REGISTERED NUMBER: 04010085 (England and Wales)

FREM LIMITED

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

to

8

DIRECTORS:

B D Daisy

Mrs C L Daisy

D Allcock

A Baldwin

A L Wheeler

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

FIXED ASSETS

Tangible assets

4

170,464

188,811

CURRENT ASSETS

Stocks

32,384

114,313

Debtors

5

1,113,781

1,779,757

Cash at bank

118,922

495,569

1,265,087

2,389,639

CREDITORS

Amounts falling due within one year

6

713,489

1,827,970

NET CURRENT ASSETS

551,598

561,669

TOTAL ASSETS LESS CURRENT LIABILITIES

722,062

750,480

PROVISIONS FOR LIABILITIES

36,144

20,067

NET ASSETS

685,918

730,413

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

685,818

730,313

SHAREHOLDERS' FUNDS

685,918

730,413

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 3 September 2025 and were signed on its behalf by:

Mrs C L Daisy - Director

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.

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.

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 (2023 - 18 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures,

fittings

Motor

& equipment

vehicles

Totals

£

£

£

COST

At 1 January 2024

305,421

12,299

317,720

Additions

13,110

-

13,110

Disposals

(1,729

)

-

(1,729

)

At 31 December 2024

316,802

12,299

329,101

DEPRECIATION

At 1 January 2024

121,001

7,908

128,909

Charge for year

28,792

1,098

29,890

Eliminated on disposal

(162

)

-

(162

)

At 31 December 2024

149,631

9,006

158,637

NET BOOK VALUE

At 31 December 2024

167,171

3,293

170,464

At 31 December 2023

184,420

4,391

188,811

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Fixtures,

fittings

& equipment

£

COST

At 1 January 2024

48,317

Transfer to ownership

(48,317

)

At 31 December 2024

-

DEPRECIATION

At 1 January 2024

23,410

Transfer to ownership

(23,410

)

At 31 December 2024

-

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

24,907

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

965,088

1,699,820

Amounts owed by group undertakings

55,691

-

Other debtors

93,002

79,937

1,113,781

1,779,757

Included in Trade debtors is £36,599 (2023 - £43,133) due from other group companies.

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Hire purchase contracts (see note 7)

-

8,697

Trade creditors

596,160

1,405,860

Amounts owed to group undertakings

-

101,261

Taxation and social security

9,828

89,315

Other creditors

107,501

222,837

713,489

1,827,970

Included in Trade creditors is £249,978 (2023 - £213,542) due to other group companies.

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

7.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2024

2023

£

£

Net obligations repayable:

Within one year

-

8,697

Non-cancellable

operating leases

2024

2023

£

£

Within one year

321,733

306,048

Between one and five years

648,610

744,687

In more than five years

360,000

495,000

1,330,343

1,545,735

8.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Hire purchase contracts

-

8,697

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

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

100

Ordinary

£1

100

100

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

The Report of the Auditors was unqualified.

The Senior Statutory Auditor was Stuart Armstrong FCCA.

The Auditor was Phipps Henson McAllister.

11.	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 £1,683 (2023 - £2,362) were payable to the fund at the balance sheet date.

12.	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.

13.	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

14.	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.