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COMPANY REGISTRATION NUMBER: 3190984
Frio UK Limited
Filleted Unaudited Financial Statements
31 March 2024
Frio UK Limited
Financial Statements
Year ended 31 March 2024
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 7
Frio UK Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
6
1,157,257
1,189,506
Current assets
Stocks
505,875
491,949
Debtors
7
1,514,865
1,249,582
Cash at bank and in hand
845,793
689,494
------------
------------
2,866,533
2,431,025
Creditors: amounts falling due within one year
8
( 566,122)
( 558,404)
------------
------------
Net current assets
2,300,411
1,872,621
------------
------------
Total assets less current liabilities
3,457,668
3,062,127
Creditors: amounts falling due after more than one year
9
( 213,344)
( 294,141)
Provisions
Taxation including deferred tax
10
( 13,284)
( 7,518)
------------
------------
Net assets
3,231,040
2,760,468
------------
------------
Capital and reserves
Called up share capital
12
83
83
Share premium account
14,990
14,990
Capital redemption reserve
249
249
Profit and loss account
3,215,718
2,745,146
------------
------------
Shareholders funds
3,231,040
2,760,468
------------
------------
These 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'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Frio UK Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 15 October 2024 , and are signed on behalf of the board by:
Mr C.G. Wolsey
Director
Company registration number: 3190984
Frio UK Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Whiteleys, Little Treffgarne, Haverfordwest, Pembrokeshire, SA62 5DY.
2. Statement of compliance
These financial statements have been prepared in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The director has a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the director continues to adopt the going concern basis of accounting in preparing the annual financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. 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, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. 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 profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Buildings
-
2% reducing balance
Plant and Machinery
-
25% reducing balance
Wind Turbine
-
5% straight line
Property Improvements
-
10% reducing balance
No depreciation is provided on Freehold Land.
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
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. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 15 (2023: 13 ).
5. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
99,501
139,662
Adjustments in respect of prior periods
322
--------
---------
Total current tax
99,823
139,662
--------
---------
Deferred tax:
Origination and reversal of timing differences
5,766
( 2,188)
---------
---------
Tax on profit
105,589
137,474
---------
---------
6. Tangible assets
Land and Buildings
Plant and Machinery
Wind Turbine
Property Improvements
Total
£
£
£
£
£
Cost
At 1 April 2023
1,073,773
234,928
318,229
21,434
1,648,364
Additions
2,050
2,020
4,070
------------
---------
---------
--------
------------
At 31 March 2024
1,073,773
236,978
320,249
21,434
1,652,434
------------
---------
---------
--------
------------
Depreciation
At 1 April 2023
96,968
189,261
154,090
18,539
458,858
Charge for the year
8,088
11,930
16,012
289
36,319
------------
---------
---------
--------
------------
At 31 March 2024
105,056
201,191
170,102
18,828
495,177
------------
---------
---------
--------
------------
Carrying amount
At 31 March 2024
968,717
35,787
150,147
2,606
1,157,257
------------
---------
---------
--------
------------
At 31 March 2023
976,805
45,667
164,139
2,895
1,189,506
------------
---------
---------
--------
------------
7. Debtors
2024
2023
£
£
Trade debtors
15,680
39,133
Other debtors
1,499,185
1,210,449
------------
------------
1,514,865
1,249,582
------------
------------
Other debtors include an amount of £Nil (2023 - £Nil) falling due after more than one year.
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts (secured)
78,444
93,891
Trade creditors
166,520
83,237
Corporation tax
101,140
139,662
Social security and other taxes
33,649
51,259
Other creditors
186,369
190,355
---------
---------
566,122
558,404
---------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts (secured)
143,750
223,045
Other creditors
69,594
71,096
---------
---------
213,344
294,141
---------
---------
Included within creditors: amounts falling due after more than one year is an amount of £64,031 (2023: £64,852) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
Lloyds TSB Bank PLC has three charges dated 3 May 2005, 23 February 2007 and 9 August 2012 over the assets of the company.
10. Provisions
Deferred tax (note 11)
£
At 1 April 2023
7,518
Additions
5,766
--------
At 31 March 2024
13,284
--------
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions (note 10)
13,284
7,518
--------
-------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
13,284
7,518
--------
-------
12. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
83
83
83
83
----
----
----
----
13. Related party transactions
The company was under the control of Mr C.G. Wolsey during the current and previous year. Mr CG Wolsey is the managing director and majority shareholder. During the year the company paid dividends totalling £Nil (2023 - £2,000) to Mr C.G. Wolsey , the managing director.