Typically titles or shows end on the last frame of the second. The 23 or the 29...or the 59 frame. The next frame should be black. Because your first frame is 00, your last frame should be 59...this way your show will time out exactly at a 00 time (for example, 23:00;00). If you go that one more frame, your show will be one frame long. Say 23:00:01
And yes, when you work in drop frame code, frames are skipped. This is how perfect show clocks are maintained. Read up on DROP FRAME TIME CODE in the Wikipedia to find out why.