Company registration number NI616662 (Northern Ireland)
FROZZYS LTD
ABRIDGED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
FROZZYS LTD
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
The director presents his annual report and financial statements for the year ended 31 December 2023.
Principal activities
The principal activity of the company is developing new pet food products and wholesaling same.
Director
The directors who held office during the year were:
M Hunt
P M P Hunt
(Deceased 23 June 2023)
Post reporting date events
There were no significant events affecting the company which have occurred since the end of the financial year.
Auditor
The auditor, MTS Convery, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of director's responsibilities
The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the director has taken all the necessary steps that ought to have taken as a director in order to make himself aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Reporting Matter
We report with great sadness the passing of our founder Paul Hunt on 23 June 2023. Paul played a pivotal role in building a sustainable entity with a strong management structure.
Paul was the ultimate controlling party up to the date of death, and his shares in the ultimate holding company have transferred to immediate family members.
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
FROZZYS LTD
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
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On behalf of the board
M Hunt
Director
18 June 2024
FROZZYS LTD
ABRIDGED STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 3 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
39,372
44,098
Current assets
Stocks
174,592
195,984
Debtors
70,449
112,963
Cash at bank and in hand
52,115
7,353
297,156
316,300
Creditors: amounts falling due within one year
(1,365,910)
(1,191,195)
Net current liabilities
(1,068,754)
(874,895)
Total assets less current liabilities
(1,029,382)
(830,797)
Provisions for liabilities
(7,792)
Net liabilities
(1,029,382)
(838,589)
Capital and reserves
Called up share capital
200
200
Profit and loss reserves
(1,029,582)
(838,789)
Total equity
(1,029,382)
(838,589)
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of abridged financial statements.
All of the members have consented to the preparation of the abridged statement of financial position year ended 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.
In accordance with section 444 of the Companies Act 2006, truethe income statement has not been delivered.
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
The financial statements were approved by the board of directors and authorised for issue on 18 June 2024 and are signed on its behalf by:
M Hunt
Director
Company Registration No. NI616662
FROZZYS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
General information
Frozzys Ltd is a private company limited by shares incorporated in Northern Ireland. The registered office is 3 Duncrue Place, Belfast, BT3 9BU. The nature of the company's operations and its principal activities are set out in the Directors Report.
1.1
Statement of compliance
These financial statements have been prepared in accordance with applicable accounting standards including FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
1.2
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention modified to include certain items at fair value and in accordance with the Company's Act 2006. The financial statements have been presented in sterling (£) which is also the functional currency of the company.
1.3
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and of Value Added Tax. Turnover is recognised when the significant risks and rewards of ownership have been transferred to the buyer, generally at the date of transfer of ownership title.
1.4
Tangible fixed assets
All tangible assets are initially recorded at historic cost. The company revalues its property every five years using external professional valuers. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in Statement of Comprehensive Income.
Depreciation is calculated so as to write off the cost or valuation of an asset, having taken into account the current assessment of the residual value of the asset along with the company's revaluation policy, over the useful economic life of that asset as follows:
Plant and equipment
10% straight line
Computers
20% straight line
1.5
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
1.6
Stocks
Stocks are measured at the lower of cost and estimated net realisable value using the first in first out method. Estimated net realisable value is the expected sales price less anticipated future related costs up to the point of sale. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
1.7
Financial instruments
Share capital
The ordinary share capital of the company is presented as equity.
FROZZYS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and demand deposits, together with short-term, highly liquid investments that are readily convertible to a known amount of cash, and that are subject to an insignificant risk of change in value.
Other financial assets
Other financial assets including trade debtors for goods sold to customers on short-term credit, are measured at the undiscounted amount of cash receivable from that customer, which is normally the invoice price.
Impairment of financial assets
At the end of each reporting period, the company assesses whether there is objective evidence of impairment of any financial assets that are measured at cost. If there is objective evidence of impairment, impairment losses are recognised in the Statement of Comprehensive Income in that financial year.
Loans and borrowings
Loans and borrowings are classified as current assets or liabilities unless the borrower has an unconditional right to defer settlement of the liability for at least twelve months after the financial year end date.
Other financial liabilities
Trade creditors are measured at invoice price.
1.8
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period.
Current tax
Current tax is recognised on taxable profit using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
1.9
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the Statement of Financial Position and the amount of the provision as an expense.
1.10
Pensions
The company operates two separate pension schemes: a defined contribution scheme and a defined contribution occupational money purchase scheme. The assets of both schemes are held separately from those of the company. Contributions are charged to the Statement of Comprehensive Income in the period to which they relate.
1.11
Leases
Leases where a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged against income on a straight line basis over the period of the lease.
FROZZYS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
1.12
Foreign currency
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the financial year end date. Non-monetary items that are measured at historical cost are translated at the foreign exchange rate ruling at the date of the transaction. All foreign exchange differences are taken to the Statement of Comprehensive Income.
2
Judgements and key sources of estimation uncertainty
Critical judgements and key estimates
The director considers the accounting estimates and assumptions below to be its critical accounting estimates and judgements:
Going Concern
The director has prepared budgets and cash flows for a period of at least twelve months from the end of the financial year which demonstrate that there is no material uncertainty regarding the company's ability to meet its liabilities as they fall due, and to continue as a going concern. On this basis the director considers it appropriate to prepare the financial statements on a going concern basis. Accordingly, these financial statements do not include any adjustments to the carrying amounts and classification of assets and liabilities that may arise if the company was unable to continue as a going concern.
Useful Lives of Tangible Fixed Assets
The director reviews the useful lives of the assets, which impacts on the computation of the charge for depreciation and amortisation, and change them if necessary to reflect current conditions.
The depreciation for the year plus the net book value of Tangible Fixed Assets at the end of the year is reported in note 4.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
5
3
FROZZYS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
4
Tangible fixed assets
Total
£
Cost
At 1 January 2023
52,897
Additions
620
At 31 December 2023
53,517
Depreciation and impairment
At 1 January 2023
8,799
Depreciation charged in the year
5,346
At 31 December 2023
14,145
Carrying amount
At 31 December 2023
39,372
At 31 December 2022
44,098
5
Reserves
Called up share capital - This reserve records the nominal value paid for shares.
Profit and loss account - This reserve records retained earnings and accumulated losses.
6
Summary audit opinion
The auditor's report for the year dated 18th June 202418 June 2024 was unqualified.
The senior statutory auditor was Eamon Convery, for and on behalf of MTS Convery.
7
Related party transactions
Transactions with related parties
Frozzys Ltd is a subsidiary of Philip Russell Limited. Philip Russell Limited is a subsidiary of Golf Holdings Limited. Other companies in the group include Wine Inns Limited along with it's subsidiaries Winemark the Wine Merchants Limited and Regency Hotel (Northern Ireland) Limited; and James E.McCabe Limited along with its subsidiary Property Management Services (NI) Limited.
There were various administrative, marketing, other service charges and movements in liquid funds during the year with group undertakings, resulting in an increase in the inter-company creditor of £190,950.
2023
2022
Amounts due to related parties
£
£
Amounts owed by Frozzys Ltd
1,327,916
1,136,966