06-30 00209074 core:RetainedEarningsAccumulatedLosses 2016-06-30 00209074 core:ShareCapital 2016-06-30 00209074 core:CurrentFinancialInstruments 2016-06-30 00209074 core:CurrentFinancialInstruments core:WithinOneYear 2016-06-30 00209074 core:FurnitureFittingsToolsEquipment 2016-06-30 00209074 core:MotorVehicles 2016-06-30 00209074 core:OtherPropertyPlantEquipment 2016-06-30 iso4217:GBP xbrli:pure

Registration number: 00209074

Nathan Frost Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2017

Gilbert, Allan & Co
8 Rodborough Road
London
NW11 8RY

 

Nathan Frost Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 8

 

Nathan Frost Limited

Company Information

Director

Mr Alexander Jay Bronze Frost

Registered office

8 Rodborough Road
London
London
NW11 8RY

Accountants

Gilbert, Allan & Co
8 Rodborough Road
London
NW11 8RY

 

Nathan Frost Limited

(Registration number: 00209074)
Balance Sheet as at 30 June 2017

Note

2017
£

2016
£

Fixed assets

 

Tangible assets

4

4,686

5,518

Current assets

 

Stocks

5

-

12,571

Debtors

6

92,907

72,353

Cash at bank and in hand

 

2,404

16,740

 

95,311

101,664

Creditors: Amounts falling due within one year

7

(120,170)

(92,341)

Net current (liabilities)/assets

 

(24,859)

9,323

Total assets less current liabilities

 

(20,173)

14,841

Provisions for liabilities

-

(976)

Net (liabilities)/assets

 

(20,173)

13,865

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

(20,273)

13,765

Total equity

 

(20,173)

13,865

For the financial year ending 30 June 2017 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Nathan Frost Limited

(Registration number: 00209074)
Balance Sheet as at 30 June 2017

Approved and authorised by the director on 15 February 2018
 

.........................................

Mr Alexander Jay Bronze Frost

Director

 

Nathan Frost Limited

Notes to the Financial Statements for the Year Ended 30 June 2017

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
8 Rodborough Road
London
London
NW11 8RY
United Kingdom

These financial statements were authorised for issue by the director on 15 February 2018.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Nathan Frost Limited

Notes to the Financial Statements for the Year Ended 30 June 2017

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Vehicles, plant and machinery

25% on reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Nathan Frost Limited

Notes to the Financial Statements for the Year Ended 30 June 2017

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2016 - 2).

 

Nathan Frost Limited

Notes to the Financial Statements for the Year Ended 30 June 2017

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 July 2016

5,854

13,059

7,622

26,535

Additions

730

-

-

730

At 30 June 2017

6,584

13,059

7,622

27,265

Depreciation

At 1 July 2016

3,261

11,227

6,529

21,017

Charge for the year

831

458

273

1,562

At 30 June 2017

4,092

11,685

6,802

22,579

Carrying amount

At 30 June 2017

2,492

1,374

820

4,686

At 30 June 2016

2,593

1,832

1,093

5,518

5

Stocks

2017
£

2016
£

Other inventories

-

12,571

6

Debtors

2017
£

2016
£

Trade debtors

80,684

52,379

Other debtors

12,223

19,974

92,907

72,353

7

Creditors

Creditors: amounts falling due within one year

 

Nathan Frost Limited

Notes to the Financial Statements for the Year Ended 30 June 2017

Note

2017
£

2016
£

Due within one year

 

Bank loans and overdrafts

8

21,850

2,500

Trade creditors

 

69,072

55,747

Taxation and social security

 

1,324

1,509

Other creditors

 

27,924

32,585

 

120,170

92,341

8

Loans and borrowings

2017
£

2016
£

Current loans and borrowings

Bank borrowings

-

2,500

Other borrowings

21,850

-

21,850

2,500

9

Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 July 2015.
No transitional adjustments were required in equity or profit or loss for the year.