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REGISTERED NUMBER: 04010085 (England and Wales)





















FREM LIMITED

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






FREM LIMITED (REGISTERED NUMBER: 04010085)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 8


FREM LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: B D Daisy
Mrs C L Daisy
D Allcock
G Leith
A Baldwin



SECRETARY: Mrs C L Daisy



REGISTERED OFFICE: Seebeck House
1 Seebeck Place
Knowlhill
Milton Keynes
Buckinghamshire
MK5 8FR



REGISTERED NUMBER: 04010085 (England and Wales)



SENIOR STATUTORY AUDITOR: Stuart Armstrong FCCA



AUDITORS: Phipps Henson McAllister
Chartered Accountants
and Statutory Auditors
22-24 Harborough Road
Kingsthorpe
Northampton
NN2 7AZ

FREM LIMITED (REGISTERED NUMBER: 04010085)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 188,811 126,339

CURRENT ASSETS
Stocks 114,313 58,095
Debtors 5 1,779,757 1,411,521
Cash at bank 495,569 455,628
2,389,639 1,925,244
CREDITORS
Amounts falling due within one year 6 1,827,970 1,395,569
NET CURRENT ASSETS 561,669 529,675
TOTAL ASSETS LESS CURRENT LIABILITIES 750,480 656,014

CREDITORS
Amounts falling due after more than one
year

7

-

(8,697

)

PROVISIONS FOR LIABILITIES (20,067 ) (23,478 )
NET ASSETS 730,413 623,839

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 730,313 623,739
SHAREHOLDERS' FUNDS 730,413 623,839

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 June 2024 and were signed on its behalf by:





Mrs C L Daisy - Director


FREM LIMITED (REGISTERED NUMBER: 04010085)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Frem Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The Group has continued to trade profitably. Business is expected to be challenging in the current economic climate, but the Group remains in a strong position. The directors have reviewed liquidity requirements across the Group and are confident that there is sufficient flexibility such that it continues to be appropriate to prepare the accounts on a going concern basis.

Related party exemption
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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenues are recognised once risks and rewards of ownership have passed to the buyer, and the costs incurred in respect of the transaction can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - Straight line over 3 years
Fixtures, fittings & equipment - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


FREM LIMITED (REGISTERED NUMBER: 04010085)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2022 - 20 ) .

FREM LIMITED (REGISTERED NUMBER: 04010085)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. TANGIBLE FIXED ASSETS
Fixtures,
Plant and fittings Motor
machinery & equipment vehicles Totals
£    £    £    £   
COST
At 1 January 2023 42,454 216,110 12,299 270,863
Additions - 99,900 - 99,900
Disposals (42,454 ) (10,589 ) - (53,043 )
At 31 December 2023 - 305,421 12,299 317,720
DEPRECIATION
At 1 January 2023 25,354 112,725 6,445 144,524
Charge for year 17,100 16,802 1,463 35,365
Eliminated on disposal (42,454 ) (8,526 ) - (50,980 )
At 31 December 2023 - 121,001 7,908 128,909
NET BOOK VALUE
At 31 December 2023 - 184,420 4,391 188,811
At 31 December 2022 17,100 103,385 5,854 126,339

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Fixtures,
Plant and fittings
machinery & equipment Totals
£    £    £   
COST
At 1 January 2023 42,454 48,317 90,771
Disposals (42,454 ) - (42,454 )
At 31 December 2023 - 48,317 48,317
DEPRECIATION
At 1 January 2023 25,354 19,015 44,369
Charge for year 17,100 4,395 21,495
Eliminated on disposal (42,454 ) - (42,454 )
At 31 December 2023 - 23,410 23,410
NET BOOK VALUE
At 31 December 2023 - 24,907 24,907
At 31 December 2022 17,100 29,302 46,402

FREM LIMITED (REGISTERED NUMBER: 04010085)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,699,820 1,176,861
Amounts owed by participating interests - 156,722
Other debtors 79,937 77,938
1,779,757 1,411,521

Included in Trade debtors is £43,133 (2022 - £2,544) due from other group companies.

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 8) 8,697 20,122
Trade creditors 1,405,860 906,177
Amounts owed to group undertakings 101,261 69,570
Amounts owed to participating interests - 100,000
Taxation and social security 89,315 102,820
Other creditors 222,837 196,880
1,827,970 1,395,569

Included in Trade creditors is £213,542 (2022 - £171,008) due to other group companies.
Obligations under hire purchase contracts are secured on the assets to which they relate.

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 8) - 8,697

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 8,697 20,122
Between one and five years - 8,697
8,697 28,819

FREM LIMITED (REGISTERED NUMBER: 04010085)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


8. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2023 2022
£    £   
Within one year 306,048 287,538
Between one and five years 744,687 813,787
In more than five years 495,000 101,250
1,545,735 1,202,575

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 8,697 28,820

Obligations under hire purchase contracts are secured on the assets to which they relate.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.
The Senior Statutory Auditor was Martyn Smith FCA.
The Auditor was Phipps Henson McAllister.

12. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions of £2,362 (2022 - £2,642) were payable to the fund at the balance sheet date.

13. CONTINGENT LIABILITIES

A cross guarantee and debenture by and between Frem Limited and other members of the group exists in relation to a bank overdraft facility of £50,000 for FG3 Manufacturing Limited and £50,000 for FG Library Products Limited.

FREM LIMITED (REGISTERED NUMBER: 04010085)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


14. RELATED PARTY DISCLOSURES

The company was a wholly owned subsidiary of Frem Group Limited throughout the year, whose registered office address is:

Seebeck House
1 Seebeck Place
Knowlhill
Milton Keynes
Buckinghamshire
MK5 8FR

AMOUNTS OWED TO RELATED UNDERTAKINGS

Amounts owed to participating interests includes £Nil (2022 - £100,000) due to FG Library Products Limited.

15. ULTIMATE CONTROLLING PARTY

Frem Limited is a wholly owned subsidiary of Frem Group Limited, which is the smallest and largest undertaking for which group financial statements are prepared.

The company is under the control of Mr B D Daisy and his wife Mrs C L Daisy who control 100% of the shares of Frem Group Limited.