FRANK & TERENCE LTD

Company Registration Number:
10771141 (England and Wales)

Unaudited statutory accounts for the year ended 31 May 2024

Period of accounts

Start date: 01 June 2023

End date: 31 May 2024

FRANK & TERENCE LTD

Contents of the Financial Statements

for the Period Ended 31 May 2024

Company Information - 3
Report of the Directors - 4
Profit and Loss Account - 5
Balance sheet - 6
Additional notes - 8
Balance sheet notes - 11

FRANK & TERENCE LTD

Company Information

for the Period Ended 31 May 2024




Director: Hygenus Valentine
Fausta Valentine
Registered office: 117 Great North Road
Great North Road
New Barnet
Barnet
England
EN5 1AW
Company Registration Number: 10771141 (England and Wales)

FRANK & TERENCE LTD

Directors' Report Period Ended 31 May 2024

The directors present their report with the financial statements of the company for the period ended 31 May 2024

Principal Activities

The principal activity of the company during the financial period was holding investment property. The company has been set up as a Special Purpose Vehicle for this. The Property is owned by the Company

Political and charitable donations

The company did not make any charitable or political donations during the period.

Company policy on the employment of disabled persons

The Company does not have any Employees.

Additional information

The Directors present their report and unaudited accounts for the period ended 31 May 2024. Principal activities: The principal activity of the company during the financial period was holding investment property. The company has been set up as a Special Purpose Vehicle for this. Audit exemption: Frank & Terence Ltd has taken advantage of the exemption under Section 477 of the Companies Act 2006 and these financial statements are therefore unaudited. Directors: The directors who served the company throughout the period were as follows: Hygenus Valentine Fausta Valentine Statement of Directors' responsibilities: The directors are responsible for preparing the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice(Financial Reporting Standard 102 and applicable law). The financial statements are required by law to give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgements and estimates that are reasonable and prudent; -state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. The directors are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The directors at the date of approval of this report each confirm that: - so far as the directors are aware, there is no relevant information of which the company’s auditor is unaware; and - the directors have taken all the steps that they ought to have taken in order to make themselves aware of any relevant audit information and to establish that the company’s auditor is aware of that information. Small company regime: This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime with Part 15 of the Companies Act 2006. Signed on behalf of the Board - (Hygenus Valentine - Director) Date approved: 31 May 2024

Directors

The directors shown below have held office during the whole of the period from 01 June 2023 to 31 May 2024
Hygenus Valentine
Fausta Valentine

This report was approved by the board of directors on 1 June 2024
And Signed On Behalf Of The Board By:

Name: Hygenus Valentine
Status: Director

FRANK & TERENCE LTD

Profit and Loss Account

for the Period Ended 31 May 2024


Notes

2024
£

2023
£
Turnover 19,751 16,317
Cost of sales ( 0 ) ( 0 )
Gross Profit or (Loss) 19,751 16,317
Income from coronavirus (COVID-19) business support grants 0 0
Distribution Costs ( 0 ) ( 0 )
Administrative Expenses ( 15,052 ) ( 4,782 )
Other operating income 0 0
Operating Profit or (Loss) 4,699 11,535
Interest Receivable and Similar Income 0 0
Interest Payable and Similar Charges ( 14,992 ) ( 17,389 )
Profit or (Loss) Before Tax ( 10,293 ) ( 5,854 )
Profit or (Loss) for Period ( 10,293 ) ( 5,854 )

The notes form part of these financial statements

FRANK & TERENCE LTD

Balance sheet

As at 31 May 2024


Notes

2024
£

2023
£
Fixed assets
Tangible assets: 4 427,501 427,501
Total fixed assets: 427,501 427,501
Current assets
Cash at bank and in hand: 2,684 10,165
Total current assets: 2,684 10,165
Creditors: amounts falling due within one year: 5 ( 165,614 ) ( 158,121 )
Net current assets (liabilities): ( 162,930 ) ( 147,956 )
Total assets less current liabilities: 264,571 279,545
Creditors: amounts falling due after more than one year: 6 ( 207,535 ) ( 307,535 )
Total net assets (liabilities): 57,036 ( 27,990 )

The notes form part of these financial statements

FRANK & TERENCE LTD

Balance sheet continued

As at 31 May 2024


Notes

2024
£

2023
£
Capital and reserves
Called up share capital: 2 2
Revaluation reserve: 7 96,837 1,518
Profit and loss account: ( 39,803 ) ( 29,510 )
Shareholders funds: 57,036 ( 27,990 )

For the year ending 31 May 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 1 June 2024
And Signed On Behalf Of The Board By:

Name: Hygenus Valentine
Status: Director

The notes form part of these financial statements

FRANK & TERENCE LTD

Notes to the Financial Statements

for the Period Ended 31 May 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

FRANK & TERENCE LTD

Notes to the Financial Statements

for the Period Ended 31 May 2024

  • 2. Employees


    2024

    2023
    Average number of employees during the period 0 0

    This Company does not have any employees

FRANK & TERENCE LTD

Notes to the Financial Statements

for the Period Ended 31 May 2024

  • 3. Off balance sheet disclosure

    No

FRANK & TERENCE LTD

Notes to the Financial Statements

for the Period Ended 31 May 2024

4. Tangible assets

Land & buildings Total
Cost £ £
At 01 June 2023 427,501 427,501
Additions - -
Disposals - -
Revaluations - -
Transfers - -
At 31 May 2024 427,501 427,501
Depreciation
At 01 June 2023 - -
Charge for year - -
On disposals - -
Other adjustments - -
At 31 May 2024 - -
Net book value
At 31 May 2024 427,501 427,501
At 31 May 2023 427,501 427,501

FRANK & TERENCE LTD

Notes to the Financial Statements

for the Period Ended 31 May 2024

5.Creditors: amounts falling due within one year note


2024
£

2023
£
Trade creditors 165,614 158,121
Total 165,614 158,121

These amounts are owed to Director who has used his personal funds. These amounts need to be reimbursed to him.

FRANK & TERENCE LTD

Notes to the Financial Statements

for the Period Ended 31 May 2024

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


2024
£

2023
£
Bank loans and overdrafts 207,535 307,535
Total 207,535 307,535

This is the outstanding mortgage amount for the property owned by the Company

FRANK & TERENCE LTD

Notes to the Financial Statements

for the Period Ended 31 May 2024

7. Revaluation reserve


2024
£
Balance at 01 June 2023 1,518
Surplus or deficit after revaluation 95,319
Balance at 31 May 2024 96,837

An amount of £100,000 was paid back this accounting period to Mortgage Lenders from Director's own savings to reduce mortgage interest rates.