Company registration number 05902288 (England and Wales)
FROO.COM LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
FROO.COM LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
FROO.COM LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF FROO.COM LIMITED FOR THE YEAR ENDED 31 JANUARY 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Froo.com Limited for the year ended 31 January 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Froo.com Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Froo.com Limited and state those matters that we have agreed to state to the board of directors of Froo.com Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Froo.com Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Froo.com Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Froo.com Limited. You consider that Froo.com Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Froo.com Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ormerod Rutter Limited
21 October 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
FROO.COM LIMITED
BALANCE SHEET
AS AT 31 JANUARY 2024
31 January 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
9,640
14,462
Tangible assets
4
20,062
21,277
Investments
5
1
1
29,703
35,740
Current assets
Debtors
6
123,644
113,759
Cash at bank and in hand
11,220
14,099
134,864
127,858
Creditors: amounts falling due within one year
7
(103,725)
(95,852)
Net current assets
31,139
32,006
Total assets less current liabilities
60,842
67,746
Creditors: amounts falling due after more than one year
8
(19,167)
(29,167)
Net assets
41,675
38,579
Capital and reserves
Called up share capital
10
860
860
Profit and loss reserves
40,815
37,719
Total equity
41,675
38,579
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
FROO.COM LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2024
31 January 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 21 October 2024 and are signed on its behalf by:
Mr P L Molloy
Director
Company registration number 05902288 (England and Wales)
FROO.COM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 4 -
1
Accounting policies
Company information
Froo.com Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit E, Silver End Business Park, Brettell Lane, Brierley Hill, West Midlands, United Kingdom, DY5 3LG.
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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT.
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
1.3
Intangible fixed assets - goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of ten years as assessed in 2016 having been previously amortised over twenty years.
1.4
Intangible fixed assets other than goodwill
Amortisation 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:
Domain rights
10 years
1.5
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:
Leasehold improvements
2.5% on cost
Fixtures and fittings
25% on cost
Office equipment
25% on cost
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.
FROO.COM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 5 -
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
FROO.COM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
11
14
3
Intangible fixed assets
Goodwill
Domain rights
Total
£
£
£
Cost
At 1 February 2023 and 31 January 2024
68,880
15,899
84,779
Amortisation and impairment
At 1 February 2023
54,418
15,899
70,317
Amortisation charged for the year
4,822
4,822
At 31 January 2024
59,240
15,899
75,139
Carrying amount
At 31 January 2024
9,640
9,640
At 31 January 2023
14,462
14,462
4
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Office equipment
Total
£
£
£
£
Cost
At 1 February 2023
13,374
20,172
46,203
79,749
Additions
1,061
1,355
2,416
At 31 January 2024
13,374
21,233
47,558
82,165
Depreciation and impairment
At 1 February 2023
251
13,896
44,325
58,472
Depreciation charged in the year
334
2,102
1,195
3,631
At 31 January 2024
585
15,998
45,520
62,103
Carrying amount
At 31 January 2024
12,789
5,235
2,038
20,062
At 31 January 2023
13,123
6,276
1,878
21,277
FROO.COM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 7 -
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
1
1
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
15,899
49,035
Amounts owed by group undertakings
17,666
13,901
Other debtors
71,714
29,747
105,279
92,683
Deferred tax asset
18,365
21,076
123,644
113,759
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,000
10,001
Trade creditors
21,530
50,360
Amounts owed to group undertakings
14,664
Taxation and social security
33,245
24,097
Other creditors
24,286
11,394
103,725
95,852
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
19,167
29,167
FROO.COM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 8 -
9
Secured debts
The following secured debts are included within creditors:
2024
2023
£
£
Bank overdrafts
1
Bank loans
29,167
39,167
29,167
39,168
Bank loans are secured by way of a government-backed guarantee.
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
Ordinary A of £1 each
100
100
100
100
Ordinary B £1 of £1 each
561
561
561
561
Ordinary B £0.50 of 50p each
212
211
106
106
Ordinary B £0.25 of 25p each
16
18
4
4
Ordinary C £1 of £1 each
50
50
50
50
Ordinary C £0.50 of 50p each
20
20
10
10
Ordinary D £1 of £1 each
20
20
20
20
Ordinary D £0.50 of 50p each
10
10
5
5
Ordinary D £0.25 of 25p each
10
10
3
3
Ordinary E of £1 each
1
1
1
1
1,000
1,001
860
860
11
Related party transactions
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.
12
Control
Ultimate parent company
The ultimate parent company is 90210 Limited, a company registered in England and Wales.
Ultimate controlling party
The ultimate controlling party is Mr P L Molloy by virtue of his shareholding in the ultimate parent company.