Company Registration No. 02348393 (England and Wales)
Froglife Limited
Financial statements
for the year ended 30 September 2023
Pages for filing with the registrar
Froglife Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
Froglife Limited
Statement of financial position
As at 30 September 2023
1
2023
2022
Notes
£
£
£
£
Current assets
Debtors
3
20,400
2,508
Cash at bank and in hand
165,077
151,004
185,477
153,512
Creditors: amounts falling due within one year
4
(168,870)
(136,905)
Net current assets
16,607
16,607
Capital and reserves
Called up share capital
5
100
100
Profit and loss reserves
16,507
16,507
Total equity
16,607
16,607
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
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 14 December 2023 and are signed on its behalf by:
Inez Smith
Director
Company Registration No. 02348393
Froglife Limited
Notes to the financial statements
For the year ended 30 September 2023
2
1
Accounting policies
Company information
Froglife Limited is a private company limited by shares incorporated in England and Wales. The registered office is Brightfield Business Hub, Bakewell Road, Orton Southgate, Peterborough, PE2 6XU.
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
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Additionally, if required there is ongoing support from the parent, The Froglife Trust. Thus the Directors continue to adopt the going concern basis of accounting in preparing the financial statements.true
1.3
Turnover
Turnover, which is stated net of value added tax, represents amounts receivable for goods and services in relation to consultancy and habitat work undertaken in the United Kingdom.
1.4
Cash and cash equivalents
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.
1.5
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 statement of financial position 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, 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.
Froglife Limited
Notes to the financial statements (continued)
For the year ended 30 September 2023
1
Accounting policies (continued)
3
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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
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.
1.6
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.
1.7
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.
Froglife Limited
Notes to the financial statements (continued)
For the year ended 30 September 2023
1
Accounting policies (continued)
4
1.8
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (excluding directors) employed by the company during the year was 0 (2022 - 0).
The directors did not receive any remuneration during the year (2022 - £nil).
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,508
Other debtors
20,400
20,400
2,508
4
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
150,397
131,415
Taxation and social security
454
3,054
Other creditors
18,019
2,436
168,870
136,905
5
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
100 of £1 each
100
100
6
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Froglife Limited
Notes to the financial statements (continued)
For the year ended 30 September 2023
6
Audit report information (continued)
5
Senior Statutory Auditor:
Gareth Norris
Statutory Auditors:
Saffery LLP
7
Related party transactions
In accordance with FRS 102, the company has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary of the group.
8
Parent company
The company is controlled by its parent The Froglife Trust, a UK registered charity. Copies of the consolidated financial statements of The Froglife Trusts may be obtained via Companies House.