Company Registration No. 04075743 (England and Wales)
FRENIX LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
St Matthew's House
Quays Office Park
Conference Avenue
Portishead
Bristol
BS20 7LZ
FRENIX LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 11
FRENIX LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr S Freeland
Mr G B Lake
Secretary
Mr K Adams
Company number
04075743
Registered office
Unit 1, Beadle Trading Estate
Hithercroft Road
Wallingford
Oxfordshire
OX10 9EZ
Accountants
TC Group
St Matthew's House
Quays Office Park
Conference Avenue
Portishead
Bristol
BS20 7LZ
FRENIX LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 2 -
2021
2020
Notes
£
£
£
£
Fixed assets
Intangible assets
3
47,808
-
0
Tangible assets
4
60,629
76,291
108,437
76,291
Current assets
Stocks
590,877
520,501
Debtors
5
136,921
208,166
Cash at bank and in hand
446,865
679,229
1,174,663
1,407,896
Creditors: amounts falling due within one year
6
(781,511)
(955,727)
Net current assets
393,152
452,169
Total assets less current liabilities
501,589
528,460
Creditors: amounts falling due after more than one year
7
(39,690)
(43,689)
Provisions for liabilities
8
(112,777)
(114,398)
Net assets
349,122
370,373
Capital and reserves
Called up share capital
45,000
45,000
Capital redemption reserve
5,000
5,000
Profit and loss reserves
299,122
320,373
Total equity
349,122
370,373
FRENIX LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2021
31 December 2021
- 3 -

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 4 July 2022 and are signed on its behalf by:
Mr S Freeland
Director
Company Registration No. 04075743
The notes on pages 4 to 11 form part of these financial statements
FRENIX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 4 -
1
Accounting policies
Company information

Frenix Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 1, Beadle Trading Estate, Hithercroft Road, Wallingford, Oxfordshire, OX10 9EZ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

On 11th March 2020, the World Health Organisation declared the outbreak of a coronavirus COVID-19 pandemic with a national lockdown in the UK announced on 23rd March 2020. We continued to trade within UK Government guidelines throughout the pandemic while seeking support from key stakeholders associated with the Company and utilised applicable UK Government support initiatives to protect the lives and livelihoods of our customers, colleagues, and suppliers. 

 

This had a negative effect on our trading over the current and previous year however, we believe we have the financial and operational resilience to withstand new challenges and expect the company to recover in the short term future where we have identified inflation pressures, utility price rises and a fully employed economy as the major issues currently being faced.

 

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

FRENIX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 5 -
1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
3 years straight line
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
over the life of the lease
Plant and equipment
25% straight line
Computers
33.3% and 25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
Stocks

Stocks represent goods held for resale and goods held for display. Goods held for resale are valued at the lower of historic cost and net realisable value, making due allowance for obsolesence or damage. Goods held for display are valued at manufacturers' recommended retail prices discounted by 75%, also making due allowance for obsolesence or damage.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

FRENIX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 6 -
1.8
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

FRENIX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 7 -
1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

FRENIX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 8 -
1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2021
2020
Number
Number
Total
15
16
3
Intangible fixed assets
Other
£
Cost
At 1 January 2021
-
0
Additions
50,620
At 31 December 2021
50,620
Amortisation and impairment
At 1 January 2021
-
0
Amortisation charged for the year
2,812
At 31 December 2021
2,812
Carrying amount
At 31 December 2021
47,808
At 31 December 2020
-
0
FRENIX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 9 -
4
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Computers
Total
£
£
£
£
Cost
At 1 January 2021
134,497
35,679
29,257
199,433
Additions
-
0
-
0
944
944
At 31 December 2021
134,497
35,679
30,201
200,377
Depreciation and impairment
At 1 January 2021
65,791
29,262
28,089
123,142
Depreciation charged in the year
11,379
4,369
858
16,606
At 31 December 2021
77,170
33,631
28,947
139,748
Carrying amount
At 31 December 2021
57,327
2,048
1,254
60,629
At 31 December 2020
68,706
6,417
1,168
76,291
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
56,822
163,177
Other debtors
1,200
1,200
Prepayments and accrued income
78,899
43,789
136,921
208,166
FRENIX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 10 -
6
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
9,527
6,312
Trade creditors
633,025
809,989
Corporation tax
3,707
31,929
Other taxation and social security
39,276
77,845
Other creditors
72,525
3,807
Accruals and deferred income
23,451
25,845
781,511
955,727

During the previous year the company drew down a bounce back loan from the government which is secured by the government. The first 12 months is interest free after which interest will be payable at 2.5% per annum and is repayable in instalments over 5 years with no payments due in the first 12 months.

7
Creditors: amounts falling due after more than one year
2021
2020
£
£
Other creditors
39,690
43,689

During the previous year the company drew down a bounce back loan from the government which is secured by the government. The first 12 months is interest free after which interest will be payable at 2.5% per annum and is repayable in instalments over 5 years with no payments due in the first 12 months.

Creditors which fall due after five years are as follows:
2021
2020
£
£
Payable by instalments
-
3,531
8
Provisions for liabilities
2021
2020
£
£
Other provisions
108,320
108,170
Deferred tax liabilities
4,457
6,228
112,777
114,398

Other provisions relates to a potential amount due to suppliers based on the best estimate of the directors.

FRENIX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 11 -
9
Share repurchase

During the year and additional payment was made on the contingent element of the share repurchase in 2019. this is shown in the Statement of Changes in Equity.

10
Financial commitments, guarantees and contingent liabilities

Amounts not provided for in the balance sheet

 

The total amount of financial commitments not included in the balance sheet is £425,000 (2020 -

£500,000).

11
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2021
2020
£
£
22,451
-
0
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