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Registration number: 00209074

Nathan Frost Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2018

Gilbert, Allan & Co
8 Rodborough Road
London
London
N11 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 Frost

Registered office

8 Rodborough Road
London
London
N11 8RY

Accountants

Gilbert, Allan & Co
8 Rodborough Road
London
London
N11 8RY

 

Nathan Frost Limited

(Registration number: 00209074)
Balance Sheet as at 30 June 2018

Note

2018
£

2017
£

Fixed assets

 

Tangible assets

4

5,413

4,686

Current assets

 

Stocks

31,512

-

Debtors

5

84,274

92,907

Cash at bank and in hand

 

19,730

2,404

 

135,516

95,311

Creditors: Amounts falling due within one year

6

(135,229)

(120,170)

Net current assets/(liabilities)

 

287

(24,859)

Total assets less current liabilities

 

5,700

(20,173)

Provisions for liabilities

(1,028)

-

Net assets/(liabilities)

 

4,672

(20,173)

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

4,572

(20,273)

Total equity

 

4,672

(20,173)

For the financial year ending 30 June 2018 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 2018

Approved and authorised by the director on 7 February 2019
 

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

Mr Alexander Jay Frost
Director

 

Nathan Frost Limited

Notes to the Financial Statements for the Year Ended 30 June 2018

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
N11 8RY
United Kingdom

These financial statements were authorised for issue by the director on 7 February 2019.

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 current and 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 2018

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 2018

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 (2017 - 3).

 

Nathan Frost Limited

Notes to the Financial Statements for the Year Ended 30 June 2018

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2017

6,584

13,059

7,622

27,265

Additions

2,532

-

-

2,532

At 30 June 2018

9,116

13,059

7,622

29,797

Depreciation

At 1 July 2017

4,092

11,685

6,802

22,579

Charge for the year

1,256

344

205

1,805

At 30 June 2018

5,348

12,029

7,007

24,384

Carrying amount

At 30 June 2018

3,768

1,030

615

5,413

At 30 June 2017

2,492

1,374

820

4,686

5

Debtors

2018
£

2017
£

Trade debtors

64,093

80,684

Other debtors

20,181

12,223

84,274

92,907

6

Creditors

Creditors: amounts falling due within one year

Note

2018
£

2017
£

Due within one year

 

Bank loans and overdrafts

7

25,339

21,850

Trade creditors

 

88,956

69,072

Taxation and social security

 

1,329

1,324

Other creditors

 

19,605

27,924

 

135,229

120,170

7

Loans and borrowings

 

Nathan Frost Limited

Notes to the Financial Statements for the Year Ended 30 June 2018

2018
£

2017
£

Current loans and borrowings

Bank borrowings

8,889

-

Other borrowings

16,450

21,850

25,339

21,850