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Company No: 11077417 (England and Wales)

FROME BUSINESS PARK LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

FROME BUSINESS PARK LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

FROME BUSINESS PARK LIMITED

BALANCE SHEET

As at 31 December 2023
FROME BUSINESS PARK LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 47,871 64,024
Investment property 4 4,515,000 5,300,000
Investments 5 150 150
4,563,021 5,364,174
Current assets
Debtors 6 124,381 157,969
Cash at bank and in hand 383,478 351,559
507,859 509,528
Creditors: amounts falling due within one year 7 ( 4,093,656) ( 4,193,596)
Net current liabilities (3,585,797) (3,684,068)
Total assets less current liabilities 977,224 1,680,106
Creditors: amounts falling due after more than one year 8 ( 347,396) ( 419,587)
Provision for liabilities 9 ( 173,292) ( 272,556)
Net assets 456,536 987,963
Capital and reserves
Called-up share capital 1,135 1,135
Share premium account 599,865 599,865
Fair value reserve 585,823 1,184,995
Profit and loss account ( 730,287 ) ( 798,032 )
Total shareholder's funds 456,536 987,963

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Frome Business Park Limited (registered number: 11077417) were approved and authorised for issue by the Board of Directors on 24 August 2024. They were signed on its behalf by:

D M A Nicholson
Director
FROME BUSINESS PARK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
FROME BUSINESS PARK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Frome Business Park Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit G1 Frome Business Park, Manor Road, Frome, BA11 4FN, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net current liabilities. The Company is supported through loans from the associated company. The directors have received assurances that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the associated company will continue to support the Company. After making enquiries, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover represents rents receivable in relation to investment properties which is recognised in the period of occupation of the property by the tenant. Turnover is shown net of sales/value added tax and rebates.

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.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 25 % reducing balance
Computer equipment 33 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. 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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) 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 Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 6

3. Tangible assets

Fixtures and fittings Computer equipment Total
£ £ £
Cost
At 01 January 2023 191,225 9,730 200,955
At 31 December 2023 191,225 9,730 200,955
Accumulated depreciation
At 01 January 2023 129,039 7,892 136,931
Charge for the financial year 15,547 606 16,153
At 31 December 2023 144,586 8,498 153,084
Net book value
At 31 December 2023 46,639 1,232 47,871
At 31 December 2022 62,186 1,838 64,024

4. Investment property

Investment property
£
Valuation
As at 01 January 2023 5,300,000
Additions 13,896
Fair value movement (798,896)
As at 31 December 2023 4,515,000

Valuation

The value of investment property is derived from observable current market prices for comparable real estate determined by the directors. The assets have a current value of £4,515,000 (2022 - £5,300,000) and a carrying historic cost of £3,733,903 (2022 - £3,720,007).

5. Fixed asset investments

Investments in subsidiaries

2023
£
Cost
At 01 January 2023 150
At 31 December 2023 150
Carrying value at 31 December 2023 150
Carrying value at 31 December 2022 150

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Tool & Gauge Cafe Limited
Unit G7 Frome Business Park, Manor Road, Frome, Somerset, United Kingdom, BA11 4FN

6. Debtors

2023 2022
£ £
Trade debtors 11,027 6,920
Amounts owed by Group undertakings 109,242 97,100
Other debtors 4,112 53,949
124,381 157,969

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans (secured) 71,249 69,146
Trade creditors 4,476 11,319
Amounts owed to Group undertakings 0 3,808,210
Amounts owed to related parties 3,717,275 0
Taxation and social security 20,723 4,657
Other creditors 279,933 300,264
4,093,656 4,193,596

The bank loans above are secured by a fixed and floating charge over all the assets of the company.

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans (secured) 347,396 419,587

The bank loans above are secured by a fixed and floating charge over all the assets of the company.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2023 2022
£ £
Bank loans (secured) 71,754 143,003

The amounts repayable after more than 5 years are repayable in instalments.

9. Provision for liabilities

2023 2022
£ £
Deferred tax 173,292 272,556

10. Related party transactions

Transactions with the entity's directors

Advances

The Directors loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

At 1 January 2023, the balance owed by the director was £0. During the year, £20 was advanced to the director, and £10 was repaid by the director. At 31 December 2023, the balance owed by the director was £10.

Other related party transactions

2023 2022
£ £
Income received from DNA Worldwide Group Ltd 28,350 28,350
Income received from Living DNA Limited 4,000 4,000
Income received from DNA Legal Limited 73,504 59,460

DNA Worldwide Group Ltd, Living DNA Limited and DNA Legal Limited are associated companies of Frome Business Park Limited by virtue that D Nicholson is the ultimate controlling shareholder.

In addition to the amounts above, included under amounts owed to related parties is £3,717,275 as at 31 December 2023 which is owed to DNA Worldwide Group Ltd by Frome Business Park Limited. The amount is represented under amounts owed to group undertakings in 2022 since it was a subsidiary of DNA Worldwide Group Ltd at this time.

The company has taken advantage of the exemption under FRS 102 from disclosing related party transactions with other wholly owned group Companies.