Company No: 11077417 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	D M A Nicholson
	H V Nicholson
	M E Nicholson

REGISTERED OFFICE	Unit G1 Frome Business Park
	Manor Road
	Frome
	BA11 4FN
	United Kingdom

COMPANY NUMBER

11077417 (England and Wales)

CHARTERED ACCOUNTANTS	Albert Goodman LLP
	Goodwood House
	Blackbrook Park Avenue
	Taunton
	Somerset
	TA1 2PX

	Note	2022		2021
		£		£
Fixed assets
Tangible assets	4	64,024		82,893
Investment property	5	5,300,000		3,696,853
Investments	6	150		150
		5,364,174		3,779,896
Current assets
Debtors	7	157,969		210,886
Cash at bank and in hand		351,559		300,144
		509,528		511,030
Creditors: amounts falling due within one year	8	( 4,193,596)		( 4,404,630)
Net current liabilities		(3,684,068)		(3,893,600)
Total assets less current liabilities		1,680,106		(113,704)
Creditors: amounts falling due after more than one year	9	( 419,587)		( 489,612)
Provision for liabilities	10	( 272,556)		( 128,456)
Net assets/(liabilities)		987,963		( 731,772)
Capital and reserves
Called-up share capital		1,135		1,135
Share premium account		599,865		599,865
Fair value reserve		1,184,995		0
Profit and loss account		( 798,032 )		( 1,332,772 )
Total shareholders' funds/(deficit)		987,963		( 731,772)

For the financial year ending 31 December 2022 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Frome Business Park Limited (registered number: 11077417) were approved and authorised for issue by the Board of Directors on 07 August 2023. They were signed on its behalf by:

D M A Nicholson Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Frome Business Park Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit G1 Frome Business Park, Manor Road, Frome, BA11 4FN, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. This is the first year in which the financial statements have been prepared under FRS102.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net current liabilities of £3,684,068. The Company is supported through loans from the Parent Company. The directors have received assurances that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the Parent Company will continue to support the Company. After making enquiries, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover represents rents receivable in relation to investment properties which is recognised in the period of occupation of the property by the tenant. Turnover is shown net of sales/value added tax and rebates.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings	25 % reducing balance
Computer equipment	33 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2.Transition to FRS102

The Company has adopted FRS 102 for the year ended 31 December 2022 and has restated the comparative year amounts.

Reconciliation of equity

	Note	01.01.2021		31.12.2021
		£		£
Capital and reserves (as previously stated)		(1,097,682)		(1,178,426)
Depreciation recognised on investment property	i	307,060		446,654
Capital and reserves (as restated)		(790,622)		(731,772)

Reconciliation of profit or loss

	Note			31.12.2021
				£
Result for the year (as previously stated)				(80,744)
Depreciation recognised during the year on investment property	i			139,598
Profit for the year (as restated)				58,854

Notes to the reconciliations

(i)	Depreciation recognised on investment property
	Depreciation historically recognised on the investment property held in the balance sheet has been reversed to comply with the fair value model as prescribed by FRS 102.1A.

3. Employees

	2022		2021
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	6		4

4. Tangible assets

	Fixtures and fittings		Computer equipment		Total
	£		£		£
Cost
At 01 January 2022	188,729		11,006		199,735
Additions	2,496		0		2,496
Disposals	0		( 1,276)		( 1,276)
At 31 December 2022	191,225		9,730		200,955
Accumulated depreciation
At 01 January 2022	108,988		7,854		116,842
Charge for the financial year	20,051		1,051		21,102
Disposals	0		( 1,013)		( 1,013)
At 31 December 2022	129,039		7,892		136,931
Net book value
At 31 December 2022	62,186		1,838		64,024
At 31 December 2021	79,741		3,152		82,893

5. Investment property

	Investment property
	£
Valuation
As at 01 January 2022	3,696,853
Additions	23,154
Fair value movement	1,579,993
As at 31 December 2022	5,300,000

Valuation

The value of investment property is derived from observable current market prices for comparable real estate determined by the directors. The assets have a current value of £5,300,000 (2021 - £3,696,853) and a carrying historic cost of £3,720,007 (2021 - £3,696,853).

6. Fixed asset investments

Investments in subsidiaries

	2022
	£
Cost
At 01 January 2022	150
At 31 December 2022	150
Carrying value at 31 December 2022	150
Carrying value at 31 December 2021	150

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Tool & Gauge Cafe Limited
Unit G7 Frome Business Park, Manor Road, Frome, Somerset, United Kingdom, BA11 4FN

7. Debtors

	2022		2021
	£		£
Trade debtors	6,920		32,429
Amounts owed by Group undertakings	97,100		175,968
Other debtors	53,949		2,489
	157,969		210,886

8. Creditors: amounts falling due within one year

	2022		2021
	£		£
Bank loans	69,146		67,106
Trade creditors	11,319		3,310
Amounts owed to Group undertakings	3,808,210		4,027,273
Other taxation and social security	4,657		13,104
Other creditors	300,264		293,837
	4,193,596		4,404,630

9. Creditors: amounts falling due after more than one year

	2022		2021
	£		£
Bank loans	419,587		489,612

The bank loan is secured against the company's investment property.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

	2022		2021
	£		£
Bank loans (secured)	143,003		212,149

The amounts repayable after more than 5 years are repayable in instalments.

10. Provision for liabilities

	2022		2021
	£		£
Deferred tax	272,556		128,456

11. Ultimate controlling party

Parent Company:

DNA Worldwide Group Ltd

Unit G1, Frome Business Park, Manor Road, Frome, Somerset, BA11 4FN.