Company Registration No. 05902288 (England and Wales)
FROO.COM LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
PAGES FOR FILING WITH REGISTRAR
FROO.COM LIMITED
COMPANY INFORMATION
Directors
Mr P L Molloy
Miss L A Sheils
(Appointed 1 February 2022)
Mr S G W Clarkson
(Appointed 1 February 2022)
Company number
05902288
Registered office
Unit E
Silver End Business Park
Brettell Lane
Brierley Hill
West Midlands
DY5 3LG
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Barclays Bank Plc
54 High Street
Worcester
WR1 2QQ
FROO.COM LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
FROO.COM LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF FROO.COM LIMITED FOR THE YEAR ENDED 31 JANUARY 2023
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Froo.com Limited for the year ended 31 January 2023 which comprise, 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 firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Froo.com Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Froo.com Limited and state those matters that we have agreed to state to the Board of Directors of Froo.com Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Froo.com Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Froo.com Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Froo.com Limited. You consider that Froo.com Limited 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 financial statements of Froo.com Limited. 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 statutory financial statements.

Ormerod Rutter Limited
26 September 2023
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
FROO.COM LIMITED
BALANCE SHEET
AS AT 31 JANUARY 2023
31 January 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
14,462
19,284
Tangible assets
4
21,277
2,278
Investments
5
1
1
35,740
21,563
Current assets
Debtors
6
113,759
128,472
Cash at bank and in hand
14,099
38,714
127,858
167,186
Creditors: amounts falling due within one year
7
(95,852)
(102,432)
Net current assets
32,006
64,754
Total assets less current liabilities
67,746
86,317
Creditors: amounts falling due after more than one year
8
(29,167)
(39,167)
Net assets
38,579
47,150
Capital and reserves
Called up share capital
9
860
860
Profit and loss reserves
37,719
46,290
Total equity
38,579
47,150

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 January 2023 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.

FROO.COM LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2023
31 January 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 26 September 2023 and are signed on its behalf by:
Mr P L Molloy
Director
Company Registration No. 05902288
FROO.COM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
- 4 -
1
Accounting policies
Company information

Froo.com Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit E, Silver End Business Park, Brettell Lane, Brierley Hill, West Midlands, DY5 3LG.

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

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT.

Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.

1.3
Intangible fixed assets - goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of ten years as assessed in 2016 having been previously amortised over twenty years.

1.4
Intangible fixed assets other than goodwill

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:

Domain rights
10  years
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 improvements
Fixtures and fittings
25% on cost
Office equipment
25% on cost

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
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

FROO.COM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 5 -

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.7
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.

1.8
Employee benefits

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

1.9
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 14 (2022 - 18).

FROO.COM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 6 -
3
Intangible fixed assets
Goodwill
Domain rights
Total
£
£
£
Cost
At 1 February 2022 and 31 January 2023
68,880
15,899
84,779
Amortisation and impairment
At 1 February 2022
49,596
15,899
65,495
Amortisation charged for the year
4,822
-
0
4,822
At 31 January 2023
54,418
15,899
70,317
Carrying amount
At 31 January 2023
14,462
-
0
14,462
At 31 January 2022
19,284
-
0
19,284
4
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Office equipment
Total
£
£
£
£
Cost
At 1 February 2022
-
0
12,824
46,184
59,008
Additions
13,374
7,348
1,194
21,916
Disposals
-
0
-
0
(1,175)
(1,175)
At 31 January 2023
13,374
20,172
46,203
79,749
Depreciation and impairment
At 1 February 2022
-
0
12,824
43,906
56,730
Depreciation charged in the year
251
1,072
713
2,036
Eliminated in respect of disposals
-
0
-
0
(294)
(294)
At 31 January 2023
251
13,896
44,325
58,472
Carrying amount
At 31 January 2023
13,123
6,276
1,878
21,277
At 31 January 2022
-
0
-
0
2,278
2,278
5
Fixed asset investments
2023
2022
£
£
Investments
1
1
FROO.COM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
5
Fixed asset investments
(Continued)
- 7 -
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 February 2022 & 31 January 2023
1
Carrying amount
At 31 January 2023
1
At 31 January 2022
1
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
49,035
33,853
Amounts owed by group undertakings
13,901
51,219
Other debtors
29,747
18,006
92,683
103,078
Deferred tax asset
21,076
25,394
113,759
128,472
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,001
10,000
Trade creditors
50,360
36,903
Taxation and social security
24,097
27,470
Other creditors
11,394
28,059
95,852
102,432
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
29,167
39,167
FROO.COM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 8 -
9
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and not fully paid
100 Ordinary A of £1 each
100
100
561 Ordinary B £1 of £1 each
561
561
211 Ordinary B £0.50 of 50p each
106
106
18 Ordinary B £0.25 of 25p each
4
4
50 Ordinary C £1 of £1 each
50
50
20 Ordinary C £0.50 of 50p each
10
10
20 Ordinary D £1 of £1 each
20
20
10 Ordinary D £0.50 of 50p each
5
5
10 Ordinary D £0.25 of 25p each
3
3
1 Ordinary E of £1 each
1
1
860
860

 

10
Secured debts
The following secured debts are included within creditors:
2023
2022
£
£
Bank overdrafts
1
-
0
Bank loans
39,167
49,167
39,168
49,167
Bank loans are secured by way of a government-backed guarantee.
11
Related party transactions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

12
Control

Ultimate parent company

The ultimate parent company is Bromhead Family Limited, a company registered in England and Wales.

Ultimate controlling party

The ultimate controlling party is Mr P L Molloy by virtue of his shareholding in the ultimate parent company.

2023-01-312022-02-01false26 September 2023CCH SoftwareCCH Accounts Production 2023.200No description of principal activityMr P L MolloyMiss L A SheilsMr S G W Clarkson059022882022-02-012023-01-3105902288bus:Director12022-02-012023-01-3105902288bus:Director22022-02-012023-01-3105902288bus:Director32022-02-012023-01-3105902288bus:RegisteredOffice2022-02-012023-01-3105902288bus:Agent12022-02-012023-01-31059022882023-01-31059022882022-01-3105902288core:NetGoodwill2023-01-3105902288core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-01-3105902288core:NetGoodwill2022-01-3105902288core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-01-3105902288core:LeaseholdImprovements2023-01-3105902288core:FurnitureFittings2023-01-3105902288core:ComputerEquipment2023-01-3105902288core:LeaseholdImprovements2022-01-3105902288core:FurnitureFittings2022-01-3105902288core:ComputerEquipment2022-01-3105902288core:CurrentFinancialInstrumentscore:WithinOneYear2023-01-3105902288core:CurrentFinancialInstrumentscore:WithinOneYear2022-01-3105902288core:CurrentFinancialInstruments2023-01-3105902288core:CurrentFinancialInstruments2022-01-3105902288core:Non-currentFinancialInstruments2023-01-3105902288core:Non-currentFinancialInstruments2022-01-3105902288core:ShareCapital2023-01-3105902288core:ShareCapital2022-01-3105902288core:RetainedEarningsAccumulatedLosses2023-01-3105902288core:RetainedEarningsAccumulatedLosses2022-01-3105902288core:ShareCapitalOrdinaryShares2023-01-3105902288core:ShareCapitalOrdinaryShares2022-01-3105902288core:Goodwill2022-02-012023-01-3105902288core:FurnitureFittings2022-02-012023-01-3105902288core:ComputerEquipment2022-02-012023-01-3105902288core:NetGoodwill2022-01-3105902288core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-01-31059022882022-01-3105902288core:NetGoodwill2022-02-012023-01-3105902288core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-02-012023-01-3105902288core:LeaseholdImprovements2022-01-3105902288core:FurnitureFittings2022-01-3105902288core:ComputerEquipment2022-01-3105902288core:LeaseholdImprovements2022-02-012023-01-3105902288bus:OrdinaryShareClass12022-02-012023-01-3105902288bus:OrdinaryShareClass22022-02-012023-01-3105902288bus:OrdinaryShareClass32022-02-012023-01-3105902288bus:OrdinaryShareClass42022-02-012023-01-3105902288bus:OrdinaryShareClass52022-02-012023-01-3105902288bus:OrdinaryShareClass12023-01-3105902288bus:OrdinaryShareClass22023-01-3105902288bus:OrdinaryShareClass32023-01-3105902288bus:OrdinaryShareClass42023-01-3105902288bus:OrdinaryShareClass52023-01-3105902288bus:PrivateLimitedCompanyLtd2022-02-012023-01-3105902288bus:SmallCompaniesRegimeForAccounts2022-02-012023-01-3105902288bus:FRS1022022-02-012023-01-3105902288bus:AuditExemptWithAccountantsReport2022-02-012023-01-3105902288bus:FullAccounts2022-02-012023-01-31xbrli:purexbrli:sharesiso4217:GBP