Company registration number 07760867 (England and Wales)
Peter Frank Limited
Unaudited Financial Statements
For the year ended 30 September 2024
PAGES FOR FILING WITH REGISTRAR
Peter Frank Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
Peter Frank Limited
Balance Sheet
As at 30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
4
Current assets
Debtors
4
59,294
72,475
Cash at bank and in hand
1,219
20,472
60,513
92,947
Creditors: amounts falling due within one year
5
(59,726)
(83,398)
Net current assets
787
9,549
Total assets less current liabilities
787
9,553
Creditors: amounts falling due after more than one year
6
(8,990)
(17,079)
Net liabilities
(8,203)
(7,526)
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
(8,205)
(7,528)
Total equity
(8,203)
(7,526)
Peter Frank Limited
Balance Sheet (Continued)
As at 30 September 2024
- 2 -
For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question 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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 18 June 2025 and are signed on its behalf by:
Mr D F Ball
Director
Company registration number 07760867 (England and Wales)
Peter Frank Limited
Notes to the Financial Statements
For the year ended 30 September 2024
- 3 -
1
Accounting policies
Company information
Peter Frank Limited is a private company limited by shares incorporated in England and Wales. The registered office is Pendragon House, 65 London Road, St Albans, Herts, AL1 1LJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Although the balance sheet as at 30th September 2024 shows a negative net worth, the accounts have been prepared on a going concern basis as the company is being financed by personal loans from the directors.true
1.3
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered
The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% Straight Line
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.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
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 current liabilities.
Peter Frank Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 and Section 12 of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present fair value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, which include trade and other payables and bank loans, are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present fair value of the future receipts discounted at a market rate of interest.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
4
Peter Frank Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2024
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2023
1,864
Disposals
(1,864)
At 30 September 2024
Depreciation and impairment
At 1 October 2023
1,860
Eliminated in respect of disposals
(1,860)
At 30 September 2024
Carrying amount
At 30 September 2024
At 30 September 2023
4
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
3,744
Other debtors
59,294
68,731
59,294
72,475
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
8,090
8,090
Trade creditors
14,640
Taxation and social security
41,705
42,773
Other creditors
9,931
17,895
59,726
83,398
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
8,990
17,079
Peter Frank Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2024
- 6 -
7
Related party transactions
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due to related parties
£
£
S Rickard
7,523
7,031
2024
2023
Amounts due from related parties
£
£
D Ball
59,293
68,065