Company registration number SC182069 (Scotland)
THE FRAME ZONE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
THE FRAME ZONE LIMITED
COMPANY INFORMATION
Directors
D Moulsdale
S Mein
S Hannan
Secretary
G Murdoch
Company number
SC182069
Registered office
200 St Vincent Street
Glasgow
Scotland
G2 5SG
Auditor
RSM UK Audit LLP
Third Floor
Centenary House
69 Wellington Street
Glasgow
G2 6HG
THE FRAME ZONE LIMITED
CONTENTS
Page
Directors' responsibilities statement
1
Statement of financial position
2
Notes to the financial statements
3 - 8
THE FRAME ZONE LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 DECEMBER 2023
- 1 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are 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 directors are required to:

 

 

The directors are 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. They are 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.

THE FRAME ZONE LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 DECEMBER 2023
30 December 2023
- 2 -
30 December 2023
31 December 2022
Notes
£'000
£'000
£'000
£'000
Fixed assets
Tangible assets
5
5
5
Current assets
Stocks
21
20
Debtors
6
1,403
1,293
Cash at bank and in hand
64
35
1,488
1,348
Creditors: amounts falling due within one year
7
(404)
(291)
Net current assets
1,084
1,057
Net assets
1,089
1,062
Capital and reserves
Called up share capital
8
-
0
-
0
Share premium account
410
410
Profit and loss reserves
679
652
Total equity
1,089
1,062

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 27 June 2024 and are signed on its behalf by:
S Mein
Director
Company Registration No. SC182069
THE FRAME ZONE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

The Frame Zone Limited is a private company limited by shares incorporated in Scotland. The registered office is 200 St Vincent Street, Glasgow, Scotland, G2 5SG.

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 £'000.

The financial statements have been prepared under the historical cost convention.

1.2
Going concern

Atruet 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. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

The turnover shown in the income statement represents amounts invoiced during the year, exclusive of Value Added Tax.

1.4
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:

Equipment
10 - 15% reducing balance
Fixtures and fittings
15% reducing balance

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.

1.5
Stocks

Stocks are valued at the lower of cost and net realisable value. Cost is computed on an average cost basis. Net realisable value is based on estimated selling price less the estimated cost of disposal.

1.6
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.

THE FRAME ZONE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.7
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 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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.

THE FRAME ZONE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

1.8
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.

1.9
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.

1.10
Retirement benefits

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable is charged to the income statement.

THE FRAME ZONE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
1.11
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
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

In categorising leases as finance leases or operating leases, management makes judgements as to whether significant risks and rewards of ownership have transferred to the company as lessee.

 

In determining depreciation rates, management must consider and make judgements on the residual value of the asset and their useful life to set depreciation rates.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
4
5
4
Directors' remuneration

For the year ended 30 December 2023 and preceding year, all costs of employment of directors who are considered to be Key Management Personnel, were borne by Optical Express (Westfield) Limited and are disclosed in the accounts of that company.

THE FRAME ZONE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
- 7 -
5
Tangible fixed assets
Equipment
Fixtures and fittings
Total
£'000
£'000
£'000
Cost
At 1 January 2023
41
11
52
Additions
1
-
0
1
At 30 December 2023
42
11
53
Depreciation and impairment
At 1 January 2023
36
11
47
Depreciation charged in the year
1
-
0
1
At 30 December 2023
37
11
48
Carrying amount
At 30 December 2023
5
-
0
5
At 31 December 2022
5
-
0
5
6
Debtors
2023
2022
Amounts falling due within one year:
£'000
£'000
Trade debtors
13
9
Amounts owed by group undertakings
1,388
1,279
Other debtors
2
5
1,403
1,293
7
Creditors: amounts falling due within one year
2023
2022
£'000
£'000
Trade creditors
2
-
0
Amounts owed to group undertakings
334
244
Corporation tax
8
-
0
Other taxation and social security
31
18
Other creditors
29
29
404
291
THE FRAME ZONE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
- 8 -
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£'000
£'000
Ordinary shares of £1 each
15
15
-
0
-
Deferred shares of £1 each
13
13
-
0
-

The company’s ordinary shares carry no rights to fixed dividends. Each ordinary share carries the right to one vote at General Meetings of the company.    

 

The rights attaching to the deferred shares are as follows:

 

On a return of assets on a liquidation or otherwise, the assets of the company remaining after the payment of its liabilities will be applied firstly, in paying the holders of the £1 ordinary shares a sum equal to the balance of such assets up to a maximum of £100,000,000 and secondly, in distributing the balance of such assets among the holders of the deferred shares.

 

The holders of the deferred shares shall be entitled to receive notice of and attend at general meetings but shall not be entitled to vote.

9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£'000
£'000
55
5
10
Related party transactions

The company has taken advantage of the exemption granted by paragraph 33.1A of Financial Reporting Standard 102 not to disclose transactions with other wholly owned group companies.true

 

The company had no other related party transactions during the period.

11
Parent company

The immediate controlling party is DCM (Optical Holdings) Limited, a company incorporated in Scotland.

 

The ultimate parent company is Lorena Investments Limited, a company incorporated in Scotland. Group financial statements are available at 200 St. Vincent Street, Glasgow, G2 5SG.

12
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.

Senior Statutory Auditor:
Linda Gray
Statutory Auditor:
RSM UK Audit LLP
2023-12-302023-01-01false28 June 2024CCH SoftwareCCH Accounts Production 2023.100No description of principal activityThis audit opinion is unqualifiedD MoulsdaleS MeinS HannanG Murdoch4SC1820692023-01-012023-12-30SC182069bus:Director12023-01-012023-12-30SC182069bus:Director22023-01-012023-12-30SC182069bus:Director32023-01-012023-12-30SC182069bus:CompanySecretary12023-01-012023-12-30SC182069bus:RegisteredOffice2023-01-012023-12-30SC1820692023-12-30SC1820692022-12-31SC182069core:PlantMachinery2023-12-30SC182069core:FurnitureFittings2023-12-30SC182069core:PlantMachinery2022-12-31SC182069core:FurnitureFittings2022-12-31SC182069core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-30SC182069core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-31SC182069core:CurrentFinancialInstruments2023-12-30SC182069core:CurrentFinancialInstruments2022-12-31SC182069core:ShareCapital2023-12-30SC182069core:ShareCapital2022-12-31SC182069core:SharePremium2023-12-30SC182069core:SharePremium2022-12-31SC182069core:RetainedEarningsAccumulatedLosses2023-12-30SC182069core:RetainedEarningsAccumulatedLosses2022-12-31SC182069core:PlantMachinery2023-01-012023-12-30SC182069core:FurnitureFittings2023-01-012023-12-30SC1820692022-01-022022-12-31SC182069core:PlantMachinery2022-12-31SC182069core:FurnitureFittings2022-12-31SC1820692022-12-31SC182069core:WithinOneYear2023-12-30SC182069core:WithinOneYear2022-12-31SC182069bus:AllOrdinaryShares2023-01-012023-12-30SC182069bus:AllDeferredShares2023-01-012023-12-30SC182069bus:AllOrdinaryShares2023-12-30SC182069bus:AllOrdinaryShares2022-12-31SC182069bus:AllDeferredShares2023-12-30SC182069bus:AllDeferredShares2022-12-31SC182069bus:PrivateLimitedCompanyLtd2023-01-012023-12-30SC182069bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-30SC182069bus:FRS1022023-01-012023-12-30SC182069bus:Audited2023-01-012023-12-30SC182069bus:FullAccounts2023-01-012023-12-30xbrli:purexbrli:sharesiso4217:GBP