ACCOUNTS - Final Accounts

Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31truetruetruetruetrue2022-04-01truefalseNo description of principal activity00truetrue 10292825 2022-04-01 2023-03-31 10292825 2021-04-01 2022-03-31 10292825 2023-03-31 10292825 2022-03-31 10292825 c:Director1 2022-04-01 2023-03-31 10292825 d:CurrentFinancialInstruments 2023-03-31 10292825 d:CurrentFinancialInstruments 2022-03-31 10292825 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 10292825 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 10292825 d:ShareCapital 2023-03-31 10292825 d:ShareCapital 2022-03-31 10292825 d:RetainedEarningsAccumulatedLosses 2023-03-31 10292825 d:RetainedEarningsAccumulatedLosses 2022-03-31 10292825 c:OrdinaryShareClass1 2022-04-01 2023-03-31 10292825 c:OrdinaryShareClass1 2023-03-31 10292825 c:OrdinaryShareClass1 2022-03-31 10292825 c:FRS102 2022-04-01 2023-03-31 10292825 c:Audited 2022-04-01 2023-03-31 10292825 c:FullAccounts 2022-04-01 2023-03-31 10292825 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 10292825 c:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 10292825 6 2022-04-01 2023-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 10292825

FROUDE GROUP LTD

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

FROUDE GROUP LTD

REGISTERED NUMBER:10292825

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2023

		2023		2022
Note		£		£

Fixed assets
Investments	4		4		4
			4		4
Current assets
Debtors: amounts falling due within one year	5	1,657,997		1,003,694
		1,657,997		1,003,694
Creditors: amounts falling due within one year	6	(1,753,619)		(1,047,455)
Net current liabilities			(95,622)		(43,761)
Total assets less current liabilities			(95,618)		(43,757)

Net liabilities			(95,618)		(43,757)

Capital and reserves
Called up share capital	1	1
Profit and loss account	(95,619)	(43,758)
	(95,618)	(43,757)

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

J G Harris

Director

Date: 12 December 2023

The notes on pages 2 to 6 form part of these financial statements.

Page 1

FROUDE GROUP LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

1.	GENERAL INFORMATION

Froude Group Ltd is a private limited liability company incorporated and domiciled in England and Wales. The registered office is Unit 15c Blackpole East, Blackpole Road, Worcester, England, WR3 8YB.
During the year the principal activities of the company continued to be that of an intermediate holding company.

2.ACCOUNTING POLICIES

2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are prepared in Sterling, which is the presentation and functional currency of the company, and are rounded to the nearest £1.

The following principal accounting policies have been applied:

2.2

FINANCIAL REPORTING STANDARD 102 - REDUCED DISCLOSURE EXEMPTIONS

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

∙the requirements of Section 7 Statement of Cash Flows;

∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);

∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;

∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Argentar Ltd as at 31 March 2021 and these financial statements may be obtained from Unit 15C, Blackpole East, Blackpole Road, Worcester, WR3 8YB.

2.3

EXEMPTION FROM PREPARING CONSOLIDATED FINANCIAL STATEMENTS

2.4

GOING CONCERN

The director has prepared a detailed profit and cash flow forecast for the company for the period to 31 December 2024 which shows that the company will be able to operate within its own cash generation. This will enable the company to continue to operate and pay its debts as they fall due for payment for at least the period to 31 December 2024.
The director remains of the view that the forecast results are achievable and that the headroom within the forecast should be sufficient to enable the company to operate and meet its liabilities as they fall due. The director also considers there is sufficient funding available to the company.

Page 2

FROUDE GROUP LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

2.ACCOUNTING POLICIES (continued)

2.5

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

2.6

TAXATION

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

2.7

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

2.8

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 3

FROUDE GROUP LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

2.ACCOUNTING POLICIES (continued)

2.9

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

EMPLOYEES

The company has no employees other than the directors, who did not receive any remuneration (2022: £Nil).

4.	FIXED ASSET INVESTMENTS

		Investments in subsidiary companies
		£
	COST OR VALUATION
	At 1 April 2022	4
	At 31 March 2023	4

DEBTORS

					2023	2022
					£	£


Amounts owed by group undertakings	1,638,988	984,685
Tax recoverable	19,009	19,009
	1,657,997	1,003,694

All amounts shown under debtors fall due for payment within one year.
The amounts owed by group undertakings are unsecured and interest free. Although the balances have no fixed repayment terms it is not expected that repayment will be within the next 12 months.

Page 4

FROUDE GROUP LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

6.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
		2023	2022
		£	£

Amounts owed to group undertakings	1,751,776	1,045,852
Accruals and deferred income	1,843	1,603
	1,753,619	1,047,455

The amounts owed to group undertakings are unsecured and interest free. Although the balances have no fixed repayment terms it is not expected that repayment will be within the next 12 months.

7.	SHARE CAPITAL
		2023	2022
		£	£

ALLOTTED, CALLED UP AND FULLY PAID

1 (2022: 1) Ordinary share of £1.00	1	1

Each share has full rights in the company with respect to voting, dividends and distributions.

8.	CONTINGENT LIABILITIES

The company, along with other related parties, provides security and a cross guarantee for a third-party
finance facility of £6m to a related party. This facility was fully drawn down at the time of signing these
accounts and therefore represents a contingent liability of the company.

9.	RELATED PARTY TRANSACTIONS
	The company is a wholly owned subsidiary of Argentar Ltd and has taken advantage of the exemption conferred by section 33.1A of FRS 102 not to disclose transactions with Argentar Ltd or other wholly owned subsidiaries within the group.

10.	CONTROLLING PARTY

The company’s parent company is Argentar Ltd, a company registered in England and Wales. Consolidated financial statements of Argentar Ltd may be obtained from Unit 15C, Blackpole East, Blackpole Road, Worcester, WR3 8YB.
The company is under the ultimate control of Mr J G Harris by virtue of his majority shareholding in the parent company.

Page 5

FROUDE GROUP LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

11.	AUDITORS' INFORMATION

The auditors' report on the financial statements for the year ended 31 March 2023 was unqualified.

The audit report was signed on 15 December 2023 by Gary Woodhall ACA (Senior Statutory Auditor) on behalf of Bishop Fleming LLP.

Page 6