Framatome BHR Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07274578 (England and Wales)

FINANCIAL STATEMENTS FOR THE PERIOD 1 MAY 2021 TO 31 DECEMBER 2021

FOR

FRAMATOME BHR LIMITED

FORMERLY VIRTUALPIE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

D Winter

P J A Howarth (Chairman)

C Cornand

P Lassus

SECRETARY:

P A Extance

REGISTERED OFFICE:

The Fluid Engineering Centre

Cranfield

Bedfordshire

MK43 0AJ

REGISTERED NUMBER:

07274578 (England and Wales)

AUDITORS:

Flint & Thompson

Statutory Auditors

2-6 Manor Square

Solihull

West Midlands

B91 3PX

FIXED ASSETS

Intangible assets

4

48,524

61,924

Tangible assets

5

2,720,304

2,781,214

Investments

6

102

101

2,768,930

2,843,239

CURRENT ASSETS

Stocks

1,834

1,834

Debtors

7

584,442

1,009,548

Cash at bank

489,348

329,925

1,075,624

1,341,307

CREDITORS

Amounts falling due within one year

8

1,031,975

2,410,545

NET CURRENT ASSETS/(LIABILITIES)

43,649

(1,069,238

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,812,579

1,774,001

CREDITORS

Amounts falling due after more than one year

9

-

(4,469,078

)

PROVISIONS FOR LIABILITIES

11

(108,358

)

(110,140

)

NET ASSETS/(LIABILITIES)

2,704,221

(2,805,217

)

CAPITAL AND RESERVES

Called up share capital

12

5,403,741

168,702

Share premium

13

1,686,599

861,633

Fair Value Reserve

13

957,116

985,191

Retained earnings

13

(5,343,235

)

(4,820,743

)

SHAREHOLDERS' FUNDS

2,704,221

(2,805,217

)

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 March 2022 and were signed on its behalf by:

D Winter - Director

1.	STATUTORY INFORMATION

Framatome BHR Limited Formerly VirtualPie 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have benn prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reportings Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and The Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets and are presented in pounds sterling rounded to the nearest pound.

Preparation of consolidated financial statements

The financial statements contain information about Framatone BHR Limited as an individual

company and do not contain consolidated financial information as the parent of a group. The company has taken the option under Section 398 of the Companies Act 2006 not to prepare consolidated financial statements.

Revenue recognition

Turnover is the total amount receivable by the company during the year for performance of services provided and goods supplied, excluding VAT. Accordingly any adjustment required to invoice sales is reflected in turnover. Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and can be reliably measured. The following specific recognition criteria must also be met before revenue is recognised.

a) Sale of goods

Turnover from the sale of goods supplied is recognised when title has transferred to a customer.

b) Rendering of services

Turnover from the services rendered is recognised once the company has obtained the right to consideration in exchange of its performance.

c) Long-term contracts

Turnover from long-term contracts is recognised by reference to the stage of completion of the contract. The stage of completion is determined according to the nature of the specific contract concerned. Methods used to assess the stage of completion include incurred costs as a proportion of total costs, labour hours incurred or earned value of work performed. Profit attributable to the contractual activity is recognised if the final outcome of such contracts can reliably be assessed. An expected loss is recognised immediately.

Amounts recoverable on long term contracts, which are included in debtors, are stated at the net sales value of the work done less amounts received as progress payments on account, excess progress payments are included in creditors as deferred income.

Negative goodwill

Negative goodwill representing the excess of the fair values of the identifiable net assets acquired over the fair value of the consideration given, has been capitalised and has been amortised on a straight line basis over the period of use or depreciation of the non monetary assets acquired, being 5 years.

Other intangible assets

Other intangible assets are stated at cost less accumulated amortisation and impairment losses. Intangible assets are tested annually for impairment or otherwise when circumstances change.

Amortisation begins when an asset is acquired or becomes available for use and is calculated on a straight-line basis to allocate the cost of assets over their estimated useful lives as follows:

Patents & licences - Over the life of the patent or licence

Computer software - 4 years

Tangible fixed assets

Depreciation is provided at the following rates in order to write off each asset over its estimated useful life.

Long Leasehold - Over the term of the lease

Plant and machinery - 10% and 20% per annum of cost

Motor vehicles - 25% per annum of cost

Government grants

During the period the company received government grants of £43,204 (April 2021: £257,470) in respect of furlough payments for Covid-19.

Stocks

Stocks are stated at lower of cost and net realisable value. Net realisable value is the price at which the stock can be sold in the normal course of business after allowing for the cost of realisation.

Work-in-progress and finished products are valued at cost of labour and materials with additions for an appropriate proportion of overheads based on the normal level of activity. Provisions are made, where necessary, for obsolete, slow moving and defective stock.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 period 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.

Research and development

Research and development costs incurred on behalf of a customer as part of a specific project are chargeable to the customer on whose behalf the work is undertaken. The costs and the related income are included in operating costs and turnover respectively. All research and development costs are written off to the profit and loss account in the period in which they are incurred.

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.

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.

Going concern

Attention is drawn to the insolvent position of the company's balance sheet. These accounts have been prepared on the going concern basis as the directors have considered the company's activities, budgets, cash flow forecasts and future plans for the period of not less than twelve months from the date of approving the financial statements and believe that the company will have sufficient funds to meet its liabilities. The company has the continuing financial support of the directors and shareholders.

Investments

Investments are stated at cost less amounts written off.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 39 (2021 - 43 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

Goodwill

assets

Totals

£

£

£

COST

At 1 May 2021

and 31 December 2021

(101,179

)

192,619

91,440

AMORTISATION

At 1 May 2021

(101,179

)

130,695

29,516

Charge for period

-

13,400

13,400

At 31 December 2021

(101,179

)

144,095

42,916

NET BOOK VALUE

At 31 December 2021

-

48,524

48,524

At 30 April 2021

-

61,924

61,924

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST OR VALUATION

At 1 May 2021

2,558,000

966,759

3,524,759

Additions

-

7,627

7,627

At 31 December 2021

2,558,000

974,386

3,532,386

DEPRECIATION

At 1 May 2021

24,732

718,813

743,545

Charge for period

16,488

52,049

68,537

At 31 December 2021

41,220

770,862

812,082

NET BOOK VALUE

At 31 December 2021

2,516,780

203,524

2,720,304

At 30 April 2021

2,533,268

247,946

2,781,214

Cost or valuation at 31 December 2021 is represented by:

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

Valuation in 2014

386,247

-

386,247

Valuation in 2020

449,350

-

449,350

Cost

1,722,403

974,386

2,696,789

2,558,000

974,386

3,532,386

If Long Leasehold had not been revalued they would have been included at the following historical cost:

2021

2021

£

£

Cost

1,722,403

1,670,753

Aggregate depreciation

179,797

109,072

The directors consider the value of the freehold property reflects the market value as at the year end.

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 May 2021

and 31 December 2021

102

NET BOOK VALUE

At 31 December 2021

102

At 30 April 2021

102

At 31 December 2021 the company held 100% of the issued ordinary share capital of BHR Conferences Limited. The total shares held at cost in this company at 31 December 2021 were £1. The company was dormant for the period to 31 December 2021.

At 31 December 2021 the company held 100% of the issued ordinary share capital of Diajet Limited. The total shares held at cost in this company at 31 December 2021 were £1. The company was dormant for the period to 31 December 2021.

At 31 December 2021 the company held 100% of the issued ordinary share capital of BHR Group Limited. The total shares held at cost in this company at 31 December 2021 were £100. The company was dormant for the period to 31 December 2021.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2021

£

£

Trade debtors

251,003

561,410

Other debtors

333,439

448,138

584,442

1,009,548

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2021

£

£

Bank loans and overdrafts

-

105,133

Deferred income

784,864

920,694

Trade creditors

46,328

124,184

Taxation and social security

104,227

340,561

Other creditors

96,556

919,973

1,031,975

2,410,545

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2021

£

£

Bank loans

-

792,754

Other creditors

-

3,676,324

-

4,469,078

10.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2021

£

£

Bank loans

-

897,887

10% Secured Loan Notes 2021

-

879,399

8% Secured Loan Notes 2021

-

746,521

-

2,523,807

11.	PROVISIONS FOR LIABILITIES

2021

2021

£

£

Deferred tax

108,358

110,140

Deferred

tax

£

Balance at 1 May 2021

110,140

Credit to Statement of Comprehensive Income during period

(1,782

)

Balance at 31 December 2021

108,358

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid

Number:

Class:

Nominal

2021

2020

value:

5,403,471

Ordinary Shares

£1

5,403,741

100,000

66,389

A Ordinary

£1

-

66,389

2,213

B Ordinary

£1

-

2,213

100

C Ordinary

£1

-

100

5,403,741

168,702

During the period the company allotted Ordinary £1 shares and consolidated and converted the A Ordinary, B Ordinary and C Ordinary into Ordinary £1 shares.

13.

RESERVES

Fair

Retained

Share

Value

earnings

premium

Reserve

Totals

£

£

£

£

At 1 May 2021

(4,820,743

)

861,633

985,191

(2,973,919

)

Deficit for the period

(522,492

)

(522,492

)

Movement in value

-

824,966

(28,075

)

796,891

At 31 December 2021

(5,343,235

)

1,686,599

957,116

(2,699,520

)

At 31 December 2021 the Fair Value Reserve of £957,116 comprises the revaluation of the Long Leasehold of £821,067 and the revaluation of plant and equipment of £136,049, less deferred tax thereon.

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

The Report of the Auditors was unqualified.

Peter Georgiades BA FCA (Senior Statutory Auditor)

for and on behalf of Flint & Thompson

15.	RELATED PARTY DISCLOSURES

During the period, the company was bought by Framatome SAS, a French company. As part of the acquisition process, the company received a cash injection of £6m of new share capital enabling the clearance of all loan notes, interest, bank mortgage and term loan.

16.	POST BALANCE SHEET EVENTS

The business and the economy continues to be affected by the Covid-19 pandemic. As with many companies the impact of the pandemic on the business is uncertain however, the directors believe the company is well placed to sustain any continuing effects from the pandemic with the support from it's parent company.

17.	PENSION COMMITMENTS

The company operates a defined contribution scheme and the assets of the scheme are held separately from those of the company. The pension charge for the year amounted to £157,069 (April 2021: £231,176). There was an outstanding amount of £21,255 (April 2021: £17,507) at the year end.