Company registration number SC634919 (Scotland)
FRANK'S HOUSE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
FRANK'S HOUSE LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
FRANK'S HOUSE LTD
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
-
0
813
Investments
4
100
100
100
913
Current assets
Debtors
5
17,680
35,664
Cash at bank and in hand
64,369
268,866
82,049
304,530
Creditors: amounts falling due within one year
6
(13,152)
(114,474)
Net current assets
68,897
190,056
Total assets less current liabilities
68,997
190,969
Provisions for liabilities
-
0
(203)
Net assets
68,997
190,766
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
68,897
190,666
Total equity
68,997
190,766

For the financial year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The director acknowledges his 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 director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 5 August 2025
Mr J Traynor
Director
Company registration number SC634919 (Scotland)
FRANK'S HOUSE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
1
Accounting policies
Company information

Frank's House Ltd is a private company limited by shares incorporated in Scotland. The registered office is 9 Glasgow Road, Paisley, Renfrewshire, Scotland, PA1 3QS.

1.1
Reporting period

The accounting period was shortened in the prior year to 31 March 2024 for commercial reasons, therefore the comparative amounts are for a period shorter than a year and not entirely comparable.

1.2
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 a mounts 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.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Royalty income is recognised on a receivable basis to the extent that is can be quantified from amounts received from or declared by licensees and other parties.

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:

Music equipment
33.33% straight line
Computers
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
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

FRANK'S HOUSE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 3 -
1.6
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).

An impairment loss is recognised immediately in profit or loss.

1.7
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.

1.8
Financial instruments

The company only has financial instruments which are classified as basic financial instruments.

Short-term debtors and creditors are measured at the settlement value. Any losses from impairment are recognised in profit and loss.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

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.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

FRANK'S HOUSE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
1
1
3
Tangible fixed assets
Music equipment
Computers
Total
£
£
£
Cost
At 1 April 2024
10,598
7,058
17,656
Disposals
(10,598)
(7,058)
(17,656)
At 31 March 2025
-
0
-
0
-
0
Depreciation and impairment
At 1 April 2024
10,598
6,245
16,843
Eliminated in respect of disposals
(10,598)
(6,245)
(16,843)
At 31 March 2025
-
0
-
0
-
0
Carrying amount
At 31 March 2025
-
0
-
0
-
0
At 31 March 2024
-
0
813
813
4
Fixed asset investments
2025
2024
£
£
Shares in group undertakings and participating interests
100
100
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
-
0
35,664
Corporation tax recoverable
2,471
-
0
Other debtors
15,209
-
0
17,680
35,664
FRANK'S HOUSE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -
6
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans and overdrafts
-
0
446
Trade creditors
1,423
5,299
Corporation tax
-
0
53,389
Other taxation and social security
-
0
18,864
Other creditors
11,729
36,476
13,152
114,474
7
Related party transactions

Joseph Traynor, a director of Frank's House Ltd, is a designated member of Ally Park Street LLP. During the period, the company paid for expenses on behalf of the LLP totalling £27,938. During the same period, the company received income on behalf of the LLP totalling £39,118. At the balance sheet date, Frank's House Ltd owed the LLP £11,180 (2024: £Nil).

8
Directors' transactions

During the year, the company paid expenses on behalf of J Traynor to t alling £124,867. During the same period, J Traynor repaid £125,062 back to the company. At the balance sheet date, £Nil (202 4: £195) was owed by the director.

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